US Electrical Equipment & Multi-Industry Top Takeaways From Earnings So Far

Research evidence excerpt

US Electrical Equipment & Multi-Industry Top Takeaways From Earnings So Far

Global Research

26 July 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasTop Takeaways From Earnings So Far

Industrial, Diversified

Amit Mehrotra

We still have a long way to go before the end of reporting season, but several themes are Analyst

beginning to emerge from the results reported so far. amit.mehrotra@ubs.com

+1-201-352 1410

Growth is improving Neal Burk

Analyst

neal.burk@ubs.com

Average and median year-over-year organic growth for Multi-Industry companies in 2Q

+1-212-713 4066

is 8% and 6%, respectively —300bp and 100bp above the growth reported in 1Q. One

quarter does not make a trend, but the improvement is consistent with the inflection in Pratap Singh

Analystthe ISM and the broadening we are seeing in non-AI capital spending.

pratap-za.singh@ubs.com

+1-212-821 3112

As we highlighted in our daily note last week (here), there has been a “meaningful

Zachary Walljasper

positive revision in 2027 capex expectations.” Spending plans are also becoming more Associate Analyst

broad-based: 45% of S&P 500 companies are now expected to increase capex by more zachary.walljasper@ubs.com

than 10%, compared with 35% at this point last year. +1-212-713 9829

We expect organic growth to continue improving as the non-AI capex recovery

progresses through its early innings.

3M’s quarter has the potential to be thesis-changing

Of last week’s reports, we came away most positive on 3M. Organic growth inflected

meaningfully to 5.4%, from 1.2% in 1Q, reflecting both cyclical improvement and

increasing traction from longer-cycle initiatives, including new-product introductions

and operational improvements.

Importantly, we believe the company remains in the early stages of its growth recovery,