Executive Summary
The S&P 500 Industrials sector is presenting a mixed picture for Q2 2026, characterized by top-line growth across most companies but significant margin compression and earnings pressure. Revenue growth was broad-based, with Illinois Tool Works (+6.1% YoY), UPS (+7.5%), and Boeing (+8%) leading, while Waste Management and Carrier Global posted more modest gains.
However, profitability is under severe strain: GAAP earnings fell sharply at UPS (EPS down 57%) and Carrier (down 14-15%), and Boeing continued to post losses, albeit narrowing. The primary driver of this divergence is a wave of restructuring and transformation charges, notably UPS's $891M charge and Boeing's persistent program losses, alongside rising input costs that outpaced pricing in some segments. Insider selling has been a notable and concentrated negative signal, particularly at RTX Corp where three senior executives and a director sold a combined ~$2.9M in stock. Capital allocation is bifurcated, with Illinois Tool Works returning a record $1.2B to shareholders, while Boeing's cash position deteriorated sharply post-Spirit AeroSystems acquisition. The key takeaway is that operational execution and cost control are now the critical differentiators, with companies like ITW demonstrating best-in-class margin management, while others face a challenging path to restoring profitability.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 8-K · 10-Q · Form 4 · Schedule 13G
Tracking the trend? Catch up on the prior S&P 500 Industrials Sector SEC Filings digest from July 27, 2026.
Investment Signals (10)
- Illinois Tool Works ↓ (BULLISH)▲
Delivered the most profitable quarter in company history with record operating margin of 26.7% and GAAP EPS of $2.84 (+10.1% YoY), driven by enterprise initiatives contributing 120 bps to margins. Raised full-year guidance by $0.15 to $11.45 EPS midpoint.
- UPS (BULLISH)▲
Raised full-year 2026 guidance for non-GAAP adjusted operating profit to ~$8.65B and adjusted EPS to ~$7.22, despite massive $891M in transformation charges. Underlying business momentum is strong with revenue up 7.5% YoY.
- RTX Corp ↓ (BEARISH)▲
Three senior executives (Collins Aerospace President, SVP/Treasurer, Director) sold a combined ~$2.94M in stock over a short period, with the Collins Aerospace President disposing of nearly all his exercisable shares. This concentrated insider selling is a significant bearish signal.
- Boeing ↓ (BULLISH)▲
Operating cash flow surged to $1.4B from $227M YoY and free cash flow turned positive at $0.6B, while core losses narrowed significantly. Record backlog of $715B provides multi-year revenue visibility.
- Carrier Global ↓ (BEARISH)▲
Despite 4% revenue growth, adjusted operating margin compressed 190 bps to 17.2% and GAAP EPS fell 14%, driven by a 260 bps margin decline in the core CSA segment. Cost growth outpaced sales growth.
- Waste Management ↓ (BULLISH)▲
Maintained profitability and cash flow targets while lowering full-year revenue outlook by ~0.6%, indicating strong cost discipline. Adjusted EBITDA grew 5.5% YoY and cash flow from operations increased nearly 12%.
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Senior VP Ali Mohamed sold ~$984K in stock after exercising options at a fraction of the market price, a routine but notable insider sale. [NEUTRAL/BEARISH]
- Boeing ↓ (NEUTRAL)▲
Completed the $8.4B Spirit AeroSystems acquisition, a major strategic move that consolidates the supply chain but has already contributed to a sharp $3.7B decline in cash reserves. Integration risk is high.
- Illinois Tool Works ↓ (MIXED)▲
Automotive OEM organic revenue declined 0.4% YoY, a red flag for a key end-market, but this was offset by double-digit growth in Welding (+13.9%) and Test & Measurement (+10.0%).
- BlackRock Filings (FedEx Freight, General Dynamics, Honeywell Aerospace, Johnson Controls) (BULLISH)▲
BlackRock disclosed passive stakes of 5-7.8% in four industrial companies, signaling institutional confidence in the sector's long-term value despite near-term headwinds.
Risk Flags (8)
- UPS/Transformation Risk [HIGH RISK]▼
GAAP operating profit fell 48% YoY to $930M due to $891M in after-tax transformation charges from the Driver Choice Program. Execution risk on restructuring is high and could continue to depress GAAP earnings.
- Carrier Global/Margin Compression↓ [HIGH RISK]▼
Adjusted operating margin declined 190 bps to 17.2% and CSA segment margin fell 260 bps to 24.4%. Cost of products sold (+5.5%) and services sold (+13.6%) both outpaced revenue growth, signaling structural cost pressures.
- Boeing/Cash Burn↓ [HIGH RISK]▼
Cash and cash equivalents fell 33.7% from $10.9B at year-end 2025 to $7.2B at June 30, 2026, driven by the Spirit AeroSystems acquisition and $2B in capital expenditures. Liquidity is a growing concern despite improved operations.
- Boeing/Defense Segment Deterioration↓ [MEDIUM RISK]▼
Defense, Space & Security swung from a $110M operating profit to a $15M loss, including $280M in losses on the VC-25B program. This segment is a growing drag on profitability.
- RTX Corp/Insider Selling Cluster↓ [HIGH RISK]▼
Three separate Form 4 filings in a single day show a coordinated selling event by senior leadership, including the President of Collins Aerospace selling 6,746 shares (~$1.42M). This level of insider liquidation is a strong negative signal.
- Waste Management/Volume Decline↓ [MEDIUM RISK]▼
Collection and Disposal volume declined 1.8% due to the absence of prior-year wildfire cleanup activity, and the company lowered its full-year revenue outlook. Organic growth is slowing.
- Carrier Global/R&D Cut↓ [MEDIUM RISK]▼
Research and development spending decreased 8.1% YoY in Q2 2026 to $148M, a potential long-term competitive risk as the company cuts investment in future innovation to protect margins.
- Boeing/Commercial Airplanes Losses↓ [HIGH RISK]▼
Despite a 14% increase in deliveries to 171 units, Commercial Airplanes posted an operating loss of $322M, indicating that pricing or cost structure is still not covering fixed costs.
Opportunities (8)
- Illinois Tool Works/Margin Leader↓ (OPPORTUNITY)◆
With a 26.7% operating margin—the highest in company history and likely best-in-class among industrials—ITW is demonstrating pricing power and operational excellence. The raised guidance and $1.2B in shareholder returns make it a core holding.
- Boeing/Turnaround Play↓ (OPPORTUNITY)◆
Core losses are narrowing, operating cash flow turned positive, and the record $715B backlog provides exceptional revenue visibility. If the company can execute on its delivery targets and stabilize the Defense segment, the stock offers significant upside.
- UPS/Post-Restructuring Earnings Power (OPPORTUNITY)◆
The non-GAAP adjusted operating profit of $2.1B and raised full-year guidance to ~$8.65B suggest that once the Driver Choice Program restructuring is complete, UPS could see a substantial earnings recovery. The current GAAP EPS of $0.71 understates normalized earnings power.
- Waste Management/Defensive Cash Flow Generator↓ (OPPORTUNITY)◆
With nearly 12% growth in operating cash flow to $1.73B and over $1B returned to shareholders, WM offers a defensive profile with stable pricing power (core price +5.7%) in an uncertain macro environment.
- Boeing/Spirit AeroSystems Synergies↓ (OPPORTUNITY)◆
The completed $8.4B acquisition of Spirit AeroSystems is a long-term strategic positive, bringing key supply chain in-house. If Boeing successfully integrates Spirit and reduces costs, it could be a major catalyst for margin expansion.
- Johnson Controls International/BlackRock Accumulation↓ (OPPORTUNITY)◆
BlackRock increased its stake in JCI to 7.8% (from a lower prior level), the highest disclosed passive stake among the four BlackRock filings. This signals strong institutional conviction in the company's long-term value.
- Illinois Tool Works/Welding & Test Equipment Growth↓ (OPPORTUNITY)◆
Welding (+13.9% organic) and Test & Measurement & Electronics (+10.0%) are delivering double-digit organic growth, providing diversification against weakness in Automotive OEM.
- Boeing/Commercial Delivery Momentum↓ (OPPORTUNITY)◆
246 net orders in Q2 from major airlines (Korean Air, Delta) and a 14% increase in deliveries signal strong demand for narrowbody and widebody aircraft, supporting a multi-year production ramp.
Sector Themes (6)
- Revenue Growth vs. Margin Compression◆
All six reporting companies (UPS, Carrier, Boeing, WM, ITW) posted YoY revenue growth, but 4 of 6 saw GAAP earnings decline or remain negative. The theme is 'growth without profit' as restructuring costs and input cost inflation erode bottom lines.
- Restructuring and Transformation Wave◆
UPS ($891M charge) and Boeing (Spirit AeroSystems integration, VC-25B losses) are undergoing significant operational overhauls. This is creating a bifurcation between 'clean' earnings (non-GAAP) and reported GAAP results, requiring investors to look through one-time charges.
- Concentrated Insider Selling in Aerospace & Defense◆
RTX Corp saw a cluster of insider sales totaling ~$2.94M from three senior leaders on the same day. This is a stark contrast to the broader sector narrative of strong defense demand and raises questions about management's view of the stock's valuation.
- Institutional Confidence via BlackRock◆
BlackRock filed passive 13G stakes in four industrial companies (FedEx Freight, General Dynamics, Honeywell Aerospace, Johnson Controls), with the largest relative position in JCI (7.8%). This suggests large-cap passive investors see value in the sector despite near-term headwinds.
- Capital Allocation Divergence◆
ITW returned a record $1.2B to shareholders in a single quarter (dividends + buybacks), while Boeing's cash position plummeted by $3.7B due to the Spirit acquisition. This highlights a split between mature, cash-generating companies and those in a capital-intensive investment cycle.
- Pricing Power as a Key Differentiator◆
Waste Management (core price +5.7%) and Illinois Tool Works (price increases more than offset raw material costs) demonstrated strong pricing power. In contrast, Carrier Global saw cost growth outpace sales, indicating a lack of pricing power in its HVAC and building solutions markets.
Watch List (8)
- UPS/Q3 2026 Earnings👁
Watch for progress on the Driver Choice Program restructuring and whether GAAP earnings begin to converge with non-GAAP adjusted figures. The transformation charge trajectory will be critical.
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With cash falling to $7.2B and capex up 82%, monitor Boeing's next filing for any debt issuance, asset sales, or further cash burn. The Spirit AeroSystems integration costs could accelerate cash consumption.
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After the cluster of three insider sales, watch for any further Form 4 filings from other executives or directors. A pattern of sustained selling would be a major red flag.
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The 190 bps adjusted margin decline is a key concern. Watch the Q3 2026 earnings call for a concrete plan to restore margins, especially in the CSA segment.
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With Automotive OEM organic revenue down 0.4%, monitor for any further deterioration in this segment, which could offset gains in Welding and Test & Measurement.
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After the 1.8% volume decline, watch for signs of stabilization or further weakness in Collection and Disposal volumes in Q3, which will determine if the lowered revenue guidance was conservative.
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The swing to a $15M operating loss in Defense, Space & Security, including $280M in VC-25B losses, needs close monitoring. Any further program charges would be a significant negative.
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As a newly independent entity (post-spin from Honeywell International), watch for the first standalone earnings report and any initial guidance from management.
Filing Analyses
(15)
28-07-2026
UPS reported Q2 2026 consolidated revenues of $22.8B, up from $21.2B in Q2 2025, with non-GAAP adjusted operating profit of $2.1B, up from $1.9B. However, GAAP operating profit fell sharply to $930M from $1.8B due to $891M in after-tax transformation charges, and GAAP diluted EPS dropped to $0.71 from $1.65. The company raised full-year 2026 guidance: revenue to ~$91.2B, non-GAAP adjusted operating profit to ~$8.65B, and non-GAAP adjusted diluted EPS to ~$7.22.
- · GAAP results included after-tax transformation charges of $891M ($1.05 per diluted share) primarily from employee separation costs related to the Driver Choice Program.
- · U.S. Domestic Segment GAAP operating margin was 0.1%; non-GAAP adjusted operating margin was 8.0%.
- · International Segment operating margin on both GAAP and non-GAAP adjusted basis was 12.4%.
- · Supply Chain Solutions operating margin on both GAAP and non-GAAP adjusted basis was 10.2%.
- · In first six months of 2026, UPS achieved ~$1.2B in program benefits from transformation initiatives; expects ~$3B in full-year 2026 benefits.
- · Transformation initiatives expected to conclude by 2027.
- · UPS confirms expected 2026 capital expenditures of ~$3.0B and dividend payments of ~$5.4B.
- · Effective tax rate for 2026 still expected to be approximately 23.0%.
- · 2025 full-year revenue was $88.7B.
28-07-2026
Carrier Global reported Q2 2026 results with net sales up 4% to $6.351B and organic sales up 3%, beating expectations. However, GAAP EPS fell 14% to $0.60 and adjusted EPS declined 7% to $0.86, driven by lower operating profit and a higher tax rate. The company raised its full-year outlook to ~$23B in sales and ~$2.90 adjusted EPS, while free cash flow improved to $810M from $568M a year ago.
- · GAAP operating margin declined 180 bps to 13.0% from 14.8%.
- · Adjusted operating margin declined 190 bps to 17.2% from 19.1%.
- · CSA segment operating margin fell 260 bps to 24.4% from 27.0%.
- · CSE segment operating margin fell 70 bps to 7.2% from 7.9%.
- · CSAME segment operating margin fell 350 bps to 11.8% from 15.3%.
- · CST segment operating margin fell 160 bps to 16.0% from 17.6%.
- · CST organic sales were flat (0% growth).
- · CSAME operating profit declined 20% due to unfavorable mix and lower JV income from the Middle East conflict.
- · Full-year guidance includes ~($0.05) adjusted EPS impact from NORESCO exit and new U.S. factory costs.
- · Riello divestiture completed on July 1, 2026.
28-07-2026
Boeing reported Q2 2026 revenue of $24.6B, up 8% YoY, driven by a 14% increase in commercial deliveries to 171 units. However, the company posted a GAAP net loss of $428M (($0.67) per share) and a core non-GAAP loss of ($0.76) per share, though both losses narrowed significantly from the prior year. Operating cash flow surged to $1.4B from $227M a year ago, while free cash flow turned positive at $0.6B. Segment performance was mixed: Commercial Airplanes narrowed its operating loss to ($322M) from ($557M), but Defense, Space & Security swung to a small operating loss of ($15M) from a profit of $110M, and Global Services saw earnings decline 8% to $968M. Total company backlog reached a record $715B.
- · Commercial Airplanes booked 246 net orders in Q2 2026, including from Korean Air, Delta Air Lines, and SMBC Capital.
- · Defense, Space & Security results include $280M of losses on the VC-25B program driven by investment in additional production and certification resources.
- · Global Services operating margin declined to 18.1% from 19.9% a year ago, reflecting impacts from the Digital Aviation Solutions divestiture, higher costs, and unfavorable mix.
- · Cash and investments decreased to $20.0B from $20.9B at Q1 2026 end, reflecting debt repayments partially offset by cash flow generated.
- · Consolidated debt decreased to $45.9B from $47.2B at Q1 2026 end.
- · The company maintains access to $10.0B in undrawn credit facilities.
- · Certification flight testing completed on both 737-7 and 737-10; first delivery anticipated in 2027 for both variants.
- · 777X program received FAA approval to begin certification flight testing; first delivery anticipated in 2027.
- · Defense, Space & Security backlog was $85B, with 27% representing orders from customers outside the U.S.
- · Global Services backlog was $33B.
28-07-2026
Carrier Global Corp reported Q2 2026 net sales of $6,351M, up 3.9% YoY from $6,113M, driven by product sales growth of 2.9% and service sales growth of 12.7%. However, net earnings attributable to common shareowners declined 15.2% YoY to $501M from $591M, and operating profit fell 8.6% to $825M from $903M, reflecting margin compression. For the six-month period, net earnings dropped 26.3% to $739M from $1,003M, while total net sales rose 3.2% to $11,692M from $11,331M.
- · Cost of products sold increased 5.5% YoY in Q2 2026 to $4,081M from $3,867M, outpacing product sales growth.
- · Cost of services sold rose 13.6% YoY in Q2 2026 to $542M from $477M, slightly above service sales growth.
- · Research and development spending decreased 8.1% YoY in Q2 2026 to $148M from $161M.
- · Equity method investment net earnings fell 25.6% YoY in Q2 2026 to $58M from $78M.
- · Other income (expense), net swung to a loss of $3M in Q2 2026 from a gain of $30M in Q2 2025.
- · Interest expense increased 15.4% YoY in Q2 2026 to $105M from $91M.
- · Income tax expense rose 11.1% YoY in Q2 2026 to $180M from $162M, despite lower pre-tax earnings.
- · Inventories increased 11.1% to $2,759M as of June 30, 2026 from $2,483M at Dec 31, 2025.
- · Accounts receivable grew 23.0% to $3,246M from $2,639M over the same period.
- · Short-term borrowings and current portion of long-term debt surged to $1,638M from $468M at year-end 2025.
- · Long-term debt decreased to $10,314M from $11,365M at Dec 31, 2025.
- · Net cash provided by operating activities from continuing operations improved to $953M in H1 2026 from $752M in H1 2025.
- · Capital expenditures increased 46.5% to $211M in H1 2026 from $144M in H1 2025.
- · Dividends declared per share increased to $0.48 in Q2 2026 from $0.45 in Q2 2025.
- · Treasury stock repurchases totaled $446M in Q2 2026, up from $334M in Q2 2025.
- · Accumulated other comprehensive loss worsened to $(537)M from $(269)M at Dec 31, 2025, primarily due to foreign currency translation losses of $(268)M in H1 2026.
- · Intangible assets, net decreased 9.0% to $5,756M from $6,326M, driven by amortization.
- · Goodwill decreased slightly to $15,267M from $15,501M.
28-07-2026
Senior Vice President Ali Mohamed sold 2,782 Common Stock at $353.72 (~$984K). 8 transactions reported in total. Ali Mohamed holds 20,666 shares after the transaction.
- · Senior Vice President Ali Mohamed exercised/converted 3,035 Common Stock at $90.01 (~$273K)
- · Senior Vice President Ali Mohamed sold 1,769 Common Stock at $353.75 (~$626K)
- · Senior Vice President Ali Mohamed sold 1,266 Common Stock at $353.74 (~$448K)
- · Senior Vice President Ali Mohamed exercised/converted 5,061 Common Stock at $69.55 (~$352K)
- · Senior Vice President Ali Mohamed sold 2,782 Common Stock at $353.72 (~$984K)
- · Senior Vice President Ali Mohamed sold 2,279 Common Stock at $353.64 (~$806K)
- · Senior Vice President Ali Mohamed exercised/converted 3,035 Employee Stock Option (right to buy)
- · Senior Vice President Ali Mohamed exercised/converted 5,061 Employee Stock Option (right to buy)
28-07-2026
BlackRock, Inc. filed a Schedule 13G with the SEC on July 28, 2026, disclosing beneficial ownership of 8,346,293 shares of FedEx Freight Holding Company, Inc. common stock, representing 7.0% of the outstanding shares. The filing indicates the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
- · The filing is made under Rule 13d-1(b), indicating passive investment intent.
- · BlackRock's beneficial ownership includes shares held by multiple subsidiaries, with BlackRock Fund Managers Ltd noted as beneficially owning 5% or greater of the outstanding shares.
- · No single person's interest in the common stock exceeds 5% of the total outstanding shares.
- · The filing date is July 28, 2026, with the date of change also July 28, 2026.
28-07-2026
BlackRock, Inc. filed an amended Schedule 13G with the SEC on July 28, 2026, disclosing beneficial ownership of 17,250,237 shares of General Dynamics Corp common stock, representing 6.4% of the outstanding shares as of June 30, 2026. The filing indicates a slight decrease in BlackRock's ownership from the prior period, as the number of shares beneficially owned decreased from 16,423,372 to 17,250,237, but the percentage ownership remained flat at 6.4%.
- · BlackRock's beneficial ownership includes shares held by multiple subsidiaries and affiliates, with no single person's interest exceeding 5% of the total outstanding common shares.
- · The filing is made pursuant to Rule 13d-1(b) under the Securities Exchange Act of 1934, indicating passive investment intent.
- · BlackRock certifies that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of General Dynamics Corp.
28-07-2026
BlackRock, Inc. filed a Schedule 13G with the SEC on July 28, 2026, disclosing beneficial ownership of 20,877,538 shares of Honeywell Aerospace Inc. common stock, representing 6.6% of the outstanding shares. The filing indicates that no single person's interest exceeds 5% of the total outstanding common shares, and the securities were acquired and are held in the ordinary course of business without intent to change or influence control of the issuer.
- · The filing is made pursuant to Rule 13d-1(b) under the Securities Exchange Act of 1934.
- · BlackRock's beneficial ownership is reported as of June 30, 2026.
- · No single person's interest in the common stock exceeds 5% of the total outstanding common shares.
- · The Schedule 13G reflects securities beneficially owned by certain business units of BlackRock, Inc. and its subsidiaries and affiliates, as per SEC Release No. 34-39538.
- · BlackRock certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
28-07-2026
BlackRock, Inc. filed a Schedule 13G/A with the SEC on July 28, 2026, disclosing its beneficial ownership of 47,354,681 shares of Johnson Controls International plc common stock, representing 7.8% of the outstanding shares. The filing reflects a decrease from the previously reported 43,083,623 shares (which would have been a lower percentage), indicating BlackRock increased its stake in the company.
- · BlackRock's filing is an amendment (Schedule 13G/A) to a prior 13G filing.
- · The filing is made under Rule 13d-1(b), indicating passive investment intent.
- · BlackRock certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control.
- · No single person within BlackRock's reporting group beneficially owns more than 5% of the outstanding shares.
- · The filing includes a Power of Attorney dated January 21, 2025, authorizing multiple individuals to execute ownership reporting documents.
28-07-2026
WM reported Q2 2026 revenue of $6.684B, up 4.0% YoY, and adjusted operating EBITDA of $2.067B, up 5.5% YoY. Cash flow from operations increased nearly 12% to $1.73B, and the company returned over $1B to shareholders. However, Collection and Disposal volume declined 1.8% due to prior-year wildfire cleanup activity, and the company lowered its full-year revenue outlook by ~0.6% to $26.275-$26.475B, while maintaining profitability and cash flow targets.
- · Core price was 5.7% and Collection and Disposal yield was 3.6%.
- · Operating expenses were 59.2% of revenue, in-line with prior year.
- · Adjusted SG&A expenses were 9.9% of revenue, improving 60 bps YoY.
- · Collection and Disposal operating EBITDA grew $79M on an adjusted basis.
- · Healthcare Solutions operating EBITDA grew $11M on an adjusted basis.
- · Blended average price for single-stream recycled commodities was ~$75/ton vs ~$84/ton in prior year (decline).
- · Average price for Renewable Fuel Standard credits was $2.33 vs $2.53 in prior year (decline).
- · Average price for natural gas was $2.23/MMBtu vs $2.81/MMBtu in prior year (decline).
- · Average price for electricity was ~$69/MWh vs ~$67/MWh in prior year (increase).
- · Landfill accretion expense was $39M in Q2 2026 vs $36M in Q2 2025.
- · 2026 adjusted operating EBITDA margin guidance raised to 31.0%-31.2% (up 20 bps).
28-07-2026
Senior VP and Treasurer DaSilva Kevin G sold 4,760 Common Stock at $213.62 (~$1.02M). DaSilva Kevin G holds 20,099.1004 shares after the transaction.
- · Senior VP and Treasurer DaSilva Kevin G sold 4,760 Common Stock at $213.62 (~$1.02M)
- · Senior VP and Treasurer DaSilva Kevin G sold 2,250 Common Stock at $216.93 (~$488K)
28-07-2026
Director Atkinson Tracy A sold 2,295 Common Stock at $218.05 (~$500K). Atkinson Tracy A holds 1,785 shares after the transaction.
- · Director Atkinson Tracy A sold 2,295 Common Stock at $218.05 (~$500K)
28-07-2026
President, Collins Aerospace Brunk Troy D sold 6,746 Common Stock at $210.20 (~$1.42M). 5 transactions reported in total. Brunk Troy D holds 8,809.1118 shares after the transaction.
- · President, Collins Aerospace Brunk Troy D exercised/converted 12,600 Common Stock at $97.65 (~$1.23M)
- · President, Collins Aerospace Brunk Troy D sold 1,811 Common Stock at $210.65 (~$381K)
- · President, Collins Aerospace Brunk Troy D disposed to the issuer 5,854 Common Stock at $210.17 (~$1.23M)
- · President, Collins Aerospace Brunk Troy D sold 6,746 Common Stock at $210.20 (~$1.42M)
- · President, Collins Aerospace Brunk Troy D exercised/converted 12,600 Stock Appreciation Right
28-07-2026
Illinois Tool Works Inc. reported strong Q2 2026 results with revenue of $4.30B (+6.1% YoY) and GAAP EPS of $2.84 (+10.1% YoY), marking the most profitable quarter in company history with operating margin of 26.7%. However, Automotive OEM organic revenue declined 0.4% YoY and Food Equipment organic revenue was flat, while Welding (+13.9%) and Test & Measurement & Electronics (+10.0%) delivered double-digit organic growth. The company raised full-year 2026 guidance, increasing organic revenue growth midpoint by 1.5 percentage points to 3.5% and GAAP EPS midpoint by $0.15 to $11.45.
- · Enterprise initiatives contributed 120 bps to operating margin in Q2 2026.
- · Price increases more than offset higher raw material costs in dollar terms, though timing lags between inflation and price adjustments modestly diluted margins.
- · The company returned over $1.2 billion to shareholders in Q2 2026 through dividends and share repurchases.
- · Full-year 2026 operating margin guidance range is 26.5% to 27.5%.
- · Full-year 2026 free cash flow is projected to exceed 100% of net income.
- · The projected effective tax rate for full-year 2026 is 23% to 24%.
- · After-tax return on average invested capital for Q2 2026 was 29.7% (annualized), up from 29.4% in Q2 2025.
- · Total debt stood at $9.694 billion as of June 30, 2026, up from $8.969 billion at December 31, 2025.
- · Cash and equivalents decreased to $839 million from $851 million at year-end 2025.
- · Trade receivables increased to $3.564 billion from $3.227 billion at year-end 2025.
28-07-2026
Boeing reported a net loss of $435M for the six months ended June 30, 2026, improving from a $643M loss in the same period of 2025. Total revenues increased 10.8% to $46.777B, driven by growth across all segments, particularly Commercial Airplanes (+10.2%) and Defense, Space & Security (+16.8%). However, operating losses persisted in Commercial Airplanes ($885M loss) and the company's cash position declined sharply, with cash and cash equivalents falling from $10.921B at year-end 2025 to $7.239B at June 30, 2026.
- · Boeing completed the acquisition of Spirit AeroSystems for total consideration of $8.389B, including $4.704B in Boeing common stock exchanged for Spirit common stock, $2.589B in settlement of loans and advances, $948M in debt repaid on Spirit's behalf, and $109M premium on assumed Spirit Exchangeable Notes.
- · Net cash provided by operating activities swung positive to $1.185B from a use of $1.389B in the prior year period, driven by a $4.660B increase in advances and progress billings.
- · Capital expenditures increased 82.4% to $2.008B from $1.101B in the prior year period.
- · Debt repayments totaled $8.376B, significantly higher than $677M in the prior year period, contributing to a net cash used by financing activities of $8.513B.
- · The company's net loss attributable to common shareholders was $620M for the six months, compared to $820M in the prior year period.
- · The FAS/CAS service cost adjustment decreased to $310M from $519M in the prior year period.
- · Interest and debt expense decreased to $1.216B from $1.418B in the prior year period.
- · Inventories increased to $88.388B from $84.679B at year-end 2025.
- · Total shareholders' equity improved to $6.100B from $5.454B at year-end 2025, primarily due to reduced treasury stock and retained earnings improvement.
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