The US earnings cycle is no longer being carried only by the Magnificent 7, with profit upgrades now spreading across the broader S&P 500, according to a YES Securities market update. The brokerage said S&P 500 CY27 earnings per share estimates have risen to 407 in August 2026 from 334 in August 2025, a gain of nearly 22%. The six-month upward revision of 12.8% is among the strongest in the past decade, signalling improving profit visibility for US companies.
The shift is important because Wall Street’s rally over the last two years has been dominated by a narrow set of mega-cap technology names. YES Securities said the next phase of the earnings cycle could be driven more by breadth than concentration, helped by faster revenue growth, margin expansion and stronger participation from smaller companies.
