2Q26 earnings preview

Research evidence excerpt

2Q26 earnings preview

Equity Research

13 July 2026 | 7:06AM EDT

AMERICAS AEROSPACE & DEFENSE

Our 2Q26 A&D earnings preview provides our current thoughts on each sub-market Noah Poponak, CFA

+1(212)357-0954 |

and single stock ideas into the results period. We see a favorable setup in aerospace noah.poponak@gs.com

Goldman Sachs & Co. LLC

aftermarket, as investor expectations were reduced on higher fuel prices, but

Connor Dessertfundamental demand remains strong and several companies have idiosyncratic +1(212)357-6166 |

drivers. Aerospace OE should continue to see strong growth with Boeing & Airbus connor.dessert@gs.comGoldman Sachs & Co. LLC

ramping supply towards demand. Business jet fundamentals are solid, though vary by Nizar Mesani

company. In defense, we see risk of top-line and margin disappointment in the +1(212)934-6965nizar.mesani@gs.com|

larger-cap legacy vertical, while we think defense tech on average can see stronger Goldman Sachs India SPL

Fenenbock, CFAfundamentals. Government IT demand indicators remain mixed. We highlight LOAR, Amanda | +1(212)934-0385

ARXS, AVEX, EMBJ, LMT into results. amanda.fenenbock@gs.com Goldman Sachs & Co. LLC

Aerospace OE: We believe Boeing is on track to break from current production rates Tomas Russo +1(212)902-7439 |

of 42/month on the 737 MAX to 47/month this summer. 787 production remains at tomas.russo@gs.com Goldman Sachs & Co. LLC

7-8/month, and we continue to expect a rate break to 10/month by the end of the

year. Destocking seems to have mostly ended, which should allow for high growth

rates in the OE business of suppliers. Overall, demand remains higher than supply,

creating a multi-year visible growth runway for OE.

Aerospace aftermarket: We expect strong aftermarket growth in the quarter and

through 2026.