These surprising stocks could be some of the biggest drivers of S&P 500 earnings growth

A quirk of year-over-year comparisons may make some of this earnings season's most striking growth stories come from companies whose latest results are not necessarily extraordinary in isolation. Boeing, Meta and EchoStar each recorded steep charges and expenses a year ago, according to the report. Because those costs depressed the prior-year base, this quarter's results are expected to look especially strong by comparison—a statistical effect rather than a signal of sudden operational improvement.

For investors, the distinction matters. Headline earnings growth is calculated against the year-ago period, so a one-time charge in that base period can inflate the current growth rate without any change in underlying business momentum. The same dynamic can work in reverse in future quarters, when comparisons normalize. Index-level earnings growth for the S&P 500 can therefore be swayed by a handful of large companies whose prior-year figures were unusually weak.

What to watch: whether the improvement reflects recurring operating trends or simply the absence of last year's charges, and how much of the aggregate S&P 500 growth rate these companies account for. As more results arrive, the durability of earnings growth—not just its headline pace—will be the more meaningful gauge.