Roughly 62 companies in the S&P 500 have published guidance for the third quarter of 2026, a figure that Wolfe Research says equates to about half of the 115 to 120 firms anticipated to provide outlooks for the period.
According to Wolfe Research, 60% of those firms set their midpoint guidance above consensus estimates. The research house characterizes this as the strongest next-quarter earnings-per-share guidance seen since the COVID-19 pandemic.
The technology sector stands out within the sample. Of about 45 technology companies that Wolfe Research expected to give guidance, 22 have issued official third-quarter outlooks. Among those 22, 92% reported midpoint guidance that exceeded consensus projections.
Wolfe Research links the elevated guidance to solid U.S. economic conditions and to strong fundamental performance during the current quarter. The firm also said technology remains its preferred sector, calling out semiconductor companies as a focal area.
That sector emphasis ties into Wolfe Research's broader interpretation of demand patterns. The firm stated that the strength in technology-company guidance bolsters its view on ongoing AI-related spending trends.
Context and scope
The observations reported by Wolfe Research are drawn from the subset of S&P 500 firms that have so far provided formal outlooks for the coming quarter. The dataset covers roughly half of the companies that the research firm expected to comment on third-quarter prospects.
What the data shows
- 62 S&P 500 companies have released third-quarter 2026 guidance, according to Wolfe Research.
- 60% of those companies issued midpoint guidance above consensus estimates, a level Wolfe Research says is the strongest since the pandemic era.
- Within technology, 22 of about 45 expected outlooks were issued, and 92% of those beat consensus at the midpoint.
Firm conclusions
Wolfe Research attributes the positive guidance readings to favorable U.S. economic conditions and strong fundamentals in the current reporting quarter. The research firm highlighted technology, and semiconductors in particular, as preferred areas and connected the guidance strength to continued AI spending trends.
Data and statements in this piece reflect Wolfe Research's reporting on company guidance; they are limited to the firms and outlooks noted by the research firm.