Research from Morgan Stanley showed that the median EPS surprise for S&P 500 companies reached 6% in the first quarter of 2026, the strongest reading in four years and above the long-run average of around 5.5%.
Because this measure reflects the median company rather than a few large-cap firms, it suggested that earnings outperformance was broadly distributed across corporate America rather than being driven solely by a handful of technology giants. While modest earnings beats were common, exceptionally large EPS surprises of 15% or more remain competitively rare.
As investors closely monitor the earnings season, investors should understand the concept of post-earnings announcement drift. Per FactSet research, the companies reporting positive earnings surprises continue to outperform after their results are released. Over a five-year period, firms with positive EPS surprises generated an average share-price gain of 1.6% by the earnings date, increasing to 2.6% thirty trading days later, illustrating that the market often continues to reward stronger-than-expected earnings beyond the initial announcement.
The current earnings season has already delivered standout results. On July 28 alone, more than 150 companies reported earnings, with 28 beating Wall Street expectations. In this article, we identify those stocks:
Leaving Estimates in the Dust: 28 Firms Beating Earnings Expectations
28. Provident Financial Holdings, Inc. (NASDAQ:PROV)
Provident Financial Holdings, Inc. (NASDAQ:PROV) posted EPS of $0.35 in the second quarter of the year, topping estimates by $0.07.
27. Rocky Brands, Inc. (NASDAQ:RCKY)
Rocky Brands, Inc. (NASDAQ:RCKY) registered EPS of $1.90 in the past quarter, topping expectations by $1.55.
26. Quad/Graphics, Inc. (NYSE:QUAD)
Quad/Graphics, Inc. (NYSE:QUAD) finished the past quarter at EPS of $0.24, topping analyst targets by $0.04.
25. XPLR Infrastructure, LP (NYSE:XIFR)
XPLR Infrastructure, LP (NYSE:XIFR) surprised Wall Street with EPS of $0.40 in the second quarter of the year, beating expectations by $0.90.
24. NeoGenomics, Inc. (NASDAQ:NEO)
NeoGenomics, Inc. (NASDAQ:NEO) reported an EPS of $0.05 in the second quarter of the year, topping expectations by $0.02.
23. CTS Corporation (NYSE:CTS)
CTS Corporation (NYSE:CTS) surprised Wall Street with a $0.74 EPS in the second quarter of the year, beating estimates by $0.13.
22. Polaris Inc. (NYSE:PII)
Polaris Inc. (NYSE:PII) reported EPS of $1.97, topping expectations by $1.26.
21. Mirion Technologies, Inc. (NYSE:MIR)
Mirion Technologies, Inc. (NYSE:MIR) posted EPS of $0.12 in the past quarter of the year, beating expectations by $0.02.
20. The Cheesecake Factory Incorporated (NASDAQ:CAKE)
The Cheesecake Factory Incorporated (NASDAQ:CAKE) surprised Wall Street with EPS exceeding expectations by $0.26, finishing at $1.44.
19. PJT Partners Inc. (NYSE:PJT)
PJT Partners Inc. (NYSE:PJT) posted EPS of $0.40 in the last reported quarter, topping expectations by $1.97.
18. Itron, Inc. (NASDAQ:ITRI)
Itron, Inc. (NASDAQ:ITRI) finished the second quarter with EPS of $1.59, topping estimates by $0.30.
17. Herc Holdings Inc. (NYSE:HRI)
Herc Holdings Inc. (NYSE:HRI) registered EPS of $1.43 for the second quarter, topping expectations by $0.70.
16. Commvault Systems, Inc. (NASDAQ:CVLT)
Commvault Systems, Inc. (NASDAQ:CVLT) topped analyst targets on EPS by $0.26 with EPS of $1.42.
15. Varonis Systems, Inc. (NASDAQ:VRNS)
Varonis Systems, Inc. (NASDAQ:VRNS) blew past analyst estimates on EPS in the second quarter, at $0.04, topping projections by $0.03.
14. Rithm Capital Corp. (NYSE:RITM)
Rithm Capital Corp. (NYSE:RITM) posted EPS of $0.60, beating analyst predictions by $0.10.
13. Core Scientific, Inc. (NASDAQ:CORZ)
Core Scientific, Inc. (NASDAQ:CORZ) surprised Wall Street with revenues soaring to $164 million, and beating estimates by $30 million.
12. NOV Inc. (NYSE:NOV)
NOV Inc. (NYSE:NOV) registered EPS of $0.31, topping expectations by $0.15.
11. The Hanover Insurance Group, Inc. (NYSE:THG)
The Hanover Insurance Group, Inc. (NYSE:THG) posted EPS of $5.31 in the second quarter of the year, beating expectations by $1.55.
10. Qorvo, Inc. (NASDAQ:QRVO)
Qorvo, Inc. (NASDAQ:QRVO) surprised Wall Street with EPS of $1.64, exceeding expectations by $0.58.
9. Repligen Corporation (NASDAQ:RGEN)
Repligen Corporation (NASDAQ:RGEN) reported $0.54 EPS in the past quarter, topping expectations by $0.09.
8. HF Sinclair Corporation (NYSE:DINO)
HF Sinclair Corporation (NYSE:DINO) released EPS of $5.31, topping estimates by $0.85.
7. Innio N.V. (NASDAQ:INIO)
Innio N.V. (NASDAQ:INIO) posted EPS of $0.08 in the second quarter of the year, topping expectations by $0.03.
6. Expand Energy Corporation (NASDAQ:EXE)
Expand Energy Corporation (NASDAQ:EXE) ended the second quarter of the year with EPS hitting $1.33, exceeding Wall Street expectations by $0.21.
5. Incyte Corporation (NASDAQ:INCY)
Incyte Corporation (NASDAQ:INCY) registered an EPS of $3.09, cracking past projections of $0.94.
4. Centene Corporation (NYSE:CNC)
Centene Corporation (NYSE:CNC) posted EPS of $2.51 in the second quarter of the year, beating analyst expectations by $1.43.
3. Bloom Energy Corporation (NYSE:BE)
Bloom Energy Corporation (NYSE:BE) surprised Wall Street with EPS and revenues topping Wall Street expectations. EPS ended at $0.78, exceeding expectations by $0.37, while revenues soared above $1 billion, up 164% year-on-year and beating estimates by $233 million.
2. Teradyne, Inc. (NASDAQ:TER)
Teradyne, Inc. (NASDAQ:TER) posted EPS of $2.47, topping expectations by $0.42.
1. Ford Motor Company (NYSE:F)
Ford Motor Company (NYSE:F) registered EPS of $0.66, beating expectations by $0.31.
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