2Q26 EPS preview: We expect generally better guidance from industrial tech companies, and in line outlooks in autos

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2Q26 EPS preview: We expect generally better guidance from industrial tech companies, and in line outlooks in autos

Goldman Sachs US Autos & Industrial Tech

Key topics and themes we expect more generally this quarter include:

1) Trends by end market including auto sales and product cycles, industrial demand,

and datacenter capex

2) China OEM exposure for auto suppliers, including risks from softer China auto sales

YTD (which are -19%) but also the impact of growing exports and share gains, including

in Europe.

3) The USMCA and how/if trade rules will change especially for autos as the White

House has sought higher US specific content rules (per media reports). We expect

companies in general to point to an ability to partner with suppliers/customers and

price-cost discipline. However, the USMCA will remain in effect for another decade

provided no country decides to exit per Bloomberg, so we do not expect any

incremental actions to be taken unless companies have visibility into rules changing.

4) The degree of input cost inflation and ability for companies to offset this. Some

costs have continued to rise, including copper and memory. We expect suppliers to

continue to take steps to offset this. With memory costs likely to rise again in 2027, we

expect the ability for this to continue next year to be a debate amongst investors. Our

base case view is that the supply chain can pass on these costs over time, albeit at times

on a lag. Conversely, aluminum and crude prices have moderated from recent highs,

which could help lower resin/metals costs if this is sustained (which would be a positive

for auto OEMs including limiting how much yoy input/material cost headwind GM and

Ford may see in 2027).