Earnings Season Monitor: A Strong Season

The 1Q26 European earnings season is robust, with a +25% net beat skew and strengthening guidance upgrades, though it remains behind the US in growth velocity. Revisions breadth has turned positive, led by Semiconductors and Energy.

Key Takeaways

• 1.The European 1Q earnings season is showing a +25% net skew to beats in overall financial results, which is an improvement over the last four quarters.
• 2.Management guidance skews positive (+8% net upgrades), reaching its best level since 4Q24, led by Semiconductors, Pharma, and Energy.
• 3.European median stock 1Q EPS growth is +5.5% YoY, but it continues to lag the S&P 500's growth of 16% YoY.

Table of Contents

• Net skew to beats & upgrades, best net skew to positive guidance since 4Q24
• European Earnings Revisions breadth positive; median 1Q EPS growth +5.5%Y
• European Earnings Season Key Charts
• Reviewing Our Combined Earnings Preview Screens
• Stock Lists: Sentiment Scores & Accruals
• Results - Earnings
• Results - Sales
• Growth
• Price Reaction
• Revisions
• Margins
• Reporting Calendar

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