Earnings Today: Intel, RTX, Lockheed Martin, T-Mobile and More Report Q2 2026 Results — July 23

Thursday, July 23, 2026 brings a packed earnings calendar, with investors turning their attention to seven major S&P 500 companies reporting second-quarter results. The lineup spans defense, technology, telecommunications, transportation, industrial, and alternative asset management — giving investors a broad read on the health of the U.S. economy heading into the second half of the year.

The reports arrive as Q2 2026 earnings season has gained strong momentum. According to Zacks Investment Research, of the S&P 500 members that have already reported, earnings are up nearly 48.7% year-over-year on 15.1% revenue growth — among the strongest beats in recent years. Today's results will add critical data points on defense budgets, chip demand, wireless subscriber trends, freight volumes, and private capital markets.

Companies Reporting Earnings Today — July 23, 2026

RTX Corporation (RTX) — Before Market Open

RTX Corporation, formerly Raytheon Technologies, is one of the world's largest aerospace and defense companies. Its three segments — Pratt & Whitney, Collins Aerospace, and Raytheon — serve both commercial aviation and military customers globally.

Analysts expect RTX to report Q2 2026 earnings per share of $1.66, up 6.4% from $1.56 in the year-ago quarter, on revenue of approximately $22.88 billion, according to AlphaStreet. RTX has beaten EPS estimates in each of its last four quarterly reports. The conference call is scheduled for 7:30 AM ET.

Key drivers include strong commercial aviation aftermarket demand, continued F-35 engine production at Pratt & Whitney, and elevated Patriot air defense system orders driven by global geopolitical tensions. RTX raised its full-year EPS guidance range to $6.60–$6.80 when it reported Q1 2026 results in April.

Lockheed Martin (LMT) — Before Market Open

Lockheed Martin is the world's largest defense contractor, best known for the F-35 Lightning II fighter jet, as well as Patriot, THAAD, and PAC-3 missile defense systems. The company serves the U.S. Department of Defense and international allies.

The Zacks consensus estimate calls for Q2 EPS of $7.28 on revenue of $19.52 billion, which would represent year-over-year revenue growth of 7.5%, according to Zacks Investment Research. Lockheed Martin beat EPS estimates in three of the trailing four quarters. The conference call is scheduled for 8:30 AM ET.

Investors are watching for updates on F-35 production rates, Aeronautics and Missiles & Fire Control segment margins, and any updates to full-year guidance. Management has previously reaffirmed its 2026 full-year sales guidance of $77.5 billion–$80.0 billion and EPS guidance of $29.35–$30.25. The company missed analysts' revenue expectations last quarter, delivering flat year-over-year growth.

T-Mobile US (TMUS) — Before Market Open

T-Mobile US is the second-largest U.S. wireless carrier by subscribers, operating a nationwide 5G network. The company has aggressively expanded its customer base and broadband offerings in recent years.

Analysts estimate Q2 2026 EPS of $2.61 — down 8.1% year-over-year — on revenue of $22.95 billion, representing 8.6% revenue growth, according to AlphaStreet. The year-over-year EPS decline, despite strong revenue growth, reflects higher operating expenses and elevated promotional spending. T-Mobile has beaten estimates in all four of its trailing quarters, delivering an average earnings surprise of 12.27%.

Postpaid phone net additions will be closely watched. Analysts project approximately 395,000 net postpaid phone additions — down from 830,000 in Q2 2025 — signaling a more competitive and saturated wireless market. T-Mobile's recently launched SuperBroadband enterprise product and small business segment expansion are new revenue contributors investors will track.

Union Pacific (UNP) — Before Market Open

Union Pacific is one of North America's largest railroads, operating roughly 32,000 miles of track across the western two-thirds of the United States. It transports agricultural products, chemicals, energy, automotive, industrial goods, and intermodal containers.

The consensus EPS estimate for Q2 2026 is approximately $3.20–$3.25, up roughly 5.6%–7.3% from $3.03 in Q2 2025, on revenue of approximately $6.60 billion — implying 7.2% year-over-year revenue growth, according to AlphaStreet. Analyst estimates have been revised upward by roughly 1.9% over the past 60 days, signaling improving sentiment. The conference call is scheduled for 8:45 AM ET.

Investors are watching freight volume trends, operating ratio, pricing power, and any guidance updates for the second half of 2026.

Blackstone Inc. (BX) — Before Market Open

Blackstone is the world's largest alternative asset manager, with over $1 trillion in assets under management (AUM) across private equity, real estate, credit, and hedge fund strategies. Its results serve as a key barometer for private capital markets activity.

Analysts expect Q2 2026 distributable earnings per share of approximately $1.33–$1.34 on revenue of roughly $3.34–$3.38 billion, representing approximately 8.3%–8.7% growth year-over-year, according to Zacks and Seeking Alpha. Blackstone has beaten consensus EPS estimates in each of its last seven consecutive quarters.

The Zacks consensus projects total AUM of approximately $1.34 trillion, reflecting 10.2% year-over-year growth. Capital deployment activity, performance fee realizations, and commentary on private credit markets will be closely monitored.

Honeywell International (HON) — Before Market Open

Honeywell is a diversified industrial conglomerate offering automation, building management, energy, and industrial technology products. On June 29, 2026, Honeywell completed the spin-off of its Aerospace Technologies business, making this the first quarterly report for the restructured company.

Following the company's reverse stock split and portfolio restructuring, analysts estimate Q2 2026 adjusted EPS of approximately $1.79–$1.81 on revenue near $4.98 billion, according to MarketBeat and Zacks. Year-over-year comparisons will be challenging given the business separation. Honeywell has beaten EPS estimates in each of its last seven quarters.

Investors will focus on organic sales growth trends, segment margins, and progress on remaining business separations. Full-year 2026 guidance calls for adjusted EPS of $7.90–$8.30 and sales of $19.9–$20.2 billion with 2%–3% organic growth.

Intel Corporation (INTC) — After Market Close

Intel is a leading global semiconductor company, making the microprocessors that power personal computers, servers, and data center infrastructure. The company is also executing a major pivot toward contract chip manufacturing through its Intel Foundry Services division.

Consensus estimates from 46 analysts project Q2 2026 non-GAAP EPS of $0.21–$0.22 on revenue of approximately $14.42 billion, representing roughly 11.8% year-over-year growth, according to AlphaStreet and Benzinga. Intel's own guidance called for adjusted EPS of $0.20 and revenue of $13.8–$14.8 billion. Intel has beaten EPS estimates in three consecutive quarters, including a massive Q1 beat of $0.29 against a near-zero consensus estimate.

The most-watched metric will be Intel Foundry Services external revenue. Last quarter, IFS generated only $174 million from external customers — a fraction of TSMC's quarterly revenues. Any meaningful acceleration here would be a major positive catalyst. Also in focus: Data Center and AI (DCAI) segment revenue, AI PC shipment momentum, and 18A process node yield commentary.

Key Storylines for Investors

Defense Dominates the Morning Slate

RTX and Lockheed Martin both report before the open, making Thursday morning a de facto defense sector pulse-check. Global defense budgets have expanded sharply following geopolitical tensions in Europe and Asia, and both companies have multi-year order backlogs. Lockheed has flagged that the most significant margin improvements are expected in the second half of 2026.

Intel's Comeback Story Meets High Expectations

Intel shares have risen nearly 20% year-to-date heading into Thursday's report, making this a high-stakes print. The stock trades at a forward price-to-earnings ratio of approximately 87x — well above the semiconductor industry average of roughly 24x — implying the market is pricing in a successful foundry transformation over the next two to three years. Options markets are pricing in a roughly 13.6% move on earnings, above Intel's historical post-earnings swing of about 12.4%.

Wireless Competition in Focus

T-Mobile's results arrive one day after AT&T reported strong wireless subscriber growth on July 22. T-Mobile's postpaid phone addition forecast of approximately 395,000 net new subscribers — versus 830,000 a year ago — will test whether the wireless market has structurally slowed. T-Mobile is expanding into enterprise broadband, a newer revenue growth vector.

Railroad as an Economic Barometer

Union Pacific's results will provide a broad read on U.S. freight demand, a widely tracked economic indicator. Strong volume growth and maintained operating ratio would signal healthy industrial and consumer activity; freight softness could raise concerns about second-half economic momentum.

Market Impact: Sectors and ETFs to Watch

Investors with exposure to the following ETFs may see movement in reaction to today's reports:

• iShares U.S. Aerospace & Defense ETF (ITA) — tracks RTX, Lockheed Martin, and peers
• SPDR S&P Aerospace & Defense ETF (XAR) — broad defense sector exposure
• iShares Semiconductor ETF (SOXX) — Intel holds a notable weight
• iShares U.S. Telecommunications ETF (IYZ) — includes T-Mobile
• iShares Transportation Average ETF (IYT) — Union Pacific is a core holding
• Invesco S&P 500 Equal Weight Financials ETF (RSPF) — includes Blackstone

Intel's report after the close will drive after-hours trading. Given the semiconductor sector's sensitivity to AI infrastructure demand, an upside or downside surprise from INTC could ripple into AMD, NVIDIA, and other chip stocks in Friday morning trading.

What Investors Should Watch Next

Earnings season continues at a rapid pace. Notable upcoming reports include:

• Friday, July 24: American Express (AXP), SLB (SLB), Verizon (VZ) — before market open
• Tuesday, July 29: Microsoft (MSFT), Meta Platforms (META) — after market close
• Wednesday, July 30: Apple (AAPL), Amazon (AMZN) — after market close
• Week of July 28: Federal Reserve policy meeting — interest rate commentary may influence market reaction to forward guidance

Conference calls for today's reporters begin as early as 7:30 AM ET (RTX). Investors should watch for changes in full-year guidance ranges, which often move stocks more than the reported quarterly numbers.

Conclusion

July 23 is one of the busiest single-day earnings sessions of Q2 2026 season, featuring major companies across six sectors. From defense contractors benefiting from a global rearmament cycle, to Intel's high-stakes foundry transformation, to T-Mobile navigating a maturing wireless market, the day's reports will deliver a broad view of corporate health that investors will be processing for days. Monitoring both the actual results and forward guidance from each company will be essential to understanding the market's direction in the second half of 2026.

Sources

• AlphaStreet — RTX Q2 2026 Earnings Preview — https://news.alphastreet.com/rtx-q2-2026-earnings-preview-july-23-street-expects-1-66-eps — July 2026
• AlphaStreet — Intel Q2 2026 Earnings Preview — https://news.alphastreet.com/intel-q2-2026-earnings-preview-july-23-street-expects-0-21-eps — July 2026
• AlphaStreet — T-Mobile US Q2 2026 Preview — https://news.alphastreet.com/t-mobile-us-tmus-q2-2026-preview-eps-est-2-61-reports-july-23 — July 2026
• AlphaStreet — Union Pacific Q2 2026 Preview — https://news.alphastreet.com/union-pacific-unp-q2-2026-preview-eps-est-3-23-reports-july-23 — July 2026
• Zacks Investment Research — Lockheed Martin Q2 2026 — https://finance.yahoo.com/markets/stocks/articles/lockheed-martin-stock-worth-buying-143700441.html — July 2026
• Zacks Investment Research — Blackstone Q2 2026 Preview — https://www.zacks.com/stock/news/2956180/blackstones-q2-earnings-coming-up-whats-in-store-for-bx — July 2026
• Barchart — RTX Q2 2026 Earnings Preview — https://www.barchart.com/story/news/3113873/what-to-expect-from-rtx-corporation-s-q2-2026-earnings-report — July 2026
• Barchart — Honeywell Q2 2026 Earnings Preview — https://www.barchart.com/story/news/3098477/honeywell-international-s-q2-2026-earnings-what-to-expect — July 2026
• Benzinga — Intel Earnings Estimates — https://www.benzinga.com/quote/INTC/earnings — July 2026
• Yahoo Finance Earnings Calendar — https://finance.yahoo.com/calendar/earnings — July 23, 2026
• Interactive Investor (ii.co.uk) — US Q2 2026 Earnings Season — https://www.ii.co.uk/investing-with-ii/international-investing/us-earnings-season — July 2026
• Seeking Alpha — Blackstone Q2 Earnings Preview — https://seekingalpha.com/news/4616620-blackstone-earnings-preview-estimate-cuts-or-realization-gainswho-will-drive-q2 — July 22, 2026
• Zacks Investment Research — Q2 2026 Earnings Season Update — https://www.zacks.com/earnings/earnings-calendar — July 22, 2026