Intel posts widest Q1 2025 EPS beat among S&P 500 companies

Intel Corp.'s normalized earnings per share in the first quarter exceeded the consensus projection by a wider margin than any other S&P 500 company.

The technology products and services company, known for its semiconductor manufacturing, reported normalized EPS of 13 cents in the first quarter — more than 2,700% above the consensus estimate of just over zero cent, according to an analysis of S&P Global Market Intelligence data.

Intel attributed the stronger-than-expected EPS to its higher revenue, stronger gross margin and lower operating expenses in the quarter, Executive Vice President and CFO David Zinsner said during an earnings call April 24. The company also shuffled its leadership team in March.

Conversely, Crown Castle Inc. reported a normalized loss per share of $1.06 in the first quarter, falling short of the consensus projection for a loss of 1.2 cents per share — the largest percentage EPS miss among S&P 500 companies.

Crown Castle owns, operates and leases cell towers and fiber cable networks. It is in the process of selling its fiber business and undergoing a leadership change.

Midsize, small companies post largest EPS beats

After Intel, the next four S&P 500 companies that exceeded normalized EPS estimates to the largest degrees were Ford Motor Co., Carnival Corp. & PLC, Dow Inc. and Live Nation Entertainment Inc. All five companies are defined as midsize or small companies within the index.

EPS estimate beats from Intel and Ford topped all midsize companies in the S&P 500 that had market capitalizations between $30 billion and $100 billion at the end of the first quarter.

Ford's earnings exceeded expectations due to lower costs and strong net pricing in North America, according to CFO Sherry House. During an earnings call in May, the company disclosed that it was suspending guidance for the full year 2025 due to risks and uncertainty associated with US tariffs.

Carnival reported the largest earnings beat among S&P 500 companies with market capitalizations under $30 billion. The company posted normalized EPS of 13 cents in the first quarter, exceeding the consensus estimate of 2 cents.

Performance of large companies

The most significant EPS outperformances among the S&P 500's largest companies were reported by The Boeing Co., Uber Technologies Inc., Booking Holdings Inc., Alphabet Inc. and Pfizer Inc.

Boeing's normalized loss per share of 49 cents was 62.4% higher than the consensus estimate for a loss of $1.30 per share, representing the best EPS surprise among companies with market capitalizations over $100 billion at the end of the first quarter.

The aerospace and defense manufacturer mitigated its loss in the quarter due to strong commercial product deliveries and improved operational performance, Executive Vice President of Finance and CFO Brian West said during the company's earnings call held April 23.

S&P 500 Q1 earnings growth exceeds estimates

The aggregate EPS of all S&P 500 companies in the first quarter climbed 13.1% year over year. This exceeded an estimated 6.4% increase based on data compiled April 9 shortly after the end of the first quarter.

However, the index's first-quarter EPS gain was less than the 16.2% year-over-year jump in the fourth quarter of 2024.

"First-quarter corporate earnings exceeded expectations, and capital expenditures remain robust," Carl Ludwigson, managing director of Bel Air Investment Advisors, said in an email to Market Intelligence. "However, the competing forces of uncertain tariff impacts and pending tax and regulatory relief continue to cloud the outlook, creating a wide range of potential scenarios."

Year-over-year EPS improved in seven of the S&P 500's 11 sectors, led by healthcare with a 46.5% gain.

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Aggregate EPS in the energy sector dropped the most with an 18.0% year-over-year decline. However, the S&P 500 Energy index posted a return of over 9% during the first quarter, leading all of the S&P 500 sector indexes.

The consumer discretionary sector achieved a collective EPS improvement of 6.6% in the first quarter despite facing economic headwinds and ongoing investor risk aversion.