How the biggest US market players reported — Freedom Broker’s view

In Q2 2026, Intel (INTC), American Express (AXP), Alphabet (GOOGL), Lockheed Martin (LMT), and the largest US telecom operators—Verizon (VZ) and AT&T (T)—reported results. While Intel, Alphabet and Lockheed Martin beat market expectations thanks to resilient demand and strong financial performance, American Express, Verizon and AT&T faced pressure from rising costs and higher tax burdens. Freedom Broker analysts broke down the key takeaways from earnings season; read the details in Investment Review No. 350.

Intel: revenue growth at a 15-year high

Intel  (INTC) is an American technology company and one of the world’s largest manufacturers of processors and semiconductors. The company designs and produces chips for computers, data centers and other devices, and is also expanding its in-house semiconductor manufacturing. 

Intel’s second-quarter results exceeded the company’s own guidance and the market’s average expectations. Revenue growth reached the highest level in more than 15 years, mainly driven by the server segment: demand from AI infrastructure continues to sustainably outpace supply, experts believe.

At the same time, the company is benefiting from higher prices and a shift in sales mix rather than increased production volumes. In the client business, shipments are declining, and some capacity is being deliberately redirected to server processors.

In Q2 2026, Intel delivered its fastest revenue growth in more than 15 years. The company’s revenue rose 25% y/y to $16.1 bn, exceeding management’s forecasts. GAAP gross margin increased from 27.5% to 40.4%, while operating margin reached 11.1% versus negative 24.7% a year earlier. The strongest momentum came from Data Center & AI, where revenue jumped 59% to $6.3 bn, while the client processor segment grew 13% to $8.9 bn. 

Adjusted net income totaled $2.2 bn versus a $0.4 bn loss a year earlier, and adjusted EPS reached $0.42. Under GAAP, however, Intel recorded a net loss of $11 bn (or $2.16 per share), mainly due to one-off non-cash write-downs. For Q3, the company forecasts revenue of $15.8–16.8 bn and adjusted EPS of $0.38. 

American Express: EPS guidance left unchanged

American Express is an American financial company specializing in the issuance of bank cards, payment services, and serving consumers and businesses.

American Express reported Q2 2026 results broadly in line with expectations, Freedom Broker experts note. Provisions were a pleasant surprise, but a higher tax burden limited EPS growth.

Management slightly improved its full-year revenue guidance despite pressure following the sale of a co-branded card portfolio. EPS guidance (forecast net profit per share) was left unchanged, reflecting the company’s plans to increase investment in technology, marketing and international expansion to grow its customer base and improve customer experience. 

In Q2 2026 American Express increased revenue by 10% y/y to $19.6 bn, driven by a 9% rise in cardmember spending, higher net interest income and fee income. Net income rose 8% to $3.1 bn, while pre-tax income increased 15% to $4.1 bn. Following the first-half results, the company raised its full-year 2026 revenue growth outlook to 10% (versus the previous target) and reaffirmed its full-year EPS expectation in the $17.30–17.90 range. Analysts maintained a “Buy” rating on American Express Company shares and raised the target price to $385 per share.

Alphabet: record Google Cloud growth offset by infrastructure costs

Alphabet (GOOGL) is an American technology holding company and the parent of Google. It develops internet services, cloud technologies, artificial intelligence, advertising, and other technology projects. 

The company posted strong quarterly results, analysts believe. In Q2 2026, revenue increased 24% y/y to $119.8 bn. Google Services revenue rose 15% to $94.5 bn, with Google Search & other up 17%, YouTube Ads up 13%, and Google Cloud becoming the key accelerator: its revenue surged 82% to $24.8 bn. Operating income increased 30%, and operating margin expanded by 2 pp to 34%. Net income available to common shareholders rose 298%, and EPS increased 294% to $9.11. Net income rose almost fourfold to $112.1 bn, although a significant share of this increase was driven by unrealized investment gains. 

The main driver of the quarter was Google Cloud, whose revenue jumped 82% to $24.8 bn. The division’s backlog reached a record $514 bn, confirming robust demand for cloud and AI solutions. In addition, the company continues to invest heavily in AI infrastructure: capex nearly doubled in Q2 to $44.9 bn, causing free cash flow to turn negative—minus $5.9 bn versus positive $5.3 bn a year earlier.

Lockheed Martin: record backlog and higher target

Lockheed Martin (LMT) is an American aerospace and defense company that designs and manufactures military aircraft, missile systems, space equipment and other technologies for the defense sector.

The company reported second quarter results above consensus on revenue and earnings, and improved its full-year guidance. Revenue rose 11% y/y to $20.1 bn, and adjusted EPS came in at $7.9. The solid positive momentum was partly due to a low base a year earlier because of major write-downs.

In the Aeronautics segment (the corporation’s core division, which develops, produces and modernizes military aircraft and aviation systems), the trend was negative: F-35 fighter deliveries fell to 19 from 50 previously. The guidance raise confirms resilient demand, but further growth will depend on demand for the F-35 and revenues from executing the backlog, Freedom Broker experts note.

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