There is something almost disorienting about the current earnings season. With about 10% of S&P 500 companies having reported Q1 2026 results so far, 88% have beaten earnings-per-share estimates — well above the five and ten-year historical averages. The index is on track for its sixth consecutive quarter of double-digit earnings growth, with analysts projecting around 12.5% year-over-year expansion. The Nasdaq just completed its longest daily winning streak since 1992. Both the S&P 500 and Nasdaq hit fresh all-time highs this week. By almost every headline metric, corporate America is doing well.