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

Three non-technology companies delivered impressive earnings in the second quarter of 2026, standing out among the tech-focused winners that have dominated headlines. Comfort Systems USA Inc., an industrial powerhouse specializing in HVAC services, reported a remarkable 50% year-over-year revenue growth and a record $14.1 billion backlog.

This surge was driven by increased spending on AI infrastructure, resulting in a $3 billion quarter and 80% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA). The company's backlog of $14.1 billion, up 73% year-over-year, signals strong demand and positions Comfort Systems for potential dividend increases or strategic acquisitions. Analysts project a 27% upside for its shares.

Investment bank and institutional securities company Piper Sandler Companies also outperformed expectations, with revenue up 25% year-over-year and EPS beating forecasts by 17 cents. The firm's operating margin improved to 21.8% for the quarter, driven by strong advisory activity and a recovery in equity financing. Piper Sandler's financial structure, less tied to interest rates than peers, offers potential upside of over 27% for its shares (PIPR).

FAI Aviation Ltd., a commercial aircraft leasing firm, showed resilience in the aerospace industry, with nearly 41% revenue growth year-over-year. The company's aerospace products segment led the growth, and its module production climbed by 61% since this time last year. FTAI's market reach is expanding through new partnerships, particularly in the Middle East, Asia, and Europe.

The firm's upcoming agreement with a leading U.S. hyperscaler for $1.5 billion in deliveries further strengthens its position. Analysts project a 45% earnings growth in the next year and 60% upside for FTAI shares, resulting in a strong Buy rating from nine analysts.