European Blue-Chip Q2 Earnings Growth Expected to Hit Fastest Pace Since 2022
0xBroomberg
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.
Content is for reference only, not financial advice.