Earnings Pulse — Q1 2026

Where sentiment is strongest and weakest

Sectors moving most vs. last quarter

Average sentiment shift across the companies that reported in both quarters (same-panel), so a move is not just a different mix of reporters.

Biggest sentiment movers vs. last quarter

What management teams are flagging

The macro themes that came up most on this quarter’s calls, and how companies characterized each — improving versus deteriorating.

• AI & technology221 mentions · 217 improving, 0 deteriorating
• Consumer spending218 mentions · 45 improving, 25 deteriorating
• Trade & tariffs197 mentions · 13 improving, 62 deteriorating
• Enterprise spending189 mentions · 129 improving, 3 deteriorating
• Capital expenditure167 mentions · 152 improving, 0 deteriorating
• Supply chain117 mentions · 23 improving, 38 deteriorating

Themes gaining and losing attention

The biggest quarter-over-quarter change in how many companies flagged each theme (same-panel, so it is not just more or fewer companies reporting).

Analysts who pushed hardest

Highest share of questions scored as challenging this quarter (minimum 5 questions).

• Umer Raffat · Evercore ISI80%(4/5)
• Vivek Juneja · JPMorgan67%(4/6)
• Tal Liani · Bank of America55%(6/11)
• Mike Mayo · Wells Fargo54%(15/28)
• Rich Greenfield · LightShed Partners50%(5/10)