Survey Finds Positive Investor Sentiment Continues to Build as Heightened Expectations for Higher Growth Contend with Anticipated Tariff Turbulence 

• Investor optimism edges higher QoQ with outright bulls at the highest level since Mar. ‘24 and observed executive tone the most upbeat since Dec. ‘24

• Nearly 50% project 2025 U.S. GDP growth will be Higher YoY, up sharply from 29% last quarter; a slight majority do not anticipate a recession within the next year

• Heading into Q3’25 earnings season, expectations suggest a prevailing view of Improving over Worsening conditions, particularly for Revenue and EPS

• Annual guides are largely anticipated to be Maintained, though expectations for Revenue and EPS Raises more than double QoQ

• Investors are prioritizing Growth over Margins — 66% to 34% — a notable shift from the equal split observed last quarter and the highest level for growth registered since Dec. ‘24

• Tariffs and Policy Impacts top the list of investor concerns, with the majority expecting peak tariff impacts to be felt within the next six months 

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Corbin Advisors, a strategic investor relations and communications advisory firm with a track record of supporting our publicly traded clients in creating sustained shareholder value, today released its quarterly Earnings Primer^®, which captures trends in institutional investor sentiment. The survey, which marks the 64^th issue of Inside The Buy-Side^® Earnings Primer^®, was conducted from September 5^th to October 2^nd, 2025, and is based on responses from 64 institutional investors and sell-side analysts globally, representing ~$905 billion in equity assets under management.

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Following last quarter’s survey which found a shift toward cautious optimism, but with investors still wary of tariff impacts and consumer concerns, the Voice of Investor^® captured this quarter reveals further improvement in sentiment and an increased appetite for growth despite continued cautiousness amid ongoing headwinds.

More than half of investors, 53%, characterize their sentiment as Bullish or Neutral to Bullish, with nearly one-quarter outright Bullish. Meanwhile, those that describe views as Neutral to Bearish or Bearish see the lowest level in three quarters. Similarly, 53% of investors characterize executive tone as Bullish or Neutral to Bullish, up 12 points QoQ but still well shy of the 72% captured in Q4’24; fewer than one in five land in the Neutral to Bearish or Bearish camp, down from 23% observed last quarter.

Rebecca Corbin, Founder and CEO of Corbin Advisors, commented, “Coming off a stronger than expected Q2’25, investor hunger for growth is pronounced, a significant shift from the tariff-induced cautiousness we captured earlier this year, indicating we may be at an inflection. While tariffs and policy uncertainty remain top of mind, we are seeing a decisive pivot from cost-cutting to capital investment, supported by recent trends in capex and M&A as companies inject capital into growth initiatives that position them to compete and win in a more complex environment. At the same time, with markets trading near record highs and consensus estimates rising since the end of Q2’25, the bar has moved higher, creating a more challenging set-up for companies heading into this earnings season. Investors are looking for confirmation that top-line momentum can offset rising costs and margin pressures, while seeking transparency around pricing power, demand durability, and strategic investment priorities that will sustain performance into 2026 and beyond.”

As for expectations, 37% expect Q3’25 earnings to come in Better Than consensus, down slightly from 39% last survey, while more than half anticipate In Line results. Notably, only 12% expect earnings to be Worse Than consensus, the lowest since Q4’23. Regarding KPIs, expectations reflect a prevailing view of Improving over Worsening conditions, particularly for Revenue where 58% anticipate improved sequential performance, a surge from 32% last quarter. Expectations for EPS are also elevated while views on Margins and FCF are for continued stability.

Regarding annual outlooks, most investors and analysts expect companies to Maintain annual guides, consistent with last quarter, though expectations for Revenue and EPS Raises more than double QoQ.

“There are a lot of things to be excited about but also causes for concern. Executives sounded bearish at the beginning of Q2 and are now starting to sound more bullish,” commented a buy side analyst whose firm has over $3 billion in equity assets under management.

Amid continued improvement in sentiment, nearly 50% project 2025 U.S. GDP growth will be Higher YoY, up sharply from 29% last quarter while a majority are unconcerned about the U.S. entering a recession by the end of 2026. Against this backdrop, investors are prioritizing Growth over Margins, 66% to 34%, respectively, a notable shift from the 50/50 split observed last quarter and the highest level registered for growth since December 2024.

In addition to tariffs, growth/demand remains the top focus area for earnings calls, while investors now also set their sights on capital allocation priorities, specifically capex outlooks. Tariffs (57%) and Policy Impacts (48%) top the list of unaided concerns, jumping meaningfully QoQ.

As for sector sentiment, virtually all sectors experience waning bearishness QoQ, with Consumer Staples and Healthcare seeing the greatest improvement, though views toward the former remain largely downbeat. Tech retains the top spot as the most favored sector, while Financials jump to the #2 position and REITs see their highest level of bulls in a decade.

About Corbin Advisors

Corbin Advisors is a strategic investor relations and communications advisory firm with a track record of supporting our publicly traded clients in creating sustained shareholder value. Our approach leverages decades of Voice of Investor^® (VOI) research and data-driven insights; capital markets expertise and deep best practice knowledge; and a proven playbook and passion for client outperformance. We are a trusted advisor and partner to boards of directors, executive leaders, and investor relations professionals, serving a broad range of companies globally across sectors, sizes, and situations. Through defining the standard of excellence and challenging conventional thinking, we enable our clients to boldly differentiate their equity brand, maximize valuation, and build more durable franchises.

Corbin Advisors. Outperformance Built on Trust^®.

To learn more about us and our impact, visit CorbinAdvisors.com.

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