Rockwell Automation F3Q26 Earnings Preview

研报英文原文证据摘录

Rockwell Automation F3Q26 Earnings Preview

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

02 August 2026

Rockwell Automation Neutral

ROK, ROK US

F3Q26 Earnings Preview Price (31 Jul 26):$480.08

Price Target (Dec-26):$417.00

We expect a 3Q beat and for ROK to raise organic growth guidance to a range that Electrical Equipment & Multi-

implies 4Q exit rate of HSD. Recent reads/datapoints are positive, pointing to Industry

demand continuing to gradually improve and broaden, consistent with the results Chigusa Katoku AC

from our CSIA survey (open July 6 to July 29) included in this note. Looking at (1-212) 622-0855

lateral peers, TEL Automation and Connected Living organic growth re- chigusa.katoku@jpmchase.com

accelerated after cresting last quarter (chart below), and our JPM capex database Piyush Khaitan

(below) shows low teens capex growth in 2026; however, growth continues to be (1-212) 622-0605

concentrated in the high growth verticals of datacenter, utilities, semiconductor, piyush.khaitan@jpmchase.com

J.P. Morgan Securities LLC

and A&D, excluding which, growth remains in the 3% range, far from a broad-

based inflection. We expect continued strong margin performance at ROK,

supported by price cost management and productivity, with system integrators The authors wish to thank Chandreyee

citing cost inflation in the 4-6% range broadly, though the upside here is generally Sengupta, of the J.P. Morgan Global

discounted in our view. Since February of this year, VRT’s forward estimates have Research Center, for contributions to this

been revised up by 12% vs ROK by 7% (since January this is even more report.

pronounced 35%/7%, respectively), while arguably both are no longer in the very

early innings (PLCs now solidly mid-cycle), we see the AI/datacenter capex cycle