Are “Magnificent 7” Companies Still Top Contributors to Earnings Growth for the S&P 500 for Q3?

For Q3 2025, the S&P 500 is projected to achieve 8.5% blended earnings growth, with only NVIDIA from the 'Magnificent 7' expected among the top five contributors, which also include Boeing, Eli Lilly, Intel, and Micron Technology. While the 'Magnificent 7' are still forecast to deliver 14.9% earnings growth, significantly outpacing the 6.7% for the remaining 493 companies, this indicates a broadening of growth drivers beyond the historically dominant group. Analysts anticipate accelerated earnings growth for both the 'Magnificent 7' and the broader S&P 500 beginning in 2026.

Analysis

The S&P 500 is projected for a blended earnings growth rate of 8.5% in Q3 2025. Notably, only NVIDIA from the "Magnificent 7" is expected among the top five contributors to this growth, alongside Boeing, Eli Lilly, Intel, and Micron Technology. This indicates a potential broadening of earnings drivers beyond the historically concentrated "Magnificent 7" group.

While the "Magnificent 7" are still forecast to deliver a robust 14.9% year-over-year earnings growth for Q3 2025, the remaining 493 S&P 500 companies are expected to achieve 6.7%. The strong contributions from Boeing, Eli Lilly, and Intel are partly attributed to easier year-over-year comparisons due to weaker earnings in the prior year, influenced by charges and expenses. This highlights a mix of fundamental strength and base effects driving current growth.

The "Magnificent 7" demonstrated significant outperformance in Q2 2025, reporting 26.6% actual earnings growth against an initial expectation of 13.9%, with all seven companies exceeding EPS forecasts. Looking forward, analysts anticipate accelerated earnings growth for both the "Magnificent 7" (reaching 19.7% by Q3 2026) and the broader S&P 500 (reaching 14.6% for the other 493 companies by Q3 2026), suggesting a more widespread positive outlook for 2026.

Key Decisions for Investors

• Investors should consider broadening S&P 500 exposure beyond the "Magnificent 7," given the emergence of new top earnings contributors like Boeing, Eli Lilly, Intel, and Micron Technology for Q3 2025.
• Assess the underlying drivers of growth for non-"Magnificent 7" contributors, particularly those benefiting from easy year-over-year comparisons, to gauge the durability of their earnings momentum.
• Position for anticipated accelerated earnings growth across both the "Magnificent 7" and the broader S&P 500, with analyst projections indicating stronger performance starting in 2026.