DEM #679: Distributor summit takeaways: Takeaways from the BofA 2Q26 Distributor Summit

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DEM #679: Distributor summit takeaways: Takeaways from the BofA 2Q26 Distributor Summit

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Industrials/Multi-Industry

DEM #679: Distributor summit takeaways

Estimate Change

Takeaways from the BofA 2Q26 Distributor Summit 17 July 2026

On 7/6 and 7/13, we hosted our 2Q26 Distributor Summit. We hosted HVAC, electrical, Equity

automation, and trucking distributors. These calls provide a read across to Buy-rated Americas

ETN (Eaton), JCI (Johnson Controls), TT (Trane Technologies), ROK (Rockwell) and VRT Industrials/Multi-Industry

(Vertiv), Neutral-rated CARR (Carrier), and others. Overall, the tone was constructive, but Andrew Obin

more mixed for short cycle industrial. Electrical demand is driven by datacenters, with Research Analyst

notable extension in lead times. Applied HVAC demand remains solid, supported by BofAS+1 646 855 1817

datacenters and education. Resi HVAC demand seems more mixed depending on where andrew.obin@bofa.com

the distributor was located. David Ridley-Lane, CFA

Research Analyst

Electrical: lead times on the rise again BofAS+1 646 855 2907

Electrical distributors saw solid revenue growth in 2Q. Data centers remain the primary david.ridleylane@bofa.com

driver of stronger-than-expected performance, with one distributor exceeding its sales Devin Leonard Research Analyst

plan by more than 30% and expecting that outperformance to continue through the BofAS

balance of the year. Excluding data centers, another distributor saw mid- to high-single- +1devin.leonard@bofa.com646 855 3698

digit growth. Despite investor concerns about the magnitude of capacity additions by

electrical equipment vendors, lead times have risen for many products driven by data

center demand.