US corporate profits from current production reached an annual rate of $4.827 trillion in the second quarter of 2026, according to the Bureau of Economic Analysis. That was up from $4.427 trillion in the first quarter.
The increase arrived even as real GDP growth slowed to a 1.5% annualised rate from 2.1% in Q1. That combination highlights a familiar feature of the US economy: corporate income can remain strong even when the headline growth rate moderates.
Profits are not the same as listed-company earnings
BEA's corporate-profits measure is part of the national accounts. It includes adjustments for inventory valuation and capital consumption and is designed to measure income from current production across US corporations.
It should not be confused with the aggregate earnings reported by S&P 500 companies. Public-company earnings use accounting rules and cover a narrower group of firms, while the BEA series is built for macroeconomic consistency.
GDP slowed but remained positive
The second estimate left Q2 real GDP growth at 1.5%. Consumer spending, exports and investment contributed positively, while government spending declined and imports increased.
For businesses, the slowdown matters because revenue growth becomes harder to sustain when real activity decelerates. Strong profits can offset that pressure for a time, but margins eventually depend on demand, wages, financing costs and pricing power.
The next question is durability
A single quarter of stronger profits can reflect sector mix, price changes and the timing of expenses. The more useful signal will be whether profits remain elevated as the Federal Reserve keeps policy focused on above-target inflation.
The next BEA update is due at the end of September, when revised GDP and profit figures will provide a firmer view of the quarter.
| Measure | Q2 2026 |
|---|---|
| Corporate profits from current production | $4.827tn annual rate |
| Real GDP growth | 1.5% annualised |