High Grade Manufacturing: 2Q26 Earnings Rewind – Week of July 20

Research evidence excerpt

High Grade Manufacturing: 2Q26 Earnings Rewind – Week of July 20

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

24 July 2026

High Grade Manufacturing

2Q26 Earnings Rewind – Week of July 20

North America Corporate Credit -

Autos & Auto Parts and

Manufacturing (IG)

Evan Piascik AC

(1-212) 834-4432

evan.piascik@jpmchase.com

• High Grade Manufacturing 2Q26 earnings kicked off this week with 11 Max Berman

credits reporting results. The calendar is set to pick up next week with over

(1-212) 834-2380

25 names expected to report earnings. Results have been broadly positive thus max.berman@jpmorgan.com

far, with continued support from the consistently strong end markets (primarily J.P. Morgan Securities LLC

data center construction), while full-year guidance updates have also leaned

positive.

• (Unsurprisingly) Positive data center outlook. GEV represented the first

major data center-exposed Manufacturing credit to report 2Q26 results on

Wednesday, and its Power and Electrification businesses remain strong. The

Gas Power equipment backlog and slot reservation agreements increased from

100 GW to 116 GW, leading GEV to raise its YE26 expectation to at least 125

GW (v. 110 GW expected previously), while Electrification equipment

backlog grew 69% y/y to ~$41 billion. Data-center related demand for power

generation is a main driver for GEV’s Power and Electrification outlook, which

also provides excellent visibility to future margin and cash flow growth (~$176

billion total backlog at quarter-end).

• Honeywell completed the Aerospace spinoff. HON’s Aerospace business

was spun-off in June, a notable aspect of its ongoing portfolio shaping efforts.

The company closed the acquisition of the Johnson Matthey Catalyst

Technologies business in July and expects the Productivity Solutions and