The chart of the week examines earnings per share growth for indexes tracking small, mid, and large-cap stocks. In recent years, investors have favored large caps due to their economic stability, lower sensitivity to rising interest rates, and exposure to growth themes such as AI. A key factor behind the underperformance of small and mid-cap stocks has been the core driver of long-term stock prices: earnings. While large-cap earnings have continued to climb to record highs, small and mid-cap company earnings have largely plateaued since the post-COVID rebound. As markets question how long large-cap leadership can continue, forward earnings will remain a critical area to watch.