Q2 2026 Earnings Season Shows Mixed Results Amid AI, Fuel Costs, and Demand Shifts

실적/어닝스 | Thu Jul 23 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 15 sources

Tesla and IBM posted disappointing results while GM, ServiceNow, and Southwest delivered contrasting Q2 performances.

Analysis

[Tesla] missed Q2 EPS estimates and swung to negative free cash flow ^[9]^[1]

Adjusted EPS of 33 cents missed the 51-cent estimate
Revenue of $28.24 billion
up 26% year over year
Gross margin of 16.8%
missing the expected 19.4%
Free cash flow swung to a negative $1.1 billion

[IBM] lowered its 2026 annual revenue growth outlook ^[1]

Software spending pressured as AI hardware absorbs budgets
Constant-currency revenue growth guidance cut to 4-5%
Down from prior outlook of over 5%

[ServiceNow] beat revenue estimates on cybersecurity and AI agent demand ^[2]

Q2 subscription revenue of $3.877 billion
up 24.5%
Beat FactSet consensus of $3.817 billion
Agentic AI deployments grew 9x over nine months

[GM] raised 2026 guidance following strong earnings ^[14]

Adjusted EPS of $3.57 beat the $3.20 estimate
Revenue of $48.03 billion
Full-year adjusted EBIT guidance raised to $14-16 billion
North America EBIT margin improved 2.5 points to 8.6%

[GE Vernova] saw shares plunge despite raising revenue outlook as AI data center expectations disappointed ^[4]^[10]

Shares fell 8.7% on earnings miss
Data center equipment suppliers face high investor expectations
Strong cash flow and turbine demand remain intact

[Southwest Airlines] cut Q3 guidance on higher fuel costs while widening full-year outlook ^[12]^[3]

Q2 revenue of $8.4 billion
up 16.4%
Fuel costs surged 67% to $2.22 billion
Q3 adjusted EPS of 50-75 cents
below the 82-cent estimate
Full-year EPS range widened to $3.25-4.25 to reflect US-Iran conflict

[AT&T] beat estimates on strong wireless subscriber additions ^[9]

Shares closed up 3.50% at $23.04
Postpaid phone net adds of 432
000 beat the 338
500 estimate
Revenue slightly missed expectations

[Super Micro Computer] jumped 15% after disclosing surging new orders and raised margin outlook ^[13]

Gross margin guidance raised to 15-17% from 8.2-8.4%
June quarter revenue expected at low end of $11-12.5 billion range
New orders exceeded $60 billion in Q4

[3M] raised full-year guidance on higher sales in safety and electronics ^[5]

Adjusted EPS outlook raised to $8.80-8.95
Up from prior range of $8.50-8.70
Above FactSet consensus of $8.74

[J.B. Hunt] posted double-digit revenue growth on record Intermodal volume ^[7]

Q2 revenue of $3.5 billion
up 19%
Diluted EPS surged 45% to $1.91
Reduced structural costs by more than $135 million
Intermodal volume hit a quarterly record of 578
000 loads

[Metropolitan Bank] dropped roughly 9% after a double miss on revenue and EPS ^[8]

Q2 revenue of $93 million
net income of $19.2 million
EPS of $1.54 missed the $2.31 estimate
Provisions more than doubled to $13.3 million
Credit losses widened on a single C&I loan issue

[Ryanair] reported Q1 profit down 34% on Middle East conflict fallout ^[15]

After-tax profit fell to €538 million from €820 million a year earlier
Ticket fares dropped 6%
Unhedged fuel costs pushed operating costs up 11%
Shares fell 6.8%

[Kinder Morgan] guided full-year adjusted EPS to exceed budget by at least 12% ^[6]

Q2 EBITDA and EPS handily beat both budget and prior year
Additional FID projects planned for 2026

Sources