R2000 3Q25 YoY earnings are up 13%, vs 3.9% expectations (for the 27% of companies reporting). Top line growth is up 5.6% YoY – which is a little lighter than at this point last quarter. 68% of companies are beating earnings expectations (better than the 64% observed last quarter) while 67% are beating top line estimates (vs. 65% last quarter). Of those reporting, Materials and Tech are posting the strongest 3Q25 YoY earnings growth. Expectations for the fully reported quarter are currently running up 3% but we think mid- to high single digits is more likely. While 4Q25 estimates are down -1.5% MTD (as is typical for current quarter estimates), the earnings trends suggest 15% YoY ’25 R2000 earnings growth is possible, up from the 9% currently estimated, assuming the government shut-down ends before stifling 4Q25 growth.