UBS Equities-US Equity Strategy _3Q25 Earnings Brief November 13_ Simond...-118854294

ab13 November 2025Global ResearchUS Equity Strategy3Q25 Earnings Brief: November 1383.5% of the S&P 500's market cap has reported. 3Q expectations are for revenues to grow 8.0% and EPS by 15.5%. Projected EPS growth among groups varies significantly, as shown below (a blend of consensus estimates and reported results where available): Expected EPS Growth YoY
TECH+: 28.1%
Financials: 24.9%
Non-Cyclicals: 1.4%
Cyclicals ex-Energy: 10.7%
Energy: -1.5%The 6 largest TECH+ companies are expected to outgrow the rest of the market as a group (EPS Growth 30.1% vs. 11.4%), though results vary for each company:Big 6 TECH+ EPS Growth (Expected vs. Actual, YoY)
GOOGL – 3Q25E: 4.9%; 3Q25A: 33.2%
META – 3Q25E: 10.2%; 3Q25A: 19.4%
MSFT – 3Q25E: 11.1%; 3Q25A: 25.2%
AAPL – 3Q25E: 5.4%; 3Q25A: 10.1%
AMZN – 3Q25E: 14.2%; 3Q25A: 41.7%
NVDA – 3Q25E: 52.4%; 3Q25A: Wednesday 11/19Earnings are beating estimates by 9.7% in aggregate so far, with 78% of companies topping projections. EPS is on pace for 15.6%, assuming the historical trend of estimate revisions through the end of reporting season.Over the next 5 trading days, 11 companies representing 10.6% of the S&P 500's market cap will report results, including Walt Disney, Applied Materials, Home Depot and NVIDIA.This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 19. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Equity StrategyAmericasSean SimondsStrategistsean.simonds@ubs.com+1-212-713 2851Maxwell Grinacoff, CFAStrategistmaxwell.grinacoff@ubs.com+1-212-713 3892Andrew GarthwaiteStrategistandrew.garthwaite@ubs.com+44-20-7567 4343Gerry FowlerStrategistgerry.fowler@ubs.com+44-20-7567 5490US Equity Strategy 13 November 2025ab 2US Equity StrategyUBS ResearchS&P 500Figure 1: S&P 500 EPS Growth 8.914.310.611.53Q244Q241Q252Q253Q25E%Current ConsensusForecast15.5Expected Final ReportedGrowth15.6Source: Standard & Poor’s, Refinitiv, FactSet, UBS Figure 2: S&P 500 EPS Growth - Impact from TECH+6.56.88.16.96.03Q244Q241Q252Q25E3Q25E%Source: Standard & Poor’s, Refinitiv, FactSet, UBS Note: Impact calculated as difference in EPS growth between S&P 500 and S&P 500 ex-TECH+Expected 3Q EPS Growth is now 15.6% YoY TECH+ has had an outsized impact on S&P 500 EPS growth over the past yearUS Equity Strategy 13 November 2025ab 3S&P 500 Figure 3: 3Q25 Earnings Dashboard – S&P 500Weighted Growth YoY (%)RevenueMarginsEarningsBuybacksEPSS&P 5008.06.414.41.115.5TECH+15.012.327.40.728.1Big 6 TECH+17.811.529.30.830.1Rest of TECH+11.112.123.20.623.7Cyclicals4.20.64.83.07.7Cyclicals ex-Energy5.30.96.24.510.7Energy1.1-1.2-0.1-1.4-1.5Materials4.89