Company | Parker-Hannifin Corporation |
Ticker | PH (NYSE) |
Reporting Period | FY2026 Q4 & Full Year (quarter ending June 30, 2026) |
Earnings Date | August 6, 2026 — 11:00 AM ET |
Preparation Date | August 5, 2026 |
Sector ETF Benchmark | XLI (Industrial Select Sector SPDR) |
Key Takeaway: The setup favors a beat — management guided Q4 adjusted EPS to $8.16 and organic growth to ~4%, both of which look beatable given the record $12.5B backlog, nine consecutive quarters of orders outpacing sales, and a peer read-through that is uniformly constructive across aerospace, industrial automation, and power generation. The single biggest swing factor is whether Aerospace margins can hold at or above the 29.5% record set in Q3.
Parker heads into its FY2026 Q4 print with the bar set at a manageable level: consensus adjusted EPS of $8.27 sits modestly above management's own $8.16 guide, implying the Street has already baked in a small beat, but the magnitude of upside could still surprise given the company's track record of conservative guidance. Management's posture on the April 30 Q3 call was explicitly confident — CEO Jenny Parmentier stated the company expects to guide FY2027 to another record year, and the full-year EPS guide was raised $0.50 to $31.20 at the midpoint, representing 14.2% growth. Estimate revisions have been modestly positive since the Q3 print, with the Q4 EPS consensus drifting from $8.26 to $8.27, suggesting the Street is largely aligned with guidance rather than running ahead of it. The stock has rallied ~9.6% since the April 30 earnings date (from $909 to ~$993), outperforming XLI (+6.7%) and the S&P 500 (+7.1%), meaning some beat is priced in but the multiple at ~28.9x NTM P/E is only a modest 4% premium to the specialty industrial peer group — not stretched. The key wildcard is the Filtration Group acquisition timeline and any updated synergy commentary, which could re-rate the stock if management provides incremental color on integration progress and FY2027 accretion.
Key Takeaway: Consensus is a low-to-moderate bar — management guided Q4 adjusted EPS to $8.16 and organic growth to ~4%, both below current consensus, leaving room for the company’s typical beat. Adjusted segment operating margin is the bigger swing factor: at 27.4% guided vs. 27.4% consensus, any upside here flows directly to EPS and signals continued Win Strategy execution.
KPI | Last Quarter Actual (FY2026 Q3) | Prior Year Period Actual (FY2025 Q4) | Q4 FY2026 Consensus Estimate | YoY Change (Est. vs. PY) | Management Guidance (Q4) | Consensus vs. Guidance (% Delta) |
Net Sales ($B) | $5.486B | $5.243B | $5.573B | +6.3% | ~$5.5B (reported +5.5%) | +1.3% |
Adj. EPS (ex-amort.) | $8.17 | $7.69 | $8.27 | +7.5% | $8.16 | +1.3% |
Organic Growth (%) | 6.5% | 2.1% | 4.5% | +230 bps | ~4.0% | +50 bps |
Adj. Segment EBITA Margin (%) | 26.7% | 26.9% | 27.4% | +50 bps | 27.4% | 0 bps |
Free Cash Flow ($B) | $0.881B | $1.336B | $1.138B | -14.8% | $3.3B–$3.6B (FY range) | N/A (FY guide only) |
Quarter | KPI | Reported | Consensus | Surprise % | Result |
FY2026 Q3 (Mar 2026) | Adj. EPS | $8.17 | $7.83 | +4.3% | Beat |
FY2026 Q3 (Mar 2026) | Net Sales | $5.486B | $5.397B | +1.6% | Beat |
FY2026 Q2 (Dec 2025) | Adj. EPS | $7.65 | $7.17 | +6.7% | Beat |
FY2026 Q2 (Dec 2025) | Net Sales | $5.174B | $5.066B | +2.1% | Beat |
FY2026 Q1 (Sep 2025) | Adj. EPS | $7.22 | $6.62 | +9.1% | Beat |
FY2026 Q1 (Sep 2025) | Net Sales | $5.084B | $4.943B | +2.9% | Beat |
FY2025 Q4 (Jun 2025) | Adj. EPS | $7.69 | $7.09 | +8.5% | Beat |
FY2025 Q4 (Jun 2025) | Net Sales | $5.243B | $5.108B | +2.6% | Beat |
FY2025 Q3 (Mar 2025) | Adj. EPS | $6.94 | $6.71 | +3.4% | Beat |
FY2025 Q3 (Mar 2025) | Net Sales | $4.960B | $4.982B | -0.4% | Miss |
FY2025 Q2 (Dec 2024) | Adj. EPS | $6.53 | $6.21 | +5.2% | Beat |
FY2025 Q2 (Dec 2024) | Net Sales | $4.743B | $4.795B | -1.1% | Miss |
FY2025 Q1 (Sep 2024) | Adj. EPS | $6.20 | $6.13 | +1.1% | Beat |
FY2025 Q1 (Sep 2024) | Net Sales | $4.904B | $4.900B | +0.1% | Beat |
Pattern: PH has beaten adjusted EPS consensus in 7 of the last 8 quarters with an average surprise of +5.4%, and beaten revenue consensus in 6 of 8 quarters — the two revenue misses (FY2025 Q2 and Q3) were modest and coincided with the industrial soft patch; the trend has since reversed sharply with three consecutive revenue beats averaging +2.2%.
Key Takeaway: Management raised guidance across every major metric on the April 30 Q3 call — organic growth, EPS, and free cash flow all moved higher — and no post-earnings events have revised guidance since then, leaving the Q3 call as the clean baseline. Tone is explicitly confident, with the CEO flagging FY2027 as another expected record year.
Metric | Initial Guidance (Q3 Earnings Call, Apr 30, 2026) | Revised Guidance | Current Consensus | Note |
FY2026 Organic Sales Growth | 5.5% midpoint (raised from 5.0%) | — | ~5.3% | ↑ Raised at Q3 earnings; no post-earnings update. Consensus slightly below guide midpoint. |
FY2026 Adj. EPS (ex-amort.) | $31.20 midpoint (raised $0.50 from $30.70) | — | ~$31.28 | ↑ Raised at Q3 earnings; consensus sits modestly above guide midpoint, implying Street expects a small beat. |
FY2026 Adj. Segment Operating Margin | 27.2% (raised 20 bps from 27.0%) | — | ~27.2% | Unchanged since Q3 call; consensus in line with guide. Incremental margin target 40%. |
FY2026 Free Cash Flow | $3.3B–$3.6B ($3.45B midpoint, raised) | — | ~$3.48B | Raised at Q3 earnings; ~100% cash conversion target. Consensus near midpoint. |
Q4 FY2026 Adj. EPS | $8.16 (guided on Q3 call) | — | $8.27 | Consensus +1.3% above guide; consistent with PH’s pattern of conservative quarterly guidance. |
Q4 FY2026 Organic Growth | ~4.0% | — | ~4.5% | Consensus modestly above guide; Aerospace raised to ~9% for Q4 (from 7.5% prior). |
Aerospace Organic Growth (FY) | 12% (raised from 11%) | — | N/A (segment not separately tracked in VA) | ↑ Raised at Q3 call; Commercial OEM raised to low-20s, Commercial MRO to low-teens. |
Tariff Impact | No earnings impact expected; price/cost management a “core Win Strategy muscle” | — | N/A | Confident tone; any tariff refunds treated as contingency gains, not forecasted income. |
Key Takeaway: Estimates for both Q4 FY2026 and full-year FY2026 have drifted modestly higher since the April 30 post-print baseline, tracking management’s raised guidance rather than diverging from it. The gap between consensus and guidance is narrow and consistent with PH’s historical pattern of conservative guidance — this is a cushion, not a risk.
KPI (Period) | Estimate ~5 Days Post Apr 30 Earnings (as of May 7, 2026) | Current Consensus (Aug 5, 2026) | Estimate Δ (%) | Initial Guidance (Apr 30 Call) | Current Guidance | Guidance Δ | Consensus vs. Guidance (%) |
Adj. EPS — Q4 FY2026 | $8.26 | $8.27 | +0.1% | $8.16 | $8.16 (unchanged) | 0% | +1.3% |
Net Sales — Q4 FY2026 | $5.575B | $5.573B | -0.0% | ~$5.5B | ~$5.5B (unchanged) | 0% | +1.3% |
Organic Growth — Q4 FY2026 | 4.38% | 4.45% | +0.2% | ~4.0% | ~4.0% (unchanged) | 0% | +45 bps |
Adj. Segment EBITA Margin — Q4 FY2026 | 27.40% | 27.41% | +0.0% | 27.4% | 27.4% (unchanged) | 0% | ~0 bps |
Adj. EPS — FY2026 Full Year | $31.21 | $31.28 | +0.2% | $31.20 midpoint | $31.20 (unchanged) | 0% | +0.3% |
Net Sales — FY2026 Full Year | ~$21.3B (implied) | ~$21.3B (implied) | ~0% | +7% reported growth | +7% (unchanged) | 0% | In line |
Adj. EPS — FY2027 (Next Year) | $33.57 | $33.57 | 0.0% | No formal FY2027 guidance yet | CEO: “expect another record year” | N/A | N/A |
Estimates have been remarkably stable since the April 30 print, with virtually no revision in either direction — the Street has accepted management’s raised guidance as the new baseline and is not running materially ahead of it. The FY2027 consensus of ~$33.57 implies ~7% EPS growth, which looks conservative relative to management’s explicit confidence in another record year and the pending Filtration Group contribution.
Key Takeaway: PH has outperformed both XLI and the S&P 500 since the April 30 earnings date, with the rally driven by a combination of multiple expansion (+10.8% on EV/EBITDA over 3 months) and earnings growth — the stock is up ~9.6% vs. XLI +6.7% and SPY +7.1%, suggesting the market is rewarding the portfolio transformation story rather than just macro beta.
The chart below shows PH, XLI, and S&P 500 (SPY) indexed to 100 at the April 30, 2026 earnings date. PH initially sold off modestly in the first two weeks post-earnings (a common pattern when results are priced in), then re-rated higher through June and July as industrial peers reported strong results and the macro backdrop improved. The stock reached a high of ~$990 in late July before a brief pullback, and is trading at ~$993 as of August 5, 2026.
Date | PH (Indexed) | XLI (Indexed) | SPY (Indexed) |
Apr 30, 2026 (Base) | 100.0 | 100.0 | 100.0 |
May 7, 2026 | 97.5 | 99.7 | 101.8 |
May 29, 2026 | 92.9 | 99.2 | 105.3 |
Jun 15, 2026 | 101.0 | 102.4 | 105.0 |
Jun 30, 2026 | 107.6 | 106.1 | 103.9 |
Jul 15, 2026 | 104.8 | 103.2 | 104.9 |
Jul 31, 2026 | 107.4 | 103.0 | 103.9 |
Aug 5, 2026 (Latest) | 109.2 | 106.8 | 107.3 |
Valuation Context: PH trades at 28.9x NTM P/E, a 4.2% premium to the specialty industrial peer group mean of ~27.7x. Over the past 12 months, the multiple has expanded +17.6% (from 24.3x to 28.9x), with roughly half the 38.7% total 12-month return attributable to multiple expansion and half to earnings growth. The 3-month multiple expansion of +7.9% (from 26.8x to 28.9x) suggests the market has re-rated PH higher as the Aerospace supercycle thesis has strengthened and the Filtration Group acquisition has been de-risked. At current levels, the stock is not cheap, but the premium is not extreme given the portfolio transformation and record margin trajectory.
Key Takeaway: The most important development since the April 30 earnings is the pending Filtration Group acquisition — management confirmed closing within 12 months of the November 2025 announcement, meaning a close by November 2026 is the outer bound, and any update on timing or synergies on the August 6 call could be a meaningful catalyst.
Key Takeaway: No open-market insider transactions (Form 4 codes P/S) were identified for PH in the period since the April 30, 2026 earnings call through August 5, 2026. The absence of insider selling ahead of a print where management has expressed explicit confidence in record results is a mild positive signal — no one is rushing to the exit.
Name | Title | Transaction Type | Value | Date | Note |
No open-market transactions identified | — | — | — | — | No Form 4 open-market buys or sells (codes P/S) found for PH in the Apr 30 – Aug 5, 2026 window per SEC filings database. |
Key Takeaway: Peer commentary from the last 60 days is uniformly constructive for PH’s FY2026 Q4 (calendar Q2 2026) — every major industrial peer beat and raised guidance, aerospace demand is described as a multi-year supercycle, industrial automation is accelerating, and power/data center demand is unprecedented. The only pockets of caution (European softness, large CapEx project recovery not yet broad-based) are consistent with PH’s own guidance and do not represent new risks.
Note on scope: All commentary below is from peer earnings calls or releases dated June 7 – August 5, 2026, covering the calendar Q2 2026 / PH FY2026 Q4 period (quarter ending June 30, 2026) or made after PH’s April 30 earnings and directly informing that period. Prior-quarter results commentary (i.e., peers discussing their own prior-period results without forward-looking relevance) has been excluded.
Peer | Date | Commentary | PH Read-Through |
Eaton (ETN) | Jul 31, 2026 | "Aerospace continues to see strong demand now and into the foreseeable future." Q2 aerospace organic sales grew 7% with record quarterly sales and profit; book-to-bill expanded to 1.2x. "Demand remains strong in aerospace, with robust orders driving backlog expansion." | Positive: Validates PH Aerospace Systems’ 14% Q3 organic growth trajectory and record 29.5% margins. ETN’s 1.2x book-to-bill supports PH’s record $12.5B backlog narrative. |
AMETEK (AME) | Aug 4, 2026 | A&D businesses saw "mid-teens organic sales growth" in Q2 and are expected to be up "low double digits" for the full year. Benefiting from a "continuing aerospace super cycle, an almost decade-long backlog" and "non-discretionary demand for global defense modernization." | Positive: AME’s mid-teens A&D growth in the same calendar quarter directly validates PH’s Aerospace guided ~9% Q4 organic growth as achievable and potentially conservative. |
Emerson (EMR) | Aug 4, 2026 | Test & measurement orders grew 19% in Q3 (ending Jun 30), with aerospace and defense showing "double-digit growth" in orders. | Positive: Broad-based A&D order strength across the industrial complex supports PH’s Aerospace backlog and order rate sustainability. |
Peer | Date | Commentary | PH Read-Through |
Eaton (ETN) | Jul 31, 2026 | Industrial orders accelerated to "mid to high teens" across commercial, institutional, utility, and industrial end markets. Machine OEM market rebounded with orders in the "mid-30s" on a rolling 12-month basis. | Positive: ETN’s machine OEM order surge directly supports PH’s In-Plant & Industrial positive low single-digit growth guidance and validates strong distributor demand. |
Illinois Tool Works (ITW) | Jul 28, 2026 | "Significant acceleration in CapEx-related businesses." Welding grew 14% organically; Polymers & Fluids grew 7%. Construction Products saw highest organic growth in four years (+2%). Full-year organic growth guidance raised by 150 bps to 3.5% midpoint, implying sustained 4.5% organic growth in H2. | Positive: ITW’s CapEx acceleration and welding strength are direct read-throughs for PH’s Industrial North America segment. Construction growth supports PH’s Off-Highway positive low single-digit guidance. |
Rockwell Automation (ROK) | Aug 4, 2026 | Q3 (ending Jun 30) organic sales grew 10%. Growth driven by "smaller modernization projects across most industries." Discrete sales grew "high teens." Raised full-year organic growth guidance to 7.5–9.5%. "Early signs of renewed project activity in Automotive and Life Sciences." Note: "broad-based recovery in large capital projects has not yet materialized." | Mostly positive: ROK’s 10% organic growth in the same calendar quarter is a strong read-through for PH’s Industrial segments. The caveat on large CapEx projects is consistent with PH’s own cautious tone on large project recovery. |
AMETEK (AME) | Aug 4, 2026 | Record Q2 sales of $2.04B (+10% organic). Record orders of $2.3B (+25% organic). Record backlog of $4.11B. Automation and engineered solutions organic growth was "outstanding mid-teens." Sees "beginning stages of a multiyear infrastructure build out." | Positive: AME’s record orders and backlog in the same calendar quarter are a strong leading indicator for PH’s own order momentum and backlog sustainability. |
IDEX Corp (IEX) | Jul 29, 2026 | Record Q2 sales of $921M (+5% organic). Record orders over $1B (+28% organic). Raised full-year organic sales growth guidance to 5–6% from 3–4%. | Positive: IEX’s 28% organic order growth is a strong read-through for PH’s industrial order momentum. Guidance raise signals confidence in H2 demand. |
Dover (DOV) | Jul 23, 2026 | Q2 revenue +5% organic. "Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum." All five segments delivered positive organic growth, showing "breadth and durability of demand." Raised full-year organic growth guidance to 4–6%. | Positive: DOV’s broad-based positive organic growth across all segments and double-digit bookings growth directly validates PH’s “all reported businesses generating positive growth” order narrative. |
Peer | Date | Commentary | PH Read-Through |
Eaton (ETN) | Jul 31, 2026 | Data center demand growing "even faster than we estimated." Organic revenue from data centers surged ~65%. Total US data center backlog expanded to 307 GW, or "15 years of backlog at 2025 build rates." Raised full-year organic growth guidance by 200 bps to 12% midpoint. | Positive: ETN’s data center demand acceleration supports PH’s HVAC/Refrigeration and power generation end market strength. 15-year backlog visibility is a multi-year tailwind for PH’s filtration and motion control products. |
Cummins (CMI) | Aug 4, 2026 | Power generation demand "exceptionally strong, particularly for data center applications." Signed multi-year agreement with a global hyperscaler securing "visibility into several gigawatts of future backup power Genset demand." New large genset orders booking into H2 2028. Record Q2 sales of $9.5B (+9%). Raised full-year revenue guidance to +10–13%. | Positive: CMI’s hyperscaler deal and 2028 booking horizon validate PH’s Energy positive low single-digit growth guidance and support the power generation tailwind for PH’s motion and filtration products. |
Emerson (EMR) | Aug 4, 2026 | "Unprecedented investment in power generation." Ovation control system orders up 31%, with lead times extending into 2028. Power project funnel grew to $3B (up $450M from Q2). Semiconductor orders up 70% in Q3. Expects semiconductor market to remain "relatively robust through 2027." | Positive: EMR’s power generation and semiconductor demand surge directly supports PH’s Asia Pacific high single-digit growth guidance (driven by electronics/semiconductor) and Energy positive low single-digit outlook. |
IDEX Corp (IEX) | Jul 29, 2026 | Health & Science segment 12% organic growth "driven by higher volumes primarily due to AI-driven demand for data center power and semiconductor markets, as well as strength in space and defense." | Positive: AI/data center demand driving broad-based industrial growth is a tailwind for PH’s filtration, motion, and fluid control products serving these end markets. |
Peer | Date | Commentary | PH Read-Through |
Cummins (CMI) | Aug 4, 2026 | Raised full-year North America heavy-duty truck forecast to 240,000–250,000 units (from 230,000–250,000), citing "strong recent order activity and improving fleet profitability." Medium-duty truck forecast also increased to 130,000–140,000 units. | Positive: CMI’s heavy truck forecast raise directly validates PH’s Transportation guidance improvement from mid-single-digit decline to low single-digit decline. Truck recovery is a key driver of PH’s Transportation segment upside. |
Illinois Tool Works (ITW) | Jul 28, 2026 | Automotive OEM revenue roughly flat in Q2 (North America +1%, Europe -5%). Expects to outpace global builds, projected down 2% for the year. | Neutral: Auto OEM softness (especially Europe) is consistent with PH’s own cautious auto commentary. PH’s Transportation improvement is driven by truck, not auto, so this is not a negative surprise. |
Emerson (EMR) | Aug 4, 2026 | "European and automotive markets remain soft." | Neutral: Consistent with PH’s own guidance; European auto softness is already embedded in PH’s EMEA slightly positive low single-digit growth guide. |
Peer | Date | Commentary | PH Read-Through |
Rockwell (ROK) | Aug 4, 2026 | "North America was our strongest region in the quarter with 12% year-over-year growth." Expects North America to be "fastest-growing region for the full year." | Positive: North America strength is a direct read-through for PH’s Diversified Industrial North America segment, which guided 2.5% organic growth for the full year with 7% order rates. |
Cummins (CMI) | Aug 4, 2026 | China revenues surged 30% YoY in Q2, driven by data center demand and improving on-highway and construction markets. Raised full-year China outlook to +15% (from +10%). | Positive: China/Asia strength supports PH’s Asia Pacific high single-digit growth guidance upgrade (from mid-single-digit), driven by electronics, semiconductor, and mining. |
Emerson (EMR) | Aug 4, 2026 | "Orders in Europe were positive in Q3, which is seen as a ‘good sign’ for the latter half of 2026 and into Q1 2027." China improved to down 3% YoY and expects to reach low single-digit growth. US business at a "very healthy pace" (+10%). | Positive: EMR’s positive European orders and improving China trajectory are consistent with PH’s EMEA slightly positive and Asia Pacific high single-digit guidance. No negative geographic surprises. |
Dover (DOV) | Jul 23, 2026 | US organic growth +7.9%; Asia organic growth +8.5%; Europe organic growth -5.0%. | Mixed: US and Asia strength are positives for PH. European decline of 5% is a mild caution flag for PH’s EMEA segment, though PH’s own guide is only slightly positive, so this is not a surprise. |
Peer | Date | Commentary | PH Read-Through |
Rockwell (ROK) | Aug 4, 2026 | Inflation is a "growing headwind" — moved from single-digit millions in Q1 to double-digit millions in Q2 and is "a higher number than what we had last quarter." Implemented a price increase late in Q3 to be "realized in Q4." Expects "positive price/cost both for the full year and in Q4." | Watch: ROK’s escalating inflation headwind is a mild caution for PH’s margin guidance. However, PH has explicitly characterized price/cost management as a core competency and guided 40% incrementals, suggesting it is better positioned than ROK to absorb inflation. |
Illinois Tool Works (ITW) | Jul 28, 2026 | "Meaningful inflation this year." Price-cost timing lag diluted Q2 margins by 40 bps and expected to persist "a little bit into Q3." | Watch: ITW’s 40 bps margin dilution from price-cost timing is a mild read-through risk for PH’s Q4 margin guidance of 27.4%. PH’s Win Strategy pricing discipline should mitigate, but worth monitoring. |
Eaton (ETN) | Jul 31, 2026 | Expects 300 bps of margin improvement in H2 from price-cost relationships. All pricing actions implemented in Q2 or early August. | Positive: ETN’s successful pricing actions and expected 300 bps H2 margin improvement from price-cost is a positive read-through for PH’s ability to sustain 27.4% Q4 margins. |
Overall Peer Read-Through Summary: The peer mosaic is the most constructive it has been in several years. Every major industrial peer (ETN, AME, CMI, ROK, ITW, IEX, DOV, EMR) beat and raised guidance for the calendar Q2 2026 / PH FY2026 Q4 period. Aerospace is a multi-year supercycle with no signs of deceleration. Industrial automation is accelerating, led by North America. Power generation and data center demand is described as unprecedented with backlogs extending to 2028. The only consistent caution flags — European softness and the absence of a broad large-CapEx project recovery — are already embedded in PH’s own guidance and do not represent incremental downside risk. Inflation is a watch item but manageable given PH’s pricing track record.
Sources: Eaton Q2 2026 Earnings Call (Jul 31, 2026); AMETEK Q2 2026 Earnings Call (Aug 4, 2026); Emerson Q3 2026 Earnings Call (Aug 4, 2026); Cummins Q2 2026 Earnings Call (Aug 4, 2026); Rockwell Automation Q3 2026 Earnings Call (Aug 4, 2026); Illinois Tool Works Q2 2026 Earnings Call (Jul 28, 2026); IDEX Corp Q2 2026 Earnings Release (Jul 29, 2026); Dover Q2 2026 Earnings Release (Jul 23, 2026); Ingersoll Rand Q2 2026 Earnings Release (Jul 30, 2026).