Articles

# Trump Economy Ignites Record-Breaking Earnings Surge, Market Boom

The White House
August 18, 2025

Under President Donald J. Trump’s bold pro-growth policies, American businesses are thriving like never before — shattering earnings forecasts and propelling the stock market to continued record highs.

- Aggregate S&P 500 earnings per share are up 11% over last year, almost three times higher than the consensus expectation.
  - 84% of companies have beaten Wall Street estimates — the highest share in nearly four years.
  - 60% of companies “have beaten earnings per share forecasts by more than a standard deviation of estimates,” according to Goldman Sachs.
  - 58% of companies increased their full-year guidance for the year, doubling the number from the first quarter.
- The S&P 500 is up nearly 10% so far this year, hitting one new record high after another.
- Mentions of the word “recession” in corporate earnings calls are down 84% compared to last quarter.
- “The quarter has been marked by one of the greatest frequency of earnings beats on record,” says David Kostin, chief U.S. equity strategist at Goldman Sachs.

Companies are citing President Donald J. Trump’s landmark One Big Beautiful Bill as a key catalyst for renewed economic optimism — predicting customer growth, boosted cash flow, and accelerated investment stemming from the landmark bill’s pro-growth tax reforms.

- Bloomberg: Goldman’s Kostin Says S&P 500 Earnings Surge Past Expectations
- Business Insider: What tariffs? S&P 500 companies are wrapping up one of the strongest earnings seasons on record.
- The Wall Street Journal: Strong Crop of Earnings Eases Investors’ Economic Concerns

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