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S&P 500 Industrials Sector SEC Filings — August 04, 2026

USA S&P 500 Industrials

By Gunpowder Editorial ·

19 high priority 6 medium priority 25 total filings analysed

Executive Summary

The S&P 500 Industrials sector is showing robust growth, led by Caterpillar's record Q2 with sales up 24% YoY and EPS surging 68%, and Cummins' record revenues up 9% with raised guidance.

However, margin compression is a recurring theme, with Emerson's Safety & Productivity segment down 230 bps and Cummins' EBITDA margin down 90 bps, partly due to higher incentive compensation and restructuring costs. Insider activity is notable: General Dynamics' CEO and EVP sold significant shares (~$55M combined) after exercising options, while Honeywell executives received substantial RSU awards, signaling confidence. Capital allocation remains shareholder-friendly, with Caterpillar deploying $2.2B in buybacks and dividends. Key risks include rising credit losses at Caterpillar Financial, increased tax rates, and foreign currency translation losses at Emerson. Forward-looking guidance is positive, with Cummins raising revenue and EBITDA targets, and Emerson raising EPS and FCF outlook, suggesting continued optimism in data center and infrastructure demand.

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

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

Tracking the trend? Catch up on the prior S&P 500 Industrials Sector SEC Filings digest from July 27, 2026.

Investment Signals (10)

  • Caterpillar ↓ (BULLISH)
    ▲

    Q2 sales up 24% YoY to $20.5B, EPS up 68% to $7.77, operating margin up 360 bps to 20.9%, driven by volume and price; deployed $2.2B in buybacks/dividends

  • Cummins ↓ (BULLISH)
    ▲

    Raised FY2026 revenue guidance to +10-13% and EBITDA margin to 18.0-18.5% on data center power demand; Q2 revenue up 9% YoY to $9.5B

  • Emerson Electric ↓ (BULLISH)
    ▲

    Raised FY2026 adjusted EPS outlook to ~$6.55 and FCF to ~$3.6B; Q3 net sales up 7% YoY, adjusted EPS up 13%

  • Caterpillar Financial ↓ (BULLISH)
    ▲

    Q2 revenue up 10% YoY to $991M, profit up 6% to $145M, driven by higher average earning assets

  • Honeywell ↓ (BULLISH)
    ▲

    Multiple executives (CEO Process Automation, CEO Industrial Automation, CEO Building Automation) awarded RSUs totaling ~37,000 shares, indicating strong retention and confidence

  • General Dynamics ↓ (BEARISH)
    ▲

    CEO and EVP sold ~$55M in stock after exercising options at $165.47, but still hold significant positions; sales at ~$379 may signal valuation concerns

  • Cummins ↓ (MIXED)
    ▲

    Q2 gross margin up 8.1% YoY, but SG&A up 14.6% and other operating expenses surged from $37M to $62M, pressuring margins

  • Emerson ↓ (MIXED)
    ▲

    Europe sales declined 1% YoY, contrasting with 8% growth in Americas and AMEA; Safety & Productivity GAAP margin contracted 230 bps to 16.9%

  • Caterpillar ↓ (MIXED)
    ▲

    All three primary segments grew, with Construction Industries up 35%, but All Other Segment declined 1%

  • Northrop Grumman ↓ (NEUTRAL)
    ▲

    Director sold small amounts under 10b5-1 plan, not material

Risk Flags (9)

Opportunities (8)

  • Cummins/Data Center Demand↓ (OPPORTUNITY)
    ◆

    Raised FY2026 revenue guidance to +10-13% and EBITDA margin to 18.0-18.5%, citing robust data center power demand; Q2 revenue up 9% YoY

  • Caterpillar/Infrastructure Boom↓ (OPPORTUNITY)
    ◆

    Record Q2 sales up 24% YoY, with Construction Industries up 35%, indicating strong infrastructure spending; operating margin up 360 bps

  • Emerson/Automation Growth↓ (OPPORTUNITY)
    ◆

    Raised FY2026 EPS outlook to ~$6.55 and FCF to ~$3.6B; adjusted EBITA margin improved in Safety & Productivity to 21.2%

  • Caterpillar/Shareholder Returns↓ (OPPORTUNITY)
    ◆

    Deployed $2.2B in buybacks and dividends in Q2, signaling strong cash generation and commitment to shareholders

  • Honeywell/Leadership Confidence↓ (OPPORTUNITY)
    ◆

    Large RSU awards to key executives (e.g., 14,233 shares to Industrial Automation and Building Automation CEOs) suggest alignment with shareholder value creation

  • General Dynamics/Share Rescission↓ (OPPORTUNITY)
    ◆

    Filed prospectus to rescind acquisition of up to 1.01M shares, potentially returning value to shareholders

  • Emerson/Cash Flow↓ (OPPORTUNITY)
    ◆

    Nine-month operating cash flow rose to $2,902M from $2,088M, up 39% YoY, supporting buybacks and investments

  • Cummins/Record Q2↓ (OPPORTUNITY)
    ◆

    Net income up 4.7% YoY to $932M, with record revenues, indicating strong execution despite margin pressure

Sector Themes (6)

  • Strong Demand in Industrials (GROWTH)
    ◆

    3 of 4 major companies (Caterpillar, Cummins, Emerson) reported revenue growth of 7-24% YoY, driven by infrastructure, data centers, and automation

  • Margin Compression Despite Growth (COST PRESSURE)
    ◆

    Cummins EBITDA margin down 90 bps, Emerson Safety & Productivity margin down 230 bps, indicating cost pressures from incentives and restructuring

  • Insider Activity Mixed (MIXED)
    ◆

    General Dynamics executives sold large amounts, while Honeywell executives received RSUs, suggesting divergent views on valuation

  • Capital Allocation Focus on Buybacks (SHAREHOLDER RETURNS)
    ◆

    Caterpillar deployed $1.5B in buybacks, Emerson and Cummins also active, indicating confidence in cash flow

  • Rising Tax Rates (TAX HEADWIND)
    ◆

    Caterpillar Financial and Cummins both saw higher effective tax rates due to geographic mix and discrete items, impacting earnings

  • Data Center Power Demand (GROWTH)
    ◆

    Cummins explicitly cited data center demand as a growth driver, a theme likely benefiting other industrials

Watch List (7)

  • Caterpillar↓ (WATCH)
    👁

    Monitor Q3 2026 results for continued volume growth and credit quality at Caterpillar Financial; earnings call expected late October 2026

  • Cummins↓ (WATCH)
    👁

    Watch for execution on raised FY2026 guidance (revenue +10-13%, EBITDA 18.0-18.5%) and margin recovery; next earnings call in October 2026

  • Emerson Electric↓ (WATCH)
    👁

    Monitor margin recovery in Safety & Productivity and Europe sales; FY2026 outlook raised, watch for Q4 results in November 2026

  • General Dynamics↓ (WATCH)
    👁

    Watch for further insider selling and the outcome of the share rescission offer; also monitor defense spending trends

  • Honeywell↓ (WATCH)
    👁

    Track RSU vesting and any insider sales; also watch for updates on business segment performance, especially Aerospace and Automation

  • Caterpillar Financial↓ (WATCH)
    👁

    Monitor credit loss provisions and write-offs in coming quarters; Q3 report expected in October 2026

  • Northrop Grumman↓ (WATCH)
    👁

    Director sales under 10b5-1 plan are small, but watch for any larger insider transactions

Filing Analyses (25)
LOCKHEED MARTIN CORP 4 neutral materiality 1/10

04-08-2026

Form 4 ownership filing; the structured EDGAR document could not be retrieved for automated parsing.

HONEYWELL INTERNATIONAL INC 4 neutral materiality 4/10

04-08-2026

SVP and CHRO Reilly Jennifer J was awarded 3,355 Restricted Stock Units.

  • · SVP and CHRO Reilly Jennifer J was awarded 3,355 Restricted Stock Units
CATERPILLAR FINANCIAL SERVICES CORP 8-K mixed materiality 7/10

04-08-2026

Caterpillar Financial Services reported second-quarter 2026 revenues of $991 million, up 10% YoY, and profit of $145 million, up 6% YoY, driven by higher average earning assets. However, the provision for credit losses increased $22 million, net write-offs rose to $20 million from $18 million, and the estimated annual tax rate increased to 28% from 25%, partially offsetting gains.

  • · Higher provision for credit losses of $22 million partially offset gains from higher average earning assets.
  • · Net write-offs increased to $20 million in Q2 2026 from $18 million in Q2 2025.
  • · Estimated annual tax rate rose to 28% from 25% due to changes in geographic mix of profits.
  • · Allowance for credit losses as a percentage of finance receivables decreased to 0.84% at June 30, 2026 from 0.86% at March 31, 2026.
  • · Past dues improved to 1.31% from 1.62% year-over-year.
CATERPILLAR INC 8-K positive materiality 9/10

04-08-2026

Caterpillar reported record second-quarter 2026 sales and revenues of $20.5 billion, up 24% YoY from $16.6 billion, driven by higher sales volume ($3.1B) and favorable price realization ($595M). Profit per share surged to $7.77 from $4.62, and adjusted profit per share rose to $8.17 from $4.72. All three primary segments posted strong growth, with Construction Industries leading at +35%, while the All Other Segment saw a slight decline of 1%.

  • · Operating profit margin improved to 20.9% from 17.3% YoY; adjusted operating profit margin rose to 21.9% from 17.6%.
  • · Enterprise operating cash flow was $4.4 billion in Q2 2026.
  • · The company deployed $1.5 billion for share repurchases and $0.7 billion for dividends in the quarter.
  • · Power & Energy segment profit margin increased to 24.6% from 22.1% YoY.
  • · Construction Industries segment profit margin increased to 23.3% from 20.1% YoY.
  • · Resource Industries segment profit margin increased to 14.9% from 14.5% YoY.
  • · Cat Financial past dues improved to 1.31% from 1.62% YoY, but write-offs increased to $20 million from $18 million.
  • · The effective tax rate was 23.1% in Q2 2026 vs 23.0% in Q2 2025.
  • · A discrete tax benefit of $26 million was recorded in Q2 2026 for stock-based compensation awards.
  • · Operating profit included $392 million of expected IEEPA tariff recoveries.
  • · All Other Segment sales declined 1% YoY to $84 million.
  • · Resource Industries faced unfavorable manufacturing costs of $158 million, partially offsetting profit gains.
  • · Power & Energy experienced unfavorable manufacturing costs of $149 million.
  • · Cat Financial's allowance for credit losses was $294 million (0.84% of finance receivables) at June 30, 2026, down from $283 million (0.86%) at March 31, 2026.
CUMMINS INC 10-Q mixed materiality 8/10

04-08-2026

Cummins Inc. reported Q2 2026 net sales of $9,457M, up 9.4% YoY from $8,643M, and net income attributable to Cummins Inc. of $932M, up 4.7% YoY from $890M. However, for the six-month period, net income attributable to Cummins Inc. declined 7.5% to $1,586M from $1,714M, and operating income fell 5.6% to $2,228M from $2,360M, reflecting mixed performance with strong quarterly results but a weaker first half overall.

  • · Gross margin for Q2 2026 was $2,465M vs $2,281M in Q2 2025, an increase of 8.1%.
  • · Selling, general and administrative expenses rose 14.6% YoY to $893M in Q2 2026.
  • · Other operating expense, net increased to $62M in Q2 2026 from $37M in Q2 2025, and to $301M in H1 2026 from $74M in H1 2025.
  • · Cash and cash equivalents increased to $3,179M at June 30, 2026 from $2,845M at December 31, 2025.
  • · Total assets grew to $35,630M at June 30, 2026 from $33,992M at December 31, 2025.
  • · Total equity increased to $13,906M at June 30, 2026 from $13,408M at December 31, 2025.
  • · Net cash provided by operating activities for H1 2026 was $1,808M, more than double the $782M in H1 2025.
  • · The company repurchased $468M of common stock in H1 2026, compared to zero in H1 2025.
  • · Dividend payments increased to $552M in H1 2026 from $502M in H1 2025, with the quarterly dividend rising to $2.00 per share from $1.82.
  • · Other comprehensive loss attributable to Cummins Inc. was $62M in H1 2026 vs income of $278M in H1 2025, driven by foreign currency translation losses.
Johnson Controls International plc 4 neutral materiality 6/10

04-08-2026

EVP and CFO Vandiepenbeeck Marc had withheld for taxes 19,760 Ordinary Shares at $146.66 (~$2.9M). Vandiepenbeeck Marc holds 125,860.76 shares after the transaction.

  • · EVP and CFO Vandiepenbeeck Marc had withheld for taxes 19,760 Ordinary Shares at $146.66 (~$2.9M)
Johnson Controls International plc 4 neutral materiality 5/10

04-08-2026

VP & Pres, GP & Solutions Schlitz Lei Zhang had withheld for taxes 18,625 Ordinary Shares at $146.66 (~$2.73M). Schlitz Lei Zhang holds 38,434.12 shares after the transaction.

  • · VP & Pres, GP & Solutions Schlitz Lei Zhang had withheld for taxes 18,625 Ordinary Shares at $146.66 (~$2.73M)
EMERSON ELECTRIC CO 10-Q mixed materiality 8/10

04-08-2026

Emerson Electric reported net earnings of $718M for Q3 FY2026 (three months ended June 30, 2026), up 22.5% from $586M in the prior-year quarter, and $1,942M for the nine months, up 20.7% from $1,609M. However, total other comprehensive income swung to a loss of $35M in Q3 from a gain of $301M a year ago, driven by foreign currency translation losses. Cash provided by operating activities rose to $2,902M for the nine months from $2,088M, but the company increased restructuring costs to $87M in Q3 from $37M and saw a significant working capital outflow of $320M versus $80M in the prior year.

  • · Restructuring costs increased to $87M in Q3 FY2026 from $37M in Q3 FY2025, and to $141M for the nine months from $70M.
  • · Amortization of intangibles decreased to $204M in Q3 FY2026 from $219M in Q3 FY2025, and to $613M for the nine months from $677M.
  • · Acquisition/divestiture fees and related costs decreased to $22M in Q3 FY2026 from $25M in Q3 FY2025, and to $24M for the nine months from $181M.
  • · Dividends paid per share increased to $0.555 in Q3 FY2026 from $0.5275 in Q3 FY2025, and to $1.665 for the nine months from $1.5825.
  • · Treasury stock purchases totaled $357M in Q3 FY2026 and $905M for the nine months, compared to $26M and $1,161M in the prior-year periods.
  • · Inventories increased to $2,513M as of June 30, 2026 from $2,213M as of September 30, 2025.
  • · Goodwill decreased slightly to $18,122M from $18,193M, and other intangible assets decreased to $8,686M from $9,458M.
  • · Short-term borrowings and current maturities of long-term debt increased to $5,587M from $4,797M, while long-term debt decreased to $7,526M from $8,319M.
  • · Net contract assets remained stable at $787M versus $786M.
  • · Foreign currency translation losses contributed to a negative other comprehensive income of $35M in Q3 FY2026.
EMERSON ELECTRIC CO 8-K mixed materiality 8/10

04-08-2026

Emerson reported strong Q3 FY2026 results with net sales up 7% YoY to $4,873M and adjusted EPS up 13% to $1.71, both exceeding expectations. However, Europe sales declined 1% YoY in the quarter, and the Safety & Productivity segment saw GAAP margin contraction from 19.2% to 16.9%. The company raised its full-year 2026 outlook, now expecting adjusted EPS of ~$6.55 and free cash flow of ~$3.6B.

  • · Europe sales declined 1% YoY in Q3 2026, contrasting with 8% growth in Americas and Asia/Middle East/Africa.
  • · Safety & Productivity segment GAAP margin fell from 19.2% to 16.9% YoY, while adjusted EBITA margin improved from 20.4% to 21.2%.
  • · Control Systems & Software GAAP margin slipped from 24.2% to 23.8% YoY.
  • · Final Control GAAP margin decreased from 23.1% to 22.0% YoY.
  • · Restructuring costs increased sharply from $41M in Q3 2025 to $99M in Q3 2026.
  • · The company received $82M in IEEPA tariff refunds in Q3 2026, boosting adjusted corporate and other.
  • · FY2026 guidance includes ~$1B in share repurchases and ~$1.2B in dividends, totaling ~$2.2B returned to shareholders.
  • · Underlying orders growth of 7% excludes AspenTech.
  • · Cash and equivalents rose to $2,180M as of June 30, 2026 from $1,544M at Sept 30, 2025.
  • · Long-term debt decreased from $8,319M to $7,526M during the nine-month period.
AUTOMATIC DATA PROCESSING INC 4 neutral materiality 4/10

04-08-2026

Corp VP Kwon David exercised/converted 250 Common Stock at $138.53 (~$34.6K). Kwon David holds 9,909.553 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Corp VP Kwon David exercised/converted 250 Common Stock at $138.53 (~$34.6K)
  • · Corp VP Kwon David exercised/converted 250 Stock Option (Right to Buy) at $138.53 (~$34.6K)
GENERAL DYNAMICS CORP 8-K neutral materiality 3/10

04-08-2026

General Dynamics filed a prospectus supplement on August 4, 2026, to rescind the acquisition of up to 1,010,925 shares of its common stock (par value $1.00 per share). The filing includes a legal opinion from Gibson, Dunn & Crutcher LLP regarding the validity of the shares covered by the prospectus supplement. No financial results or period-over-period comparisons are provided in this filing.

  • · The prospectus supplement was filed under Rule 424(b)(5) pursuant to the Company's automatic shelf Registration Statement on Form S-3 (File No. 333-297821), filed with the SEC on July 30, 2026.
  • · The rescission offer relates to the acquisition of up to 1,010,925 shares of common stock, par value $1.00 per share.
  • · The legal opinion of Gibson, Dunn & Crutcher LLP is attached as Exhibit 5.1 and incorporated by reference into the Registration Statement.
HONEYWELL INTERNATIONAL INC 4 neutral materiality 6/10

04-08-2026

Pres/CEO, Process Automation Masso James was awarded 4,067 Restricted Stock Units.

  • · Pres/CEO, Process Automation Masso James was awarded 4,067 Restricted Stock Units
HONEYWELL INTERNATIONAL INC 4 neutral materiality 4/10

04-08-2026

SVP and CHRO Reilly Jennifer J had withheld for taxes 325 Common Stock at $242.01 (~$78.7K). Reilly Jennifer J holds 427 shares after the transaction.

  • · SVP and CHRO Reilly Jennifer J exercised/converted 747 Common Stock
  • · SVP and CHRO Reilly Jennifer J had withheld for taxes 325 Common Stock at $242.01 (~$78.7K)
  • · SVP and CHRO Reilly Jennifer J exercised/converted 747 Restricted Stock Units
HONEYWELL INTERNATIONAL INC 4 neutral materiality 5/10

04-08-2026

SrVP & Chief Financial Officer Stepniak Michal had withheld for taxes 175 Common Stock at $242.01 (~$42.4K). Stepniak Michal holds 2,931 shares after the transaction.

  • · SrVP & Chief Financial Officer Stepniak Michal exercised/converted 401 Common Stock
  • · SrVP & Chief Financial Officer Stepniak Michal had withheld for taxes 175 Common Stock at $242.01 (~$42.4K)
  • · SrVP & Chief Financial Officer Stepniak Michal exercised/converted 401 Restricted Stock Units
HONEYWELL INTERNATIONAL INC 4 neutral materiality 4/10

04-08-2026

SrVP, General Counsel, CorpSec Lu Su Ping had withheld for taxes 167 Common Stock at $242.01 (~$40.4K). Lu Su Ping holds 5,541 shares after the transaction.

  • · SrVP, General Counsel, CorpSec Lu Su Ping exercised/converted 382 Common Stock
  • · SrVP, General Counsel, CorpSec Lu Su Ping had withheld for taxes 167 Common Stock at $242.01 (~$40.4K)
  • · SrVP, General Counsel, CorpSec Lu Su Ping exercised/converted 382 Restricted Stock Units
Otis Worldwide Corp 4 neutral materiality 3/10

04-08-2026

Director KEARNEY CHRISTOPHER J was awarded 290.899 Deferred Stock Units at $72.19 (~$21K).

  • · Director KEARNEY CHRISTOPHER J was awarded 290.899 Deferred Stock Units at $72.19 (~$21K)
HONEYWELL INTERNATIONAL INC 4 neutral materiality 5/10

04-08-2026

Vice President & Controller Mailloux Robert D. was awarded 5,368 Restricted Stock Units.

  • · Vice President & Controller Mailloux Robert D. was awarded 5,368 Restricted Stock Units
HONEYWELL INTERNATIONAL INC 4 neutral materiality 6/10

04-08-2026

Pres/CEO Industrial Automation LAU PETER JAMES was awarded 14,233 Restricted Stock Units.

  • · Pres/CEO Industrial Automation LAU PETER JAMES was awarded 14,233 Restricted Stock Units
HONEYWELL INTERNATIONAL INC 4 neutral materiality 6/10

04-08-2026

Pres/CEO Building Automation Hammoud Billal was awarded 14,233 Restricted Stock Units.

  • · Pres/CEO Building Automation Hammoud Billal was awarded 14,233 Restricted Stock Units
GENERAL DYNAMICS CORP 4 negative materiality 7/10

04-08-2026

Chairman and CEO NOVAKOVIC PHEBE N had withheld for taxes 115,092 Common Stock at $379.17 (~$43.6M). 7 transactions reported in total. NOVAKOVIC PHEBE N holds 766,457 shares after the transaction.

  • · Chairman and CEO NOVAKOVIC PHEBE N exercised/converted 166,660 Common Stock at $165.47 (~$27.6M)
  • · Chairman and CEO NOVAKOVIC PHEBE N had withheld for taxes 115,092 Common Stock at $379.17 (~$43.6M)
  • · Chairman and CEO NOVAKOVIC PHEBE N sold 5,673 Common Stock at $381.17 (~$2.16M)
  • · Chairman and CEO NOVAKOVIC PHEBE N sold 22,707 Common Stock at $382.17 (~$8.68M)
  • · Chairman and CEO NOVAKOVIC PHEBE N sold 15,917 Common Stock at $383.09 (~$6.1M)
  • · Chairman and CEO NOVAKOVIC PHEBE N sold 7,271 Common Stock at $383.85 (~$2.79M)
  • · Chairman and CEO NOVAKOVIC PHEBE N exercised/converted 166,660 Stock Options
GENERAL DYNAMICS CORP 4 negative materiality 8/10

04-08-2026

Executive Vice President Gilliland Marguerite Amy sold 26,210 Common Stock at $378.42 (~$9.92M). 4 transactions reported in total. Gilliland Marguerite Amy holds 44,767 shares after the transaction.

  • · Executive Vice President Gilliland Marguerite Amy exercised/converted 43,180 Common Stock at $165.47 (~$7.14M)
  • · Executive Vice President Gilliland Marguerite Amy sold 16,970 Common Stock at $377.44 (~$6.41M)
  • · Executive Vice President Gilliland Marguerite Amy sold 26,210 Common Stock at $378.42 (~$9.92M)
  • · Executive Vice President Gilliland Marguerite Amy exercised/converted 43,180 Stock Options
Honeywell Aerospace Inc. 4 neutral materiality 6/10

04-08-2026

President and CEO Currier James E had withheld for taxes 650 Common Stock at $208.27 (~$135K). Currier James E holds 5,551.121 shares after the transaction.

  • · President and CEO Currier James E exercised/converted 1,551.3354 Common Stock
  • · President and CEO Currier James E had withheld for taxes 650 Common Stock at $208.27 (~$135K)
  • · President and CEO Currier James E exercised/converted 1,551.3354 Restricted Stock Units
Honeywell Aerospace Inc. 4 neutral materiality 4/10

04-08-2026

SVP and CHRO Arlak Karen Elizabeth had withheld for taxes 156 Common Stock at $208.27 (~$32.5K). Arlak Karen Elizabeth holds 4,889.1649 shares after the transaction.

  • · SVP and CHRO Arlak Karen Elizabeth exercised/converted 582.268 Common Stock
  • · SVP and CHRO Arlak Karen Elizabeth had withheld for taxes 156 Common Stock at $208.27 (~$32.5K)
  • · SVP and CHRO Arlak Karen Elizabeth exercised/converted 582.268 Restricted Stock Units
CUMMINS INC 8-K mixed materiality 8/10

04-08-2026

Cummins reported record Q2 2026 revenues of $9.5B, up 9% YoY, with GAAP net income of $932M (EPS $6.73) versus $890M (EPS $6.43) in Q2 2025. The company raised its full-year 2026 revenue guidance to up 10-13% and EBITDA margin to 18.0-18.5%, citing robust data center power demand and improving North American truck markets. However, EBITDA margin declined to 17.5% of sales from 18.4% a year ago, and several segments saw margin compression due to higher incentive compensation.

  • · Q2 2026 tax rate was 25.1%, including $29M unfavorable discrete tax items.
  • · Full-year 2026 revenue guidance raised to up 10-13% from prior up 8-11%.
  • · EBITDA guidance raised to 18.0-18.5% from prior 17.75-18.5%.
  • · Quarterly dividend increased from $2.00 to $2.20 per share, marking 17 consecutive years of increases.
  • · Accelera segment EBITDA loss was $69 million in Q2 2026.
  • · Engine segment EBITDA margin declined to 12.5% from 13.8% YoY.
  • · Components segment EBITDA margin declined to 13.2% from 14.7% YoY.
  • · Distribution segment EBITDA margin declined to 13.6% from 14.6% YoY.
  • · Power Systems segment EBITDA margin improved to 24.5% from 22.8% YoY.
  • · Company plans to return 50% of operating cash flow to shareholders long-term.
  • · Agreement with Circe Energy for natural gas generator sets for HPC data center in Texas, deliveries 2026-2030.
  • · Model Year 2027 on-highway product launch plans updated following EPA's proposed emissions regulation changes.
NORTHROP GRUMMAN CORP /DE/ 4 negative materiality 2/10

04-08-2026

Director WELSH MARK A III sold 31 Common Stock at $547.42 (~$17K). 10 transactions reported in total. WELSH MARK A III holds 4,393 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Director WELSH MARK A III sold 8 Common Stock at $544.53 (~$4.36K)
  • · Director WELSH MARK A III sold 19 Common Stock at $545.59 (~$10.4K)
  • · Director WELSH MARK A III sold 11 Common Stock at $546.42 (~$6.01K)
  • · Director WELSH MARK A III sold 31 Common Stock at $547.42 (~$17K)
  • · Director WELSH MARK A III sold 10 Common Stock at $548.32 (~$5.48K)
  • · Director WELSH MARK A III sold 6 Common Stock at $549.50 (~$3.3K)
  • · Director WELSH MARK A III sold 2 Common Stock at $550.68 (~$1.1K)
  • · Director WELSH MARK A III sold 2 Common Stock at $552.95 (~$1.11K)

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