2Q Earnings Preview: Expect guidance to move toward midpoints given increased macro uncertainty

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2Q Earnings Preview: Expect guidance to move toward midpoints given increased macro uncertainty

Equity Research

9 July 2026 | 5:01AM EDT

AMERICAS TECHNOLOGY: IT SERVICES

2Q Earnings Preview: Expect guidance to move toward midpoints given

increased macro uncertainty

Undemanding setup for stocks, but macro uncertainty takes potential upside off James Schneider, Ph.D.

+1(212)357-2929 |

the table jim.schneider@gs.com

Goldman Sachs & Co. LLC

We expect 2Q25 results to be broadly in line, but we anticipate more substantial

Luya You

commentary on macro impact this quarter, given signs that heightened uncertainty +1(212)902-5297 | luya.you@gs.com

began affecting client decision-making as of April-May. Against this backdrop, we

Anmol Makkarexpect companies to take down the top end of guidance ranges and anchor +1(212)357-1366 |

expectations at the midpoint, reflecting prolonged macro disruption and decreasing anmol.makkar@gs.comGoldman Sachs & Co. LLC

likelihood of a broader spending recovery across 2026. In this context, we see Khalil Fenina

relative upside for IBM, which we view as an idiosyncratic beneficiary of rising +1(212)357-6392Goldman Sachs & Co.| khalil.fenina@gs.comLLC

enterprise AI demand given its software and consulting mix (with its software

portfolio also relatively resilient to the broader AI-driven concerns weighing on

sector). Conversely, we see relative downside risk for more discretionary-exposed

names such as EPAM, though we continue to see potential for longer-term upside

once a spending recovery takes hold given EPAM’s solid execution track record and

growing AI book of business.

Tactical Ideas: We see modest upside for IBM; downside for EPAM

IBM (Buy) – We see modest upside to Street for the quarter, with software