Earnings Call Sheet: 2Q26 Results Preview & Calendar

Research evidence excerpt

Earnings Call Sheet: 2Q26 Results Preview & Calendar

J P M O R G A N North America Credit Research

20 July 2026

Earnings Call Sheet

2Q26 Results Preview & Calendar

North American Corporate Credit –

Tech, Media, & Telecom (IG)

Erica R Spear AC

(1-212) 834-4143

erica.spear@jpmchase.com

• The 2Q26 earnings season kicked off last night with Netflix’s 2Q print and Quinn Degen

will begin in full next week when we hear from several issuers including (1-212) 270-0091

roger.degen@jpmchase.com

Alphabet, IBM, Rogers, AT&T, Comcast, Intel, T-Mobile, Charter and J.P. Morgan Securities LLC

Verizon. Nearly 60% of our coverage has confirmed their respective earnings

dates so far, and we are accordingly publishing our 2Q calendar and

expectations today.

• As the hyperscalers head into 2Q earnings, we will be focused on whether

management teams provide greater transparency around the next leg of the AI

investment cycle. In particular, we will be looking for any inkling of

commentary on financing plans; whether full-year capex guidance moves

higher again; the earliest indications for 2027 spending; evolving input

costs across GPUs, networking, memory and power infrastructure; and

any evidence that AI monetization is beginning to keep pace with the

unprecedented pace of investment. These questions have taken on added

importance as investor fatigue has begun to emerge in the bond market

following a relentless wave of hyperscaler issuance and project financing

activity. Credit fundamentals are generally still exceptionally strong, but

investors have become increasingly concerned that funding needs could

continue to outpace expectations, creating persistent supply overhangs and

reducing visibility into future issuance calendars. As a result, management