Accelerating growth for sales and profits is the standout feature of the Q4 results season, which is largely complete. Measured at an annual rate, revenues for companies rated by S&P Global Ratings globally that report quarterly are up 1.7% based on current results, and EBITDA expanded 3.8%, implying expanding profit margins. The surprise ratio for revenues versus market consensus has turned up sharply and is at its highest since Q3 ’23. Earnings call transcript sentiment is the most positive it’s been for the 5-year results period we are tracking, led by an upturn in sentiment in North America. Technology and semiconductor firms are again having the biggest positive impact on EBITDA growth. Interest-rate pressure appears to be easing rapidly which, along with rising EBITDA, has seen interest coverage edge higher after a prolonged decline.