Technical Analysis: 27 July 2026

Verizon Communications Inc (VZ) 

• 2Q26 Revenue: $34.25B, -0.7% YoY, miss estimates by $860M 

• 2Q26 Non-GAAP EPS:  $1.30, beat estimates by  $0.03 

• FY26 Guidance: Expects annual adjusted profit of $4.99 to $5.04 per share, up from $4.95 to $4.99 previously and free cash flow to grow between 9% and 10% this year, higher than its previous estimate of about 7% or more. 

• Comment: Verizon reported a mixed second quarter, with adjusted EPS of US$1.30 beating expectations on cost controls and lower device subsidy spending despite revenue of US$34.3bn missing estimates due to weaker equipment sales as customers delayed smartphone upgrades. The company added 184,000 postpaid wireless subscribers, well ahead of consensus, reflecting early success from its simplified “Simplicity” wireless plans, loyalty initiatives and bundled wireless-broadband offerings. Verizon also secured a more than US$1bn contract with Google to provide dark fiber connectivity for AI data centres and expects to announce additional multi-billion-dollar agreements by year-end. Management raised its FY26 adjusted EPS guidance to US$4.99-5.04 and increased its free cash flow growth outlook to 9%-10%. Verizon is well positioned to benefit from growing AI infrastructure investment through the monetisation of its fibre network, while continued execution of its consumer strategy should support subscriber growth and stronger cash flow generation. Although softer handset upgrade cycles may continue to weigh on equipment revenue, expanding enterprise connectivity opportunities, additional hyperscaler contracts and disciplined cost management are expected to support earnings growth over the medium term. 3Q26 recommended trading range: $40 to $50. Neutral Outlook. 

 

威瑞森通信公司（VZ) 

• 26财年第二季度营收：342.5亿美元，同比下降0.7%，低于预期8.6亿美元 

• 26财年第二季度非公认会计准则每股收益：1.30美元，优于预期0.03美元 

• 26财年全年指引：预计全年调整后每股收益为4.99至5.04美元，高于此前预期的4.95至4.99美元；预计今年自由现金流将增长9%至10%，高于此前约7%或以上的预期。 

• 短评：威瑞森第二季度业绩喜忧参半。尽管由于客户推迟智能手机升级导致设备销售疲软，343亿美元的营收低于预期，但得益于成本控制和设备补贴支出的减少，1.30美元的非公认会计准则调整后每股收益仍优于预期。公司新增了18.4万后付费无线用户，远超市场共识，反映出其简化的“Simplicity”无线套餐、客户忠诚度计划以及无线–宽带捆绑服务的初步成功。威瑞森还与谷歌达成了一项价值超10亿美元的合同，为其AI数据中心提供暗光纤连接，并预计将在年底前宣布更多数十亿美元的协议。管理层将26财年调整后每股收益指引上调至4.99-5.04美元，并将自由现金流增长预期上调至9%-10%。通过光纤网络的货币化，威瑞森处于有利地位，能够受益于不断增长的AI基础设施投资；同时，其消费者战略的持续执行应能支持用户增长和更强劲的现金流生成。尽管手机升级周期放缓可能继续拖累设备收入，但不断扩大的企业连接机会、额外的超大规模云服务商（hyperscaler）合同以及严格的成本管理，预计将在中期内支持盈利增长。26财年第三季度建议交易区间：40美元至50美元。中性前景。 

 

American Express Co. (AXP) 

• 2Q26 Revenue: $19.64B, +10.0% YoY, miss estimates by $60M 

• 2Q26 GAAP EPS: $4.53, beat estimates by $0.13 

• FY26 Guidance: Expects full year revenue to grow 10%, in line with Wall Street expectations and unchanged full-year profit forecast of US$17.30 to US$17.90 per share. 

• Comment: American Express delivered a strong second quarter, with revenue rising 10% YoY to US$19.6bn and EPS of US$4.53 beating expectations, supported by resilient spending from affluent customers and continued strength in travel and entertainment. Billed business increased 9% to US$455.8bn, with travel and entertainment spending up 10%, while younger Gen Z and millennial customers remained an important growth driver for its premium card offerings. Management raised its FY26 revenue growth outlook to 10% but kept its EPS guidance unchanged at US$17.30-17.90 as it plans to reinvest the stronger-than-expected performance into marketing, customer benefits and growth initiatives, contributing to a 12% increase in quarterly expenses. Looking ahead, American Express should continue to benefit from resilient premium-consumer spending, stronger customer engagement and investments in travel, dining and lifestyle rewards, although higher operating costs, intensifying competition for affluent customers and any weakening in discretionary spending could limit near-term earnings upside. 3Q26 recommended trading range: $300 to $350. Neutral Outlook. 

 

美国运通公司（AXP) 

• 26财年第二季度营收：196.4亿美元，同比增长10.0%，低于预期6000万美元 

• 26财年第二季度公认会计准则每股收益：4.53美元，优于预期0.13美元 

• 26财年全年指引：预计全年营收增长10%，与华尔街预期一致；维持全年每股收益17.30至17.90美元的利润预测不变。 

• 短评：美国运通第二季度业绩表现强劲，在富裕客户弹性消费以及旅游和娱乐领域持续走强的支撑下，营收同比增长10%至196亿美元，4.53美元的每股收益优于预期。签账额（Billed business）增长9%至4558亿美元，其中旅游和娱乐支出增长10%，而年轻的Z世代和千禧一代客户仍是其高端信用卡产品的重要增长驱动力。管理层将26财年营收增长预期上调至10%，但将每股收益指引维持在17.30-17.90美元不变，因公司计划将超预期的业绩重新投资于营销、客户福利和增长计划，这也导致季度支出增加了12%。展望未来，美国运通应将继续受益于高端消费者弹性消费、更强的客户参与度以及在旅游、餐饮和生活方式奖励方面的投资；尽管运营成本上升、针对富裕客户的竞争加剧以及可选消费的任何疲软可能会限制近期的盈利上行空间。26财年第三季度建议交易区间：300美元至350美元。中性前景。 

 

NextEra Energy, Inc. (NEE) 

• 2Q26 Revenue: $7.53B, +12.4% YoY, miss estimates by $640M 

• 2Q26 Non-GAAP EPS: $1.15, beat estimates by $0.04 

• FY26 Guidance: Management reaffirmed its long-term adjusted EPS growth outlook and highlighted accelerating electricity demand from AI data centres. FPL now has a 21 GW hyperscaler data-centre pipeline, with nearly 12 GW in advanced negotiations. The renewable development backlog expanded to 35.1 GW after adding 3.6 GW during the quarter. 

• Dividends/Share Buybacks: Maintained its quarterly dividend at US$0.6232 per share 

• Comment: This was a solid quarter. While revenue missed expectations, adjusted EPS beat forecasts as regulated utility earnings and renewable generation remained strong. The biggest positive was accelerating power demand from AI data centres, which continues to drive growth across both FPL and the Energy Resources business. Management also advanced several strategic initiatives, including the restart of the Duane Arnold nuclear plant to support Google data centres and the proposed Dominion Energy acquisition. The key issue remains execution. The market is increasingly pricing in substantial AI-driven electricity demand, leaving little room for delays in data-centre projects, renewable deployments or regulatory approvals for the Dominion transaction. Investors will also monitor whether NextEra can convert its 21 GW hyperscaler pipeline into long-term contracted load while maintaining its industry-leading balance-sheet profile. Shares traded modestly higher following the results after the EPS beat. The principal variables to monitor are AI-related electricity demand, renewable and storage backlog conversion, regulatory approval of the Dominion acquisition, and execution of new gas and nuclear generation projects. 3Q26 recommended trading range: $85 to $105. Neutral Outlook. 

 

NextEra Energy, Inc.（NEE) 

• 26财年第二季度营收：75.3亿美元，同比增长12.4%，但低于预期6.4亿美元 

• 26财年第二季度非公认会计准则每股收益：1.15美元，小幅超出预期0.04美元 

• 26财年全年指引：重申长期调整后EPS增长目标；强调AI数据中心电力需求加速增长——FPL（佛罗里达电力与照明公司）已拥有21吉瓦（GW），其中近12 GW处于高级谈判阶段；可再生能源开发积压订单增至35.1 GW（本季新增3.6 GW） 

• 股息：维持季度股息每股0.6232美元 

• 短评：本季度基本面稳健，尽管营收不及预期，但盈利超预期，反映其核心业务韧性。受监管的公用事业部门（FPL）表现强劲，叠加可再生能源发电贡献稳定，支撑整体盈利质量。最大亮点在于AI驱动的电力需求爆发：公司正成为美国AI基础设施扩张的核心能源伙伴。除21 GW数据中心负荷管线外，还推进多项战略举措，包括重启Duane Arnold核电站以服务谷歌数据中心，以及拟议收购Dominion Energy部分资产，进一步扩大在东南部市场的影响力。然而，市场对高增长预期已充分定价，当前估值隐含对执行力的极高要求。任何在以下方面的延迟都可能引发重估：（1）数据中心项目落地；（2）可再生能源+储能项目并网；（3）Dominion交易获监管批准。投资者将密切关注公司能否将庞大的21 GW潜在负荷转化为长期购电协议（PPA），同时维持其行业领先的资产负债表纪律（目前A级信用评级）。财报后股价温和上涨，反映市场认可其结构性机遇，但对执行风险保持警惕。后续关键变量包括：（1）AI相关电力需求的实际签约与交付节奏；（2）35.1 GW可再生能源积压订单向收入的转化效率；（3）Dominion收购案的监管进展；（4）新建天然气调峰电站与核电项目的推进情况。NextEra作为清洁能源与AI能源基础设施的双重龙头，长期前景光明，但短期需兑现高预期以支撑估值。26财年第三季度建议交易区间：85美元至105美元。中性前景。