Dow Jones 30 Stocks SEC Filings — July 15, 2026

Q2 sales grew 6.6% YoY to $25.3B, with adjusted EPS up 4.7% to $2.90, beating expectations. Full-year guidance raised to $101.1B sales and $11.68 adjusted EPS, implying 8.2% EPS growth at midpoint

MedTech operational sales grew 3.6% YoY, a positive sign for a segment that has been a focus of investment. International operational growth of 3.4% shows global demand remains resilient despite currency headwinds

North America revenue grew 5% YoY, a bright spot in an otherwise flat report, suggesting the 'Win Now' strategy may be gaining traction in its home market

U.S. Consumer 30+ days past due remained flat at 1.1% in June, down from 1.2% in April, indicating early-stage delinquency is stabilizing

GAAP net earnings declined 0.1% YoY and GAAP EPS fell 0.9% to $2.27, highlighting a divergence between operational performance and reported profitability

Greater China revenues dropped 11% YoY, a significant deterioration in a key growth market, signaling intense competition and weak demand

Converse revenues plunged 31% YoY, indicating a severe brand-level crisis that requires urgent strategic action

Net write-off rate improvement in June was partly due to a one-time sale of previously written-off balances, reducing the U.S. Consumer rate by 0.3% and Small Business rate by 0.1%, masking underlying credit trends

EVP, Chief Human Resources Officer sold $12.5K in shares via tax withholding, a routine transaction with no material signal, but no insider buying was detected

EBIT margin improved slightly to 8.3% in fiscal 2026 from 8.2% in fiscal 2025, a small positive in a challenging year, but still well below the 12.7% in fiscal 2024

STELARA had an approximate 760 basis points negative impact on Innovative Medicine growth, highlighting the risk of biosimilar competition as the drug loses exclusivity

Total revenues were flat in fiscal 2026 vs 2025, but down 10% from fiscal 2024, indicating a multi-year stagnation that is eroding the company's market position

Greater China revenues dropped 11% YoY, a key growth market turning into a drag, with no clear catalyst for recovery

Converse revenues plunged 31% YoY, suggesting the brand is losing relevance and may require a significant restructuring

The improvement in net write-off rates is partly artificial due to a one-time sale of bad debt, which could mask a deteriorating credit cycle

International reported sales grew 5.7% YoY, but operational growth was only 3.4% due to a 2.3% currency headwind, which could persist if the USD strengthens

EBIT margin of 8.3% is well below the 12.7% in fiscal 2024, indicating that cost-cutting and efficiency measures have not fully offset revenue declines

Two shareholder proposals on discrimination in charitable support and environmental targets could create distractions and negative headlines if they gain traction

The amended bylaws raise the threshold for calling a special meeting to 15% voting power, which could reduce shareholder democracy and make it harder for activists to effect change

Full-year 2026 guidance raised to $101.1B sales and $11.68 adjusted EPS, implying 8.2% EPS growth at midpoint, offering a clear catalyst for upward earnings revisions

MedTech operational sales grew 3.6% YoY, and with a pipeline of new products, this segment could accelerate, providing a second growth engine beyond pharma

With a new CEO and 'Win Now' actions, the flat revenue base and improved EBIT margin (8.3% vs 8.2%) could be a base for a turnaround if Greater China and Converse stabilize

North America revenue grew 5% YoY, showing the brand still has strong equity in its home market, which could be leveraged for a broader recovery

U.S. Consumer 30+ days past due stabilized at 1.1% in June, down from 1.2% in April, suggesting credit stress may be peaking, which could lead to lower provisions

4 new independent directors added in the last 5 years, including recent appointments, could bring fresh perspectives and accelerate strategic change

The proposal to increase authorized shares for the Employee Stock Purchase Plan could boost employee engagement and retention, aligning interests with shareholders

Adjusted EPS rose 4.7% YoY to $2.90, and with guidance implying 8.2% growth for the full year, the company is demonstrating strong underlying earnings power

Johnson & Johnson (healthcare) shows strong revenue growth and raised guidance, while Nike (consumer discretionary) reports flat revenues and significant declines in key segments. This divergence suggests healthcare is outperforming consumer-facing sectors in the current economic environment.

Johnson & Johnson reported a 2.3% currency headwind on international operational growth, a common theme for US-based multinationals with significant overseas exposure. This could persist if the USD remains strong.

Johnson & Johnson's STELARA had a 760 bps negative impact on Innovative Medicine growth, highlighting the significant risk of biosimilar competition for major drug companies. This is a key risk for the entire pharma sector.

American Express's delinquency data shows stabilization in early-stage delinquencies but improvement in net write-offs is partly artificial. This suggests credit quality is a mixed bag, with potential for deterioration if the economy weakens.

Visa's bylaw amendments and Nike's shareholder proposals indicate a trend of companies adjusting governance rules to manage activist pressure, while also facing increased scrutiny from retail and institutional investors on ESG issues.

The only insider transaction was a routine tax withholding at Microsoft, with no significant buying or selling across the filings. This suggests a lack of strong conviction signals from management teams in the current environment.

September 8, 2026 virtual meeting to vote on 11 directors, executive compensation, ESPP amendment, and two shareholder proposals. Watch for voting outcomes and management commentary on turnaround progress.

Q2 2026 earnings call to discuss guidance raise, STELARA impact, and MedTech pipeline. Watch for further details on currency headwinds and acquisition strategy.

Next month's delinquency and write-off data to see if the stabilization in 30+ days past due continues, and whether the one-time sale effect on net write-offs fades.

Watch for any strategic announcements or management changes in the Greater China region, given the 11% revenue decline. A turnaround here is critical for overall growth.

Monitor for any FDA approvals or market entries of biosimilars for STELARA, which could accelerate the revenue decline and impact guidance.

Watch for any announcements regarding the Converse brand, given the 31% revenue plunge. A potential divestiture or major restructuring could be a catalyst.

Monitor for any shareholder lawsuits or activist campaigns related to the new bylaw amendments, particularly the increased threshold for calling special meetings.

Watch for any significant insider buying or selling at Microsoft, as the current lack of activity provides no clear signal on management's view of the stock.