Fortive Corp. 2Q26 Earnings Preview

研报英文原文证据摘录

Fortive Corp. 2Q26 Earnings Preview

J P M O R G A N North America Equity Research

28 July 2026

Fortive Corp. Underweight

FTV, FTV US

2Q26 Earnings Preview Price (27 Jul 26):$62.92

Electrical Equipment & Multi-

We expect a 2Q beat and the company to raise EPS guidance to above JPMe/Street Industry

($3.00) and organic growth guidance to the 3-4% range (JPMe 3.2%, upper end of Chigusa Katoku AC

2-3% prior). Fortive’s setup remains constructive, benefitting from a short cycle (1-212) 622-0855

recovery, especially around Fluke, and a strong order book, with broad-based order chigusa.katoku@jpmchase.com

growth outpacing sales growth, while reiterating 50-100bps margin expansion Piyush Khaitan

framework for the year. The stock has performed in line with the group over the last (1-212) 622-0605

piyush.khaitan@jpmchase.com

3 months, outperformed by 10% over the last 6 months, and by 12% over the last J.P. Morgan Securities LLC

12 months. We lean long into the quarter given we expect an upgrade in the outlook,

against a still relatively undemanding valuation, although remain on the sidelines

longer term given we continue to see risk of growth/margin/business model The authors wish to thank Chandreyee

challenges around software (20-30% of sales). Sengupta, of the J.P. Morgan Global

Research Center, for contributions to this

• Intra-quarter commentary. Management presented at a competitor report.

conference mid-May. As discussed on the 1Q call, FTV came out strong in

April, and the trend is aligning nicely with expectations. FTV remains firmly

on track with the guidance provided on the 1Q call. At this point, FTV is not

seeing any negative impacts through the second quarter from the Middle

East.AHS in 1Q was a bit better than expectations. Capital equipment