S&P 500 earnings: $2.73T trailing 12 months · +34.8% YoY
The S&P 500 companies we track earned $2.73T of net income over the trailing twelve months (487 members, summed from their SEC filings, as of market close, Oct 20, 2026) — +34.8% versus the same companies a year earlier, on aggregate revenue of about $19.18T. These are as-filed dollars, not estimates.
- Net income (TTM)
- $2.73T
- YoY growth
- +34.8%
- Revenue (TTM)
- $19.18T
- Trailing P/E
- 26.1
The last 10 fiscal years, from SEC filings#
Today's members' combined results by fiscal year — actual filed dollars, so the COVID dip and the rebound are the real thing, not revisions.
| Fiscal year | Net income | Growth | Revenue | Net margin | Companies |
|---|---|---|---|---|---|
| FY2025 | $2.09T | +11.4% | $17.77T | 11.7% | 494 |
| FY2024 | $1.87T | +7.6% | $16.64T | 11.3% | 495 |
| FY2023 | $1.74T | +9.7% | $15.88T | 11.0% | 497 |
| FY2022 | $1.59T | -9.6% | $15.33T | 10.4% | 495 |
| FY2021 | $1.76T | +112.8% | $13.70T | 12.8% | 490 |
| FY2020 | $825B | -32.5% | $11.49T | 7.2% | 477 |
| FY2019 | $1.22T | +9.8% | $11.82T | 10.3% | 482 |
| FY2018 | $1.11T | +10.5% | $11.22T | 9.9% | 478 |
| FY2017 | $1.01T | +16.4% | $10.47T | 9.6% | 474 |
| FY2016 | $864B | +9.1% | $9.34T | 9.2% | 465 |
Current members summed by fiscal year (calendar year of each company's fiscal year-end), as filed with the SEC. Earlier years include fewer companies (recent IPOs have no FY2016 filing) — the Companies column shows the changing coverage; growth compares the totals as shown. Revenue excludes most financials (no clean revenue line, by design).
Net margin by fiscal year#
What the S&P 500's members keep of every dollar of revenue — aggregate net income ÷ aggregate revenue, back to FY2008. Rising margin is why earnings have grown faster than sales.
Both sides are summed over today's members, so this is the margin of the current index, not of whoever was in it at the time — composition change is part of what moves the line. Members without a clean revenue line (most financials) are excluded from both the numerator and the denominator.
Index earnings per share since 1871 (log scale)#
- 10-yr EPS CAGR
- 12.5%/yr
- 20-yr EPS CAGR
- 6.8%/yr
- 50-yr EPS CAGR
- 7.1%/yr
- 100-yr EPS CAGR
- 5.6%/yr
Trailing 12-month as-reported EPS, nominal, monthly, through Oct 2026 — from Robert Shiller's public record. The straight-line march on a log scale — punctuated by 1921, 1932, 2008 — is the compounding engine behind the index's returns.
FAQ#
- How much do S&P 500 companies earn?
- Aggregate trailing-twelve-month net income across the members we track is about $2.73T (487 companies, from their SEC filings), +34.8% versus the same companies a year earlier. Aggregate TTM revenue is about $19.18T.
- How fast do S&P 500 earnings grow?
- Index earnings per share have compounded at 12.5%/yr over the last 10 years, 6.8%/yr over the last 20 years, 7.1%/yr over the last 50 years, 5.6%/yr over the last 100 years (nominal, through Oct 2026). Over the very long run, nominal EPS growth has compounded at roughly 4–5% a year (CAGR) — about GDP growth plus inflation — though with deep cyclical swings.
- Where do these numbers come from?
- Current aggregates are summed from each member's trailing-twelve-month net income exactly as filed with the SEC (our EDGAR pipeline), weighted by nothing — it's a plain sum, so it's the actual dollars earned. Growth compares the same member set year over year, so index membership changes don't distort it. The long-run EPS chart is ${EPS_SERIES} — a different measure from this sum, and never spliced to it.
Notes & related#
Aggregates sum each tracked member's TTM net income / revenue from our SEC EDGAR pipeline (a few members lack a clean revenue line by design — mostly financials). YoY growth is computed on a matched set: only members with a filed TTM window both now and a year ago, so membership churn doesn't pollute the rate. See who earns the most on the most profitable companies list, or what you pay for those earnings at the index P/E. Not investment advice.
More on S&P 500
- Earnings per share$295.39
- Companies & weights500
- Stock performance500
- Sector performance+55.0%
- Return calculator$1,817
- P/E ratio26.1
- Return drivers+17.7%
- Valuation bands26.1×
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