European Blue-Chip Q2 Earnings Growth Expected to Hit Fastest Pace Since 2022
nashnova research
STOXX 600 constituents are on track for 22.4% Q2 earnings growth — the fastest since Q3 2022. Energy alone accounts for a 135.8% profit surge, yet stripping it out still leaves 11.5% growth, signaling a broad-based earnings recovery.
How fast is 22.4% earnings growth, really?
I/B/E/S data shows STOXX 600 Q2 earnings growth at an estimated 22.4%, the highest since Q3 2022.
The figure blends actual results from 236 companies that have already reported with consensus estimates for the rest.
This means → halfway through earnings season, numbers are still being revised upward — actual results are consistently beating expectations.
Is energy doing all the heavy lifting?
Energy leads with a projected 135.8% profit surge; basic materials — chemicals, steel, mining — follows at 57.6%.
The key number: strip out energy entirely, and STOXX 600 earnings growth still comes in at 11.5%, well above the 5.5% forecast at the start of earnings season in early July.
In plain terms = energy is the standout, but remove it and the rest of the index is still revising sharply higher — this is not a one-sector story.
Is revenue accelerating too?
Q2 revenue growth is projected at 12.6%, up from 11.7% forecast just last week.
If confirmed, that would be the fastest revenue growth in 16 quarters.
This means → profits are not just improving on cost cuts — top-line revenue itself is accelerating, making the earnings quality more durable.
Stocks are already at record highs — can this last?
Buoyed by earnings upgrades, European equities closed at record highs for a third straight session on Thursday.
Markets are also pricing in a second variable: potential U.S.–Iran talks and the possible reopening of the Strait of Hormuz — a chokepoint carrying roughly a fifth of global oil shipments.
This reflects a rally built on two pillars — earnings momentum and easing geopolitical risk. Whether earnings upgrades hold through the tail end of reporting season is the key test of whether this valuation recovery can stick.
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