Q2 2026 Earnings Updates on Two Companies

Earnings season is in full swing, and two of our holdings just reported Q2 results.

The main takeaway?

Both businesses are performing exactly as expected, and our long-term investment thesis for each remains fully intact.

Here is a quick snapshot of how they performed this quarter:

Holding #1:

• Completed its 400th acquisition, continuing to grow through serial acquisitions.

• Delivered a record operating margins and a 106% cash conversion rate.

• Expanded its high-margin aftermarket business

Holding #2:

• Maintains the lowest costs in the industry, staying profitable while regional competitors struggle with inflation, close doors, or sell out to private equity.

• Gained market share with meaningful order growth and added more than 200 new locations globally.

• Returned a lot of cash to shareholders with a 15% dividend hike and a new $1.0 billion share repurchase program.

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One Dividend At A Time,

-TJ

Used sources

• Interactive Brokers: Portfolio data and executing all transactions

• Fiscal.ai: Financial data

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