Earnings Pulse: Q3 2026

Loading…

Earnings Pulse — Q3 2026

As of Q3 2026, the Tellvest economy-wide earnings-call sentiment across 30 U.S. public companies is 8.6/10 — up 1.4 from 7.2/10 in Q2 2026. A score of 10 is most positive; the reading is built from what management and analysts said on the quarter’s earnings calls.

Where sentiment is strongest and weakest

Most optimistic sectors

Technology9.3/10(13)
Consumer Defensive8.3/10(6)
Consumer Cyclical7.3/10(7)

Least optimistic sectors

Consumer Cyclical7.3/10(7)
Consumer Defensive8.3/10(6)
Technology9.3/10(13)

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.

Improving most

Consumer Defensive7.3 → 8.3(+1)
Consumer Cyclical6.9 → 7.3(+0.4)
Technology8.9 → 9.3(+0.4)

Declining most

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 & technology14 mentions · 14 improving, 0 deteriorating
Trade & tariffs13 mentions · 2 improving, 0 deteriorating
Consumer spending12 mentions · 1 improving, 5 deteriorating
Inflation10 mentions · 0 improving, 8 deteriorating
Capital expenditure10 mentions · 10 improving, 0 deteriorating
Enterprise spending8 mentions · 6 improving, 0 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).

Gaining attention

Capital expenditure5 → 10(+5)
Labor market1 → 3(+2)
Credit1 → 2(+1)
Oil & energy4 → 5(+1)

Losing attention

Enterprise spending12 → 8(-4)
Trade & tariffs16 → 13(-3)
AI & technology15 → 13(-2)
Consumer spending13 → 12(-1)

Analysts who pushed hardest

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

Michael Lasser · UBS67%(6/9)
Simeon Gutman · Morgan Stanley13%(1/8)
Chris Horvers · JPMorgan11%(1/9)
Seth Sigman · Barclays0%(0/8)
Kate McShane · Goldman Sachs0%(0/7)

Built from SEC filings and public earnings transcripts. Descriptive analysis, not investment advice. Explore any company at tellvest.com/companies.