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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Joe O'Dea	Wells Fargo	12 questions · 0% challenging
Jeff Sprague	Vertical Research Partners	11 questions · 27% challenging
Tim Wojs	Robert W. Baird	10 questions · 0% challenging
Julian Mitchell	Barclays	10 questions · 0% challenging
Tomohiko Sano	JPMorgan	9 questions · 0% challenging
Brett Linzey	Mizuho Securities	8 questions · 0% challenging
Joe Ritchie	Goldman Sachs	7 questions · 14% challenging
Chris Snyder	Morgan Stanley	7 questions · 0% challenging
Andrew Obin	Bank of America	4 questions · 25% challenging
Alexander Virgo	Evercore ISI	3 questions · 0% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Robert W. Baird	2 analysts	12 questions · 0% challenging
Wells Fargo	1 analyst	12 questions · 0% challenging
Vertical Research Partners	1 analyst	11 questions · 27% challenging
Barclays	1 analyst	10 questions · 0% challenging
JPMorgan	1 analyst	9 questions · 0% challenging
Mizuho Securities	1 analyst	8 questions · 0% challenging
Goldman Sachs	1 analyst	7 questions · 14% challenging
Morgan Stanley	1 analyst	7 questions · 0% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

↓Trade & Tariffs→Housing↑Enterprise Spending

Allegion grew Q1 revenue 9.7% to over $1 billion though adjusted EPS of $1.80 declined 3.2% as an International ERP system disruption drove organic decline and margin compression in the segment, while Americas margins were down 110 basis points on volume mix and DCI acquisition dilution. High single-digit total revenue growth was led by Americas nonresidential strength and M&A contributions. Management affirmed FY2026 guidance of $8.70-$8.90 in adjusted EPS with 2-4% organic revenue growth.

Key Themes7

positive📊 company

High Single-Digit Revenue Growth Led By Americas Non-Res And M&A

Revenue over $1 billion, up 9.7% vs prior year. Americas non-res grew mid-single digits organically. Acquisitions contributed meaningfully.

Revenue GrowthDemand

negative📊 company

International ERP Disruption Drove Organic Decline And Margin Compression

International organic revenue down 5.3% due to ERP implementation issues in legacy mechanical business. PPII was 210bps headwind. Recovery expected over balance of year.

Supply ChainMargin

negative📊 company

Americas Margins Down 110bps On Volume, Mix, And DCI Dilution

Americas operating margin down 110bps from unfavorable product mix within non-res, DCI acquisition dilution (40bps), residential volume declines, and tariff-related PPII headwind.

MarginM&A

neutral📊 company

FY2026 EPS Guidance Affirmed At $8.70-$8.90

Organic revenue outlook 2-4% affirmed. Reported revenue raised 1pt to 6-8% for DCI. Core demand assumptions unchanged from February.

Guidance ReliabilityRevenue Growth

mixed🌍 macro

Incremental 1% COGS Tariff Headwind, Dollar-Neutral Offset Expected

New tariff/inflation headwind of ~1% COGS from Section 232 changes and fuel. Pricing actions not yet in market. Expected neutral to OI and EPS.

Trade TariffsPricing

mixed📊 company

DCI Acquisition Closes, Strategic West Coast Presence

DCI adds West Coast hollow metal manufacturing with quick-ship capability. Low double-digit EBITDA margin currently dilutive but strategically important.

M&AGeographic Expansion

mixed📊 company

Electronics Growth Decelerates To Mid-Single Digits

Electronics grew mid-single digits vs low double digits in Q4. Tough comps from strong 2025. Still considered long-term growth driver with adoption rates increasing.

Innovation & R&DRevenue Growth

Q&A Topicsfrequency by quarter

	Demand	Margin	Pricing	Revenue Growth	Trade Tariffs	Macroeconomic	M&A	Competitive Dynamics
2024Q4	5	3	2	4	3	1	1
2025Q1	7	2	5	2	7	4		2
2025Q2	4	3	5	5	4	1	3	1
2025Q3	3	4	2	2		1	3	3
2025Q4	3	4	3	2	1	2	2	1
2026Q1	3	5	2	1	1	3	1	2

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Demand	5	7	4	3	3	3
Margin	3	2	3	4	4	5
Pricing	2	5	5	2	3	2
Revenue Growth	4	2	5	2	2	1
Trade Tariffs	3	7	4		1	1
Macroeconomic	1	4	1	1	2	3
M&A	1		3	3	2	1
Competitive Dynamics		2	1	3	1	2

Analyst Q&A8 analysts · 16 questions · 13% challenge

Alexander VirgoEvercore ISI

Are you happy that you can get what you need from the perspective of chips and supply chain? Do you have enough buffer?

View in transcript →

Just what was it that surprised you? What was it that went wrong?

View in transcript →

David MacGregorLongbow Research

are you confident that you held market share in that business this quarter?

View in transcript →

View Industrials sector trends →View Security & Protection Services industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

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Quarter	Revenue	Rev YoY	EPS	EPS YoY	Op margin	Net margin	FCF
FY2024 Q4	$946M	+5.4%	$1.65	+23.1%	19.5%	15.2%	$195M
FY2025 Q1	$942M	+5.4%	$1.71	+21.3%	20.9%	15.7%	$83M
FY2025 Q2	$1.02B	+5.8%	$1.85	+4.5%	21.5%	15.6%	$203M
FY2025 Q3	$1.07B	+10.7%	$2.18	+9.5%	21.8%	17.6%	$221M
FY2025 Q4	$1.03B	+9.3%	$1.70	+3.0%	20.3%	14.3%	$200M
FY2026 Q1Selected	$1.03B	+9.7%	$1.59	-7.0%	18.9%	13.4%	$80M
FY2026 Q2	$1.15B	+12.7%	$2.15	+16.2%	22.1%	16.0%	$181M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “Adjusted earnings per share of $1.80 decreased $0.06 or 3.2% versus the prior year”
Revenue: “Revenue for the first quarter was over $1 billion, an increase of 9.7% compared to 2025”
Guidance: “we are affirming our outlook for organic revenue growth of 2% to 4% and adjusted earnings per share of $8.70 to $8.90”

Sector Peersas of Q1 2026 · 1 peer not yet reported

Industrials

Company	Score	Rev YoY	Headline
ALLE Allegion	6	+9.7%	High Single-Digit Revenue Growth Led by Americas Non-Res and M&A
ACHR Archer Aviation Inc.	5	n/a	Archer Aviation, a pre-commercial eVTOL developer, remained pre-revenue and deeply loss-making in Q1 (GAAP EPS of -$0.28) while emphasizing execution across its civil, defense and software lines
ADP ADP	7	+7.0%	Strong Q3 with 7% revenue growth and 10% adjusted EPS growth
AME Ametek	8	+11.3%	Record orders and backlog growth
AOS A. O. Smith	1	-1.9%	A.O
AVY Avery Dennison	5	+7.0%	Avery Dennison started FY2026 with Q1 adjusted EPS of $2.47, up 7% year-over-year, though organic sales grew only approximately 1% with the GAAP 7.0% overstated by FX and Taylor M&A
AXON Axon Enterprise Inc.	10	+33.8%	AI Era Plan Driving Explosive Adoption
BA The Boeing Company	7	+14.0%	737 production stabilized at 42/month, rate 47 this summer
BE Bloom Energy Corporation	10	+130.4%	Bloom Energy reported first quarter revenue of $751.1 million, its first quarter of greater than 100% year-over-year growth as a public company, with product revenue at an all-time high of $653.3 million and gross margin of 31.5%, up approximately 280 basis points
BLDR Builders FirstSource	1	-10.1%	Builders FirstSource Q1 FY2026 saw revenue decline 10% to $3.3 billion as the Middle East conflict undermined what had been a promising spring selling season, pushing mortgage rates higher and sapping private builder confidence
CARR Carrier Global	4	+2.4%	Data center orders surge over 500% with strong backlog
CAT Caterpillar Inc.	9	+22.2%	Record Backlog and All-Time Record Orders
CHRW C.H. Robinson	4	-0.8%	Secular Earnings Growth Through Spot Rate Inflection
CMI Cummins	7	+2.7%	Power Systems Record EBITDA on Data Center Demand
CSX CSX Corporation	7	+1.7%	Broad-Based Cost Efficiency Driving Margin Expansion
CTAS Cintas	8	+8.9%	Record Revenue With All-Time High Gross Margins Across All Route-Based Businesses
DAL Delta Air Lines	6	+12.9%	Record Q1 Revenue Up Nearly 10% on Broad-Based Demand
DE Deere & Company	9	+16.3%	All business segments delivering higher net sales with equipment ops up 18%
DOV Dover Corporation	7	+10.1%	Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
EFX Equifax	8	+14.3%	Exceptional Q1 revenue growth of 14%
EME EMCOR Group, Inc.	10	+19.7%	Data Center & AI Infrastructure Demand Acceleration
EMR Emerson Electric	6	+2.9%	Middle East Conflict Disrupts Sales and Operations
ETN Eaton Corporation	8	+16.8%	Record Orders and Backlog Surge
EXPD Expeditors International	7	+4.4%	Expeditors returned to growth in Q1 2026 with revenue up 4% to $2.8 billion and EPS surging 16% to $1.71, driven by strong margin improvement as the company's diversification strategy delivered double-digit growth across customs, Transcon, distribution, and order management
FAST Fastenal	7	+12.4%	Third consecutive quarter of double-digit growth at 12.4% daily sales
FDX FedEx	9	+8.3%	Record peak season profitability powered 8% revenue growth with EPS up 16% to $5.01 as FedEx delivered its strongest quarter in the recovery
FERG Ferguson plc	7	+4.6%	Ferguson delivered a solid fiscal second quarter (period ended June 30, 2026), with sales of $8.8 billion up 4.6% (organic growth of 3.8%) and diluted EPS of $3.39, a 5.3% increase
FIX Comfort Systems USA, Inc.	10	+56.5%	Comfort Systems USA opened 2026 with revenue of $2.9 billion, an increase of 56% year over year, including same-store growth of 51% or $943 million, as Electrical segment revenue rose 88% and Mechanical rose 47%
GD General Dynamics	8	+10.3%	Strong Revenue Growth Across All Segments
GE GE Aerospace	7	+24.7%	Exceptional Commercial Services Growth
GNRC Generac	9	+12.4%	Revenue grew 12% to $1.06B with C&I up 28% on data center momentum
GPN Global Payments	7	+23.1%	Q1 Results Exceeded Expectations Post-Worldpay Close
GWW W. W. Grainger	9	+10.1%	Grainger delivered a strong start to 2026, with total company sales up 10.1% reported (12.2% on a daily organic constant currency basis) and diluted EPS of $11.65, up 18.2% versus 2025, meaningfully outpacing the expectations management set in February
HII Huntington Ingalls Industries	6	+13.3%	Strong Shipbuilding Revenue Growth Continues at 18%
HON Honeywell International Inc.	5	-6.9%	Aerospace Spinoff on Track for June 29 Completion
HUBB Hubbell Incorporated	8	+11.1%	Double-digit growth across all key financial metrics
HWM Howmet Aerospace	9	+19.1%	Record Q1 Revenue Up 19% with 32% EBITDA Margin
IEX IDEX Corporation	8	+8.9%	HST Delivers 11% Organic Growth with 17% Order Surge
IR Ingersoll Rand	5	+7.6%	Solid Start to 2026 with EPS Up High Single Digits
ITW Illinois Tool Works	7	+4.6%	CapEx Segment Strength Drives Top-Line Growth
J Jacobs Solutions	8	+26.9%	Adjusted EPS Grows 22% on Highest Revenue Growth Since Separation
JBHT J.B. Hunt	7	+4.6%	Strong revenue, OI, and EPS growth signaling recovery
JCI Johnson Controls	9	+8.2%	Johnson Controls posted Q2 FY2026 with organic revenue growing 6% and adjusted EPS of $1.19, up 45% year-over-year, as data center orders surged driving 30% total order growth and a record $20 billion backlog
LHX L3Harris	8	+11.9%	Revenue surged to $5.7 billion with 15% organic growth and broad-based strength across all segments, while GAAP EPS of $2.72 rose 33% year-over-year
LII Lennox International	6	+5.8%	Return to Revenue Growth Driven by BCS and M&A
LMT Lockheed Martin	4	+0.3%	Munitions Production Ramp Accelerates
LUNR Intuitive Machines, Inc.	3	+198.7%	Intuitive Machines reported record first-quarter revenue of $186.7 million, roughly 3x the prior-year quarter, though the increase was driven almost entirely by the January 2026 Lanteris acquisition rather than organic growth
LUV Southwest Airlines	8	+12.8%	Record Q1 Revenue with 8.1 Point Operating Margin Expansion
MAS Masco	6	+6.5%	Strong Q1 with 20% EPS growth and margin expansion
MMM 3M Company	6	+1.3%	3M delivered a light start to FY2026 with organic sales growth of 1.2%, held back by soft U.S
NDSN Nordson Corporation	9	+8.8%	Record First Quarter Sales With 7% Organic Growth
NOC Northrop Grumman	6	+4.4%	B-21 Production Rate Acceleration
NSC Norfolk Southern Railway	5	+0.2%	Iran conflict drives fuel cost surge
ODFL Old Dominion Freight Line	4	-2.9%	LTL Volume Decline Persists Despite Sequential Improvement
OTIS Otis Worldwide	4	+6.5%	Service margin contracts 160bps on investments, mix, and Middle East costs
PAYX Paychex	6	+19.9%	Organic growth acceleration to 6% in back half
PCAR Paccar	1	-16.2%	Cyclical revenue decline in truck segment
PH Parker Hannifin	8	+10.6%	Record Q3 performance across sales, margins, and EPS
PNR Pentair	6	+2.6%	Q1 record for sales and adjusted operating income
POOL Pool Corporation	6	+6.2%	Pool Corporation opened fiscal 2026 with 6% sales growth and 7% operating income growth, exceeding management's expectations for the seasonally small first quarter
PWR Quanta Services	10	+26.3%	Quanta delivered Q1 revenues of $7.9 billion with diluted EPS of $1.45, growing sharply year-over-year, as record backlog reached $48.5 billion
RKLB Rocket Lab USA, Inc.	8	+63.5%	Rocket Lab delivered its strongest first quarter ever, with record revenue of $200.3 million, up 63.5% year-over-year and just above the high end of guidance, led by Space Systems at $136.7 million (up 57.2%)
ROK Rockwell Automation	9	+11.8%	Strong broad-based revenue growth with organic sales up 9%
ROP Roper Technologies	8	+11.3%	Strong Q1 beat with raised full-year DEPS guidance by $0.50
RSG Republic Services	5	+2.6%	Solid Pricing Execution Offsets Volume Softness
RTX RTX Corporation	9	+8.7%	Strong Organic Growth Across All Three Channels
SMR NuScale Power Corporation	2	-95.8%	NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss
SNA Snap-on	6	+5.8%	New Q1 record sales with broad-based organic gains
SPCX Space Exploration Technologies Corp.	·	n/a	Has not reported Q1 2026
SWK Stanley Black & Decker	4	+2.7%	Revenue up 3% but organic flat, volume pressure persists
TDG TransDigm Group	10	+18.3%	TransDigm delivered a beat-and-raise second quarter, with GAAP revenue up roughly 18% year over year (organic growth of approximately 11%) as all three channels grew: commercial aftermarket rose about 14%, commercial OEM about 12%, and defense about 11%
TRI Thomson Reuters Corporation	7	+9.8%	Total company organic revenues accelerated to 8% growth from 7% throughout 2025, with legal professionals ex-government surging to 11% driven by the fiduciary-grade AI differentiation strategy
TT Trane Technologies	7	+6.0%	Record Commercial HVAC Bookings and Backlog
TXT Textron	7	+11.8%	Industrial Separation Announced to Create Pure-Play A&D
UAL United Airlines Holdings	6	+10.6%	Record Q1 revenue of $14.6B with TRASM up 6.9% despite fuel crisis
UNP Union Pacific Corporation	6	+3.1%	Record Q1 financial results across key metrics
UPS United Parcel Service	3	-1.6%	Amazon Volume Glidedown Nearing Completion
URI United Rentals	7	+7.2%	First quarter records across revenue, EBITDA, and EPS
VLTO Veralto	7	+6.8%	Strong Start to 2026 with 13% EPS Growth
VRSK Verisk	6	+3.9%	OCC Revenue Growth of 4.7% Ahead of Expectations Despite Headwinds
VRT Vertiv Holdings Co	9	+30.1%	Americas Data Center Revenue Surge
WAB Wabtec	8	+13.0%	Multiyear Backlog Surpasses $30 Billion
WM Waste Management	6	+3.5%	Waste Management delivered Q1 with operating EBITDA growing nearly 6% on core price of 6.3% and yield of 3.9%, while free cash flow of $920M nearly doubled from the prior year
XYL Xylem Inc.	5	+2.7%	Revenue flat organically as 80/20 walkaways and China offset EPS growth

Shared themes this quarter

ALACADAMAOAVAXBABEBLCACACHCMCSCTDADEDOEFEMEMETEXFAFDFEFIGD

Macro signal alignment

Trade & tariffs

↓ ALLE AME AVY AXON↓ CARR↓ CAT↓ CHRW CMI↓ CTAS DE↓ EFX EMR EXPD FAST↓ FDX GNRC↓ GPN GWW

Top analysts & firms

Most active analysts

Most active firms

Corporate events

Quarter in detail

Q&A Topicsfrequency by quarter

Key financials

As stated by management

Allegion ALLE

Score details · FY2026 Q1

Share price · trailing year

Companies ALLE discussed