Goldman Has Three Questions For Companies During Q2 Earnings Season Goldman Has Three Questions For Companies During Q2 Earnings Season 2Q earnings season kicks off next week when the big banks kick off reporting as usual, and consensus expects 2Q EPS growth of 61% year|year, driven by a combination of base effect, 22% sales growth and 256 bps of net margin expansion to 11.1% even though the median stock is forecast to grow EPS by a more modest 24%. Compare this to one year ago, when SP 500 EPS fell by 32% as the pandemic sparked a sharp recession. Cyclical Industrials, Consumer Discretionary, and Materials sectors are forecast to lead the index in EPS growth. In 2Q 2020, Brent crude traded at an average of $33|bbl and Energy stocks posted an aggregate net loss. Oil prices averaged $69|bblin 2Q and Energy firms are expected to return to profitability. Like last quarter, Financials are expected to be the primary driver of SP 500 EPS growth. In 1Q, Financials represented $3 of the total $9 EPS beat versus consensus expectations. Financials EPS are forecast to grow by 116% in 2Q and account for 25% of SP 500 EPS growth.