R2000 4Q25 YoY earnings are up 22% (up from 19% two weeks ago) vs 3% expectations (for the 58% of companies reporting). Ex-Fins, 4Q25 earnings are up 11% YoY. Industrials earnings are up 13% (up from -3% two weeks ago) while Tech earnings relaxed to 14% (down from 26% two weeks ago). Expectations for all companies (reported and estimated) are 18% though we would expect closer to 16-17% once the full index reports. Top line growth eased to 6% (down from 10% two weeks ago) but continues the sequential acceleration started in 3Q25 and represents the strongest quarterly top line growth in some time for small-caps – a key development differentiating current results from much of what has transpired during small-caps’ previous underperformance cycle. 66% of reporting companies are beating earnings estimates (down from 70% two weeks ago) in line with last quarter. 70% are beating top line estimates (down from 71% two weeks ago) versus 64% last quarter