R2000 4Q25 YoY earnings are up 19.3% (accelerating from 11% last quarter) vs 5% expectations (for the 29% of companies reporting). But perhaps more importantly is top line growth is running up 10% versus 4% last quarter – while still early, this robust sales growth is very encouraging and evidentiary of building sales acceleration that is a key driver for small-cap relative performance. Ex-Fins, 4Q25 earnings are up 5.2% YoY. Industrials are showing earnings down -3% for the 29% reporting while Tech earnings are up 26% YoY with over a third reporting. Expectations for all companies (reported and estimated) are 8.7% though we would expect low to mid double digits once the full index reports.