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S&P 500 Industrials Sector SEC Filings — July 23, 2026

USA S&P 500 Industrials

By Gunpowder Editorial ·

9 high priority 5 medium priority 14 total filings analysed

Executive Summary

The S&P 500 Industrials sector delivered a robust Q2 2026, with top-line growth across aerospace, defense, and rail, but margin pressures from surging fuel costs and mixed operating leverage are key cross-cutting themes.

Revenue growth was strong and broad-based: RTX (+14.5%), Lockheed Martin (+11%), Union Pacific (+12%), Norfolk Southern (+11.4%), and Honeywell (+4%) all reported solid gains, driven by defense demand, aftermarket services, and fuel surcharge pass-throughs. However, profitability was under siege: fuel expenses surged 60%+ YoY for both Union Pacific and Norfolk Southern, causing operating ratio deterioration and margin compression. The defense sector showed a dramatic earnings recovery, with Lockheed Martin's net income surging 5x YoY as prior-year program losses did not repeat, while RTX posted a 29% net income gain. Capital allocation diverged sharply: Lockheed Martin eliminated buybacks entirely, while Otis accelerated repurchases to $807M in H1. Insider activity was limited but notable, with two 3M executives selling shares post-exercise. Forward-looking guidance was positive, with RTX and Lockheed Martin raising full-year outlooks, while Honeywell provided a mixed picture with raised organic growth but lowered sales guidance. The key portfolio-level insight is a sector bifurcating into high-growth defense primes with strong cash flows and transportation companies facing cost headwinds that may persist if fuel prices remain elevated.

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

Filing types in this digest: 10-Q · 8-K · 13F · Form 4

Tracking the trend? Catch up on the prior S&P 500 Industrials Sector SEC Filings digest from July 22, 2026.

Investment Signals (10)

  • RTX Corp ↓ (BULLISH)
    ▲

    Q2 sales grew 14.5% YoY to $24.7B, adjusted EPS up 21% to $1.89, and full-year guidance raised for sales, EPS, and FCF; operating profit surged 31% YoY to $2.8B

  • Lockheed Martin ↓ (BULLISH)
    ▲

    Net earnings surged 5.4x YoY to $1.8B from $342M, record backlog of $230B, and full-year guidance raised; cash from operations improved to $3.2B from $201M

  • Honeywell International ↓ (BULLISH)
    ▲

    Q2 adjusted EPS of $1.95 (+10% YoY) for continuing ops, raised organic growth guidance to 3%-4%, and segment margin expansion of 250-290 bps; Aerospace spin-off completed June 29

  • Union Pacific ↓ (BULLISH)
    ▲

    Record Q2 revenue of $6.9B (+12% YoY) and adjusted EPS up 13% to $3.41; freight revenue excluding fuel grew only 4%, but fuel surcharge pass-through provided a 6ppt tailwind

  • Norfolk Southern ↓ (BULLISH)
    ▲

    Record quarterly revenue of $3.5B (+11% YoY) driven by 4% volume and fuel surcharges; adjusted EPS grew 7% to $3.52, excluding merger costs and incident effects

  • Otis Worldwide ↓ (BULLISH)
    ▲

    Service sales grew 11.3% YoY to $2.58B, driving 7.3% total revenue growth; dividend increased to $0.44/share (+4.8% YoY)

  • 3M Co ↓ (BEARISH)
    ▲

    EVP Kevin H. Rhodes and Group President Christian Goralski both sold shares post-exercise at ~$170-$171, netting ~$2.1M combined; sales represent 100% of exercised options, signaling potential lack of conviction

  • Lockheed Martin ↓
    ▲

    Share repurchases were zero in Q2 2026 vs $500M in Q2 2025, a complete elimination of buybacks despite strong earnings; dividends increased to $3.45/share [NEUTRAL/BULLISH for income]

  • Union Pacific ↓
    ▲

    Share repurchases collapsed to $26M in H1 2026 from $2.679B in H1 2025, a 99% reduction, signaling a shift toward debt reduction and capital preservation [BEARISH for growth]

  • RTX Corp ↓
    ▲

    Other comprehensive income swung to a loss of $364M from a gain of $816M YoY, driven by FX and hedging losses, reducing comprehensive income by 28% despite strong operational results [NEUTRAL/MIXED]

Risk Flags (10)

Opportunities (10)

  • Lockheed Martin / THAAD Contract Catalyst↓ (OPPORTUNITY)
    ◆

    Signed a $35B multi-year THAAD contract, the largest in company history, with record backlog of $230B; revenue visibility is exceptional, and the stock may re-rate as program losses fade

  • RTX Corp / Aftermarket Growth Play↓ (OPPORTUNITY)
    ◆

    Services revenue grew 12.2% YoY, and adjusted segment profit grew across all three segments; with raised guidance and strong FCF ($5.4B in H1 2026), the stock offers both growth and cash return potential

  • Honeywell International / Post-Spin Pure Play↓ (OPPORTUNITY)
    ◆

    Aerospace spin-off completed June 29, creating a pure-play industrial with raised organic growth guidance (3-4%) and margin expansion; the Johnson Matthey Catalyst acquisition closed July 17, adding growth

  • Union Pacific / Fuel Headwind Reversal Play↓ (OPPORTUNITY)
    ◆

    If fuel prices moderate, the 120 bps OR headwind could reverse, driving margin expansion; adjusted EPS grew 13% despite fuel drag, showing underlying operational strength

  • Norfolk Southern / Adjusted EPS Growth↓ (OPPORTUNITY)
    ◆

    Despite GAAP declines, adjusted EPS grew 7% to $3.52, and adjusted income from railway ops rose 5%; as merger integration completes, GAAP metrics should converge with adjusted

  • Otis Worldwide / Service Revenue Growth↓ (OPPORTUNITY)
    ◆

    Service sales grew 11.3% YoY, providing a recurring, high-margin revenue stream; the dividend growth (+4.8%) and buyback program ($807M in H1) signal strong cash generation

  • Lockheed Martin / Free Cash Flow Turnaround↓ (OPPORTUNITY)
    ◆

    Free cash flow turned positive at $2.9B vs $(150)M in Q2 2025; with no buybacks, the company may use cash for debt reduction or special dividends

  • RTX Corp / Cash Position Strengthening↓ (OPPORTUNITY)
    ◆

    Cash and equivalents rose to $8.3B from $7.4B at year-end, and operating cash flow surged 206% in H1 to $5.4B; provides flexibility for M&A or increased shareholder returns

  • Honeywell International / Divestiture Catalysts↓ (OPPORTUNITY)
    ◆

    Divestitures of PSS and WWS expected to close by early August 2026, which could unlock value and streamline the portfolio; proceeds may be used for buybacks or further M&A

  • Union Pacific / Debt Reduction↓ (OPPORTUNITY)
    ◆

    Total debt decreased to $29B from $30.3B at year-end, and total liabilities fell; with buybacks slashed, the balance sheet is strengthening, which could support a future dividend increase

Sector Themes (6)

  • Fuel Cost Headwind Across Transportation
    ◆

    Both Union Pacific and Norfolk Southern reported fuel expense surges of 60%+ YoY, creating 110-120 bps headwinds to operating ratios; this is a sector-wide cost pressure that may persist if oil remains elevated, and companies are partially offsetting via fuel surcharges (6ppt revenue tailwind for UNP)

  • Defense Sector Earnings Recovery
    ◆

    Lockheed Martin and RTX both showed dramatic earnings improvements, with Lockheed's net income surging 5.4x and RTX's operating profit up 31%; the prior year was depressed by large program losses (Lockheed had $1.6B in losses in Q2 2025), and the absence of these charges is driving a normalization to higher profitability

  • Capital Allocation Divergence
    ◆

    A stark split is emerging: Lockheed Martin eliminated buybacks entirely ($0 vs $500M in Q2 2025) despite strong cash flow, while Otis accelerated buybacks to $807M in H1 (up 44% YoY); Union Pacific slashed buybacks 99% to $26M, suggesting a shift toward debt reduction and balance sheet strengthening across the sector

  • Revenue Growth Driven by Price & Fuel, Not Volume
    ◆

    Across transportation, revenue growth was driven by fuel surcharges and pricing rather than volume; Union Pacific's freight revenue ex-fuel grew only 4%, and Norfolk Southern's volume grew only 4%, suggesting that underlying demand growth is modest and top-line strength is partially artificial

  • Aftermarket & Services Outperformance
    ◆

    RTX's services revenue grew 12.2% and Otis's service sales grew 11.3%, both outpacing product sales; this highlights a sector trend toward recurring, high-margin service revenue that provides stability and margin expansion potential

  • Portfolio Restructuring & Spin-Offs
    ◆

    Honeywell completed its Aerospace spin-off and closed the Johnson Matthey Catalyst acquisition, while also recording impairment and debt extinguishment losses; this theme of simplification and focus is likely to continue as conglomerates unlock value through separation

Watch List (8)

  • Honeywell International / Divestiture Closings↓
    👁

    PSS and WWS divestitures expected to close by early August 2026; proceeds and use of proceeds will be key catalysts, watch for buyback announcements or further M&A

  • Lockheed Martin / Buyback Resumption↓
    👁

    With buybacks eliminated and strong FCF, watch for any signal of resumption in Q3 2026 earnings (expected late October); a resumption would be a strong bullish signal

  • Norfolk Southern / Merger Integration Progress↓
    👁

    Merger-related expenses of $51M in Q2 2026; watch for updates on cost synergies and integration timeline in upcoming earnings calls; GAAP-to-adjusted convergence is key

  • Union Pacific / Fuel Price Trajectory↓
    👁

    Fuel expense surged 63% YoY; monitor crude oil and diesel prices as a reversal could drive significant margin expansion; the 120 bps OR headwind is the single biggest swing factor for the stock

  • RTX Corp / Pratt & Whitney OE Recovery↓
    👁

    Commercial OE sales declined 8% YoY; watch for supply chain improvements and any guidance on production ramp in Q3; a recovery here would add to already strong momentum

  • 3M Co / Insider Selling Pattern↓
    👁

    Two executives sold shares post-exercise at ~$170; watch for additional insider sales, particularly from the CEO or CFO, which could signal broader concern about valuation or outlook

  • Otis Worldwide / Product Sales Trend↓
    👁

    Product sales were flat YoY; watch for any acceleration in new equipment orders in Q3, as stagnation could indicate softening in construction markets

  • General Electric / 13F Holdings↓
    👁

    GE disclosed holdings in Beta Technologies ($203K) and Hyliion ($5.5M); while immaterial currently, watch for increases in these positions as a signal of strategic interest in eVTOL and alternative energy

Filing Analyses (14)
RTX Corp 10-Q mixed materiality 8/10

23-07-2026

RTX Corp reported strong Q2 2026 results with total net sales of $24,708M, up 14.5% from $21,581M in Q2 2025, driven by growth in both products (+15.4%) and services (+12.2%). Net income attributable to common shareowners rose 29.1% to $2,139M from $1,657M, with diluted EPS increasing to $1.57 from $1.22. However, other comprehensive income swung sharply negative to a loss of $364M from a gain of $816M in the prior year quarter, primarily due to foreign currency translation losses and unrealized hedging losses, and comprehensive income attributable to common shareowners declined 28.2% to $1,775M.

  • · Q2 2026 operating profit was $2,811M, up 31.0% from $2,146M in Q2 2025.
  • · H1 2026 net cash provided by operating activities surged to $5,402M from $1,763M in H1 2025, a 206.4% increase.
  • · Cash and cash equivalents rose to $8,305M at June 30, 2026 from $7,435M at December 31, 2025.
  • · Total assets increased to $173,972M from $171,079M at year-end 2025.
  • · Total equity grew to $68,116M at June 30, 2026 from $64,206M at June 30, 2025.
  • · Dividends declared per share increased to $1.460 in Q2 2026 from $1.360 in Q2 2025.
  • · No common stock was repurchased in Q2 2026 or H1 2026, compared to $50M in H1 2025.
  • · Goodwill decreased slightly to $52,928M from $53,343M at December 31, 2025.
  • · Intangible assets, net decreased to $31,043M from $31,845M at year-end 2025.
  • · Long-term debt decreased to $31,858M from $34,288M at December 31, 2025.
  • · Short-term borrowings were $229M, up from $204M at year-end 2025.
  • · Accounts receivable, net decreased to $13,942M from $14,701M at December 31, 2025.
  • · Inventory, net increased to $14,409M from $13,364M at year-end 2025.
  • · Contract assets increased to $18,980M from $17,092M at December 31, 2025.
  • · Contract liabilities increased to $22,671M from $21,615M at year-end 2025.
  • · Future amortization expense for intangible assets is expected to be $983M for remaining 2026, $1,894M in 2027, $1,790M in 2028, $1,618M in 2029, $1,597M in 2030, and $1,520M in 2031.
HONEYWELL INTERNATIONAL INC 8-K mixed materiality 9/10

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%.
LOCKHEED MARTIN CORP 8-K positive materiality 9/10

23-07-2026

Lockheed Martin reported strong Q2 2026 results with sales up 11% YoY to $20.1B and net earnings surging to $1.8B ($7.94 per share) from $342M ($1.46 per share) in Q2 2025, which included $1.6B in program losses. Cash from operations improved dramatically to $3.2B from $201M, and free cash flow turned positive at $2.9B versus $(150)M. The company achieved a record backlog of $230B, raised its full-year guidance, and signed a $35B multi-year THAAD contract. However, the Space segment saw operating profit essentially flat YoY and its operating margin declined from 10.9% to 10.6%.

  • · Space segment operating profit was essentially flat YoY at $371M vs $362M, with operating margin declining from 10.9% to 10.6%.
  • · Aeronautics operating profit swung from a loss of $98M in Q2 2025 to a profit of $760M in Q2 2026, driven by the absence of the prior year $950M reach-forward loss on a classified contract.
  • · Rotary and Mission Systems operating profit swung from a loss of $172M in Q2 2025 to a profit of $437M in Q2 2026, driven by the absence of prior year reach-forward losses of $570M on CMHP and $95M on TUHP.
  • · Missiles and Fire Control operating profit grew 24% YoY to $594M, driven by production ramps on PAC-3, THAAD, and PrSM.
  • · The company raised its full-year 2026 sales guidance to ~$79.75B-$81.75B (from $77.5B-$80B) and free cash flow guidance to ~$7.0B-$7.2B (from $6.5B-$6.8B).
  • · The effective tax rate fell to 15.7% from 18.0% due to lower interest expense on uncertain tax positions and the prior year reach-forward losses.
  • · The company is no longer subject to the Corporate Alternative Minimum Tax (CAMT) for 2026 following the One Big Beautiful Bill Act and IRS Notice 2026-7.
  • · Capital expenditures were $318M in Q2 2026, down from $351M in Q2 2025.
  • · Independent research and development spending was $558M in Q2 2026.
RTX Corp 8-K positive materiality 9/10

23-07-2026

RTX reported strong Q2 2026 results with sales of $24.7B (+14% YoY) and adjusted EPS of $1.89 (+21% YoY), driven by double-digit growth across all three segments. The company raised its full-year 2026 outlook for adjusted sales, adjusted EPS, and free cash flow. However, Pratt & Whitney's commercial OE sales declined 8% YoY, partially offsetting strong aftermarket and military growth.

  • · GAAP EPS of $1.57 included $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items.
  • · Adjusted net income of $2.6B was up 22% YoY driven by adjusted segment operating profit growth across all three segments.
  • · Capital expenditures in Q2 2026 were $0.7B.
  • · Collins Aerospace reported operating profit included higher restructuring charges associated with cost transformation initiatives.
  • · Pratt & Whitney Q2 2025 reported profit included an approximately $100M charge related to a customer bankruptcy.
  • · Raytheon sales growth driven by higher volume on land and air defense systems, naval programs, and air and space defense systems.
  • · Full year 2026 outlook raised: adjusted sales $95.0-$96.0B (up from $92.5-$93.5B), organic sales growth 8-9% (up from 5-6%), adjusted EPS $7.10-$7.25 (up from $6.70-$6.90), free cash flow $8.50-$8.75B (up from $8.25-$8.75B).
  • · Company reached an agreement to sell Raytheon's Blue Canyon Technologies business for $620M.
UNION PACIFIC CORP 8-K mixed materiality 8/10

23-07-2026

Union Pacific reported record second quarter 2026 results with operating revenue up 12% to $6.9 billion and net income up 6% to $2.0 billion. Diluted EPS rose 7% to $3.36, while adjusted diluted EPS increased 13% to $3.41. However, the operating ratio deteriorated 70 basis points to 59.7% (adjusted OR worsened 110 bps to 59.2%), primarily due to higher fuel prices which unfavorably impacted the ratio by 120 basis points. Freight revenue excluding fuel surcharge grew only 4%, and coal & renewables revenue declined 4% with carloads down 14%.

  • · Adjusted net income for Q2 2026 was $2.0 billion, up 12% from $1.8 billion in Q2 2025.
  • · Freight revenue excluding fuel surcharge grew only 4% YoY.
  • · Fuel expense surged 63% YoY to $938 million, driving the operating ratio deterioration.
  • · Coal & renewables carloads declined 14% YoY, while intermodal carloads grew 4%.
  • · Workforce productivity improved 5% to 1,176 car miles per employee.
  • · Average terminal dwell improved 7% to 19.7 hours.
  • · Freight car velocity increased 5% to 231 daily miles per car.
  • · The company affirmed its capital plan of $3.3 billion for 2026.
  • · EPS growth outlook improved to high-single digit for 2026, consistent with 3-year CAGR target of high-single to low-double digit through 2027.
  • · The filing references a proposed merger with Norfolk Southern, subject to regulatory approvals.
GENERAL ELECTRIC CO 13F-HR neutral materiality 3/10

23-07-2026

General Electric Co (GE) filed its quarterly 13F-HR institutional holdings report for the period ending June 30, 2026, disclosing equity holdings in two companies: Beta Technologies Inc (Class A common stock) and Hyliion Holdings Corp (common stock). The filing shows a total of 3,403,199 shares of Beta Technologies valued at approximately $203,104, and 5,500,000 shares of Hyliion Holdings valued at approximately $5,500,000.

  • · The filing was made on July 23, 2026, for the quarter ended June 30, 2026.
  • · GE's holdings in Beta Technologies represent a sole voting and dispositive power over all 3,403,199 shares.
  • · GE's holdings in Hyliion Holdings represent a sole voting and dispositive power over all 5,500,000 shares.
  • · The filing does not include any period-over-period comparisons, so no trends in holdings changes can be assessed.
NORFOLK SOUTHERN CORP 10-Q mixed materiality 9/10

23-07-2026

Norfolk Southern reported Q2 2026 railway operating revenues of $3,465M, up 11.4% from $3,110M in Q2 2025, driven by higher fuel surcharges and volume. However, net income declined 4.4% to $734M from $768M, and income from railway operations fell 4.3% to $1,124M from $1,175M, as operating expenses surged 21.0% due to a near-doubling of fuel costs and $51M in merger-related expenses. For the first six months, net income dropped 15.6% to $1,281M from $1,518M, while operating cash flow fell 31.0% to $1,398M from $2,027M.

  • · Q2 2026 compensation and benefits rose 7.5% to $744M from $692M.
  • · Q2 2026 purchased services and rents increased 5.8% to $550M from $520M.
  • · Q2 2026 depreciation expense increased 3.5% to $358M from $346M.
  • · Q2 2026 materials and other expense increased 8.7% to $212M from $195M.
  • · Q2 2026 Eastern Ohio incident was a $15M expense vs. a $47M benefit in Q2 2025.
  • · First six months 2026 share repurchases were minimal at $5M vs. $456M in the prior year period.
  • · First six months 2026 debt repayments totaled $607M vs. $253M in the prior year period.
  • · First six months 2026 property additions decreased 11.1% to $821M from $924M.
  • · Cash and cash equivalents fell 30.1% to $1,069M at June 30, 2026 from $1,530M at December 31, 2025.
  • · Total liabilities decreased 2.8% to $28,869M at June 30, 2026 from $29,689M at December 31, 2025.
  • · Current maturities of long-term debt increased to $649M at June 30, 2026 from $607M at December 31, 2025.
  • · Dividends per share remained flat at $1.35 per quarter.
Otis Worldwide Corp 10-Q mixed materiality 8/10

23-07-2026

Otis Worldwide Corp reported Q2 2026 net sales of $3,859M, up 7.3% YoY from $3,595M, driven by service sales growth of 11.3% to $2,580M. Net income attributable to Otis rose 8.9% to $428M from $393M, with diluted EPS increasing to $1.12 from $0.99. However, product sales were essentially flat at $1,279M vs $1,276M, and cash and cash equivalents declined 25.8% to $813M from $1,096M at year-end 2025, partly due to $807M in share repurchases during the first half of 2026.

  • · Dividend declared of $0.44 per common share in Q2 2026, up from $0.42 in Q2 2025.
  • · Share repurchases totaled $404M in Q2 2026 and $807M in H1 2026, compared to $302M and $561M in the respective prior-year periods.
  • · Long-term debt issuance of $700M in H1 2026, partially offset by $135M in repayments.
  • · Acquisitions of businesses and intangible assets totaled $193M in H1 2026, up from $82M in H1 2025.
  • · Total assets increased to $11,156M as of June 30, 2026 from $10,653M at December 31, 2025.
  • · Shareholders' equity deficit widened to $(5,748)M from $(5,392)M due to increased treasury stock from buybacks.
  • · H1 2026 operating cash flow improved to $680M from $405M, driven by higher net income and favorable working capital changes.
3M CO 4 negative materiality 6/10

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)
3M CO 4 negative materiality 6/10

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)
LOCKHEED MARTIN CORP 10-Q mixed materiality 9/10

23-07-2026

Lockheed Martin reported a strong Q2 2026 with net earnings surging to $1.836 billion from $342 million a year ago, driven by a sharp improvement in gross profit from $734 million to $2.446 billion. However, operating cash flow declined sequentially and the company eliminated stock buybacks, while dividends increased to $3.45 per share. The balance sheet strengthened with total stockholders' equity rising to $8.768 billion despite a cash drawdown.

  • · Share repurchases were zero in both Q2 2026 and the first half of 2026, compared to $500 million and $1.250 billion respectively in the prior year periods.
  • · Total operating costs and expenses increased only 1.1% in Q2 YoY, from $17.421B to $17.617B, contributing to the operating profit improvement.
  • · Goodwill was essentially flat at $11.298 billion (vs. $11.314 billion at year-end 2025).
  • · Contract assets ballooned to $16.038 billion from $13.001 billion at year-end 2025.
  • · Long-term debt, net was stable at $20.538 billion (vs. $20.532 billion), with no current maturities remaining.
  • · Diluted EPS for Q2 2026 was $7.94, up from $1.46 in Q2 2025.
NORFOLK SOUTHERN CORP 8-K mixed materiality 8/10

23-07-2026

Norfolk Southern reported record quarterly revenue of $3.5 billion in Q2 2026, up 11% YoY, driven by a 4% volume increase and higher fuel surcharges. However, GAAP income from railway operations fell 4% to $1.1 billion and diluted EPS declined 4% to $3.26, as the operating ratio worsened to 67.6% from 62.2% a year ago. On an adjusted basis (excluding merger-related expenses, restructuring charges, and Eastern Ohio incident effects), income from railway operations rose 5% to $1.2 billion and adjusted EPS grew 7% to $3.52, while the adjusted operating ratio still deteriorated by 210 basis points to 65.5%.

  • · Revenue growth of 11% was driven by a 4% volume increase and higher fuel surcharges, which contributed six percentage points of the revenue growth.
  • · Higher fuel expense and corresponding fuel surcharge revenue created a 110 basis point headwind to the operating ratio on a year-over-year basis.
  • · The company incurred merger-related expenses in Q2 2026, and restructuring/other charges and Eastern Ohio incident effects in both periods, which were excluded from adjusted metrics.
  • · Norfolk Southern's network spans 22 states and serves a majority of the U.S. population and manufacturing base, with connections to every major Atlantic coast container port and major Gulf Coast and Great Lakes ports.
HONEYWELL INTERNATIONAL INC 10-Q mixed materiality 9/10

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).
UNION PACIFIC CORP 10-Q mixed materiality 8/10

23-07-2026

Union Pacific Corp reported Q2 2026 operating revenues of $6,864M, up 11.5% from $6,154M in Q2 2025, driven by freight revenue growth of 11.6% to $6,518M. Net income rose 6.2% to $1,993M ($3.36 EPS basic) from $1,876M ($3.16 EPS basic). However, fuel expense surged 62.8% to $938M, and operating expenses grew 13.0%, outpacing revenue growth. For the six-month period, net income increased 5.5% to $3,694M, while cash provided by operations improved 21.4% to $5,516M. The company reduced share repurchases significantly to $26M in H1 2026 from $2,679M in H1 2025, and total debt decreased slightly.

  • · Total assets increased 2.2% to $71,211M from $69,698M at year-end 2025.
  • · Total liabilities decreased to $50,538M from $51,231M at year-end 2025.
  • · Debt due after one year fell to $29,039M from $30,294M at year-end 2025.
  • · Dividends declared per share increased to $1.38 in Q2 2026 from $1.34 in Q2 2025.
  • · Capital investments in H1 2026 were $1,810M, slightly down from $1,842M in H1 2025.
  • · Income tax expense rose 28.6% in Q2 2026 to $562M from $437M in Q2 2025.
  • · Other comprehensive loss was $3M in Q2 2026 vs. income of $28M in Q2 2025.

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