S&P 500 companies are on track to deliver their strongest earnings growth in five years.

And unlike the headline numbers suggest, the most interesting part of this earnings season may be what happens when you look beneath the surface.

The Numbers Are Hard To Ignore With 88% of the index having reported, blended earnings growth for the second quarter stands at 50.4%, according to FactSet’s latest earnings insights.

If that holds, it would be the strongest quarterly earnings growth since the second quarter of 2021, when profits surged 91.6%.

Revenue growth is also accelerating.