Small-Cap 3Q25 Earnings Extending Early Strength

November 7, 2025

Small-Cap 3Q25 Earnings Extending Early Strength

With half the index reporting, R2000 3Q25 YoY earnings are up 13.2%, (same as last week) vs 0.3% expectations (for the 54% of companies reporting).  Top line growth is up 4.3% YoY (down from 5.6% last week).  68% of companies are beating earnings expectations (same as last week) while 67% are beating top line estimates (same as last week).  Expectations for the fully reported quarter are currently running up 9%, which we believe will prove accurate.