"The index is reporting earnings growth of more than 30% for the fourth straight quarter and earnings growth of more than 45% for the full year. These above-average growth rates are due to a combination of higher earnings in 2021 and an easier comparison to weaker earnings in 2020 due to the negative impact of COVID-19 on a number of industries.
...For the full year, the blended earnings growth rate for CY 2021 is 47.4%. Looking ahead to the first half of CY 2022, analysts expect earnings growth of 5.5% for Q1 2022 and 4.8% for Q2 2022.
The forward 12-month P/E ratio is 19.8, which is above the five-year average (18.6) and above the 10-year average (16.7). However, It is below the forward P/E ratio of 21.3 recorded at the end of the fourth quarter (December 31), as prices have decreased while EPS estimates have increased since December 31."
(S&P 500 Earnings Season Update: February 11 2022 by John Butters, Vice President and Senior Earnings Analyst with FactSet)
Full article can be read here: https://insight.factset.com/sp-500-earnings-season-update-february-11-2022