Upward earnings revisions for the S&P 500, tracked by the SPDR S&P 500 ETF Trust SPY, are now the most positive they've been since 2021, signaling renewed executive and analyst confidence in corporate outlooks.

On Monday, Liz Thomas, Head of Investment Strategy at SoFi, posted on X, sharing a chart showing that a little under 65% of S&P 500 companies have revised their earnings per share guidance upward for the next twelve months. This essentially means that corporate executives expect higher earnings through this year and the next.

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The chart is now at its most positive level since 2021, and this is despite substantial macroeconomic and geopolitical uncertainties surrounding trade and tariffs.

Investment research firm Bravos Research noted a month ago that this upward revision came after 15 consecutive weeks of downside earnings revisions early this year, at the peak of “Liberation Day” tariff-related uncertainties.

“Overall, it seems that US corporations are actually coming out on the other side of these fears stronger,” the post says, adding that this development as a whole is “very constructive for the stock market.”

According to Factset’s Earnings Insights report, 81% of the S&P 500 companies have posted a positive earnings surprise during the second quarter of 2025, with 90% of companies having reported their results.

This marks an increase from the first quarter, when 78% of companies in the index beat their earnings per share estimates during the quarter. This was already ahead of the 5-year average of 77% and the 10-year average of 75% companies beating earnings estimates.

This can be seen as part of the reason why executives are more optimistic about their earnings guidance for the upcoming quarters and year.

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