53% of the S&P 500 companies have reported, and so far they have beat expectations handily. Here's FactSet with the details.

I shortened/trimmed the full article to be easier to follow.

Progress in Q1 Earnings So far

53% of the companies in the S&P 500 have reported for Q1 2023. Next week 162 companies report, meaning by end of week, 85% of all companies will have reported.

EPS Beats

• Proportion: 79% of companies (so far) beat EPS estimates, compared to 5-year average of 77% and a the 10-year average of 73% beats.
• Magnitude: Companies reported earnings 6.9% above estimates, which is below the 5-year average of 8.4% but above the 10-year average of 6.4%.

Takeaway: More companies are beating than usual (5 year/10 year average), and with greater magnitude (10 year average). Visual

Blended EPS Estimate for Q1

• Definition: The blended earnings combines actual results for companies that have reported and estimated results for companies that have yet to report.
• The blended earnings decline for the first quarter is -3.7% (YoY) today, compared to an earnings decline of -6.3% last week and an earnings decline of -6.7% at the end of the first quarter (March 31).

Takeaway: Big reduction in realized/estimated earnings decline for Q1. (Last week we thought it would be -6.2% YoY). Visual.

Sectoral Breakdown

• Positive earnings surprises in IT, Consumer Disc., Energy, Industrials, and Comm. Services were largest contributors to the decrease in the overall earnings decline over the past week.
• Positive earnings surprises in Consumer Disc., IT, Financials, Comm. Services, and Industrials sectors) were largest contributors to decrease in the overall earnings decline since March 31.
• 5/11 sectors are reporting YoY earnings growth, led by Consumer Disc/Industrials sectors.
• 6/11 sectors reporting a YoY earnings decline, led by the Materials and Health Care sectors.
• Visual

Revenue Beats

• Proportion: 74% of companies (so far) beat revenue estimates, above 5-year average of 69% (nice) and above 10-year average of 63%.
• Magnitude: Companies reporting revenues 2.1% above estimates, above 5-year average of 2.0% and above 10-year average of 1.3%.

Takeaway: More companies beat revenue than usual (5 year/10 year average), and the magnitude of beat is above 5/10 year average. Visual.

Blended Revenue Estimate for Q1

• Definition: See Blended EPS section above.
• The blended revenue growth rate for Q1 is 2.9% today, compared to a revenue growth rate of 2.1% last week and a revenue growth rate of 1.9% at the end of the Q1 (March 31).
• If 2.9% is the actual growth rate for Q1, it will mark the lowest revenue growth rate reported since Q3 2020 (-1.1%).
• Visual

Sectoral Breakdown

• Positive revenue surprises in Consumer Disc., Industrials, Energy, and Health sectors were the largest contributors to the increase in the overall revenue growth rate over the past week.
• Positive revenue surprises in Health, Financials, and Consumer Disc. sectors were largest contributors to the increase in the overall revenue growth rate for the index since March 31.
• 8/11 sectors are reporting YoY revenue growth, led by the Financials and Consumer Disc.
• 3/11 sectors are reporting YoY revenue decline, led by the Materials
• Visual

Future Quarters

• For Q2 2023, analysts expect earnings decline of -5.0% YoY.
• For Q3 2023 and Q4 2023, analysts are projecting earnings growth of 1.7% and 8.8%, respectively.
• For all of CY 2023, analysts predict earnings growth of 1.2%.

Valuations

• Forward 12-month P/E ratio is 18.1, which is below the 5-year average (18.5) but above 10-year average (17.3).

Sources

• FactSet update for April 28th with all graphs/data