Industrial Distributor Survey | North America Q2‘26: Better Volumes & Price Is Back

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Industrial Distributor Survey | North America Q2‘26: Better Volumes & Price Is Back

Foundation

July 10, 2026 10:42 AM GMT

Morgan Stanley & Co. LLCMIndustrial Distributor Survey | North America Christopher Snyder, CFA

Equity Analyst

Q2'26: Better Volumes & Price Chris.Snyder@morganstanley.comChristine Yao +1 212 761-4470

Research Associate

Christine.Yao@morganstanley.com +1 212 761-4193

Is Back Brandon Knutson

Brandon.Knutson@morganstanley.com +1 212 761-4168

Firmer Q2 volumes have raised the FY'26 outlook, but Toby Okwara

momentum appears to have decelerated in June, potentially on EquityToby.Okwara@morganstanley.comAnalyst +1 212 761-1693

prior channel build, which positions for 2H volume bifurcation.

Multi-Industry

Price action sharply higher vs Q1. North America

Industry View AttractiveMWith the help of Morgan Stanley AlphaWise, we conducted an online survey among

96 distributors of Industrial Equipment across the United States from June 15th,

2026 through July 1st, 2026.

Exhibit 1: The most material rate of change in our Q2 distributor survey was the

pickup in price intentions - 70% of Suppliers are raising price (vs 55% in Q1), the

highest mark since 2022. Beyond that, Distributors are more confident in their

ability to remain price / cost positive into the rising Supplier asks (compounding

effect)

Source: AlphaWise, Morgan Stanley Research

Our Q2’26 Industrial Distributor survey built on the positive cycle indicators

observed in both the Q1’26 + Q4’25 installment – Q2 is tracking ahead of

Morgan Stanley does and seeks to do business with

expectations and the distributors are more confident in FY’26 volumes as companies covered in Morgan Stanley Research. As a result,