Page 295 - DCAC Feb 2026 Files

S&P 493 Earnings Growth & Performance

Robust Earnings Growth for S&P 493
60%
• Earnings growth for the S&P
Magnificent 7 S&P 493
500 ex- the Magnificent 7 have 50%
Bottom-up consensus
recently been showing 40%
strength. Additionally, the
historical performance of the 30%

Magnificent 7 may have been 20%
justified by its sizable earnings 10%
growth.
0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
• S&P 500 Index concentration,
2024 2025 2026
as measured by the

Magnificent Seven’s S&P 493 Contribution to Total Return
contribution to total index Indexed to 100 on 1/1/2021, price return
returns, peaked in 2023.
However, the Magnificent
Seven continue to play a large
role in the index’s returns and
earnings growth.

Sources: Top: Goldman Sachs, Aptus Capital Advisors, data as of 8/15/25.
Bottom: FactSet, Standard and Poor’s, J.P. Morgan Asset Management.
Magnificent 7 (Mag 7) includes AAPL, AMZN, GOOGL/GOOG, META, MSFT, NVDA
and TSLA. The S&P 500 ex-Mag 7 (S&P 493) is calculated by backing out a
weighted average Mag 7 price return from the S&P 500 price return. Data as of
12/31/25.

25