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Nasdaq 100 Stocks SEC Filings — July 31, 2026

USA NASDAQ-100

By Gunpowder Editorial ·

11 high priority 3 medium priority 14 total filings analysed

Executive Summary

The 14 filings from NASDAQ-100 constituents reveal a mixed picture of strong operational performance offset by rising capital intensity and insider caution. Amazon and Apple posted robust revenue growth of 19.6% and 16% YoY respectively, with Apple's net income surging 27% YoY, but Amazon's free cash flow remains negative due to $173B in trailing capex.

Linde showed solid 9% sales growth but experienced margin compression across all segments (50-120 bps), while raising full-year EPS guidance to $17.70-$17.90. Insider activity is predominantly negative, with three separate insider sales at ADP, Adobe, and Intuitive Surgical, though two Intuit directors exercised options at $529.97, signaling confidence. The most critical development is Amazon's $90/share acquisition of Globalstar, structured as a tax-free reorganization with regulatory and operational milestones pending. A major cybersecurity incident at Amgen involving exfiltration of proprietary data and patient PHI represents a significant risk. Capital allocation trends show increased share repurchases and dividends at Linde, while Apple's shareholders' equity surged 45.8% as retained earnings turned positive. Overall, the portfolio shows strong top-line growth but faces headwinds from cost inflation, heavy investment cycles, and selective insider selling.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: 8-K · Form 4 · 10-Q

Tracking the trend? Catch up on the prior Nasdaq 100 Stocks SEC Filings digest from July 24, 2026.

Investment Signals (10)

  • Apple Inc. ↓ (BULLISH)
    ▲

    Net income rose 27% YoY to $29.8B in Q3, total sales up 16% YoY to $109.4B, cash from operations surged 43% to $117B YTD, and shareholders' equity jumped 45.8% to $107.5B as retained earnings turned positive from ($14.3B) to $11.3B

  • Amazon ↓ (MIXED)
    ▲

    Q2 net sales grew 19.6% YoY to $200.6B, net income surged to $62.6B from $18.2B (driven by $53.4B non-operating gain), but free cash flow remains negative due to $173B trailing capex and long-term debt nearly doubled to $128.9B

  • Linde PLC ↓ (BULLISH)
    ▲

    Raised full-year adjusted EPS guidance to $17.70-$17.90 (8-9% growth), Q2 sales up 9% YoY to $9.3B, adjusted EPS up 10% to $4.50, record $8.1B contractual sale of gas project backlog

  • Amazon/Globalstar ↓ (MIXED)
    ▲

    Acquiring Globalstar at $90/share in cash or stock (0.3210 Amazon shares per Globalstar share if Amazon price <$280.38), structured as tax-free reorganization, but HIBLEO-4 satellite launch delayed from May to Q3 2026

  • Intuit ↓ (BULLISH)
    ▲

    Two directors (DALZELL RICHARD L and SZKUTAK THOMAS J) exercised options at $529.97, totaling ~$56K, signaling insider confidence at current levels

  • ADP
    ▲

    Corp VP Kwon David sold 1,053 shares at $265.62 (~$280K) under a 10b5-1 plan, but also exercised 887 shares at $138.53, locking in ~$113K profit per share spread [NEUTRAL/BEARISH]

  • Adobe ↓ (BEARISH)
    ▲

    SVP & CAO Forusz Jillian sold 416 shares at $264.33 (~$110K), a relatively small sale but negative insider sentiment at current price

  • Texas Instruments ↓ (BULLISH)
    ▲

    VP & CAO Knecht Julie C. was awarded 7,154 shares, increasing holdings to 16,294, signaling long-term alignment

  • Linde PLC ↓ (MIXED)
    ▲

    Q2 operating profit up 8.5% to $2,554M, H1 up 10% to $4,993M, but cost of sales grew faster than sales (12.9% vs 9.3%), pressuring gross margin

  • Apple ↓ (MIXED)
    ▲

    iPad revenue declined 6% YoY in Q3, a rare weak spot in an otherwise strong quarter, while total liabilities decreased 3.4% to $275.7B

Risk Flags (9)

  • Amgen/Cybersecurity↓ [HIGH RISK]
    ▼

    Material cybersecurity incident in July 2026 with exfiltration of proprietary data, patient PHI, and other data from third-party cloud environments; investigation ongoing, potential regulatory and reputational damage

  • Amazon/Cash Burn↓ [HIGH RISK]
    ▼

    Net cash used in investing activities nearly doubled to $79.2B in Q2 2026 from $39.4B in Q2 2025, cash and equivalents fell from $86.8B to $78.2B, and long-term debt nearly doubled to $128.9B

  • Linde/Margin Compression↓ [MEDIUM RISK]
    ▼

    Operating margins declined in all three geographic segments (Americas -50 bps, APAC -120 bps, EMEA -40 bps) due to cost inflation partially offsetting price and productivity gains

  • Amazon/Globalstar Delay↓ [MEDIUM RISK]
    ▼

    Initial launch of HIBLEO-4 replacement satellites delayed from May 2026 to Q3 2026, creating uncertainty around merger milestones and potential $97M customer payment that could reduce merger consideration

  • Linde/Cash Flow Lag↓ [MEDIUM RISK]
    ▼

    Cash flow from operations grew only 3.2% in H1, significantly lagging net income growth of 10.1%, suggesting working capital drag or timing issues

  • Adobe/Insider Selling↓ [LOW RISK]
    ▼

    SVP & CAO sold shares at $264.33, and while the amount is small ($110K), it adds to a pattern of insider selling across the portfolio

  • Intuitive Surgical/Insider Selling↓ [LOW RISK]
    ▼

    EVP Brosius Mark sold 56 shares total at $346.83-$351.00 under a 10b5-1 plan, small amount but negative signal from operations executive

  • Strategy Inc/Correction↓ [LOW RISK]
    ▼

    Filed 8-K/A to correct interest income presentation in earnings release, indicating potential accounting or reporting control issues

  • Linde/R&D Decline↓ [LOW RISK]
    ▼

    Research and development spending declined slightly in both Q2 and H1, which could impact long-term innovation pipeline

Opportunities (8)

  • Apple/Strong Balance Sheet↓ (OPPORTUNITY)
    ◆

    Total assets up 6.7% to $383.3B, total liabilities down 3.4% to $275.7B, shareholders' equity surged 45.8% to $107.5B, retained earnings turned positive - strong foundation for continued buybacks and dividends

  • Linde/Record Backlog↓ (OPPORTUNITY)
    ◆

    Record $8.1B contractual sale of gas project backlog provides multi-year revenue visibility, supporting raised EPS guidance of $17.70-$17.90

  • Amazon/Globalstar Synergies↓ (OPPORTUNITY)
    ◆

    Acquisition of Globalstar at $90/share could unlock satellite communications capabilities for Amazon's logistics and AWS, with tax-free structure benefiting shareholders

  • Texas Instruments/Insider Award↓ (OPPORTUNITY)
    ◆

    VP & CAO awarded 7,154 shares, increasing holdings to 16,294, suggesting management confidence in long-term semiconductor demand recovery

  • Intuit/Director Confidence↓ (OPPORTUNITY)
    ◆

    Two directors exercised options at $529.97, indicating belief that current valuation is attractive for long-term holders

  • Apple/Services Growth↓ (OPPORTUNITY)
    ◆

    Services revenue growing double-digit, providing high-margin recurring revenue stream that improves overall margin profile and reduces hardware cyclicality

  • Linde/Shareholder Returns↓ (OPPORTUNITY)
    ◆

    Increased share repurchases and dividends while maintaining investment grade profile, attractive for income-focused investors

  • Amazon/Operating Cash Flow↓ (OPPORTUNITY)
    ◆

    Trailing twelve-month operating cash flow increased to $161.4B from $121.1B, providing substantial liquidity despite heavy capex

Sector Themes (6)

  • Capital Intensity Surge
    ◆

    Amazon's capex nearly doubled to $79.2B in Q2, while Linde plans $5.5B-$6.0B in 2026 capex, indicating a broad trend of heavy investment in infrastructure and technology across the portfolio

  • Margin Compression Despite Growth
    ◆

    Linde reported margin compression across all segments (50-120 bps) despite 9% sales growth, and Amazon's cost of sales grew faster than revenue, suggesting cost inflation is pressuring profitability even at top-line growers

  • Insider Activity Divergence
    ◆

    While Intuit and Texas Instruments show insider buying/awards, ADP, Adobe, and Intuitive Surgical show insider selling, creating a mixed signal on management conviction across the portfolio

  • Cash Flow vs. Earnings Divergence
    ◆

    Linde's operating cash flow grew only 3.2% vs net income growth of 10.1%, and Amazon's free cash flow remains negative despite surging net income, highlighting the gap between accounting profits and cash generation

  • M&A as Growth Strategy
    ◆

    Amazon's $90/share acquisition of Globalstar and Qualcomm's Modular Inc acquisition (17.8M shares issued) show large-cap tech using M&A for strategic expansion, with complex structures including tax-free reorganizations and registration rights

  • Cybersecurity as Systemic Risk
    ◆

    Amgen's material cybersecurity incident involving third-party cloud environments highlights growing vulnerability across the portfolio, especially for companies with sensitive patient data and proprietary information

Watch List (8)

  • Amazon/Globalstar Merger↓
    👁

    Monitor regulatory approvals (HSR Act), HIBLEO-4 satellite launch in Q3 2026, and potential $97M customer payment that could reduce merger consideration

  • Amgen/Cybersecurity Fallout↓
    👁

    Investigation ongoing, watch for regulatory actions, litigation, and potential financial impact from data exfiltration of proprietary data and patient PHI

  • Linde/Earnings Call↓
    👁

    Q2 results showed margin compression, watch for commentary on cost inflation trends and whether full-year guidance of $17.70-$17.90 EPS is achievable given operating cash flow lag

  • Apple/iPad Revenue Decline↓
    👁

    6% YoY decline in iPad revenue in Q3, watch for stabilization in Q4 and any commentary on product cycle or demand trends

  • Amazon/Cash Burn Trajectory↓
    👁

    With cash and equivalents declining and debt nearly doubling, monitor capex plans and whether free cash flow turns positive in coming quarters

  • Qualcomm/Modular Integration↓
    👁

    17.8M shares issued for Modular Inc acquisition, watch for integration updates and revenue contribution in upcoming quarters

  • ADP/Insider Selling Pattern
    👁

    Corp VP sold 1,053 shares at $265.62, monitor for additional insider sales that could signal broader management concern about valuation

  • Strategy Inc/Accounting Controls↓
    👁

    8-K/A correction for interest income presentation, watch for any further restatements or control deficiencies in future filings

Filing Analyses (14)
QUALCOMM INC/DE 8-K neutral materiality 6/10

31-07-2026

Qualcomm filed a prospectus supplement on July 31, 2026, covering the resale of 17,826,566 shares of common stock issued as consideration for its acquisition of Modular Inc. The shares were issued in a private placement under Section 4(a)(2) and Regulation D, and the filing includes a Registration Rights Agreement with the selling stockholders.

  • · The acquisition of Modular Inc was previously announced on June 21, 2026.
  • · The Registration Rights Agreement is dated July 28, 2026.
  • · The shares were issued in a private placement under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D.
  • · The prospectus supplement relates to the resale of the shares by selling stockholders.
INTUIT INC. 4 neutral materiality 5/10

31-07-2026

Director DALZELL RICHARD L exercised/converted 58 Common Stock at $529.97 (~$30.7K). DALZELL RICHARD L holds 11,816 shares after the transaction.

  • · Director DALZELL RICHARD L exercised/converted 58 Common Stock at $529.97 (~$30.7K)
  • · Director DALZELL RICHARD L exercised/converted 58 Restricted Stock Units at $529.97 (~$30.7K)
ADOBE INC. 4 negative materiality 3/10

31-07-2026

SVP & CAO Forusz Jillian sold 416 Common Stock at $264.33 (~$110K). Forusz Jillian holds 3,824.156 shares after the transaction.

  • · SVP & CAO Forusz Jillian sold 416 Common Stock at $264.33 (~$110K)
INTUITIVE SURGICAL INC 4 negative materiality 2/10

31-07-2026

EVP & Chief Mfg and Supply Cha Brosius Mark sold 28 Common Stock at $351.00 (~$9.83K). Brosius Mark holds 1,266 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP & Chief Mfg and Supply Cha Brosius Mark sold 28 Common Stock at $346.83 (~$9.71K)
  • · EVP & Chief Mfg and Supply Cha Brosius Mark sold 28 Common Stock at $351.00 (~$9.83K)
AMAZON COM INC S-4 mixed materiality 9/10

31-07-2026

Amazon is acquiring Globalstar through a merger in which Globalstar stockholders can elect to receive either $90.00 per share in cash (subject to proration and a potential downward adjustment) or a fixed number of Amazon shares (capped at $90.00 per share value). The transaction is structured as a tax-free reorganization, but completion is subject to regulatory approvals, HSR Act clearance, and Globalstar achieving certain operational milestones related to its C-3 satellite system and HIBLEO-4 replacement satellites. Risks include potential proration of cash elections, a possible $97 million Customer payment that would reduce the merger consideration, and uncertainty around the initial launch timeline (previously expected May 2026, now anticipated Q3 2026).

  • · The initial launch of HIBLEO-4 replacement satellites was previously expected in May 2026 but is now anticipated during Q3 2026.
  • · The stock consideration exchange ratio is 0.3210 Amazon shares per Globalstar share if Amazon's measurement price is below $280.38, and is capped at $90.00 per share value if the price is at or above $280.38.
  • · The merger is intended to qualify as a tax-free reorganization under Section 368(a) of the Code, but no opinion or IRS ruling has been obtained.
  • · Globalstar stockholders who elect cash may receive stock instead if cash elections exceed 40% of outstanding shares (proration).
  • · The per share adjustment amount from the Customer payment will reduce both cash and stock consideration, but the exact amount will not be known until just before closing.
Strategy Inc 8-K/A neutral materiality 2/10

31-07-2026

Strategy Inc filed an amendment (8-K/A) to correct its July 30, 2026 earnings release for the quarter ended June 30, 2026. The sole change was to replace Exhibit 99.1 with a version that correctly presents interest income (expense), net. No other changes were made to the original filing.

  • · The amendment corrects only the presentation of interest income (expense), net in the earnings release.
  • · Original Form 8-K was filed on July 30, 2026.
  • · The amendment is filed under Item 9.01 (Financial Statements and Exhibits).
AMAZON COM INC 10-Q mixed materiality 9/10

31-07-2026

Amazon reported strong Q2 2026 results with total net sales of $200.6B for the quarter, up 19.6% YoY from $167.7B, and net income surging to $62.6B from $18.2B, driven by a large non-operating gain of $53.4B. However, operating cash flow for the trailing twelve months increased to $161.4B from $121.1B, while free cash flow remained negative due to heavy capital expenditures of $173.0B over the same period. The balance sheet expanded significantly with total assets reaching $1.096T, but long-term debt nearly doubled to $128.9B from $65.6B at year-end 2025.

  • · Diluted EPS for Q2 2026 was $5.75, up from $1.68 in Q2 2025.
  • · Net cash used in investing activities for Q2 2026 was $79.2B, nearly double the $39.4B in Q2 2025.
  • · Cash and cash equivalents decreased from $86.8B at Dec 2025 to $78.2B at Jun 2026.
  • · Marketable securities increased from $36.2B to $44.8B over the same period.
  • · Accounts receivable, net and other increased to $88.1B from $67.7B at year-end 2025.
  • · Other assets surged to $284.1B from $122.6B, likely reflecting the large non-operating gain and investment activity.
  • · Total current liabilities increased to $241.3B from $218.0B at Dec 2025.
  • · Other long-term liabilities rose to $79.6B from $36.0B.
  • · Cash paid for income taxes, net of refunds, for TTM Jun 2026 was $6.6B, down from $11.8B for TTM Jun 2025.
  • · The company issued $67.0B in long-term debt proceeds during the six months ended Jun 2026.
Apple Inc. 10-Q positive materiality 9/10

31-07-2026

Apple Inc. reported strong financial results for the third quarter and first nine months of fiscal 2026, with net income rising 27% YoY to $29.8B in Q3 and 20% YoY to $101.5B in the nine-month period. Total net sales grew 16% YoY to $109.4B in Q3 and 16% YoY to $364.4B year-to-date, driven by double-digit growth in iPhone, Mac, and Services. However, iPad revenue declined 6% YoY in Q3, and the company's cash flow from operations surged 43% to $117.0B for the nine months, while cash used in financing activities increased slightly.

  • · Total assets increased 6.7% from $359.2B (Sep 2025) to $383.3B (Jun 2026).
  • · Total liabilities decreased 3.4% from $285.5B to $275.7B.
  • · Shareholders' equity surged 45.8% from $73.7B to $107.5B, driven by retained earnings turning positive from ($14.3B) to $11.3B.
  • · Inventories nearly doubled from $5.7B to $11.1B, a 94% increase.
  • · Commercial paper outstanding dropped 75% from $8.0B to $2.0B.
  • · Cash paid for income taxes, net, decreased 28.9% from $37.3B to $26.6B for the nine-month period.
  • · Weighted-average diluted shares outstanding decreased 1.6% YoY in Q3, reflecting ongoing share repurchases.
LINDE PLC 8-K mixed materiality 8/10

31-07-2026

Linde plc reported strong second-quarter 2026 results with sales of $9.3 billion (up 9% YoY) and adjusted EPS of $4.50 (up 10% YoY), driven by pricing and volume growth across most end markets. However, operating margins declined in all three geographic segments (Americas -50 bps, APAC -120 bps, EMEA -40 bps) due to cost inflation partially offsetting price and productivity gains. The company raised full-year adjusted EPS guidance to $17.70-$17.90 (8-9% growth) and highlighted a record $8.1 billion contractual sale of gas project backlog.

  • · EMEA underlying sales grew only 1% YoY, the weakest among segments, with lower volumes partially offsetting 2% price attainment.
  • · Linde Engineering operating profit margin was 16.0% of sales, lower than the overall company margin.
  • · Full-year 2026 capital expenditures expected to be $5.5B to $6.0B.
  • · Third-quarter 2026 adjusted EPS guidance: $4.45 to $4.55 (6-8% YoY growth).
  • · Record $8.1B contractual sale of gas project backlog signed during the quarter.
LINDE PLC 10-Q mixed materiality 8/10

31-07-2026

Linde plc reported strong financial results for Q2 and H1 2026, with Q2 sales increasing 9.3% YoY to $9,289M and net income rising 9.2% to $1,928M. However, comprehensive income declined 5.9% in Q2 due to lower other comprehensive income, and cash flow from operations grew only 3.2% in H1, lagging net income growth of 10.1%. The company also increased share repurchases and dividends while taking on additional long-term debt.

  • · Operating profit increased 8.5% in Q2 to $2,554M and 10.0% in H1 to $4,993M.
  • · Cost of sales grew faster than sales in Q2 (12.9% vs 9.3%), slightly pressuring gross margin.
  • · Research and development spending declined slightly in both Q2 and H1.
  • · Interest expense decreased 9.0% in Q2 and 3.1% in H1.
  • · Capital expenditures increased 10.0% in H1 to $2,780M.
  • · Acquisitions, net of cash acquired, totaled $385M in H1 2026 vs $270M in H1 2025.
  • · Working capital changes consumed $989M in H1 2026 vs $947M in H1 2025, driven by a larger increase in accounts receivable.
  • · Total assets grew 1.8% from $86,817M to $88,349M.
  • · Shareholders' equity increased 2.2% to $39,081M.
  • · The company issued €2.604% notes due 2028, €3.200% notes due 2030, and €3.800% notes due 2036 during the period.
AMGEN INC 8-K negative materiality 8/10

31-07-2026

Amgen Inc. disclosed a material cybersecurity incident in July 2026 involving unauthorized access to data stored in third-party cloud environments. The company confirmed exfiltration of proprietary data, patient protected health information, and other data, but stated no impact on products, manufacturing operations, or financial reporting systems. While the incident is deemed material, Amgen believes it is not reasonably likely to have a material impact on financial condition or results of operations, though the investigation remains ongoing.

  • · The incident was identified in July 2026 and involved unauthorized activity in cloud environments hosted by third-party providers.
  • · Containment measures were implemented and independent cybersecurity forensic experts were engaged.
  • · Data exfiltration includes proprietary data, patient protected health information, and other information.
  • · The company has not identified any impact to products, manufacturing operations, financial reporting systems, or ability to meet patient needs.
  • · The investigation is ongoing to assess the extent of access or exfiltration of patient, confidential business, intellectual property, and R&D information.
  • · The company determined the incident is material on July 29, 2026, based on the volume of impacted files and potential sensitivity of information.
  • · Amgen believes the incident is not reasonably likely to have a material impact on financial condition or results of operations.
  • · The company will evaluate and make required regulatory and legal notifications, including to impacted patients.
AUTOMATIC DATA PROCESSING INC 4 negative materiality 5/10

31-07-2026

Corp VP Kwon David sold 1,053 Common Stock at $265.62 (~$280K). 5 transactions reported in total. Kwon David holds 9,659.553 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Corp VP Kwon David exercised/converted 887 Common Stock at $138.53 (~$123K)
  • · Corp VP Kwon David sold 474 Common Stock at $265.62 (~$126K)
  • · Corp VP Kwon David sold 887 Common Stock at $265.62 (~$236K)
  • · Corp VP Kwon David sold 1,053 Common Stock at $265.62 (~$280K)
  • · Corp VP Kwon David exercised/converted 887 Stock Option (Right to Buy) at $138.53 (~$123K)
TEXAS INSTRUMENTS INC 4 neutral materiality 4/10

31-07-2026

VP & Chief Accounting Officer Knecht Julie C. was awarded 7,154 Common Stock. Knecht Julie C. holds 16,294 shares after the transaction.

  • · VP & Chief Accounting Officer Knecht Julie C. was awarded 7,154 Common Stock
INTUIT INC. 4 neutral materiality 5/10

31-07-2026

Director SZKUTAK THOMAS J exercised/converted 48 Common Stock at $529.97 (~$25.4K). SZKUTAK THOMAS J holds 5,720 shares after the transaction.

  • · Director SZKUTAK THOMAS J exercised/converted 48 Common Stock at $529.97 (~$25.4K)
  • · Director SZKUTAK THOMAS J exercised/converted 48 Restricted Stock Units at $529.97 (~$25.4K)

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