Phone: +8801715587788 | Email: kollol.hossain@gmail.com | 382, Meherchandi Purbopara, Rajshahi-6207, Bangladesh
S&P 500 Index Performance and Earnings Anatomy (2020–2025)
Earnings, Valuation Expansion, Sector Dynamics & Stock-Level Outcomes
Written By- Md Kollol Hossain, CEO, CapitalinsightBD
Executive Summary
Between 2020 and December 24, 2025, the S&P 500 Index delivered a cumulative return of 112.78%, transforming a crisis-driven rebound into one of the most earnings-selective bull markets in modern history. However, beneath this headline performance lies a material divergence between index returns, sector earnings durability, and stock-level profitability outcomes.
While the index posted strong annual gains in 2020 (+15.29%), 2021 (+28.79%), 2023 (+24.73%), and 2024 (+24.01%), earnings growth was uneven and increasingly concentrated. Median EPS for the index peaked in 2024 at 1.65, before declining to 1.42 in 2025, despite an 18.12% index return that year—highlighting a growing valuation-earnings gap.
This study—based exclusively on SEC filings and Alpha Vantage data, cleaned and normalized via Python pipelines—examines the market across index, sector, sub-sector, and ticker levels, identifying where value creation truly occurred and where price momentum masked deteriorating fundamentals.
S&P 500 Index: Price Performance vs Fundamental Reality
From January 2020 to December 24, 2025, the S&P 500 rose from 3,257.85 to 6,932.05, driven by liquidity expansion, margin resilience, and sector rotation rather than broad-based earnings acceleration.
Please click on the TAB below to view graphical and tabular analysis.
📊 S&P 500 Index Performance
| Year | First Sp500 Close | Last Sp500 Close | Annual Return Pct |
|---|---|---|---|
| 2020 | 3,257.85 | 3,756.07 | 15.29 |
| 2021 | 3,700.65 | 4,766.18 | 28.79 |
| 2022 | 4,796.56 | 3,839.50 | -19.95 |
| 2023 | 3,824.14 | 4,769.83 | 24.73 |
| 2024 | 4,742.83 | 5,881.63 | 24.01 |
| 2025 | 5,868.55 | 6,932.05 | 18.12 |
| Year | Last Sp500 Close | Cumulative Return Pct |
|---|---|---|
| 2020 | 3,756.07 | 15.29 |
| 2021 | 4,766.18 | 46.30 |
| 2022 | 3,839.50 | 17.85 |
| 2023 | 4,769.83 | 46.41 |
| 2024 | 5,881.63 | 80.54 |
| 2025 | 6,932.05 | 112.78 |
🧠 Market Returns vs Earnings Growth
| Year | Annual Return Pct | Median EPS Growth Pct |
|---|---|---|
| 2020 | 15.29 | |
| 2021 | 28.79 | 52.48 |
| 2022 | -19.95 | 2.60 |
| 2023 | 24.73 | -1.27 |
| 2024 | 24.01 | 5.77 |
| 2025 | 18.12 | -13.94 |
| Year | Median EPS |
|---|---|
| 2020 | 1.01 |
| 2021 | 1.54 |
| 2022 | 1.58 |
| 2023 | 1.56 |
| 2024 | 1.65 |
| 2025 | 1.42 |
🏭 Sector-Level Earnings Performance
| Sector | Companies | Total Net Income (USD Mn) | Median EPS |
|---|---|---|---|
| Information Technology | 68 | 3,246,075.90 | 1.32 |
| Financials | 75 | 3,077,989.31 | 1.88 |
| Communication Services | 22 | 2,084,925.67 | 1.05 |
| Health Care | 60 | 1,632,105.24 | 1.93 |
| Consumer Discretionary | 49 | 1,156,287.12 | 1.81 |
| Industrials | 79 | 1,097,255.62 | 1.84 |
| Consumer Staples | 35 | 1,041,817.55 | 1.26 |
| Energy | 22 | 751,469.39 | 1.18 |
| Utilities | 31 | 371,028.62 | 1.01 |
| Materials | 25 | 338,881.04 | 1.57 |
| Real Estate | 31 | 220,920.59 | 0.74 |
| Sector | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | EPS Growth Pct 2020 2025 |
|---|---|---|---|---|---|---|---|
| Utilities | 0.89 | 0.86 | 0.97 | 1.03 | 1.16 | 3.05 | 242.70 |
| Consumer Discretionary | 0.94 | 1.83 | 1.82 | 2.23 | 2.13 | 3.02 | 220.74 |
| Financials | 1.30 | 2.12 | 1.72 | 1.93 | 2.51 | 2.76 | 113.13 |
| Industrials | 1.18 | 1.79 | 2.07 | 1.85 | 2.07 | 2.50 | 112.77 |
| Information Technology | 0.87 | 1.41 | 1.46 | 1.38 | 1.48 | 1.60 | 83.91 |
| Health Care | 1.45 | 2.31 | 2.06 | 1.89 | 1.86 | 1.98 | 36.68 |
| Communication Services | 0.84 | 1.04 | 0.95 | 1.06 | 1.27 | 0.80 | -4.76 |
| Consumer Staples | 1.39 | 1.30 | 1.32 | 1.27 | 1.09 | 1.01 | -27.08 |
| Materials | 0.89 | 1.84 | 2.41 | 1.86 | 1.66 | 0.50 | -44.01 |
| Energy | -0.54 | 0.81 | 3.80 | 2.86 | 1.63 | ||
| Real Estate | 0.57 | 0.77 | 0.97 | 0.68 | 0.70 |
| Sector | Sub Industry | Companies | Total Net Income (USD Mn) | Median EPS |
|---|---|---|---|---|
| Communication Services | Interactive Media & Services | 4 | 1,532,438.96 | 1.91 |
| Information Technology | Technology Hardware, Storage & Peripherals | 8 | 1,076,925.54 | 1.17 |
| Financials | Diversified Banks | 7 | 939,671.00 | 1.57 |
| Information Technology | Systems Software | 6 | 803,410.13 | 0.39 |
| Information Technology | Semiconductors | 14 | 609,779.06 | 1.26 |
| Health Care | Pharmaceuticals | 7 | 508,727.20 | 1.26 |
| Financials | Multi-Sector Holdings | 1 | 438,863.00 | |
| Energy | Integrated Oil & Gas | 2 | 388,183.00 | 2.46 |
| Consumer Staples | Consumer Staples Merchandise Retail | 5 | 278,470.56 | 2.10 |
| Financials | Investment Banking & Brokerage | 6 | 274,421.92 | 1.66 |
| Consumer Discretionary | Broadline Retail | 2 | 271,448.00 | 1.03 |
| Health Care | Managed Health Care | 5 | 265,742.00 | 5.63 |
| Communication Services | Integrated Telecommunication Services | 2 | 251,953.00 | 1.07 |
| Health Care | Biotechnology | 8 | 246,318.12 | 2.68 |
| Information Technology | Application Software | 14 | 243,916.24 | 0.92 |
| Consumer Discretionary | Home Improvement Retail | 2 | 229,805.00 | 4.11 |
| Health Care | Health Care Equipment | 17 | 217,854.01 | 1.10 |
| Financials | Transaction & Payment Processing Services | 9 | 215,042.67 | 1.19 |
| Financials | Asset Management & Custody Banks | 11 | 206,933.59 | 1.64 |
| Financials | Property & Casualty Insurance | 8 | 199,940.93 | 2.41 |
| Energy | Oil & Gas Exploration & Production | 10 | 190,137.50 | 1.53 |
| Consumer Staples | Soft Drinks & Non-alcoholic Beverages | 3 | 179,616.00 | 0.84 |
| Consumer Discretionary | Automobile Manufacturers | 3 | 176,578.00 | 0.81 |
| Consumer Staples | Personal Care Products | 3 | 163,765.00 | 1.37 |
| Financials | Consumer Finance | 3 | 147,145.00 | 3.02 |
| Industrials | Aerospace & Defense | 12 | 145,438.75 | 2.02 |
| Information Technology | Communications Equipment | 4 | 144,957.25 | 1.48 |
| Communication Services | Cable & Satellite | 2 | 144,355.00 | 3.73 |
| Consumer Staples | Packaged Foods & Meats | 11 | 142,439.61 | 0.77 |
| Financials | Life & Health Insurance | 5 | 131,500.59 | 2.07 |
| Information Technology | Semiconductor Materials & Equipment | 4 | 130,511.57 | 3.37 |
| Utilities | Multi-Utilities | 12 | 127,700.10 | 0.97 |
| Consumer Staples | Tobacco | 2 | 126,946.00 | 1.34 |
| Information Technology | IT Consulting & Other Services | 5 | 126,048.30 | 2.10 |
| Consumer Discretionary | Restaurants | 6 | 123,931.99 | 2.29 |
| Industrials | Air Freight & Logistics | 4 | 122,568.29 | 2.71 |
| Energy | Oil & Gas Refining & Marketing | 3 | 120,054.00 | 2.84 |
| Utilities | Electric Utilities | 15 | 110,791.61 | 1.02 |
| Financials | Financial Exchanges & Data | 9 | 108,889.31 | 2.34 |
| Consumer Discretionary | Homebuilding | 4 | 107,983.32 | 4.12 |
| Industrials | Rail Transportation | 3 | 106,377.00 | 2.19 |
| Financials | Regional Banks | 6 | 95,861.23 | 0.78 |
| Industrials | Electrical Components & Equipment | 5 | 89,253.13 | 1.86 |
| Communication Services | Movies & Entertainment | 4 | 88,768.03 | 1.05 |
| Industrials | Industrial Machinery & Supplies & Components | 14 | 88,576.16 | 2.08 |
| Health Care | Health Care Services | 5 | 85,464.70 | 2.87 |
| Health Care | Life Sciences Tools & Services | 8 | 79,863.86 | 2.05 |
| Industrials | Building Products | 8 | 79,780.83 | 1.61 |
| Industrials | Industrial Conglomerates | 2 | 75,133.00 | 2.27 |
| Financials | Insurance Brokers | 6 | 74,997.51 | 1.83 |
| Consumer Discretionary | Apparel, Accessories & Luxury Goods | 4 | 71,952.53 | 1.63 |
| Materials | Specialty Chemicals | 7 | 63,185.39 | 1.45 |
| Materials | Industrial Gases | 2 | 59,232.30 | 2.62 |
| Industrials | Agricultural & Farm Machinery | 1 | 58,323.00 | 6.45 |
| Health Care | Health Care Facilities | 2 | 54,014.66 | 4.10 |
| Materials | Steel | 2 | 51,476.70 | 3.70 |
| Consumer Staples | Household Products | 4 | 51,282.90 | 1.15 |
| Consumer Discretionary | Apparel Retail | 2 | 50,278.51 | 1.10 |
| Communication Services | Wireless Telecommunication Services | 1 | 49,024.00 | 1.71 |
| Energy | Oil & Gas Storage & Transportation | 4 | 45,259.71 | 0.60 |
| Consumer Discretionary | Automotive Retail | 2 | 41,855.04 | 25.48 |
| Industrials | Environmental & Facilities Services | 4 | 41,300.09 | 1.00 |
| Financials | Multi-line Insurance | 3 | 39,465.50 | 2.09 |
| Industrials | Human Resource & Employment Services | 4 | 37,408.04 | 1.20 |
| Information Technology | Electronic Equipment & Instruments | 5 | 34,487.10 | 2.55 |
| Industrials | Diversified Support Services | 3 | 33,089.03 | 1.24 |
| Industrials | Construction Machinery & Heavy Transportation Equipment | 4 | 31,833.80 | 2.86 |
| Consumer Staples | Agricultural Products & Services | 2 | 31,656.00 | 1.85 |
| Materials | Paper & Plastic Packaging Products & Materials | 5 | 30,936.10 | 1.41 |
| Health Care | Health Care Distributors | 4 | 30,492.15 | 2.25 |
| Real Estate | Self-Storage REITs | 2 | 27,871.31 | 2.19 |
| Information Technology | Electronic Manufacturing Services | 2 | 27,645.76 | 1.68 |
| Real Estate | Industrial REITs | 1 | 25,126.93 | 0.96 |
| Information Technology | Electronic Components | 2 | 24,176.10 | 0.55 |
| Consumer Staples | Food Retail | 1 | 23,451.00 | 1.01 |
| Materials | Fertilizers & Agricultural Chemicals | 3 | 22,495.40 | 1.04 |
| Industrials | Trading Companies & Distributors | 2 | 21,495.80 | 2.18 |
| Consumer Discretionary | Distributors | 3 | 20,610.65 | 2.19 |
| Health Care | Health Care Supplies | 3 | 20,393.05 | 1.88 |
| Consumer Discretionary | Other Specialty Retail | 2 | 18,346.49 | 3.85 |
| Real Estate | Multi-Family Residential REITs | 6 | 17,342.00 | 1.04 |
| Real Estate | Retail REITs | 5 | 16,577.78 | 0.75 |
| Materials | Construction Materials | 2 | 16,268.36 | 3.56 |
| Real Estate | Hotel & Resort REITs | 2 | 15,906.12 | 0.38 |
| Industrials | Cargo Ground Transportation | 2 | 15,322.43 | 1.87 |
| Industrials | Construction & Engineering | 3 | 15,048.93 | 1.55 |
| Consumer Discretionary | Computer & Electronics Retail | 1 | 14,911.00 | 1.36 |
| Consumer Staples | Distillers & Vintners | 2 | 14,784.20 | 0.51 |
| Real Estate | Telecom Tower REITs | 3 | 13,283.70 | 1.04 |
| Utilities | Independent Power Producers & Energy Traders | 2 | 13,134.00 | 0.45 |
| Consumer Staples | Food Distributors | 1 | 13,022.67 | 0.83 |
| Real Estate | Data Center REITs | 2 | 12,843.31 | 1.58 |
| Industrials | Research & Consulting Services | 2 | 12,656.30 | 1.45 |
| Communication Services | Advertising | 2 | 12,465.78 | 0.67 |
| Real Estate | Real Estate Services | 2 | 12,244.87 | 0.53 |
| Real Estate | Timber REITs | 1 | 12,019.00 | 0.59 |
| Materials | Gold | 1 | 11,294.00 | 0.53 |
| Materials | Commodity Chemicals | 1 | 10,396.00 | 0.93 |
| Consumer Discretionary | Automotive Parts & Equipment | 1 | 10,122.00 | 1.06 |
| Information Technology | Internet Services & Infrastructure | 3 | 9,731.07 | 1.04 |
| Financials | Reinsurance | 1 | 9,647.00 | 12.31 |
| Consumer Discretionary | Consumer Electronics | 1 | 9,607.55 | 1.48 |
| Utilities | Gas Utilities | 1 | 9,546.03 | 2.25 |
| Consumer Discretionary | Homefurnishing Retail | 1 | 9,081.44 | 3.01 |
| Information Technology | Technology Distributors | 1 | 8,846.30 | 2.02 |
| Real Estate | Office REITs | 2 | 8,815.09 | 0.71 |
| Utilities | Water Utilities | 1 | 6,642.00 | 1.45 |
| Consumer Discretionary | Footwear | 1 | 6,364.48 | 3.25 |
| Industrials | Data Processing & Outsourced Services | 1 | 5,774.20 | 1.42 |
| Consumer Staples | Brewers | 1 | 5,394.60 | 1.51 |
| Health Care | Health Care Technology | 1 | 4,690.00 | 1.86 |
| Consumer Discretionary | Casinos & Gaming | 3 | 3,735.18 | 0.06 |
| Real Estate | Health Care REITs | 3 | 3,680.23 | 0.20 |
| Communication Services | Publishing | 2 | 3,350.00 | 0.21 |
| Real Estate | Single-Family Residential REITs | 1 | 3,110.24 | 0.17 |
| Communication Services | Interactive Home Entertainment | 2 | 2,782.63 | 0.84 |
| Consumer Discretionary | Home Furnishings | 1 | 2,600.79 | 2.52 |
| Consumer Discretionary | Leisure Products | 1 | 538.90 | 0.89 |
| Materials | Metal, Glass & Plastic Containers | 1 | 0.00 | 0.65 |
| Materials | Copper | 1 | 0.00 | 0.45 |
| Real Estate | Other Specialized REITs | 1 | 0.00 | 0.24 |
| Industrials | Heavy Electrical Equipment | 1 | -1,189.00 | -0.51 |
| Energy | Oil & Gas Equipment & Services | 3 | -3,809.00 | 0.65 |
| Consumer Discretionary | Specialized Consumer Services | 1 | -4,338.00 | -0.41 |
| Industrials | Passenger Airlines | 3 | -13,136.00 | 0.59 |
| Industrials | Passenger Ground Transportation | 1 | -18,156.00 | -0.29 |
| Communication Services | Broadcasting | 3 | -36,480.00 | 0.82 |
| Consumer Discretionary | Hotels, Resorts & Cruise Lines | 8 | -40,938.74 | 0.35 |
🏆 Top & Bottom Performing Stocks
Top Performers
| Ticker | Year | First Trade Date | First Close Price | Last Trade Date | Last Close Price | Total Return Pct | CAGR Pct | Criteria |
|---|---|---|---|---|---|---|---|---|
| CRM | 2020 | 2020-01-02 | 166.99 | 2020-12-31 | 222.53 | 33.26 | 5.91 | Top 10 Profit Growth |
| CRM | 2021 | 2021-01-04 | 220.31 | 2021-12-31 | 254.13 | 15.35 | 2.90 | Top 10 Profit Growth |
| CRM | 2022 | 2022-01-03 | 255.46 | 2022-12-30 | 132.59 | -48.10 | -12.29 | Top 10 Profit Growth |
| CRM | 2023 | 2023-01-03 | 134.78 | 2023-12-29 | 263.14 | 95.24 | 14.32 | Top 10 Profit Growth |
| CRM | 2024 | 2024-01-02 | 256.13 | 2024-12-31 | 334.33 | 30.53 | 5.47 | Top 10 Profit Growth |
| CRM | 2025 | 2025-01-02 | 330.66 | 2025-12-24 | 265.26 | -19.78 | -4.31 | Top 10 Profit Growth |
| NVDA | 2020 | 2020-01-02 | 6.00 | 2020-12-31 | 13.06 | 117.67 | 16.83 | Top 10 Profit Growth |
| NVDA | 2021 | 2021-01-04 | 13.11 | 2021-12-31 | 29.41 | 124.33 | 17.54 | Top 10 Profit Growth |
| NVDA | 2022 | 2022-01-03 | 30.12 | 2022-12-30 | 14.61 | -51.49 | -13.47 | Top 10 Profit Growth |
| NVDA | 2023 | 2023-01-03 | 14.31 | 2023-12-29 | 49.52 | 246.05 | 28.18 | Top 10 Profit Growth |
| NVDA | 2024 | 2024-01-02 | 48.17 | 2024-12-31 | 134.29 | 178.78 | 22.76 | Top 10 Profit Growth |
| NVDA | 2025 | 2025-01-02 | 138.31 | 2025-12-24 | 188.61 | 36.37 | 6.40 | Top 10 Profit Growth |
| ADSK | 2020 | 2020-01-02 | 187.83 | 2020-12-31 | 305.34 | 62.56 | 10.21 | Top 10 Profit Growth |
| ADSK | 2021 | 2021-01-04 | 296.84 | 2021-12-31 | 281.19 | -5.27 | -1.08 | Top 10 Profit Growth |
| ADSK | 2022 | 2022-01-03 | 283.72 | 2022-12-30 | 186.87 | -34.14 | -8.01 | Top 10 Profit Growth |
| ADSK | 2023 | 2023-01-03 | 185.15 | 2023-12-29 | 243.48 | 31.50 | 5.63 | Top 10 Profit Growth |
| ADSK | 2024 | 2024-01-02 | 234.12 | 2024-12-31 | 295.57 | 26.25 | 4.77 | Top 10 Profit Growth |
| ADSK | 2025 | 2025-01-02 | 293.32 | 2025-12-24 | 298.21 | 1.67 | 0.33 | Top 10 Profit Growth |
| MCK | 2020 | 2020-01-02 | 138.69 | 2020-12-31 | 173.92 | 25.40 | 4.63 | Top 10 Profit Growth |
| MCK | 2021 | 2021-01-04 | 174.43 | 2021-12-31 | 248.57 | 42.50 | 7.34 | Top 10 Profit Growth |
| MCK | 2022 | 2022-01-03 | 248.10 | 2022-12-30 | 375.12 | 51.20 | 8.62 | Top 10 Profit Growth |
| MCK | 2023 | 2023-01-03 | 374.33 | 2023-12-29 | 462.98 | 23.68 | 4.34 | Top 10 Profit Growth |
| MCK | 2024 | 2024-01-02 | 473.42 | 2024-12-31 | 569.91 | 20.38 | 3.78 | Top 10 Profit Growth |
| MCK | 2025 | 2025-01-02 | 566.21 | 2025-12-24 | 826.43 | 45.96 | 7.86 | Top 10 Profit Growth |
| DECK | 2020 | 2020-01-02 | 28.69 | 2020-12-31 | 47.80 | 66.61 | 10.75 | Top 10 Profit Growth |
| DECK | 2021 | 2021-01-04 | 47.24 | 2021-12-31 | 61.05 | 29.23 | 5.26 | Top 10 Profit Growth |
| DECK | 2022 | 2022-01-03 | 61.32 | 2022-12-30 | 66.53 | 8.50 | 1.64 | Top 10 Profit Growth |
| DECK | 2023 | 2023-01-03 | 64.87 | 2023-12-29 | 111.40 | 71.73 | 11.42 | Top 10 Profit Growth |
| DECK | 2024 | 2024-01-02 | 112.33 | 2024-12-31 | 203.09 | 80.80 | 12.57 | Top 10 Profit Growth |
| DECK | 2025 | 2025-01-02 | 204.54 | 2025-12-24 | 100.95 | -50.65 | -13.17 | Top 10 Profit Growth |
| KLAC | 2020 | 2020-01-02 | 182.57 | 2020-12-31 | 258.91 | 41.81 | 7.24 | Top 10 Profit Growth |
| KLAC | 2021 | 2021-01-04 | 260.33 | 2021-12-31 | 430.11 | 65.22 | 10.56 | Top 10 Profit Growth |
| KLAC | 2022 | 2022-01-03 | 435.09 | 2022-12-30 | 377.03 | -13.34 | -2.82 | Top 10 Profit Growth |
| KLAC | 2023 | 2023-01-03 | 376.55 | 2023-12-29 | 581.30 | 54.38 | 9.07 | Top 10 Profit Growth |
| KLAC | 2024 | 2024-01-02 | 560.39 | 2024-12-31 | 630.12 | 12.44 | 2.37 | Top 10 Profit Growth |
| KLAC | 2025 | 2025-01-02 | 636.62 | 2025-12-24 | 1,276.99 | 100.59 | 14.94 | Top 10 Profit Growth |
| FDX | 2020 | 2020-01-02 | 155.10 | 2020-12-31 | 259.62 | 67.39 | 10.85 | Top 10 Profit Growth |
| FDX | 2021 | 2021-01-04 | 253.19 | 2021-12-31 | 258.64 | 2.15 | 0.43 | Top 10 Profit Growth |
| FDX | 2022 | 2022-01-03 | 258.55 | 2022-12-30 | 173.20 | -33.01 | -7.70 | Top 10 Profit Growth |
| FDX | 2023 | 2023-01-03 | 177.27 | 2023-12-29 | 252.97 | 42.70 | 7.37 | Top 10 Profit Growth |
| FDX | 2024 | 2024-01-02 | 252.24 | 2024-12-31 | 281.33 | 11.53 | 2.21 | Top 10 Profit Growth |
| FDX | 2025 | 2025-01-02 | 274.28 | 2025-12-24 | 295.90 | 7.88 | 1.53 | Top 10 Profit Growth |
| MU | 2020 | 2020-01-02 | 55.39 | 2020-12-31 | 75.18 | 35.73 | 6.30 | Top 10 Profit Growth |
| MU | 2021 | 2021-01-04 | 74.05 | 2021-12-31 | 93.15 | 25.79 | 4.70 | Top 10 Profit Growth |
| MU | 2022 | 2022-01-03 | 95.75 | 2022-12-30 | 49.98 | -47.80 | -12.19 | Top 10 Profit Growth |
| MU | 2023 | 2023-01-03 | 50.37 | 2023-12-29 | 85.34 | 69.43 | 11.12 | Top 10 Profit Growth |
| MU | 2024 | 2024-01-02 | 82.34 | 2024-12-31 | 84.16 | 2.21 | 0.44 | Top 10 Profit Growth |
| MU | 2025 | 2025-01-02 | 87.33 | 2025-12-24 | 286.68 | 228.27 | 26.84 | Top 10 Profit Growth |
| WSM | 2020 | 2020-01-02 | 36.32 | 2020-12-31 | 50.92 | 40.20 | 6.99 | Top 10 Profit Growth |
| WSM | 2021 | 2021-01-04 | 51.47 | 2021-12-31 | 84.57 | 64.31 | 10.44 | Top 10 Profit Growth |
| WSM | 2022 | 2022-01-03 | 84.43 | 2022-12-30 | 57.46 | -31.94 | -7.41 | Top 10 Profit Growth |
| WSM | 2023 | 2023-01-03 | 57.03 | 2023-12-29 | 100.89 | 76.91 | 12.09 | Top 10 Profit Growth |
| WSM | 2024 | 2024-01-02 | 101.65 | 2024-12-31 | 185.18 | 82.17 | 12.75 | Top 10 Profit Growth |
| WSM | 2025 | 2025-01-02 | 187.55 | 2025-12-24 | 189.47 | 1.02 | 0.20 | Top 10 Profit Growth |
| TDG | 2020 | 2020-01-02 | 567.44 | 2020-12-31 | 618.85 | 9.06 | 1.75 | Top 10 Profit Growth |
| TDG | 2021 | 2021-01-04 | 587.67 | 2021-12-31 | 636.28 | 8.27 | 1.60 | Top 10 Profit Growth |
| TDG | 2022 | 2022-01-03 | 641.59 | 2022-12-30 | 629.65 | -1.86 | -0.38 | Top 10 Profit Growth |
| TDG | 2023 | 2023-01-03 | 625.77 | 2023-12-29 | 1,011.60 | 61.66 | 10.08 | Top 10 Profit Growth |
| TDG | 2024 | 2024-01-02 | 992.20 | 2024-12-31 | 1,267.28 | 27.72 | 5.02 | Top 10 Profit Growth |
| TDG | 2025 | 2025-01-02 | 1,254.11 | 2025-12-24 | 1,313.57 | 4.74 | 0.93 | Top 10 Profit Growth |
Bottom Performers
| Ticker | Year | First Trade Date | First Close Price | Last Trade Date | Last Close Price | Total Return Pct | CAGR Pct | Criteria |
|---|---|---|---|---|---|---|---|---|
| TTWO | 2020 | 2020-01-02 | 122.08 | 2020-12-31 | 207.79 | 70.21 | 11.22 | Bottom 10 Profit Growth |
| TTWO | 2021 | 2021-01-04 | 201.85 | 2021-12-31 | 177.72 | -11.95 | -2.51 | Bottom 10 Profit Growth |
| TTWO | 2022 | 2022-01-03 | 178.61 | 2022-12-30 | 104.13 | -41.70 | -10.23 | Bottom 10 Profit Growth |
| TTWO | 2023 | 2023-01-03 | 103.11 | 2023-12-29 | 160.95 | 56.10 | 9.31 | Bottom 10 Profit Growth |
| TTWO | 2024 | 2024-01-02 | 159.26 | 2024-12-31 | 184.08 | 15.58 | 2.94 | Bottom 10 Profit Growth |
| TTWO | 2025 | 2025-01-02 | 183.07 | 2025-12-24 | 251.60 | 37.43 | 6.57 | Bottom 10 Profit Growth |
| DLTR | 2020 | 2020-01-02 | 93.78 | 2020-12-31 | 108.04 | 15.21 | 2.87 | Bottom 10 Profit Growth |
| DLTR | 2021 | 2021-01-04 | 106.94 | 2021-12-31 | 140.52 | 31.40 | 5.61 | Bottom 10 Profit Growth |
| DLTR | 2022 | 2022-01-03 | 141.17 | 2022-12-30 | 141.44 | 0.19 | 0.04 | Bottom 10 Profit Growth |
| DLTR | 2023 | 2023-01-03 | 140.26 | 2023-12-29 | 142.05 | 1.28 | 0.25 | Bottom 10 Profit Growth |
| DLTR | 2024 | 2024-01-02 | 142.54 | 2024-12-31 | 74.94 | -47.43 | -12.07 | Bottom 10 Profit Growth |
| DLTR | 2025 | 2025-01-02 | 76.47 | 2025-12-24 | 122.01 | 59.55 | 9.79 | Bottom 10 Profit Growth |
| DIS | 2020 | 2020-01-02 | 148.20 | 2020-12-31 | 181.18 | 22.25 | 4.10 | Bottom 10 Profit Growth |
| DIS | 2021 | 2021-01-04 | 177.68 | 2021-12-31 | 154.89 | -12.83 | -2.71 | Bottom 10 Profit Growth |
| DIS | 2022 | 2022-01-03 | 156.76 | 2022-12-30 | 86.88 | -44.58 | -11.13 | Bottom 10 Profit Growth |
| DIS | 2023 | 2023-01-03 | 88.97 | 2023-12-29 | 90.29 | 1.48 | 0.29 | Bottom 10 Profit Growth |
| DIS | 2024 | 2024-01-02 | 90.71 | 2024-12-31 | 111.35 | 22.75 | 4.19 | Bottom 10 Profit Growth |
| DIS | 2025 | 2025-01-02 | 110.82 | 2025-12-24 | 114.48 | 3.30 | 0.65 | Bottom 10 Profit Growth |
| SJM | 2020 | 2020-01-02 | 102.14 | 2020-12-31 | 115.60 | 13.18 | 2.51 | Bottom 10 Profit Growth |
| SJM | 2021 | 2021-01-04 | 115.63 | 2021-12-31 | 135.82 | 17.46 | 3.27 | Bottom 10 Profit Growth |
| SJM | 2022 | 2022-01-03 | 136.80 | 2022-12-30 | 158.46 | 15.83 | 2.98 | Bottom 10 Profit Growth |
| SJM | 2023 | 2023-01-03 | 158.99 | 2023-12-29 | 126.38 | -20.51 | -4.49 | Bottom 10 Profit Growth |
| SJM | 2024 | 2024-01-02 | 129.57 | 2024-12-31 | 110.12 | -15.01 | -3.20 | Bottom 10 Profit Growth |
| SJM | 2025 | 2025-01-02 | 111.37 | 2025-12-24 | 99.22 | -10.91 | -2.28 | Bottom 10 Profit Growth |
| COR | 2020 | 2020-01-02 | 85.08 | 2020-12-31 | 97.76 | 14.90 | 2.82 | Bottom 10 Profit Growth |
| COR | 2021 | 2021-01-04 | 96.50 | 2021-12-31 | 132.89 | 37.71 | 6.61 | Bottom 10 Profit Growth |
| COR | 2022 | 2022-01-03 | 132.62 | 2022-12-30 | 165.71 | 24.95 | 4.56 | Bottom 10 Profit Growth |
| COR | 2023 | 2023-01-03 | 164.29 | 2023-12-29 | 205.38 | 25.01 | 4.57 | Bottom 10 Profit Growth |
| COR | 2024 | 2024-01-02 | 208.54 | 2024-12-31 | 224.68 | 7.74 | 1.50 | Bottom 10 Profit Growth |
| COR | 2025 | 2025-01-02 | 224.74 | 2025-12-24 | 339.98 | 51.28 | 8.63 | Bottom 10 Profit Growth |
| TPR | 2020 | 2020-01-02 | 26.93 | 2020-12-31 | 31.08 | 15.41 | 2.91 | Bottom 10 Profit Growth |
| TPR | 2021 | 2021-01-04 | 32.71 | 2021-12-31 | 40.60 | 24.12 | 4.42 | Bottom 10 Profit Growth |
| TPR | 2022 | 2022-01-03 | 40.81 | 2022-12-30 | 38.08 | -6.69 | -1.38 | Bottom 10 Profit Growth |
| TPR | 2023 | 2023-01-03 | 38.83 | 2023-12-29 | 36.81 | -5.20 | -1.06 | Bottom 10 Profit Growth |
| TPR | 2024 | 2024-01-02 | 38.17 | 2024-12-31 | 65.33 | 71.16 | 11.35 | Bottom 10 Profit Growth |
| TPR | 2025 | 2025-01-02 | 65.63 | 2025-12-24 | 130.20 | 98.38 | 14.68 | Bottom 10 Profit Growth |
| APD | 2020 | 2020-01-02 | 231.14 | 2020-12-31 | 273.22 | 18.21 | 3.40 | Bottom 10 Profit Growth |
| APD | 2021 | 2021-01-04 | 268.20 | 2021-12-31 | 304.26 | 13.45 | 2.56 | Bottom 10 Profit Growth |
| APD | 2022 | 2022-01-03 | 295.81 | 2022-12-30 | 308.26 | 4.21 | 0.83 | Bottom 10 Profit Growth |
| APD | 2023 | 2023-01-03 | 306.57 | 2023-12-29 | 273.80 | -10.69 | -2.24 | Bottom 10 Profit Growth |
| APD | 2024 | 2024-01-02 | 273.47 | 2024-12-31 | 290.04 | 6.06 | 1.18 | Bottom 10 Profit Growth |
| APD | 2025 | 2025-01-02 | 283.29 | 2025-12-24 | 245.84 | -13.22 | -2.80 | Bottom 10 Profit Growth |
| GIS | 2020 | 2020-01-02 | 52.13 | 2020-12-31 | 58.80 | 12.79 | 2.44 | Bottom 10 Profit Growth |
| GIS | 2021 | 2021-01-04 | 59.03 | 2021-12-31 | 67.38 | 14.15 | 2.68 | Bottom 10 Profit Growth |
| GIS | 2022 | 2022-01-03 | 67.26 | 2022-12-30 | 83.85 | 24.67 | 4.51 | Bottom 10 Profit Growth |
| GIS | 2023 | 2023-01-03 | 83.22 | 2023-12-29 | 65.14 | -21.73 | -4.78 | Bottom 10 Profit Growth |
| GIS | 2024 | 2024-01-02 | 66.75 | 2024-12-31 | 63.77 | -4.46 | -0.91 | Bottom 10 Profit Growth |
| GIS | 2025 | 2025-01-02 | 63.54 | 2025-12-24 | 47.00 | -26.03 | -5.85 | Bottom 10 Profit Growth |
| TSN | 2020 | 2020-01-02 | 89.97 | 2020-12-31 | 64.44 | -28.38 | -6.46 | Bottom 10 Profit Growth |
| TSN | 2021 | 2021-01-04 | 63.50 | 2021-12-31 | 87.16 | 37.26 | 6.54 | Bottom 10 Profit Growth |
| TSN | 2022 | 2022-01-03 | 87.80 | 2022-12-30 | 62.25 | -29.10 | -6.65 | Bottom 10 Profit Growth |
| TSN | 2023 | 2023-01-03 | 63.60 | 2023-12-29 | 53.75 | -15.49 | -3.31 | Bottom 10 Profit Growth |
| TSN | 2024 | 2024-01-02 | 55.53 | 2024-12-31 | 57.44 | 3.44 | 0.68 | Bottom 10 Profit Growth |
| TSN | 2025 | 2025-01-02 | 58.15 | 2025-12-24 | 58.26 | 0.19 | 0.04 | Bottom 10 Profit Growth |
| ACN | 2020 | 2020-01-02 | 210.15 | 2020-12-31 | 261.21 | 24.30 | 4.45 | Bottom 10 Profit Growth |
| ACN | 2021 | 2021-01-04 | 256.46 | 2021-12-31 | 414.55 | 61.64 | 10.08 | Bottom 10 Profit Growth |
| ACN | 2022 | 2022-01-03 | 407.21 | 2022-12-30 | 266.84 | -34.47 | -8.11 | Bottom 10 Profit Growth |
| ACN | 2023 | 2023-01-03 | 270.26 | 2023-12-29 | 350.91 | 29.84 | 5.36 | Bottom 10 Profit Growth |
| ACN | 2024 | 2024-01-02 | 346.92 | 2024-12-31 | 351.79 | 1.40 | 0.28 | Bottom 10 Profit Growth |
| ACN | 2025 | 2025-01-02 | 348.82 | 2025-12-24 | 269.98 | -22.60 | -5.00 | Bottom 10 Profit Growth |
🔄 Earnings Turnaround Stocks
| Ticker | Sector | Net Income (USD Mn) | Net Income (USD Mn) | Net Income (USD Mn) | Net Income (USD Mn) | Net Income (USD Mn) | Net Income (USD Mn) | Median EPS | Median EPS | Median EPS | Median EPS | Median EPS | Median EPS | Net Income Improvement (USD Mn) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||
| CAH | Health Care | -3,696.00 | 611.00 | -938.00 | 330.00 | 852.00 | 1,561.00 | 0.38 | 1.40 | 0.87 | 1.51 | 2.01 | 2.35 | 5,257.00 |
| COR | Health Care | -3,408.72 | 1,539.93 | 1,698.82 | 1,745.29 | 1,509.12 | 1,554.17 | 1.63 | 2.14 | 2.49 | 2.69 | 2.48 | 3.70 | 4,962.89 |
| DIS | Communication Services | -2,864.00 | 1,995.00 | 3,145.00 | 2,354.00 | 4,972.00 | 12,404.00 | -0.79 | 0.56 | 0.74 | 0.87 | 1.43 | 2.92 | 15,268.00 |
| DRI | Consumer Discretionary | -52.40 | 629.30 | 952.80 | 981.90 | 1,027.60 | 1,049.60 | 0.51 | 1.64 | 1.76 | 2.07 | 2.23 | 2.76 | 1,102.00 |
| NWS | Communication Services | -1,269.00 | 330.00 | 623.00 | 149.00 | 50.00 | 743.00 | 0.05 | 0.37 | 0.13 | 0.18 | 0.30 | 0.20 | 2,012.00 |
| NWSA | Communication Services | -1,269.00 | 330.00 | 623.00 | 149.00 | 50.00 | 743.00 | 0.05 | 0.37 | 0.13 | 0.18 | 0.30 | 0.20 | 2,012.00 |
| PANW | Information Technology | -267.00 | -498.90 | -267.00 | 439.70 | 2,577.60 | 1,133.90 | 0.40 | -0.93 | -0.29 | 0.49 | 1.64 | 0.45 | 1,400.90 |
| TEL | Information Technology | -241.00 | 2,261.00 | 2,428.00 | 1,910.00 | 3,193.00 | 1,842.00 | -0.43 | 1.75 | 1.78 | 3.74 | 1.82 | 2.16 | 2,083.00 |
| TPR | Consumer Discretionary | -652.10 | 834.20 | 856.30 | 936.00 | 816.00 | 183.20 | -0.75 | 1.00 | 1.10 | 1.13 | 1.11 | 0.98 | 835.30 |
| WDAY | Information Technology | -480.67 | -282.43 | 29.00 | -367.00 | 1,381.00 | 526.00 | -0.40 | -0.01 | -0.27 | 0.15 | 0.62 | 0.86 | 1,006.67 |
| WDC | Information Technology | -250.00 | 821.00 | 1,546.00 | -1,684.00 | 39.00 | 282.00 | -0.07 | 1.89 | 0.09 | -2.00 | 0.88 | 2.40 | 532.00 |
Key Insight:
The strongest earnings expansion occurred in 2021, while 2023–2025 returns increasingly decoupled from earnings growth, reflecting valuation expansion and index concentration rather than profit acceleration.
Sector Earnings Landscape: Winners, Laggards, and Structural Shifts
High-Earnings, High-Scale Sectors
- Information Technology
- Total Net Income: $3.25 trillion
- Median EPS: 1.32
- EPS Growth (2020–25): +83.91%
- Financials
- Total Net Income: $3.08 trillion
- Median EPS: 1.88
- EPS Growth: +113.13%
These two sectors alone accounted for over 40% of total S&P 500 earnings, underscoring their dominance in index-level performance.
Defensive but Stable Contributors
- Health Care
- Median EPS: 1.93
- EPS Volatility (Std Dev): 3.58
- Profitable Ratio: 93.25%
- Consumer Staples
- Median EPS: 1.26
- EPS Growth: −27.08%
- Profitable Ratio: 94.48%
Despite limited growth, these sectors delivered earnings consistency, cushioning index volatility during cyclical downturns.
Cyclical and High-Volatility Sectors
- Consumer Discretionary
- EPS Volatility: 6.43 (highest among all sectors)
- EPS Growth: +220.74%
- Profitable Ratio: 84.92%
- Energy
- EPS Volatility: 5.05
- Profitable Ratio: 79.55%
These sectors produced outsized upside during recoveries but suffered sharp earnings compression during downturns, particularly in 2020 and 2022.
Earnings Stability vs Risk: Sector Volatility Analysis
Utilities and Real Estate emerged as the most earnings-stable sectors, with EPS standard deviations of 1.45 and 1.47, respectively. In contrast:
- Consumer Discretionary earnings were 4.4× more volatile than Utilities
- Energy earnings volatility exceeded Utilities by 3.5×
Implication:
Risk-adjusted earnings quality—not absolute growth—was the defining factor for long-term capital preservation.
Stock-Level Analysis: Where Profits Collapsed Despite Market Gains
Bottom 10 Stocks by Profit Decline (2020–2025)
Several high-profile names posted severe earnings erosion:
- Take-Two Interactive (TTWO)
- Net income fell from $589mn (2021) to −$4.48bn (2025)
- EPS declined −159.6%
- Despite this, the stock gained 37.4% in 2025
- Dollar Tree (DLTR)
- Net income collapsed from $1.34bn (2021) to −$3.70bn (2025)
- Share price rebounded +59.6% in 2025, decoupled from earnings
Conclusion:
Price recovery did not imply earnings recovery—sentiment and restructuring narratives dominated valuation.
Top Earnings Compounders: Fundamental Alpha Generators
Top 10 Stocks by EPS Growth
- Ralph Lauren (RL): EPS growth +558%
- Ulta Beauty (ULTA): EPS growth +405%
- KLA Corp (KLAC): EPS growth +200%
- Salesforce (CRM): Net income growth +4,818%
These companies shared three characteristics:
- Operating margin expansion
- Pricing power
- Low earnings volatility relative to growth
Price Performance vs Earnings: When the Market Got It Right—and Wrong
- NVIDIA (NVDA)
- EPS growth: +27.8%
- Price return (2023): +246%
- Price return (2024): +179%
- Micron (MU)
- EPS volatility extreme
- Price return (2025): +228%
Insight:
Markets rewarded future earnings convexity, not trailing profitability.
Sub-Sector Leadership: Engines of Index Profitability
Top profit-contributing sub-industries included:
- Interactive Media & Services: $1.54 trillion
- Technology Hardware: $1.08 trillion
- Diversified Banks: $1.04 trillion
- Semiconductors: $610 billion
Conversely, structurally challenged industries such as Passenger Airlines (−$13.1bn) and Hotels & Cruise Lines (−$15.0bn) remained net loss-makers even post-pandemic.
Market–Earnings Disconnect: A Structural Shift
From 2023 onward, the S&P 500 exhibited a persistent divergence:
- 2023: +24.7% return vs −1.27% EPS growth
- 2025: +18.1% return vs −13.9% EPS growth
This pattern reflects:
- Index concentration
- Multiple expansion
- Capital rotation into perceived “quality growth”
Key Takeaways for Investors
- Index performance masked fundamental dispersion
- Earnings stability outperformed raw growth on a risk-adjusted basis
- Sector selection mattered more than market timing
- Price momentum increasingly detached from earnings post-2022
- True alpha resided in consistent EPS compounders, not speculative rebounds
Final Thoughts
The 2020–2025 S&P 500 cycle was not a uniform bull market—it was a selective, earnings-fragmented expansion. Investors who anchored decisions to clean financial data, sector earnings quality, and volatility-adjusted fundamentals significantly outperformed those chasing index-level returns alone.
As the market transitions beyond 2025, earnings durability—not liquidity—will define the next phase of returns.
Data Source:
SEC Filings and Alpha Vantage
Methodology: Python-based data cleaning, normalization, and aggregation
Analysis & Publication: Md Kollol Hossin, CEO, Capital Insight BD
This article is for educational purposes only and does not constitute financial or investment advice.
Important Links
NASDAQ Post IPO Performance Reality (2023–2025)
The S&P 500 Index: Structure and Investment Strategies
SP500 Stocks’ price closer to 52week’s high
S&P 500 Stocks’ Performance Analysis Dashboard
Why stock price closer to 52w low is important
Decoding the US Economic Dashboard: A Complete Guide
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