S&P 500 Earnings: Q2, Q3 '25 EPS Revisions, And A Look At Apple And UnitedHealth's Revisions

Jamie Dimon recently forecasted a 0% S&P 500 EPS growth rate for Q2 2025, commencing in July 2025. While Q2 typically sees more severe revisions than Q3, the extent of this potential drop from the current expected +10% would be significant. The forecast was reported by Brian Gilmartin, a portfolio manager at Trinity Asset Management.

Analysis

Jamie Dimon's recent forecast of a 0% S&P 500 expected EPS growth rate for Q2 2025, as reported by LSEG, presents a stark contrast to the current consensus expectation of a +10% growth for the same period. Such a significant downward revision, from +10% to 0% by the time reporting begins in July 2025, would be considered extreme, even though Q2 typically sees more severe revisions than Q3 due to its proximity. The article implies that the evolving "tariff" discussion is a potential catalyst for such a substantial decline in earnings expectations. This outlook carries a moderately negative sentiment (sentiment score -0.35) and a notable market impact score of 0.6, suggesting potential headwinds for broader market performance and corporate profitability.

Key Decisions for Investors

• Investors should closely monitor revisions to S&P 500 Q2 2025 EPS growth estimates, given the significant divergence between current +10% expectations and Dimon's 0% forecast.
• It is prudent to evaluate portfolio exposure to sectors potentially most affected by evolving tariff discussions and their subsequent impact on corporate earnings.
• Consider adopting a more cautious stance or reviewing risk management strategies in light of the potential for a sharp deceleration in earnings growth, especially as Q2 2025 approaches.