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What podcasters are saying about Earnings & corporate profits
Summary
In the past 30 days, 38 speakers on 21 finance podcasts discussed Earnings & corporate profits in 42 views. Chorus has followed Earnings & corporate profits since September 29, 2026: 43 views from 39 speakers on 21 shows.
Who talks about it most
- Liz Ann Sonders · 2
- Philipp Carlsson-Szlezak · 2
- Jurrien Timmer · 2
- Steve Van Metre · 2
- Alexander 'Alty' Altmann · 1
- Collin Martin · 1
- Gargi Chaudhuri · 1
- Jeremy Zirin · 1
- Ben Carlson · 1
- Michael Batnick · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Alexander 'Alty' Altmann · Barclays
Earnings season is landmines; a single call comment can swing a stock 20%, so tactical trading stays out.
Earnings season is a difficult environment for tactical trading because a single comment on a conference call can swing a stock from up 10% to down 10%, and that cannot be modelled. Barclays' macro thematic team therefore largely stays out, though it does scrutinise hyperscaler results closely. Alex notes the recent Google and Microsoft results were all about AI, and that AI and its CapEx drive a large share of economic growth, so those results matter for markets.
“So for for me, earning season is an environment where It's landmines... Look. Can't model that.”at 41:34
The Compound and Friends: The Bulls Are Trapped with Alex Altmann ·
Collin Martin · Charles Schwab
Big companies, especially in tech and the data center build-out, have strong fundamentals with healthy coverage and leverage.
Martin says large companies, especially big tech and firms in the data center build-out, have pretty strong corporate fundamentals. Interest coverage ratios are strong. Leverage, measured as debt relative to earnings, is acceptable. He still expects pockets of stress. Rising rates hit the most indebted companies and those with volatile cash flows. Overall he sees corporate fundamentals as relatively healthy, with selectivity still needed.
“On the bright side, we think that big companies and especially big companies out of tech and out of the data center build out, corporate fundamentals are pretty strong. ... Leverage is okay, debt relative to earnings.”at 13:04
On Investing (Charles Schwab): The Fed Holds, but the Pressure Builds ·
Gargi Chaudhuri · BlackRock
Earnings season shows about 30% growth and strong beats, though the market has not rewarded them.
Chaudhuri cites roughly 30% earnings growth in this season as a reason to be constructive on risk, alongside strong GDP. She notes that the earnings beats have been very strong, but says they have not been rewarded by the stock market so far.
“the earning season, 30% earnings growth, that's certainly another reason... obviously, of these tremendous beats, which I would say have not been rewarded so far to be clear.”at 13:06
Bloomberg Surveillance: Bloomberg Surveillance TV: October 29th, 2026 ·
Jeremy Zirin · UBS Asset Management
Headline earnings are strong and growth should stay healthy into 2027, with breadth improving beyond AI.
Q3 earnings season started well: 78% of the roughly 80 early reporters beat estimates, by about 5% on average, and consensus Q3 estimates rose 1.5% during the quarter, the opposite of the usual pattern. All 11 sectors are projected to grow revenue, and several sectors outside tech and AI are expected to post double-digit earnings growth. Zirin sees this broadening as healthier for the index because it reduces reliance on a small group of AI beneficiaries. He therefore expects earnings growth to remain healthy heading into 2027, which underpins his constructive view on US equities.
“And all 11 [sectors] entering the third quarter earnings season are projected to have positive revenue growth. And several sectors outside of tech and AI are expected to produce double digit earnings growth.”at 6:53
UBS On-Air: House Call: Talking Equity Markets with UBS Asset Management ·
Ben Carlson · Ritholtz Wealth Management
Median company's net margin doubled to 13%; the expected mean reversion has not happened.
Profit margins were long considered the most mean-reverting economic data point. Goldman's chart shows the median company's net margin rising from under 6% in the 1990s to about 13% today. Ben notes that margins did not jump much during the internet boom but rose slowly over time, and that competition has not pulled them back down.
“And this goes from less than 6% in the nineties to 13% today. The thing is you didn't really even get a huge jump in profit margins from the Internet.”at 4:26
Animal Spirits: Why Baby Boomers Have All the Money (EP. 488) ·
Michael Batnick · Ritholtz Wealth Management
Profit margins won't mean-revert because competing now requires huge capital, deterring rivals.
The textbook view is that competition erodes margins. Michael argues that this no longer works because competing with modern monopolies requires raising around a trillion dollars, which most companies cannot do. Only firms like OpenAI, Anthropic and SpaceX have that access to capital, so the usual economic forces that compress margins do not apply.
“But officially, it's gone because in order to compete effectively with these modern monopolies, you need to raise a trillion dollars. And most companies can't do that.”at 5:05
Animal Spirits: Why Baby Boomers Have All the Money (EP. 488) ·
Mike Wilson · Morgan Stanley
Market is already discounting next year's earnings growth slowdown, which will mostly come through multiple compression.
Paul Sweeney raised the concern that earnings growth of 20-30% will fall to the mid-teens next year, which is a tough comparison. Wilson says the market is already discounting that deceleration. A year ago many economists and strategists were bearish on growth, despite fiscal stimulus and a large AI capex cycle that was expected to boom next year. The market is now pricing that boom to slow, and Wilson argues it will absorb the slowdown through a lower multiple rather than a collapse in earnings. He says a true growth scare or recession is premature to call.
“But in other words, the market is discounting the deceleration that you talked about... So now what the market's forecasting is that boom is gonna decelerate.”at 7:16
Bloomberg Talks: Morgan Stanley CIO Mike Wilson Talks Upcoming Fed Decision, Markets ·
Guy Adami · CNBC
Earnings are robust, but investors won't pay up for them; Seagate's post-earnings drop shows it.
Adami says the market is forward-looking and understands that earnings are robust, but it is asking how sustainable those earnings are and what multiple they deserve. He thinks people are not willing to pay up right now. Seagate is a good example: there is a compelling valuation case, but the stock is trading poorly after earnings, which he says tells you a lot.
“I think what the market is saying is, yeah, we understand that earnings are robust. How sustainable is this and what type of multiple we're put on the back of it? I don't think people are willing to pay up right now.”at 8:02
CNBC Fast Money: All Clear For Markets?... And What To Expect Out Of Fed Rate Decision Tomorrow 10/27/26 ·
Meghan Shue · Wilmington Trust
Earnings are driving the market and outgrowing the index; watch whether negative estimate revisions start rolling over.
Shue says earnings have continued to be the engine for the market, with earnings growth outpacing the overall index. The key thing to watch is whether negative earnings revisions stop rolling over. If they do not, that could signal that valuations are artificially low.
“earnings have continued to be the engine for the market, outgrowing the overall index. I think the thing here to watch is negative earnings revisions that they don't start to roll over. That could signal that valuations are maybe artificially low.”at 44:36
Jenny Harrington · Gilman Hill Asset Management
Earnings strength is broadening beyond tech into industrials, consumer and other sectors.
Her earnings roundup shows strong upside across many names: Hilton, Coca-Cola, Polaris, Royal Caribbean, S&P Global, TransUnion, HCA, Freeport, Hubbell, Corning and others. Expectations for those names are low, so they could produce big share-price reactions. The positivity may therefore be broader than the tech trade.
“I think we need to, like, broaden the lens on realizing that maybe all of this economic activity from AI is bleeding out further.”at 12:48
CNBC Halftime Report: The AI Correction, Tech Earnings and the Rally 10/27/26 ·
Vincent Deluard · StoneX
About $300B of fiscal support inflated margins and ends after midterms, so Q3 30% EPS growth looks aggressive.
Three policies boosted corporate profits: the tariff reversal, the individual tax refund and accelerated depreciation. The tariff reversal swung from taking away about $300B to paying out about $150B. Companies such as Walmart, Nike and Target had raised prices to offset tariffs, so the refunds dropped straight into margins. The 2026 individual tax refunds were spent over the summer, offsetting higher gasoline costs, and that margin support was captured by companies. Corporate income tax receipts are down 50% over two years because of the 100% depreciation. Together these add up to more than $300B, about 10% of roughly $3T in US corporate profits. He expects all three to end after the midterms. Analyst estimates of about 30% EPS growth in Q3 look aggressive, and about half of that growth comes from policies about to turn.
“We add these three things together. We have a bit more than $300,000,000,000 in, I would call that fiscal subsidy to corporate margins. ...Well, maybe half of that came from fiscal policies that are about to turn.”at 14:23
Monetary Matters: The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX ·
Cliff Sosin · CAS Investment Partners
Aggregate corporate margins likely fall with AI, though full-stack vertical businesses could raise margins.
Sosin asks whether aggregate corporate margins go up or down and says the themes discussed would argue for down, because many businesses earn margin through information advantages that consumer surplus erodes. He cautions that the base rate from 1990s predictions may be poor and that he could be wrong. He then argues the picture is mixed: cheap ubiquitous intelligence lets businesses build complete vertical stacks, such as a full-stack pet care company spanning food, insurance, hospitals and vets, that were historically split across layers because of coordination and principal-agent problems. Such businesses could be higher margin and more efficient, with more consumer surplus. He cites Carvana as an early example of this kind of build.
“And I think everything we're talking about would argue down.”at 47:53
Invest Like The Best: Cliff Sosin - Owning the Complements to Intelligence - [Invest Like the Best, EP.497] ·
Jason Draho · UBS Global Wealth Management
Q3 earnings growth tracking near 27%, with a slight beat likely; nearly 80% of companies beating.
So far in Q3 nearly 80% of companies have beaten earnings expectations, which Jason calls very strong results. Most of the reporting is concentrated in the coming week. UBS's expectation of 27% Q3 earnings growth is very much on track, and he expects a slight additional beat when reporting is complete. He ties this to resilient growth and solid corporate earnings, which underpin his constructive equity view.
“And our expectation of earnings growth of 27% in Q3 is very much on track. There'll probably be even a slight beat to that when it's all said and done.”at 15:37
UBS On-Air: Top of the Morning: CIO Strategy Snapshot - An assessment of recent market pricing ·
Jeff Snider · Atlas Financial
Rising costs with slowing revenue will squeeze free cash flow and turn margin pressure into credit stress.
Snider argues that when revenue growth slows while costs rise, free cash flow deteriorates. Companies may respond by cutting investment and payrolls, or by borrowing more. The strongest borrowers can absorb this for a while, but the weakest cannot. The longer the energy shock lasts, the further the damage moves up the quality ladder. He connects the margin squeeze directly to the credit cycle turning.
“When revenue growth slows while costs rise, free cash flow deteriorates.”at 11:50
Eurodollar University: The Credit Cycle Just Flipped (The Stock Market Is Next) ·
Nadia Lovell
Corporate earnings remain strong and rising, though earnings growth may have peaked while earnings levels have not.
Lovell, UBS's head of global equity strategy, says earnings have been good and continue to be good. She separates two ideas: earnings growth may already be past its peak, but earnings levels are not past their peak. This supports her view of the fundamentals behind stocks, which are at records despite higher energy costs, higher rates and pushback on AI spending. The claim is that the earnings base is still strong even as the pace of growth slows.
“Earnings has been good and continues to be good. And while we might be past the peak in earnings growth, we're not past the peak in earnings level.”at 22:40
Masters in Business: Embracing the Bond Market: Masters in Business with Robin Wigglesworth ·
Ohsung Kwon · Wells Fargo
Earnings growth decelerates in 10 of 11 sectors over the next few quarters; only health care accelerates.
Kwon expects the overall earnings cycle to decelerate for the next few quarters. Ten of the eleven S&P sectors will see slowing growth, and health care is the only one with accelerating EPS. That makes health care a defensive sector that is already attracting flows.
“the earnings cycle overall is going to be decelerating for the next few quarters. 10 out of 11 secondtors, they're gonna see decelerating growth except health care. So health care is gonna be the only sector with acceleration in EPS”at 31:04
CNBC Power Lunch: Oil Hits 5-Month High, iPhone Duo Launch, Weekend Sports Slate 10/23/26 ·
Liz Ann Sonders · Charles Schwab
Stocks can beat published consensus yet fall if they miss the wider buy-side whisper number.
Stocks can outperform the published sell-side consensus and still underperform unpublished buy-side expectations, the old whisper number. The gap between sell-side and buy-side estimates is therefore the key. Samsung reported better than the sell-side consensus but arguably undershot buy-side expectations, and its stock was taken to the woodshed.
“you can outperform the published sell side consensus and still underperform the unpublished buy side expectation.”at 4:49
Bloomberg Surveillance: Bloomberg Surveillance TV: October 23rd, 2026 ·
David Lefkowitz · UBS Chief Investment Office (UBS Financial Services Inc.)
Q3 beats were solid and 2026 S&P 500 earnings growth is seen at 25%; growth is decelerating but still strong.
With about a quarter of S&P 500 market cap reported, Q3 numbers have been decent, with solid magnitude and breadth of earnings beats. Q3 earnings growth is expected to be around 28%. Q4 guidance is a bit weaker than recent quarters, so earnings are decelerating, but momentum remains strong. Analysts are not revising estimates down, and the firm expects 25% earnings growth this year and 14% in 2027, which could even be low. This keeps the earnings backdrop supportive for equities.
“the numbers have been, you know, pretty decent... the magnitude and breadth of earnings beats have both been... solid... We're looking for 25% earnings growth this year.”at 13:57
UBS On-Air: Top of the Morning: CIO Equity Pulse - Monthly performance update & outlook ·
Chris Harvey · CIBC Capital Markets
Late in the cycle, low-multiple stocks are likely at peak earnings and will struggle in 2027.
Harvey says the cycle is late, so a low-multiple stock is probably at peak earnings, and that is not going to work well in 2027. He would rather pay up for better risk-reward, with stability and better balance sheets, than buy cheap stocks at the top of the cycle.
“We're late in the cycle. If you have a low multiple stock, right, that's a company that's probably at peak earnings. That's not gonna work so well in 2027.”at 16:39
CNBC Fast Money: Tech Tumbles In Market Sell-Off… And Moderna’s Meltdown After Data Leak 10/22/26 ·
Cameron Dawson · NewEdge Wealth
Tech earnings upgrades are what insulate equities from macro shocks; if upgrades stall, that protection fades.
Tech has insulated the market from rising rates and an energy shock because earnings estimates have been revised higher, by about 17% through the year. In 2022, by contrast, estimates were cut in the face of similar macro shocks. Cameron stresses that the change in estimates matters more than growth itself, so growth must accelerate further to drive equity upside. If tech stops raising estimates, the sector stops protecting the rest of the market from macro headwinds.
“if you start to get to a point where you're no longer raising tech estimates, and it's really important, it's the delta of the estimates moving higher, not just the fact that growth strong.”at 7:00
Bloomberg Surveillance: Bloomberg Surveillance TV: October 22nd, 2026 ·
Philipp Carlsson-Szlezak · Boston Consulting Group
Recent earnings season showed broad, overwhelming evidence that firms of all types are making strong profits from consumer spending.
The speaker cites the most recent earnings season as evidence of broad spending. Firms of all types are making large amounts of money because consumers are consuming. He calls this evidence overwhelming and uses it to argue that youth consumption is part of a broad macro story. He also notes that equity valuations have come down while earnings have been very strong.
“And when you think at total consumption in the economy or if you think also about the earnings season that we last saw, the evidence of broad spending and firms of all types making tons of money because consumers are consuming, that evidence is overwhelming.”at 13:03
Hidden Forces: Why Younger Generations Are Convinced They Are Falling Behind | Philipp Carlsson-Szlezak ·
Philipp Carlsson-Szlezak · Boston Consulting Group
Last earnings season's strength was broad across sectors, not driven by a few tech firms.
He says earnings were not strong because of a handful of tech companies. They were strong across virtually all sub-sectors of the economy. He argues that this breadth does not happen without broad progress in consumption, and that consumption cannot be carried by just the rich, so it must be broad-based.
“If you look at the earnings picture, the last earnings season, it's not that earnings were really strong because of a few tech firms. Earnings were strong across the board in virtually all sub sectors of the economy.”at 55:39
Hidden Forces: Why Younger Generations Are Convinced They Are Falling Behind | Philipp Carlsson-Szlezak ·
David Bahnsen · The Bahnsen Group
Record buybacks haven't cut share counts; they mainly serve as executive compensation, not shareholder returns.
Share counts are higher than before despite record buybacks, so net share issuance is not negative. Bahnsen says buybacks, especially in Silicon Valley, mostly serve as executive compensation. Buybacks are also cut first when a company runs into trouble, while dividends tend to be protected. His portfolio had zero dividend cuts through the financial crisis and the COVID period.
“The problem, Barry, is that more often than not, they're not a way to return capital to shareholders. How do you have record levels of share buybacks and yet more shares that exist now than did before?”at 7:31
Masters in Business: At The Money: Can Dividend Investing Give You Yield AND Growth? ·
Kevin Gordon · Charles Schwab (Schwab Center for Financial Research)
Forward earnings growth near 30% is unprecedented outside a crisis, so a wobble is likely once growth crests.
Forward twelve-month earnings growth is close to 30% this year, and the base effect is not negative. Growth at this level without a crisis has not been seen in about 30 years of forward data. Once it crests, a wobble is likely, though he doesn't see a bear market. He notes the Nasdaq's flat five-month performance is consistent with a top-decile growth phase, and the market has priced in much of the good news.
“your base effect in year over year terms is not negative... Those kinds of estimates outside of a crisis is really something you've never seen at least in the past thirty years of earnings data.”at 11:40
CNBC Power Lunch: Tech Earnings Season, SpaceX Targeting Telecoms, CME Group CEO Interview 10/21/26 ·
Max Wiethe · Monetary Matters Network
S&P 500 beat rate hit 86.3% in Q2 2026, well above the 77% forty-quarter average.
Max checked historical S&P 500 earnings beat rates while testing Jack's claim that analysts are sandbagging estimates. The forty-quarter average beat rate is 77%. In Q2 2026 it was 86.3%. Even the weakest reading, Q1 2020 at 65%, was still a beat rate above that level in a bad quarter. Max also says companies can misrepresent the health of their businesses, which is separate from the beat-rate data.
“The forty quarter average of beat rate is seventy seven percent. And right now... In q two twenty twenty six, it was eighty six point three percent.”at 55:57
Monetary Matters: Is The AI Trade Over? | Jack & Max on Panic in AI Credit, SpaceX Earnings, and Semis ·
Liz Ann Sonders · Charles Schwab
S&P profit margin assumptions look too high; energy costs and one-time gains aren't fully priced in.
The forward 12-month S&P 500 profit margin assumption has risen to 17-18%, which Sonders calls 'parabolic'. Energy is a feedstock for many industries, and she does not think higher energy costs have been fully worked into forward margin assumptions. Q2 earnings also got a boost from non-operating gains on stakes in SpaceX, Anthropic and OpenAI, and from tariff refunds booked quickly, which she thinks have not been extrapolated. Together these leave the bar for expectations, with 53% Q2 earnings growth, set too high.
“there have been these ongoing concerns about the stability in profit margins, because the forward twelve month S and P profit margin assumption is up to 17%, 18%. It's kind of gone parabolic.”at 26:07
Josh Brown · Ritholtz Wealth Management
S&P 500 earnings and revenue are beating estimates; the long bull thesis is intact.
Josh cites S&P 500 earnings expected to grow 24.6% in the current season, 6 basis points above estimates at the season's start. 79% of reporting companies beat estimates. Revenue is up 12.3% year over year, 20 basis points above estimates, so this is not just buybacks. Profits are expected to rise in 10 of 11 sectors, including tech, materials and energy. He says the long thesis is intact and earnings are surprising to the upside.
“Profits for the S and P 500 are expected to grow 24.6% in the earnings period that we're in right now... So that part of the long thesis is intact. Earnings are good and surprising to the upside.”at 4:47
CNBC Halftime Report: The Bull Market Backdrop in Question: The Investment Committee Weighs in 10/20/26 ·
Jurrien Timmer · Fidelity Investments
Mega-cap firms burning cash on AI capex instead of buybacks and dividends makes shareholder income less predictable.
Timmer argues the trillion-dollar mega-cap stocks, which led the market for the past decade, are now spending their cash flow on capex rather than returning it through dividends and buybacks. He calls this neither bad nor clearly good, but says it creates a more uncertain income stream for shareholders. A buyback is a known return, while capex depends on whether the spending pays off. This is why he sees income-oriented stocks as an important diversifier.
“the mag [seven], big mega cap trillion dollar stocks are actually burning through their cash flow. Rather than returning the cash flow to shareholders as dividends and buybacks, they're spending it on CapEx... It creates a more unknown income stream to investors.”at 17:28
Fidelity Viewpoints: 10.20.26 - How to spot hidden value stock opportunities ·
Stephanie Link · Hightower Advisors
S&P 500 earnings growth will stay strong next year, not fall to 11%.
Link disputes Goldman's forecast of 11% earnings growth next year, calling it 'no way' and saying growth will be easily 20%. She notes that even 11% would be above the long-term average of 8 to 10%. She points to a strong economy and AI momentum as the reasons earnings should keep growing.
“They're not gonna be 11% next year. No way. It's gonna be easily 20% in my mind.”at 10:57
Malcolm Ethridge · Capital Area Planning Group
Earnings growth slowing from 37% toward 11-20% would hit the market hard.
Ethridge expects growth to decelerate from about 37% toward 20%, 11% or 15%, which is far below the current rate. He thinks the trend is down and will cause the market to react badly. He argues the current earnings period could be as good as it gets, since the companies must borrow more to keep spending, and he doubts earnings will hold up.
“we're probably talking about a deceleration from 37% earnings growth for the year down to whatever the number is, 20%, 11%, 15%... is going to have a meaningful impact on this market.”at 13:42
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