2Q26 Earnings Heat Map: High Grade Basics (Metals/Mining, Paper/Packaging & Homebuilding) - Week 2

Research evidence excerpt

2Q26 Earnings Heat Map: High Grade Basics (Metals/Mining, Paper/Packaging & Homebuilding) - Week 2

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

03 August 2026

2Q26 Earnings Heat Map

High Grade Basics (Metals/Mining, Paper/Packaging &

Homebuilding) - Week 2

We are roughly 90% of the way through the second quarter reporting season across North America Corporate Credit –

our Investment Grade coverage. Earnings collectively have been better than Basics (IG), Metals & Mining,

expected across all three sectors. Cost inflationary pressure that was anticipated to Building and Paper & Packaging

(HY)

weigh on margins heading into the quarter has not been as material as previously

feared and we saw several issuers beat on margins while falling a bit short on the Arjun Chandar AC

top-line. Guides have been mixed, with negative guides characterized by (1-212) 834-4047

arjun.c.chandar@jpmorgan.com

anticipated caution around future inflationary impacts on the cost side. We J.P. Morgan Securities LLC

summarize our thoughts across all three sectors below and post links to our one-

page reviews for each name.

Table 1: HG Basics (Metals/Mining, Paper/Packaging and Homebuilding) 2Q26 Earnings

Tracker

Company Ticker Recommendation Report Date Print Guidance Revenues Earnings

Lennar LEN Neutral 11-Jun-26 Miss Negative -1.0% -7.2%

Steel Dynamics STLD Neutral 20-Jul-26 Beat Positive 9.1% 4.2%

D.R. Horton DHI Neutral 21-Jul-26 In Line Negative 1.1% 1.0%

PulteGroup PHM Overweight 22-Jul-26 Beat Positive 1.9% 5.1%

Sonoco Products SON Neutral 22-Jul-26 In Line Neutral 0.7% -0.7%

Packaging Corp of America PKG Neutral 22-Jul-26 In Line Positive -0.2% -0.8%

Freeport McMoRan FCX Neutral 23-Jul-26 Beat Negative 2.7% 12.1%

NVR Inc NVR Underweight 23-Jul-26 Miss None -6.4% -8.4%