Dow Jones 30 Stocks SEC Filings — July 14, 2026

EPS of $20.98 more than doubled YoY from $10.91, driven by a 53% surge in Global Banking & Markets. Equity underwriting fees surged 130% YoY to $985M, and Debt underwriting fees rose 75% YoY to $1.03B, signaling a sustained capital markets boom

Net income of $21.2B ($7.70 EPS) grew 41% YoY, with managed revenue of $58.0B up 27% YoY. Record revenue across all lines of business, particularly CIB Markets revenue (+35%) and Investment Banking fees (+30%), points to exceptional cyclical strength

Operating (non-GAAP) EPS rose 5% YoY to $2.93 despite a 2% decline in GAAP EPS, indicating cost discipline. Red Hat revenue accelerated to 11% growth, and Distributed Infrastructure had its best quarter ever (up 37%), highlighting strong hybrid cloud momentum

Quarterly dividend increased to $5.00 per common share from $4.50 (an 11% increase), payable September 29, 2026. This signals management confidence in sustained earnings power and capital return capacity

Excluding significant items (Visa shares gain and equity investment gains), net income was $16.9B ($6.14 EPS), still representing strong underlying earnings power. Net charge-offs were $2.4B, down $44M YoY, indicating stable credit quality

Announced a $5B Lightwell initiative and a $10B quantum computing investment plan, signaling a major strategic pivot to high-growth AI and quantum technologies. This could drive long-term revenue growth but near-term capex pressure

Platform Solutions net revenues plunged 64% YoY to $221M due to Apple Card loan portfolio markdowns, highlighting ongoing consumer banking challenges and a drag on otherwise stellar results

Infrastructure revenue declined 7% YoY, worse than expected low-single-digit decline guidance. GAAP gross profit margin fell 100 bps to 57.7%, and operating gross profit margin fell 70 bps to 59.4%, signaling margin pressure from legacy hardware

CCB net income grew only 3% YoY, with Card Services & Auto revenue flat QoQ. Corporate net income excluding significant items declined due to lower net interest income and absence of a $774M prior-year tax benefit, indicating consumer banking headwinds

Preliminary Q2 2026 revenue of $17.2B grew only 1% YoY, missing expectations. The company cited a shortfall in Z mainframe performance, client capex reprioritization, and cybersecurity distractions, pointing to near-term demand weakness

Overall revenue growth of just 1% YoY, with Infrastructure declining 7% and Consulting flat, signals a company struggling to grow top-line despite strong cloud performance. The Z mainframe shortfall is a recurring cyclical risk

Platform Solutions revenue collapsed 64% YoY due to Apple Card loan portfolio markdowns. This segment remains a significant drag on earnings and a source of potential further write-downs, especially if consumer credit deteriorates

Net income growth of 41% YoY was significantly boosted by non-recurring items (Visa shares gain and equity investment gains). Excluding these, net income growth was more modest, and Corporate net income declined, raising questions about sustainable earnings momentum

GAAP gross profit margin fell 100 bps to 57.7% and operating gross profit margin fell 70 bps to 59.4%, driven by the mix shift away from high-margin Infrastructure. Continued margin erosion could pressure EPS despite cost cuts

Headcount decreased 2% QoQ, suggesting ongoing cost-cutting and potential talent retention risk. Combined with the consumer banking drag, this could signal organizational restructuring challenges

The net reserve build was $149M (primarily in Wholesale), indicating some credit deterioration in the wholesale portfolio. While net charge-offs were down YoY, the reserve build is a cautious signal

The company cited client capex reprioritization and cybersecurity distractions as reasons for the miss. This suggests macro uncertainty is causing enterprise customers to delay or reduce spending, a risk that could persist

The filing is a routine dividend declaration with no period-over-period comparisons, guidance, or operational metrics. This provides zero actionable intelligence for investors, creating a data gap in the consumer staples sector

With equity underwriting fees up 130% YoY and debt underwriting fees up 75% YoY, Goldman is a direct beneficiary of the IPO and M&A revival. The 11% dividend increase signals confidence. If capital markets activity sustains, EPS could continue to surprise to the upside

Red Hat revenue accelerated to 11% growth, and Distributed Infrastructure had its best quarter ever (up 37%). This indicates strong demand for hybrid cloud solutions, a key growth driver that could offset legacy declines. The $5B Lightwell AI initiative could be a catalyst

Investment Banking fees grew 30% YoY, and CIB Markets revenue grew 35%. As the largest US bank, JPMorgan is leveraged to continued M&A and capital markets activity. The stock may re-rate if fee growth persists

FICC intermediation revenues rose 39% YoY to $3.38B, and Equities intermediation revenues jumped 60% YoY to $4.16B. This broad-based trading strength suggests market share gains and a favorable environment for the franchise

The $10B quantum computing investment plan positions IBM as a leader in next-generation computing. While near-term revenue is negligible, this could be a significant long-term catalyst if quantum breakthroughs occur, especially for patient investors

Net charge-offs were $2.4B, down $44M YoY, indicating that consumer credit remains healthy despite macro uncertainty. This supports the bull case for bank earnings stability and potential for reserve releases

While Platform Solutions revenue plunged 64% YoY, the low base and potential for restructuring or divestiture could create a catalyst. If Goldman successfully exits or restructures the Apple Card partnership, it could remove a significant earnings drag

Consulting revenue was flat as reported but up 1% at constant currency. With cost discipline and a focus on higher-value AI and cloud consulting, margins could improve, providing an earnings tailwind

Both JPMorgan and Goldman Sachs reported exceptional Q2 results, with net income up 41% and 100%+ YoY respectively. The common driver was a surge in investment banking and trading revenues, suggesting a broad-based capital markets revival. This is a positive signal for the entire financial sector within the Dow 30.

IBM's disappointing results, with only 1% revenue growth and a 7% decline in Infrastructure, contrast sharply with the financial sector's strength. The company cited client capex reprioritization and cybersecurity distractions, indicating that enterprise technology spending is facing headwinds from macro uncertainty and budget shifts.

Both JPMorgan and Goldman saw significant contributions from non-recurring items (Visa shares gain, equity investment gains). Excluding these, underlying earnings growth was more modest. Investors should scrutinize earnings quality and focus on recurring revenue streams when valuing these stocks.

IBM's $5B Lightwell AI initiative and $10B quantum computing plan represent a major strategic pivot. While these investments could drive future growth, they also imply significant near-term capex and R&D spending, which may pressure margins and free cash flow in the short term.

Despite strong overall results, both JPMorgan (CCB net income +3%) and Goldman (Platform Solutions -64%) showed weakness in consumer-facing businesses. This suggests that consumer banking faces structural challenges from competition, regulatory pressure, and changing consumer behavior, even as capital markets thrive.

Watch for details on the Z mainframe cycle, Red Hat growth trajectory, and the Lightwell/quantum investment timeline. The call will be critical for assessing whether the revenue miss is cyclical or structural. Date: TBD (likely late July 2026)

Monitor for any announcements regarding the Apple Card partnership or Platform Solutions restructuring. A divestiture or renegotiation could be a significant catalyst. No specific date, but watch for 8-K filings.

Watch for net interest margin trends in the coming quarters, especially given the Corporate segment's NII decline. Also monitor reserve builds in Wholesale for signs of credit deterioration. Next earnings call: October 2026.

The $10B quantum plan is a multi-year initiative. Watch for technology milestones, partnerships, or government contracts that could validate the investment thesis. No specific date, but announcements could come at IBM Think or other conferences.

The dividend increase to $5.00 per share signals confidence. Watch for further increases or special dividends as capital returns accelerate. Next board meeting likely in September 2026.

Monitor M&A and IPO announcements for signs of sustained fee growth. The 30% YoY increase in IB fees is a key driver. Watch for industry reports on the M&A pipeline for Q3 2026.

Consulting revenue was flat. Watch for signs of acceleration as AI and cloud consulting demand grows. This is a key margin driver. Next earnings call: October 2026.

The current filing provided no financial data. The next quarterly report (likely late July 2026) will be critical for assessing consumer demand, input cost trends, and guidance for the fiscal year.