Looking back on heavy transportation equipment stocks’ Q2 earnings, we examine this quarter’s best and worst performers, including Greenbrier (NYSE: GBX) and its peers.

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.

While some heavy transportation equipment stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.9% since the latest earnings results.

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. This print fell short of analysts’ expectations by 5.9%. Overall, it was a disappointing quarter for the company with full-year revenue and EPS guidance missing analysts’ expectations significantly.

Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update among its peers. The market seems disappointed with the results as the stock is down 3.7% since reporting and currently trades at $46.13.

Read our full report on Greenbrier 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 an impressive beat of analysts’ EBITDA estimates and revenue guidance for next quarter exceeding analysts’ expectations.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 6% since reporting. It currently trades at $12.51.

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

Cummins (NYSE: CMI)

With more than half of the heavy-duty truck market using its engines at one point, Cummins (NYSE: CMI) offers engines and power systems.

Cummins reported revenues of $9.46 billion, up 9.4% year on year, exceeding analysts’ expectations by 1.6%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.

As expected, the stock is down 1.7% since the results and currently trades at $637.50.

Read our full analysis of Cummins’s results here.

Douglas Dynamics (NYSE: PLOW)

Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE: PLOW) offers snow and ice equipment for the roads and sidewalks.

Douglas Dynamics reported revenues of $214.6 million, up 10.5% year on year. This result lagged analysts’ expectations by 2.2%. Taking a step back, it was still a very strong quarter as it logged an impressive beat of analysts’ EBITDA estimates and full-year EBITDA guidance exceeding analysts’ expectations.

The stock is down 3.9% since reporting and currently trades at $42.43.

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

Allison Transmission (NYSE: ALSN)

Helping build race cars at one point, Allison Transmission (NYSE: ALSN) offers transmissions to original equipment manufacturers and fleet operators.

Allison Transmission reported revenues of $1.57 billion, up 92.4% year on year. This number beat analysts’ expectations by 3.1%. It was a very strong quarter as it also recorded full-year revenue guidance beating analysts’ expectations and full-year EBITDA guidance slightly topping analysts’ expectations.

Allison Transmission delivered the fastest revenue growth of the whole group. The stock is up 8.6% since reporting and currently trades at $126.27.

Read our full, actionable report on Allison Transmission 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 Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.