瑞银-美国股票策略：2026年一季报简报：5月5日-US Equity Strategy 1Q26 Earnings Brief：May 05-20260505

a§ ●●●●●AndrewGarthwaite婚§2 Growth27.6%%a§3 WeightedGrowthYoY(%)Margins10.915.925.033.80.561.3-6.3-2.6-0.6-3.3-7.4--1.3-13.2-6.0-5.17.2-1.8-5.0--9.4-5.1-2.0S&P500ex-Energy28.229.127.728.3Surprise(%)Surprise(%)-MedianTotalRevenueMarginsEarningsRevenueMarginsEarnings3275002.317.019.31.63.24.8TECH+39832.933.436.31.84.56.41211742.014.46.42218.519.53.811.215.0Materials263.212.916.12.04.46.461792.37.810.14.1Discretionaryex-AMZN28472.225.027.21051672.02.13.922354.54.2352.29.912.17.5Utilities3-3.13.62731-3.0-440.96.07.6627婚§4 CurrentHistoricalAverage%BeatsHits/Misses-0.60.8-0.40.9Hits/Misse-1.4-3.4-2.2Hits/Misse-1.4-3.1-2.40.8-1.51.1-1.5OverallOverall-0.6-1.4-3.41.21.1-0.1-5.3-1.7-1.9-4.9-1.3-1.2-0.9-5.6-1.1-2.2-2.2-5.0-0.2-2.2-2.9-9.7-8.24.2-0.2-1.4-1.44.6-0.2-1.2-3.243210Q3'Q3'2006Q3'2007Q3'2008Q3'2009Q3'2020Q3'2021Q3'2022Q3'2023Q3'2024Q3'2025婚§5Median WeightedMedianoutgrowthecap-weightedindexin5婚§636.436.427.624.34.3ex-Big661.355.0-3.1-3.3-5.1ex-AMZN6.0%Utils46.846.845.24.8% 婚§777.477.470.747.146.036.435.127.621.820.819.113.813.210.68.68.55.35.15.04.84.3-3.1-3.3-12.9-20.2%101.0ConsDur&AppConsDur&AppTransportationAutos&Comp46.846.835.929.923.022.921.210.69.69.48.46.56.46.14.82.70.70.1-2.1-2.675.1%Autos&Comp婚§8%%1Q26▽86420%72 婚§9%%▽202686420Mag7▽%84▲0 婚§10TechFinancialsCommunicationSvcsIndustrialsConsumerStaplesConsumerStaples婚§11 #981480of:52AMDQAMAT 婚§1299630%%0 婚§136.97.03.80.6-1.57.3%21.625.0%59.342.542.540.435.824.232.330.225.528.029.127.429.628.47.1-6.6-6.2-8.5-18.2 婚§14Avg:1.0%3Q211Q223Q2%43210Avg:Avg:5.0%50% RevenueGrowth(%)RevenueSurprisea§TotalUnreptd8332733.68332733.625.02.32.94.7-0.9Materials478.32.058.94.049.42.8EarningsGrowth(%)EarningsSurpriseTotalUnreptd8332725.860.526.88332725.860.526.836.39.6-5.7-2.6Materials47.935.6A-2.34722.427.2-1.22.0-0.4-6.7-4.3-6.08.2-1.144-5.1-5.1A25.3-0.323.16.6 NTM20262027婚§16CurrentCurrent3magoChange(%)Current3magoChange(%)Current3magoChange(%)UtilitiesMaterials2227.22147.93.71240.91232.70.7593.3586.31.2272.4267.91.7505.3495.32.0714.8697.22.5105.5102.23.244.843.33.4165.8160.33.5284.2271.64.7803.9726.810.6574.0502.314.32177.21219.5585.2267.5493.2697.8102.443.8162.9281.2761.0581.42132.81226.0584.0266.5491.8692.4101.343.0159.3270.3716.7499.62.1-4.06.22328.12285.81.91283.91294.1-0.8609.7607.50.4282.2281.20.4529.6527.10.5749.0741.11.1111.8110.21.5 46.745.72.4171.7168.51.9290.4282.72.7890.6819.78.7559.2526.56.2NTM20262027Current3magoChange(pp)Current3magoChange(pp)Current3magoChange(pp)15.714.80.915.314.70.616.315.80.533.834.2-0.433.934.2-0.333.634.3-0.7Utilities-0.1-0.3-0.27.07.1--0.10.20.00.09.80.2l-0.221.521.20.322.322.20.0Materials0.90.70.532.430.731.730.533.632.222.120.322.42.48.12.59.2NTM20262027Current3magoChange(%)Current3magoChange(%)Current3magoChange(%)348.7317.59.8333.0312.76.5380.3361.25.341.141.6-1.144.344.8-1.22.10.80.4Utilities24.424.30.326.626.60.358.556.73.256.456.10.562.862.50.4101.498.03.596.696.60.0110.9110.10.858.055.83.9l63.763.60.171.668.15.1l68.767.02.577.578.3-1.023.320.822.920.5Materials35.331.334.130.837.835.37.0260.4223.3241.0218.9299.4264.160.941.347.461.840.552.659.048.721.2婚§17 婚§18婚§19 12-MonthRatingDefinition254%24%40%21%6%21%婚§20 婚§21 婚§22