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Earnings Guide

What Are H1 and H2 EPS? Reading Half-Year Earnings Trends

2026-08-20
H1 and H2 put quarterly earnings on a half-year basis, making period-to-period comparisons clearer and reducing the risk of overreacting to one quarter.

What H1 and H2 mean

H1 is first-half EPS, usually the combined result of Q1 and Q2. H2 is second-half EPS, usually Q3 and Q4 combined. Companies do not all share a December fiscal year-end, so comparisons should follow each company’s reported fiscal periods.

In Find Leading Stocks, select “Add the latest two years of H1/H2 EPS” and expand a company name to see its four most recent half-year figures. The data is optional so the screen does not become a table with four extra columns by default.

Why half-year data can help

A single quarter can be distorted by seasonality, one-time items, inventory changes or currencies. Half-year figures do not remove every distortion, but they provide a steadier comparison window.

Ask three questions:

  • Is the latest H1 or H2 better than the same period last year?
  • Is half-year earnings growth accelerating, stable or slowing?
  • Is price strength supported by earnings progress?

Common mistakes

EPS growth does not always mean revenue growth; margins, expenses, buybacks and one-time items can matter. EPS weakness also does not automatically mean a broken business. Use H1/H2 EPS as a first comparison, then read revenue, margins, guidance and industry context before reaching a conclusion.

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