Accelerating growth for sales and profits is the standout feature of the Q4 results season. Annual revenues for companies rated by S&P Global Ratings that report quarterly are up 2.3% based on current results, and 2.8% if commodity-linked sectors are excluded. The equivalent figures for EBITDA are 4.8% and 5.9%, respectively, 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.