Businesses across aerospace, pharmaceuticals, insurance, retail and energy have reported sharply different second-quarter and early-year performances. Strong demand, product launches and market share gains supported growth at several firms, while currency movements, divestitures, supply disruption and geopolitical turmoil produced contrasting results. Together, the updates highlight an uneven global economy.
Key takeaways
- Airbus lifted revenue and profit as aircraft orders and defence demand strengthened.
- Sanofi reported rapid sales and earnings growth, upgrading its 2026 outlook.
- Aon delivered steady organic growth and reaffirmed its guidance.
- Pets at Home made progress with its retail recovery plan.
- Shell’s profits more than doubled as conflict-driven oil volatility boosted trading.
Aerospace benefits from resilient demand
Airbus reported first-half revenue of €33.2bn, up 12% year on year, while adjusted operating profit rose to €2.7bn from €2.2bn. Commercial aircraft revenue increased 15%, helped by higher deliveries and services, despite the weaker US dollar.
The manufacturer delivered 351 commercial aircraft and recorded 886 gross orders, leaving a backlog of 9,222 planes. Defence and Space order intake also rose significantly, reaching €9.3bn. Airbus said production increases remain under way across its A220, A320, A330 and A350 programmes, although its guidance assumes no further major disruption to trade, aviation or supply chains.
Pharmaceuticals deliver powerful growth
Sanofi recorded second-quarter sales growth of 17.8% at constant exchange rates, reaching €11.6bn. Business earnings per share rose 33.3% to €2.09, supported by strong demand for Dupixent and recently launched medicines.
Dupixent sales climbed 37.6% to €5.2bn, while launch-product sales rose 48.3% to €1.3bn. Vaccine revenue fell because of a difficult comparison with the previous year. The company upgraded its 2026 forecast, now expecting sales to grow by about 10% and business EPS to increase slightly faster.
Sanofi also reported regulatory progress but discontinued several development programmes as it prioritises its research pipeline.
Financial services maintain momentum
Aon’s second-quarter revenue increased 2% to $4.2bn, reflecting 5% organic growth partly offset by portfolio disposals. Operating income rose 7%, and adjusted EPS increased 9% to $3.81, although reported diluted EPS declined.
Risk Capital and reinsurance both produced 5% organic growth, while health and benefits services also performed well. Aon repurchased $600m of shares during the quarter, taking first-half buybacks to $1.1bn. The broker maintained its expectation of at least mid-single-digit organic growth, margin expansion and higher free cash flow for 2026.
Consumers remain selective
Pets at Home’s retail consumer revenue rose 4.9% to £399m during its 16-week first quarter. Volumes grew faster than sales, suggesting market-share gains, while improvements in pricing, product availability and collection services supported customer satisfaction.
Vet Group consumer revenue increased 1.9%, taking total group consumer revenue to £614m, up 3.9%. Management maintained full-year guidance and said its turnaround plan, including category changes and store investment, was beginning to improve performance.
Energy volatility creates a windfall
Shell reported second-quarter profit of $9.84bn, more than double the $4.26bn recorded a year earlier. Higher oil prices and sharp swings in energy markets increased trading opportunities, making the trading division the standout contributor.
The gain came despite serious operational challenges. Gas production fell from the previous quarter, Qatar operations remained disrupted and first-half oil and gas output was down 16% year on year. The results underline how geopolitical instability can simultaneously damage production and increase earnings from market volatility.
A fragmented economic picture
The results show that global conditions are benefiting companies with strong order books, essential products or exposure to volatile markets, while others face higher costs, currency pressure or disrupted operations. With geopolitical tensions and trade risks unresolved, corporate performance is likely to remain uneven through the rest of 2026.
- Airbus profits rise amid demand for commercial aircraft, Business Live.
- double-digit sales growth and strong business EPS growth; 2026 guidance upgraded, Yahoo Finance UK.
- Aon hits record buyback pace as reinsurance and P&C drive Q2 growth, Insurance Business.
- First quarter sales increase at Pets at Home, Pet Business World.
- Shell profits double as oil prices rise due to Iran war, BBC.
