S& P Earnings: 1960-Current

Calculated based upon earnings yield and S&P 500 levels each year. The raw data for this table was obtained from Bloomberg (and from S&P). The most recent year's numbers include estimates for the last quarter of the year./

You can download the excel spreadsheet here: http://www.stern.nyu.edu/~adamodar/pc/datasets/spearn.xls


Year Earnings Yield Dividend Yield S&P 500 Earnings Dividends Payout Ratio
1960 5.34% 3.41% 58.11 3.10 1.98 63.86%
1961 4.71% 2.85% 71.55 3.37 2.04 60.51%
1962 5.81% 3.40% 63.1 3.67 2.15 58.52%
1963 5.51% 3.13% 75.02 4.13 2.35 56.81%
1964 5.62% 3.05% 84.75 4.76 2.58 54.27%
1965 5.73% 3.06% 92.43 5.30 2.83 53.40%
1966 6.74% 3.59% 80.33 5.41 2.88 53.26%
1967 5.66% 3.09% 96.47 5.46 2.98 54.59%
1968 5.51% 2.93% 103.86 5.72 3.04 53.18%
1969 6.63% 3.52% 92.06 6.10 3.24 53.09%
1970 5.98% 3.46% 92.15 5.51 3.19 57.86%
1971 5.46% 3.10% 102.09 5.57 3.16 56.78%
1972 5.23% 2.70% 118.05 6.17 3.19 51.63%
1973 8.16% 3.70% 97.55 7.96 3.61 45.34%
1974 13.64% 5.43% 68.56 9.35 3.72 39.81%
1975 8.55% 4.14% 90.19 7.71 3.73 48.42%
1976 9.07% 3.93% 107.46 9.75 4.22 43.33%
1977 11.43% 5.11% 95.1 10.87 4.86 44.71%
1978 12.11% 5.39% 96.11 11.64 5.18 44.51%
1979 13.48% 5.53% 107.94 14.55 5.97 41.02%
1980 11.04% 4.74% 135.76 14.99 6.44 42.93%
1981 12.39% 5.57% 122.55 15.18 6.83 44.96%
1982 9.83% 4.93% 140.64 13.82 6.93 50.15%
1983 8.06% 4.32% 164.93 13.29 7.12 53.60%
1984 10.07% 4.68% 167.24 16.84 7.83 46.47%
1985 7.42% 3.88% 211.28 15.68 8.20 52.29%
1986 5.96% 3.38% 242.17 14.43 8.19 56.71%
1987 6.49% 3.71% 247.08 16.04 9.17 57.16%
1988 8.69% 3.68% 277.72 24.12 9.75 40.42%
1989 6.88% 3.32% 353.4 24.32 11.06 45.48%
1990 6.86% 3.74% 330.22 22.65 12.09 53.38%
1991 4.63% 3.11% 417.09 19.30 12.20 63.21%
1992 4.79% 2.90% 435.71 20.87 12.39 59.37%
1993 5.77% 2.72% 466.45 26.90 12.58 46.77%
1994 6.91% 2.91% 459.27 31.75 13.17 41.48%
1995 6.12% 2.30% 615.93 37.70 13.79 36.58%
1996 5.49% 2.01% 740.74 40.63 14.90 36.67%
1997 4.54% 1.60% 970.43 44.09 15.50 35.16%
1998 3.60% 1.32% 1229.23 44.27 16.20 36.59%
1999 3.52% 1.14% 1469.25 51.68 16.69 32.29%
2000 4.25% 1.23% 1320.28 56.13 16.07 28.63%
2001 3.38% 1.37% 1148.09 38.85 15.74 40.51%
2002 5.23% 1.81% 879.82 46.04 15.96 34.67%
2003 4.92% 1.61% 1111.91 54.69 17.88 32.69%
2004 5.58% 1.57% 1211.92 67.68 19.01 28.09%
2005 6.12% 1.79% 1248.29 76.45 22.34 29.23%
2006 6.18% 1.77% 1418.3 87.72 25.04 28.55%
2007 5.62% 1.92% 1468.36 82.54 28.14 34.09%
2008 5.48% 3.15% 903.25 49.51 28.45 57.46%
2009 5.10% 1.97% 1115.1 56.86 21.97 38.64%
2010 6.66% 1.80% 1257.64 83.77 22.65 27.04%
2011 7.67% 2.11% 1257.60 96.44 26.53 27.51%
2012 6.79% 2.19% 1426.19 96.82 31.25 32.28%
2013 5.68% 1.89% 1848.36 104.92 34.90 33.26%
2014 5.64% 1.92% 2058.90 116.16 39.55 34.04%
2015 4.92% 2.12% 2043.94 100.48 43.41 43.20%
2016 4.75% 2.04% 2238.83 106.26 45.70 43.01%
2017 4.66% 1.83% 2673.61 124.51 48.93 39.30%
2018 5.92% 2.14% 2506.85 148.34 53.61 36.14%

* Most recent year's numbers are based upon estimates, since the final numbers don't come out until later in the year
Last Updated on January 5, 2019
By Aswath Damodaran