Executive Summary
This digest of 15 Dow 30 filings reveals a period of significant corporate restructuring and capital deployment, with mixed operational performance beneath headline growth. Alphabet's reported net income surge is largely a non-operational anomaly from other income, while its debt and asset base have expanded dramatically, signaling aggressive M&A and investment.
Honeywell is executing a major portfolio transformation, completing its Aerospace spin-off and raising guidance for its remaining 'Technologies' segment, yet its cash flow from operations has halved. Insider selling is a dominant theme, with three Travelers executives and two 3M executives collectively cashing out over $11 million in stock, a bearish signal for the insurance and industrial sectors. JPMorgan's $9 billion debt issuance indicates a strategic move to lock in funding, while Johnson & Johnson shows steady top-line growth but flat earnings, with rising SG&A costs. The overall picture is one of companies actively reshaping their portfolios (Honeywell, Alphabet) and executives reducing exposure (Travelers, 3M), against a backdrop of mixed fundamental trends.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 10-Q · 8-K · Form 4
Tracking the trend? Catch up on the prior Dow Jones 30 Stocks SEC Filings digest from July 22, 2026.
Investment Signals (10)
- Alphabet ↓ (MIXED)▲
Revenue grew 24.2% YoY to $119.8B, but net income surge of 297.9% YoY is driven by a $97.98B other income line, not core operations. Long-term debt more than doubled (+111% YoY) to $98.2B, signaling aggressive leverage for M&A.
- Honeywell Technologies (BULLISH)▲
Ex-Aerospace, sales grew 4% organic and adjusted EPS rose 10% YoY to $1.95. Full-year guidance raised for organic growth (3%-4%) and segment margin expansion (250-290 bps), signaling strong standalone execution.
- IBM (BEARISH)▲
Q2 revenue grew a mere 1.1% YoY to $17.2B, while net income fell 1.3% YoY. Gross margin contracted 110 bps YoY to 57.7%, and R&D spending rose 10.2% YoY, indicating pressure on profitability despite cost-cutting.
- Johnson & Johnson ↓ (MIXED)▲
Q2 sales grew 6.6% YoY to $25.3B with gross margin improving 30 bps to 68.2%, but net earnings were flat YoY as SG&A costs rose 9.2% YoY, outpacing revenue growth.
- Travelers (Insider Selling) (BEARISH)▲
Three top executives (CTO, CFO, Personal Insurance President) sold a combined ~$9.6M in stock over the same period, with CFO Frey Daniel S. selling $4.06M at $368.16. This is a strong bearish signal from management.
- 3M (Insider Selling) (BEARISH)▲
EVP & Chief Legal Officer sold $1.31M and a Group President sold $836K in stock, both exercising options and immediately selling. This suggests a lack of conviction in near-term upside.
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Issued $9.0B in new debt across four tranches, including $3.0B in subordinated notes due 2041. This capital raise, while routine, provides a significant liquidity buffer and locks in current rates. [NEUTRAL/BULLISH]
- Honeywell (Quantinuum Gain) (NEUTRAL)▲
Recorded a $6.63B gain on deconsolidation of Quantinuum, driving a massive net income beat. However, this is a one-time, non-cash gain and does not reflect operational strength.
- Alphabet (S-8) (NEUTRAL)▲
Filed a routine S-8 to register shares for employee compensation. This is a standard administrative action with no material impact on the stock.
- Salesforce (Insider Activity) (NEUTRAL)▲
Two executives (Chief Eng/Cust Success Officer and Slack CTO) had shares withheld for taxes, totaling ~$288K. This is a routine tax-related transaction and not a directional signal.
Risk Flags (8)
- Alphabet/Leverage Risk↓ [HIGH RISK]▼
Long-term debt surged 111% YoY to $98.2B, while goodwill rose 73.3% to $57.8B. This aggressive balance sheet expansion increases financial risk and could lead to future impairments if acquisitions underperform.
- IBM/Margin Compression [HIGH RISK]▼
Gross margin contracted 110 bps YoY to 57.7% in Q2, driven by a 13.7% YoY increase in Sales cost of goods sold. This trend, combined with rising R&D costs, is eroding profitability.
- Honeywell/Cash Flow Deterioration↓ [HIGH RISK]▼
Operating cash flow from continuing operations in H1 2026 plummeted to $626M from $1,442M in H1 2025, a 56.6% decline. This is a major red flag for a company undergoing a spin-off and multiple acquisitions.
- Travelers/Insider Selling Cluster↓ [HIGH RISK]▼
Three C-suite executives sold stock within the same period, with the CFO reducing his position by a significant amount. This coordinated selling is a strong bearish signal, potentially indicating internal concerns about the company's outlook or valuation.
- 3M/Insider Selling Cluster↓ [MEDIUM RISK]▼
Two senior executives sold stock immediately after exercising options, indicating a desire to monetize equity rather than hold for long-term appreciation. This is a bearish signal for the industrial sector.
- Johnson & Johnson/Earnings Stagnation↓ [MEDIUM RISK]▼
Despite 6.6% revenue growth, net earnings were flat YoY at $5.53B, and diluted EPS declined to $2.27 from $2.29. Rising SG&A costs (+9.2% YoY) are absorbing all incremental profit.
- Honeywell/Impairment & Losses↓ [MEDIUM RISK]▼
Recorded a $311M impairment of assets held for sale and a $241M loss on debt extinguishment in H1 2026, up from $15M and $0 respectively in H1 2025. These charges indicate restructuring costs and potential asset write-downs.
- Alphabet/Deferred Tax Decline↓ [LOW RISK]▼
Deferred income taxes (current) declined 84.1% YoY to $1.45B, which could signal a change in tax planning or a reduction in future tax benefits.
Opportunities (7)
- Honeywell Technologies/Post-Spin Pure Play (OPPORTUNITY)◆
With the Aerospace spin-off complete, Honeywell Technologies is a pure-play industrial automation and building technologies company. The raised guidance for organic growth (3-4%) and segment margin expansion (250-290 bps) suggests a focused, higher-margin entity.
- Alphabet/Acquisition-Driven Growth↓ (OPPORTUNITY)◆
The massive increase in goodwill (+73.3% YoY) and intangible assets (+609% YoY) suggests significant M&A activity. Investors should watch for the next earnings call to identify acquired assets that could drive future revenue synergies.
- Johnson & Johnson/Defensive Growth↓ (OPPORTUNITY)◆
With 6.6% YoY sales growth and a 30 bps gross margin improvement, J&J offers steady, defensive growth in a volatile market. The strong balance sheet ($201B in assets) provides a buffer.
- JPMorgan Chase/Attractive Debt Yields↓ (OPPORTUNITY)◆
The issuance of $3.0B in Fixed-Rate Reset Subordinated Notes due 2041 provides an opportunity for income-focused investors to lock in yields from a top-tier bank.
- IBM/Value Play (OPPORTUNITY)◆
Trading at a potential discount given the 4.9% revenue growth in H1 2026 and improved cash flow from operations (+27.9% YoY to $7.77B). The market may be over-penalizing the Q2 margin compression.
- Honeywell/Catalyst Calendar↓ (OPPORTUNITY)◆
The upcoming Aerospace standalone Q2 results (Aug 5) and the closing of PSS/WWS divestitures (early Aug) provide near-term catalysts that could unlock value.
- Travelers/Insider Sell-Off as Contrarian Signal↓ (SPECULATIVE OPPORTUNITY)◆
The heavy insider selling at ~$368 may create a short-term oversold condition. If the company reports strong Q2 earnings (expected late July), the stock could rebound.
Sector Themes (5)
- Insider Selling Wave in Industrials & Insurance (BEARISH)◆
Three Travelers executives and two 3M executives sold over $11M in stock in a single period. This cluster of insider selling in the insurance and industrial sectors suggests management sees limited near-term upside or is de-risking personal portfolios.
- Portfolio Restructuring & Spin-Offs (MIXED)◆
Honeywell's Aerospace spin-off and Alphabet's implied M&A (via goodwill surge) highlight a trend of Dow 30 companies reshaping their portfolios to focus on core operations. This can unlock value but creates short-term execution risk.
- Margin Divergence: Consumer vs. Enterprise (BULLISH FOR HEALTHCARE)◆
Johnson & Johnson (consumer/healthcare) saw gross margin expansion (+30 bps), while IBM (enterprise tech) saw margin contraction (-110 bps). This suggests pricing power is stronger in defensive healthcare than in legacy enterprise IT.
- Debt Issuance for Strategic Positioning (NEUTRAL)◆
JPMorgan's $9B debt issuance and Alphabet's 111% debt increase signal that large-cap companies are locking in financing for M&A and capital returns, anticipating a potentially higher-for-longer interest rate environment.
- Non-Operational Earnings Distortions (CAUTION)◆
Alphabet's $97.98B other income and Honeywell's $6.63B Quantinuum gain highlight how one-time items are distorting reported net income. Investors should focus on operating income and cash flow for true performance.
Watch List (7)
- Honeywell Aerospace (HIGH PRIORITY)👁
Standalone Q2 2026 results expected on August 5, 2026. This will be the first look at the spun-off entity's financial health and growth trajectory.
- Honeywell Technologies (HIGH PRIORITY)👁
Divestitures of PSS and WWS expected to close by early August 2026. The final sale proceeds and impact on the balance sheet will be key.
- Alphabet↓ (MEDIUM PRIORITY)👁
Next earnings call to discuss the massive increase in goodwill and intangible assets. Investors will seek clarity on acquisition targets and integration plans.
- Travelers↓ (HIGH PRIORITY)👁
Q2 2026 earnings report (expected late July). The heavy insider selling ahead of results raises the stakes for this report.
- 3M↓ (MEDIUM PRIORITY)👁
Monitor for further insider selling or any operational updates. The pattern of option exercise and immediate sale by senior executives is a red flag.
- JPMorgan Chase↓ (LOW PRIORITY)👁
The $9B debt issuance will be used for general corporate purposes. Watch for any M&A announcements or changes in capital return plans (buybacks/dividends).
- IBM (MEDIUM PRIORITY)👁
The next earnings call will be critical to see if the margin compression trend continues or if the company can leverage its R&D investments for growth.
Filing Analyses
(15)
23-07-2026
Alphabet reported strong top-line and profitability growth for the quarter and six months ended June 30, 2026: quarterly revenue increased to $119,796 (up 24.2% YoY) and net income rose to $112,193 (up 297.9% YoY). However, the company also shows mixed balance sheet changes — total assets grew materially from $595,281 to $921,983 (up 54.9%), driven by larger cash, marketable and non-marketable securities and increases in goodwill and property & equipment, while deferred income taxes (current) declined from $9,113 to $1,448 (down 84.1%).
- · Other income (expense), net for the three months ended June 30, 2026 was $97,983 versus $2,662 in the prior-year quarter — a major driver of large YoY net income increase.
- · Long-term debt increased from $46,547 to $98,165 (up 111.0%), indicating materially higher leverage or financing activity in H1 2026.
- · Goodwill rose from $33,380 to $57,828 (up 73.3%), and intangible assets, net rose from $1,283 to $9,105 (up 609.0%), suggesting acquisitions or business combinations during the period.
- · Basic net income per common share increased from $2.33 to $9.23 for the quarter (diluted: $2.31 to $9.11).
- · Deferred income taxes (non-current) increased from $919 to $22,819 while current deferred income taxes fell materially, creating a mixed tax balance-sheet picture.
23-07-2026
IBM reported mixed Q2 2026 results. Total revenue grew 1.1% YoY to $17,162M in Q2, driven by Services (+3.2%) and Financing (+12.0%), but Sales revenue declined 0.9%. Net income fell 1.3% YoY to $2,165M, and diluted EPS decreased 1.7% to $2.27. For the first half, revenue rose 4.9% to $33,079M, while net income increased 4.1% to $3,381M. Cash flow from operations improved 27.9% to $7,766M, but the company used $10,480M for acquisitions, contributing to a $6,423M decline in cash.
- · Q2 2026 gross profit declined 0.7% YoY to $9,907M, with gross margin contracting from 58.8% to 57.7%.
- · Sales cost of goods sold increased 13.7% YoY in Q2, outpacing the slight revenue decline.
- · R&D spending rose 10.2% YoY in Q2 to $2,311M.
- · Intellectual property and custom development income fell 22.8% YoY in Q2 to $166M.
- · Other income swung from $39M in Q2 2025 to $185M in Q2 2026, a favorable change of $146M.
- · Interest expense decreased 4.7% YoY in Q2 to $486M.
- · Income tax provision dropped 22.5% YoY in Q2 to $313M, boosting net income relative to pretax income.
- · Total debt (short-term + long-term) increased from $61,260M at Dec 31, 2025 to $61,987M at June 30, 2026.
- · Goodwill rose 10.2% to $74,599M, reflecting acquisition activity.
- · Dividends paid were $1,590M in Q2 2026 ($1.69 per share) vs $1,563M in Q2 2025 ($1.68 per share).
- · H1 2026 net cash used in investing activities was $10,970M, compared to $11,281M in H1 2025.
- · H1 2026 net cash used in financing activities was $3,008M, versus $2,589M provided in H1 2025.
23-07-2026
Alphabet Inc. filed an S-8 Registration Statement with the SEC on July 22, 2026, to register shares under its Amended and Restated 2021 Stock Plan. The filing is a routine administrative step for employee equity compensation and does not contain any financial results or material business changes.
- · The S-8 was signed by CEO Sundar Pichai, CFO Anat Ashkenazi, and Principal Accounting Officer Marsida Saraci.
- · The filing incorporates by reference the Amended and Restated 2021 Stock Plan, which was previously filed with the SEC on June 11, 2026.
- · The registration statement includes exhibits such as legal opinions from Cleary Gottlieb Steen & Hamilton LLP and consent from Ernst & Young LLP.
- · The filing date is July 22, 2026, and it was submitted to the SEC on July 23, 2026.
23-07-2026
Honeywell Technologies reported Q2 2026 consolidated sales of $9.7B (+4% YoY) and adjusted EPS of $4.52 (-4% YoY). Excluding the spun-off Aerospace segment, Honeywell Technologies sales were $5.2B (+3% reported, +4% organic) with adjusted EPS of $1.95 (+10% YoY). The company raised its full-year guidance for organic growth (3%-4%) and segment margin expansion (250-290 bps), but lowered the top end of its sales range to $20.0B. Segment performance was mixed: Building Automation grew 9% organically, while Process Automation & Technology declined 1% organically and Industrial Automation grew 4% organically.
- · Honeywell Aerospace spin-off completed on June 29, 2026; Aerospace will report standalone Q2 results on August 5, 2026.
- · Acquisition of Johnson Matthey's Catalyst Technologies business closed on July 17, 2026.
- · Divestitures of PSS and WWS expected to close by early August 2026.
- · Aerospace Technologies segment Q2 sales were $4.5B (+5% organic); segment profit $1.1B (+2%), including ~$40M inventory obsolescence charges.
- · Consolidated GAAP EPS of $17.83 includes a one-time gain on deconsolidation of Quantinuum.
- · Honeywell Technologies raised full-year organic growth guidance to 3%-4% (from 2%-3%) and segment margin expansion to 250-290 bps (from 220-270 bps).
- · Full-year sales guidance narrowed to $19.8B-$20.0B (from $19.9B-$20.2B).
- · Process Automation & Technology aftermarket sales declined 6% organically due to higher catalyst shipments in prior year.
- · Industrial Automation reported sales declined 5% due to divestiture impacts, but organic growth was 4%.
23-07-2026
Johnson & Johnson reported Q2 2026 sales of $25.3B, up 6.6% YoY from $23.7B, with gross margin improving to 68.2% from 67.9%. However, net earnings for the quarter were essentially flat at $5.534B vs $5.537B, and diluted EPS declined to $2.27 from $2.29. For the six-month period, net earnings dropped 34.9% to $10.769B from $16.536B, largely due to a prior-year gain in Other income/expense. The company maintained a strong balance sheet with total assets of $201.1B and shareholders' equity of $85.0B.
- · Q2 2026 gross profit was $17.259B (68.2% of sales) vs $16.115B (67.9%) in Q2 2025.
- · Selling, marketing and administrative expenses rose to $6.432B (25.4% of sales) from $5.889B (24.8%).
- · Research and development expense increased to $3.653B (14.4% of sales) from $3.516B (14.8%).
- · Interest income decreased to $219M from $260M; interest expense net was $281M vs $308M.
- · Other (income) expense net was $331M expense in Q2 2026 vs $107M expense in Q2 2025.
- · Restructuring charges were $34M in Q2 2026 vs $64M in Q2 2025.
- · Provision for taxes on income was $1.213B (4.8% of sales) vs $954M (4.0%).
- · Cash dividends paid were $1.34 per share in Q2 2026, totaling $3.227B.
- · Share repurchases (including excise tax) were $219M in Q2 2026.
- · Total current assets increased to $59.774B from $55.624B at year-end 2025.
- · Total current liabilities were $54.895B vs $54.126B at year-end 2025.
- · Long-term debt decreased to $37.344B from $39.438B.
- · Accumulated other comprehensive loss improved to $(13.951)B from $(14.930)B.
- · In-process R&D impairments of $36M were recorded in H1 2026 vs nil in H1 2025.
- · Other (income) expense net for H1 2026 was $625M expense vs $(7.214)B income in H1 2025 (prior year included a large gain).
23-07-2026
EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 9,213 Common Stock at $368.35 (~$3.39M). 6 transactions reported in total. Lefebvre Mojgan M holds 7,100 shares after the transaction.
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 9,213 Common Stock at $132.58 (~$1.22M)
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 9,213 Common Stock at $368.35 (~$3.39M)
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 7,100 Common Stock at $139.83 (~$993K)
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M sold 7,100 Common Stock at $368.41 (~$2.62M)
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 9,213 Stock Options (Right to Buy)
- · EVP & Chief Tech & Ops Officer Lefebvre Mojgan M exercised/converted 7,100 Stock Options (Right to Buy)
23-07-2026
JPMorgan Chase & Co. filed an 8-K on July 23, 2026, to report amendments to its By-laws, effective July 21, 2026. The amendments include updates to stockholder meeting procedures, such as raising the threshold for stockholders to call a special meeting to 20% of outstanding common stock (Net Long Shares) and adding detailed requirements for special meeting requests. The filing is a routine governance update with no financial impact.
- · The amendments were approved by the Board of Directors and became effective July 21, 2026.
- · The By-laws now require stockholders requesting a special meeting to provide detailed information, including the specific purpose, text of proposals, and documentary evidence of ownership.
- · Net Long Shares are defined using Rule 14e-4 under the Exchange Act, with adjustments for voting rights and hedging arrangements.
- · The Corporation retains the right to postpone, reschedule, or cancel any previously scheduled stockholder meeting.
23-07-2026
JPMorgan Chase & Co. closed public offerings on July 23, 2026, issuing $9.0 billion in aggregate principal amount of notes across four tranches: $500 million Floating Rate Notes due 2030, $2.5 billion Fixed-to-Floating Rate Notes due 2030, $3.0 billion Fixed-to-Floating Rate Notes due 2032 (Senior Notes), and $3.0 billion Fixed-Rate Reset Subordinated Notes due 2041. The offerings were registered under the Securities Act via Form S-3, and legal opinions from Simpson Thacher & Bartlett LLP were filed as exhibits. No period-over-period comparisons are available as this is a discrete event filing with no prior-period financial data.
- · The offerings were made under a registration statement on Form S-3 (File No. 333-285537).
- · Legal opinions for the Senior Notes and Subordinated Notes were provided by Simpson Thacher & Bartlett LLP.
- · The filing date and closing date are both July 23, 2026.
23-07-2026
EVP & Chief Financial Officer Frey Daniel S. sold 11,037 Common Stock at $368.16 (~$4.06M). 6 transactions reported in total. Frey Daniel S. holds 27,534.948 shares after the transaction.
- · EVP & Chief Financial Officer Frey Daniel S. exercised/converted 11,037 Common Stock at $139.83 (~$1.54M)
- · EVP & Chief Financial Officer Frey Daniel S. sold 11,037 Common Stock at $368.16 (~$4.06M)
- · EVP & Chief Financial Officer Frey Daniel S. exercised/converted 3,000 Common Stock at $172.50 (~$518K)
- · EVP & Chief Financial Officer Frey Daniel S. sold 3,000 Common Stock at $368.53 (~$1.11M)
- · EVP & Chief Financial Officer Frey Daniel S. exercised/converted 11,037 Stock Options (Right to Buy)
- · EVP & Chief Financial Officer Frey Daniel S. exercised/converted 3,000 Stock Options (Right to Buy)
23-07-2026
EVP, Chief Legal Off & Secret Rhodes Kevin H sold 7,669 Common Stock at $171.20 (~$1.31M). Rhodes Kevin H holds 43,779.9933 shares after the transaction.
- · EVP, Chief Legal Off & Secret Rhodes Kevin H exercised/converted 7,669 Common Stock at $154.69 (~$1.19M)
- · EVP, Chief Legal Off & Secret Rhodes Kevin H sold 7,669 Common Stock at $171.20 (~$1.31M)
- · EVP, Chief Legal Off & Secret Rhodes Kevin H exercised/converted 7,669 Non-qualified Stock Option (Right to Buy)
23-07-2026
Group President Goralski Christian T JR sold 4,902 Common Stock at $170.46 (~$836K). Goralski Christian T JR holds 6,971.28 shares after the transaction.
- · Group President Goralski Christian T JR exercised/converted 4,902 Common Stock at $154.69 (~$758K)
- · Group President Goralski Christian T JR sold 4,902 Common Stock at $170.46 (~$836K)
- · Group President Goralski Christian T JR exercised/converted 4,902 Non-qualified Stock Option (Right to Buy)
23-07-2026
EVP & President, Personal Ins. Klein Michael Frederick sold 5,875 Common Stock at $366.12 (~$2.15M). 4 transactions reported in total. Klein Michael Frederick holds 45,124.787 shares after the transaction.
- · EVP & President, Personal Ins. Klein Michael Frederick exercised/converted 6,000 Common Stock at $139.83 (~$839K)
- · EVP & President, Personal Ins. Klein Michael Frederick sold 125 Common Stock at $364.90 (~$45.6K)
- · EVP & President, Personal Ins. Klein Michael Frederick sold 5,875 Common Stock at $366.12 (~$2.15M)
- · EVP & President, Personal Ins. Klein Michael Frederick exercised/converted 6,000 Stock Options (Right to Buy)
23-07-2026
Chief Eng/Cust Success Officer Tallapragada Srinivas had withheld for taxes 886 Common Stock at $163.00 (~$144K). Tallapragada Srinivas holds 71,067 shares after the transaction.
- · Chief Eng/Cust Success Officer Tallapragada Srinivas exercised/converted 1,786 Common Stock
- · Chief Eng/Cust Success Officer Tallapragada Srinivas had withheld for taxes 886 Common Stock at $163.00 (~$144K)
- · Chief Eng/Cust Success Officer Tallapragada Srinivas exercised/converted 1,786 Restricted Stock Units
23-07-2026
Co-Founder and CTO, Slack Harris Parker had withheld for taxes 886 Common Stock at $163.00 (~$144K). Harris Parker holds 163,288 shares after the transaction.
- · Co-Founder and CTO, Slack Harris Parker exercised/converted 1,786 Common Stock
- · Co-Founder and CTO, Slack Harris Parker had withheld for taxes 886 Common Stock at $163.00 (~$144K)
- · Co-Founder and CTO, Slack Harris Parker exercised/converted 1,786 Restricted Stock Units
23-07-2026
Honeywell Technologies reported a net income of $5,682M for Q2 2026, up from $1,570M in Q2 2025, driven by a $6,629M gain on deconsolidation of subsidiary (Quantinuum). Net sales grew 4.3% to $9,719M from $9,322M. However, operating cash flow from continuing operations declined sharply to $626M in H1 2026 from $1,442M in H1 2025, and the company recorded a $311M impairment of assets held for sale and a $241M loss on debt extinguishment.
- · The company recorded a $6,629M gain on deconsolidation of subsidiary (Quantinuum) in Q2 2026.
- · Impairment of assets held for sale was $311M in H1 2026 vs $15M in H1 2025.
- · Loss on debt extinguishment was $241M in H1 2026 vs $0 in H1 2025.
- · Cash and cash equivalents decreased from $12,487M at Dec 31, 2025 to $8,751M at June 30, 2026, a decline of 29.9%.
- · Net cash provided by operating activities from continuing operations fell 56.6% to $626M in H1 2026 from $1,442M in H1 2025.
- · The company transferred $6,000M of Exchange Notes to terminate the Term Loan Agreement (non-cash financing activity).
- · Share repurchases were $1,000M in H1 2026 vs $3,604M in H1 2025.
- · Dividends per share increased to $2.38 in Q2 2026 from $2.26 in Q2 2025.
- · Total shareowners' equity rose to $18,857M at June 30, 2026 from $15,030M at Dec 31, 2025, driven by retained earnings and the Quantinuum deconsolidation.
- · Noncontrolling interest decreased from $1,126M at Dec 31, 2025 to $320M at June 30, 2026, primarily due to loss of control of Quantinuum ($703M).
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