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StocksMediumUpdated•Originally published 5 September 2026•Updated 5 September 2026•
2 min read

7 of 8 Selected S&P 500 Companies Exceed EPS Estimates as Growth Varies

Key Facts

17 of 8 selected S&P 500 companies exceeded EPS estimates, while the remaining company matched expectations.
2LULU’s diluted EPS fell to $2.92 from $3.10.
3PANW recorded a GAAP net loss of $282 million versus net income of $254 million, while non-GAAP net income rose to $853 million from $673 million.
4AVGO revenue rose 86% to $29.6 billion, and diluted EPS reached $2.68 versus $0.85.

7 of 8 selected S&P 500 companies exceeded consensus EPS estimates, while the remaining company matched expectations. The sample comprised DELL, PANW, MDT, AVGO, LULU, BF.B, NTAP and CPB, according to a Seeking Alpha scorecard.

The sample does not represent a single reporting cycle. FactSet’s index review and the company disclosures show that the group combined reports covering different fiscal periods, so it should not be described as the start of one quarterly earnings season.

Exceeding an EPS estimate means the reported result was above analysts’ consensus, but it does not establish earnings growth from the corresponding period. The estimate surprise and the year-over-year comparison are separate tests, and a result can improve under one while declining under the other.

Official disclosures contradict the description of earnings growth as uniform across the sample. LULU’s diluted EPS fell to $2.92 from $3.10, while PANW recorded a GAAP net loss of $282 million versus net income of $254 million. PANW’s non-GAAP net income, however, rose to $853 million from $673 million.

AVGO presented a different picture: revenue rose 86% to $29.6 billion, GAAP net income increased to $13.088 billion from $4.140 billion, and diluted EPS increased to $2.68 from $0.85. The company also projected about $34.8 billion of revenue for the next period, up 93% year over year.

The data show broad estimate outperformance within a limited sample, not uniform earnings growth across the index. Investors need to separate the EPS surprise from earnings quality, then assess each company’s guidance, estimate revisions and margins before drawing a broader market conclusion.