Beyond Big Tech: 3 Non-Tech Earnings Winners to Watch

Key Points

• Comfort Systems USA, Piper Sandler, and FTAI Aviation each delivered strong Q2 2026 earnings despite operating outside the tech sector.
• Comfort Systems posted more than 50% revenue growth and a record $14.1 billion backlog, benefiting from AI infrastructure spending.
• Piper Sandler and FTAI Aviation both beat expectations, with analysts projecting substantial upside of 27% and 60%, respectively, for their shares.

Q2 2026 was an impressive quarter for many companies, with wave after wave of earnings wins across the S&P 500 in recent weeks. Headlines have focused on AI stock wins, but these companies do not have a monopoly on noteworthy earnings. A number of firms outside the tech sector delivered the kinds of results investors seek out, including accelerating revenue growth, margin expansion, and guidance increases.

Those looking to diversify outside of tech with companies that performed well last quarter might start with Comfort Systems USA Inc. NYSE: FIX, Piper Sandler Companies NYSE: PIPR, and FTAI Aviation Ltd. NASDAQ: FTAI. These three firms operate in very different industries, making them dependent upon different market factors for success, and yet they have all demonstrated strong execution in recent months.

Comfort Systems Is a Beneficiary of the Infrastructure Boom

Industrial powerhouse Comfort Systems provides HVAC services to customers across commercial, industrial, and institutional settings. The company is not a tech firm, but it is a direct beneficiary of the recent spending on AI infrastructure.

This means major wins for earnings season: Comfort Systems reported more than 50% year-over-year (YOY) revenue growth, comfortably beating analyst predictions. Earnings per share came close to doubling over the same period, topping expectations by an even wider margin.

This all led to Comfort Systems' first-ever quarter with sales above $3 billion, helping to drive gross margin expansion to 25.9% and an 80% YOY increase in EBITDA. Best of all, there are signs that this momentum is likely to continue: Backlog of $14.1 billion was up 73% YOY, a record high for the company.

Further, after generating almost $1 billion in free cash flow for the quarter, investors may look ahead to a dividend increase or strategic acquisitions. Even if data center demand slows, this cushion is a huge boon for Comfort Systems and could allow the company to comfortably pivot to other infrastructure projects as needed.

Healthier Capital Markets Strengthen Piper Sandler's Revenues

Though overshadowed by the AI space, investment banking as an industry has experienced steady recovery this year, and Piper Sandler is among the firms making the most of this rebound.

Last quarter alone, the investment bank and institutional securities company saw revenue surge by about 25% YOY and a 17-cent beat on earnings per share (EPS). Operating margin also improved for the quarter, reaching 21.8%.

While there were strengths across Piper Sandler's business, health care and investment banking were standout segments. Strong advisory activity, coupled with a recovery in equity financing amid a return to capital markets, boosted the firm's business for the quarter. Perhaps most importantly for investors, Piper Sandler is a financial firm with multiple catalysts, meaning that it may not be as closely tied to interest rates as other companies in the sector. This may be why analysts see more than 27% in potential upside for shares of PIPR.

FTAI Wins on Both Aviation and Hyperscaler Business

FTAI Aviation occupies a unique niche in the aerospace as a commercial aircraft leasing firm. At a time when aircraft makers are working to boost production, FTAI benefits when there are shortages that prompt airlines to lease engines and seek maintenance or aftermarket services for their fleets.

FTAI reported nearly 41% YOY revenue growth in the latest quarter, led by particular strength in the firm's aerospace products segment. Adjusted EBITDA also climbed, rising 51% YOY to nearly $250 million. The company's production capacity is growing, as its module production climbed by 61% since last year at this time, while management boosted its full-year production target.

With a broadening market reach thanks to new partnerships providing inroads to the Middle East, Asia, and Europe, FTAI is growing its core business. Importantly, the firm can also benefit from sustained momentum in the AI space. Its joint venture, J&F Power Systems, which supplies aeroderivative gas turbines used for industrial power infrastructure, recently signed a multi-year agreement with a leading U.S. hyperscaler that will include about $1.5 billion in deliveries as part of its initial order.

Analysts see lots of room for growth going forward as well. Earnings are projected to surge by almost 45% in the coming year, alongside 60% in anticipated upside for FTAI shares. This may be a reason why Wall Street is strongly supportive of FTAI, as nine analysts have rated the stock a Buy, while only two have called it a Hold.

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