On this page is an interactive history of S&P 500 earnings growth – the year-over-year change in the index's trailing twelve-month, as-reported earnings per share, going back to 1872. Switch between nominal and real growth and snap the summary stats to any window you want.
The S&P 500 earnings growth calculator
Using the S&P 500 earnings growth calculator
The tool opens on nominal year-over-year earnings growth, drawn as one bar per year. Change the basis or drag the chart and it updates automatically.
- Nominal / Real (CPI-adj) – measure growth in current dollars, or after stripping inflation out of both years.
- Highlights cards – these show the latest year-over-year change, the average across your selected window (with the full-history average alongside), and the strongest and weakest years in that window.
- Chart range – use the 10Y / 20Y / 30Y / 50Y / Max shortcuts or drag the slider beneath the chart. Export with the copy and CSV buttons on the right.
- By-year table – one row per December, newest first, sortable, with nominal and real growth columns.
S&P 500 earnings growth by year
Below is the year-by-year history of S&P 500 earnings growth (December over December), in both nominal and real terms. Click to expand.
S&P 500 earnings growth by year
| Year | Nominal | Real (CPI-adj) |
|---|---|---|
| 2025 | +17.27% | +14.22% |
| 2024 | +9.22% | +6.15% |
| 2023 | +11.39% | +7.78% |
| 2022 | -12.70% | -17.99% |
| 2021 | +110.21% | +96.39% |
| 2020 | -32.51% | -33.42% |
| 2019 | +5.35% | +2.99% |
| 2018 | +20.49% | +18.23% |
| 2017 | +16.21% | +13.81% |
| 2016 | +9.27% | +7.05% |
| 2015 | -15.42% | -16.04% |
| 2014 | +2.11% | +1.34% |
| 2013 | +15.82% | +14.11% |
| 2012 | -0.51% | -2.21% |
| 2011 | +12.41% | +9.18% |
| 2010 | +51.76% | +49.52% |
| 2009 | +242.54% | +233.47% |
| 2008 | -77.52% | -77.54% |
| 2007 | -18.81% | -21.99% |
| 2006 | +16.73% | +13.83% |
| 2005 | +19.27% | +15.33% |
| 2004 | +20.13% | +16.34% |
| 2003 | +76.66% | +73.40% |
| 2002 | +11.75% | +9.15% |
| 2001 | -50.62% | -51.37% |
| 2000 | +3.80% | +0.40% |
| 1999 | +27.74% | +24.40% |
| 1998 | -5.06% | -6.57% |
| 1997 | +2.56% | +0.84% |
| 1996 | +14.05% | +10.38% |
| 1995 | +10.98% | +8.23% |
| 1994 | +39.79% | +36.15% |
| 1993 | +14.67% | +11.60% |
| 1992 | +19.54% | +16.17% |
| 1991 | -25.16% | -27.39% |
| 1990 | -6.69% | -12.06% |
| 1989 | -3.71% | -7.98% |
| 1988 | +35.71% | +29.97% |
| 1987 | +20.86% | +15.72% |
| 1986 | -0.89% | -1.97% |
| 1985 | -12.20% | -15.41% |
| 1984 | +18.60% | +14.10% |
| 1983 | +11.00% | +6.94% |
| 1982 | -17.71% | -20.74% |
| 1981 | +3.64% | -4.85% |
| 1980 | -0.27% | -11.36% |
| 1979 | +20.52% | +6.38% |
| 1978 | +13.22% | +3.86% |
| 1977 | +9.89% | +2.99% |
| 1976 | +24.50% | +18.72% |
| 1975 | -10.46% | -16.27% |
| 1974 | +8.95% | -3.02% |
| 1973 | +27.10% | +16.92% |
| 1972 | +12.63% | +8.92% |
| 1971 | +11.11% | +7.60% |
| 1970 | -11.25% | -15.93% |
| 1969 | +0.35% | -5.51% |
| 1968 | +8.07% | +3.20% |
| 1967 | -3.96% | -6.80% |
| 1966 | +6.94% | +3.36% |
| 1965 | +14.07% | +11.91% |
| 1964 | +13.18% | +12.10% |
| 1963 | +9.54% | +7.76% |
| 1962 | +15.05% | +13.53% |
| 1961 | -2.45% | -3.10% |
| 1960 | -3.54% | -4.83% |
| 1959 | +17.30% | +15.31% |
| 1958 | -14.24% | -15.73% |
| 1957 | -1.17% | -3.96% |
| 1956 | -5.80% | -8.53% |
| 1955 | +30.69% | +30.20% |
| 1954 | +10.36% | +11.19% |
| 1953 | +4.58% | +3.81% |
| 1952 | -1.64% | -2.38% |
| 1951 | -14.08% | -18.95% |
| 1950 | +22.41% | +15.56% |
| 1949 | +1.31% | +3.46% |
| 1948 | +42.24% | +38.10% |
| 1947 | +51.89% | +39.55% |
| 1946 | +10.42% | -6.53% |
| 1945 | +3.23% | +0.96% |
| 1944 | -1.06% | -3.29% |
| 1943 | -8.74% | -11.36% |
| 1942 | -11.21% | -18.56% |
| 1941 | +10.48% | +0.50% |
| 1940 | +16.67% | +15.84% |
| 1939 | +40.63% | +40.63% |
| 1938 | -43.36% | -41.74% |
| 1937 | +10.78% | +7.71% |
| 1936 | +34.21% | +32.29% |
| 1935 | +55.10% | +50.61% |
| 1934 | +11.36% | +9.70% |
| 1933 | +7.32% | +6.50% |
| 1932 | -32.79% | -25.09% |
| 1931 | -37.11% | -30.65% |
| 1930 | -39.75% | -35.64% |
| 1929 | +16.67% | +15.99% |
| 1928 | +24.32% | +25.78% |
| 1927 | -10.48% | -8.41% |
| 1926 | -0.80% | +0.32% |
| 1925 | +34.41% | +29.90% |
| 1924 | -5.10% | -5.10% |
| 1923 | +42.03% | +38.75% |
| 1922 | +137.93% | +143.56% |
| 1921 | -63.75% | -59.35% |
| 1920 | -13.98% | -16.20% |
| 1919 | -6.06% | -17.99% |
| 1918 | -22.66% | -35.78% |
| 1917 | -16.34% | -29.16% |
| 1916 | +73.86% | +54.38% |
| 1915 | +69.23% | +65.94% |
| 1914 | -17.46% | -18.28% |
| 1913 | -10.00% | -12.70% |
| 1912 | +18.64% | +10.57% |
| 1911 | -19.18% | -17.48% |
| 1910 | -3.95% | +3.96% |
| 1909 | +31.03% | +18.57% |
| 1908 | -12.12% | -14.94% |
| 1907 | -13.16% | -11.27% |
| 1906 | +13.43% | +7.47% |
| 1905 | +36.73% | +36.73% |
| 1904 | -7.55% | -11.69% |
| 1903 | -15.87% | -10.99% |
| 1902 | +26.00% | +17.61% |
| 1901 | +4.17% | -0.79% |
| 1900 | +0.00% | +3.81% |
| 1899 | +37.14% | +17.35% |
| 1898 | +12.90% | +11.23% |
| 1897 | +47.62% | +47.62% |
| 1896 | -16.00% | -14.74% |
| 1895 | +56.25% | +51.86% |
| 1894 | -38.46% | -34.06% |
| 1893 | -29.73% | -24.04% |
| 1892 | +8.82% | +7.54% |
| 1891 | +17.24% | +23.17% |
| 1890 | -3.33% | -4.56% |
| 1889 | +15.38% | +22.49% |
| 1888 | -27.78% | -27.78% |
| 1887 | +9.09% | +2.77% |
| 1886 | +22.22% | +28.18% |
| 1885 | -12.90% | -11.84% |
| 1884 | -22.50% | -13.61% |
| 1883 | -6.98% | +0.68% |
| 1882 | -2.27% | -0.41% |
| 1881 | -10.20% | -16.11% |
| 1880 | +28.95% | +31.52% |
| 1879 | +22.58% | +3.37% |
| 1878 | +3.33% | +20.13% |
| 1877 | +7.14% | +21.11% |
| 1876 | -22.22% | -20.85% |
| 1875 | -21.74% | -17.66% |
| 1874 | +0.00% | +5.82% |
| 1873 | +6.98% | +13.65% |
| 1872 | +7.50% | +5.09% |
What is S&P 500 earnings growth?
Earnings growth is the percentage change in the index's trailing-twelve-month earnings per share from one year to the next. We measure it December over previous December, comparing each year's full-year reported figure against the prior year's.
Because these are as-reported (GAAP, or Generally Accepted Accounting Principles) earnings, growth can swing hard. When earnings nearly vanished in 2008, the recovery a year later registered as a triple-digit percentage gain off a tiny base, while 2008 itself was a steep drop. Those swings are real, but they say more about how far earnings fell than about the underlying businesses – a percentage change is only as stable as its starting point.
Real growth strips inflation out of both years, which matters most in stretches like the 1970s, when chunky nominal gains were partly just rising prices. One big caution: averaging year-over-year growth flatters the result, because a handful of huge rebound years after drops pull the simple average above what earnings actually compounded over the period.
Methodology and sources
Earnings come from Robert J. Shiller's compiled dataset, with recent quarters from S&P Dow Jones Indices. Growth is the change between two December readings.
For how the underlying earnings series is built, see the S&P 500 Return Calculator.
- Earnings growth is the December-over-December change in trailing-twelve-month, as-reported (GAAP) earnings per share.
- Quarter-end months hold the actual reported figures, so each annual growth rate compares two real full-year numbers rather than interpolated ones.
- Real growth deflates both years with CPI-U before taking the change.
\text{Earnings Growth}_y = \dfrac{\text{EPS}_{\text{Dec},\,y}}{\text{EPS}_{\text{Dec},\,y-1}} - 1