The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how heavy transportation equipment stocks fared in Q2, starting with PACCAR (NASDAQ: PCAR).

Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.

The 12 heavy transportation equipment stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was 8.6% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6% since the latest earnings results.

PACCAR (NASDAQ: PCAR)

Founded more than a century ago, PACCAR (NASDAQ: PCAR) designs and manufactures commercial trucks of various weights and sizes for the commercial trucking industry.

PACCAR reported revenues of $7.55 billion, flat year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates.

The market seems disappointed with the results as the stock is down 6.7% since reporting and currently trades at $124.50.

Is now the time to buy PACCAR? Access our full analysis of the earnings results here, it’s free.

Best Q2: Wabash (NYSE: WNC)

With its first trailer reportedly built on two sawhorses, Wabash (NYSE: WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods.

Wabash reported revenues of $417.2 million, down 9.1% year on year, outperforming analysts’ expectations by 3.6%. The business had a stunning quarter with a solid beat of analysts’ EBITDA estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The market seems happy with the results as the stock is up 7.5% since reporting. It currently trades at $14.31.

Is now the time to buy Wabash? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Greenbrier (NYSE: GBX)

Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE: GBX) supplies the freight rail transportation industry with railcars and related services.

Greenbrier reported revenues of $576.5 million, down 31.6% year on year, falling short of analysts’ expectations by 5.9%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly.

Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update of the whole group. As expected, the stock is down 9.6% since the results and currently trades at $43.26.

Read our full analysis of Greenbrier’s results here.

Oshkosh (NYSE: OSK)

Oshkosh (NYSE: OSK) manufactures specialty vehicles for the defense, fire, emergency, and commercial industry, operating various brand subsidiaries within each industry.

Oshkosh reported revenues of $2.92 billion, up 6.7% year on year. This print topped analysts’ expectations by 3.3%. It was a very strong quarter as it also logged full-year revenue guidance beating analysts’ expectations and a beat of analysts’ EPS estimates.

The stock is up 1.4% since reporting and currently trades at $157.08.

Read our full, actionable report on Oshkosh here, it’s free.

Trinity (NYSE: TRN)

Operating under the trade name TrinityRail, Trinity (NYSE: TRN) is a provider of railcar products and services in North America.

Trinity reported revenues of $485.1 million, down 4.2% year on year. This number surpassed analysts’ expectations by 2.2%. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.

The stock is down 22.8% since reporting and currently trades at $28.32.

Read our full, actionable report on Trinity here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.