Roughly 200 companies have reported earnings since the season began earlier this month. Of those companies, 64.4% have beaten consensus analyst EPS estimates. As shown in the first chart below, an earnings beat rate of 64.4% is strong relative to past quarters over the last few years. We haven't gotten a beat rate higher than 64.4% since Q4 2010. There's still a long way to go until earnings season comes to an end, but at least on bottom-line EPS, companies haven't had trouble exceeding expectations so far.
Unfortunately, the same can't be said for top-line revenues. As shown in the second chart below, just 44% of companies have beaten revenue estimates so far this earnings season. This is extremely low compared to past quarters during this five-year bull market, and it's actually down at levels last seen during the final quarters of the Financial Crisis. Again, there's a long way to go until this earnings season ends, so we could see a pick-up in revenue beat rates. Up until this point, though, top-line numbers have been woeful.