US Multis 2Q26 Earnings Preview: Data Center & HVAC (VRT, NVT, TT, JCI, CARR)

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US Multis 2Q26 Earnings Preview: Data Center & HVAC (VRT, NVT, TT, JCI, CARR)

9 July 2026

U.S. Multi Industry & Electrical Equipment

US Multis 2Q26 Earnings Preview: Data Center & HVAC (VRT, NVT,

TT, JCI, CARR)

VRT: Expectations are high and a lack of quarterly orders data does leave the market a bit Varun Govindaraj

+1 917 344 8543 blind. We think the story is less about how the numbers play out (it will likely be a beat, as it

varun.govindaraj@bernsteinsg.com usually is) and more about forward-looking growth guidance. Continued growth at or above

~30% is what we think the stock will need to deliver on orders / revenue to maintain the

Specialist Sales multiple. The stock is well covered and investors are worried about the second-derivative of

Steve Song revenue (rate of change in growth) turning negative. Commentary on the pipeline / backlog

+1 917 344 8401 profile is our priority. We come in at $1.48 on quarterly EPS (slightly above the higher end of

steve.song@bernsteinsg.com VRT’s guide). Re-iterate OP with a $416 TP.

NVT: Our top pick going into earnings. You’d be surprised at how many of our

conversations are about explaining NVT and the business to investors. Expectations are

high from those that follow the name but there seems to be room for positive surprises,

especially as liquid cooling capacity ramps up. Orders can be lumpy but that’s what the

market will be looking for (in particular for SP). Some margin concerns over the last couple

of quarters but we think operating leverage (for SP) and pricing / productivity (on EC)

should keep these under control looking ahead. We raise our PT to $220 (from $218)

and re-iterate our OP.

TT: Expensive, but reliable operators that we expect will compound EPS at low to mid teens.