Emerson reported a 5% underlying sales growth in Q2 2026, with a significant one-point headwind from the Middle East conflict that impacted overall performance. Segment analysis shows the conflict chiefly affected Intelligent Devices, with a ~2-point drag, while other segments like Test and Measurement demonstrated robust growth.
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What is the guidance change for Jack Henry & Associates, Inc. in Q3 2026 based on their record sales results and core wins?
Emerson management said the Middle East conflict was a ~one-point headwind to consolidated underlying Q2 2026 sales growth. 1 This translated into reported Q2 underlying sales growth of ~5% that was below expectations, with the Middle East conflict responsible for approximately one point. 1 Management also stated that excluding these headwinds (including the software contract renewal dynamic), Q2 underlying sales growth was approximately 3%. 2
To understand “across different segments,” the excerpts provide the segment-level direction and magnitude of conflict impact where explicitly stated, plus segment-level performance where the conflict impact is described as part of the drivers.
Therefore: the conflict reduced what otherwise would have been stronger Q2 growth by about ~1 percentage point at the consolidated level. 12
The clearest segment-specific conflict impact in the provided excerpts is for Intelligent Devices (part of Software/Systems), not for the whole segment. However, Emerson gave segment-level performance that allows you to bracket where the Middle East likely hurt.
Implication across Software and Systems:
So, the segment-level picture is:
This is the most explicit segment/disaggregation for conflict impact:
Conclusion for Intelligent Devices:
The conflict was a material driver of weakness—a ~2 percentage-point headwind to Intelligent Devices’ underlying sales growth in Q2 2026. 4
For Test and Measurement, the conflict impact is not quantified directly in the excerpts, but the growth performance is provided:
Conclusion for Test and Measurement:
The excerpts show strong growth (+12%), suggesting the conflict did not dominate the segment’s Q2 results (or it was outweighed by other growth). 25
Again, the excerpts provide growth direction, but not conflict magnitude at the segment level:
Conclusion for Control Systems and Software:
The conflict’s quantified impact is not stated for this specific sub-segment, but the business still grew (+4% ex renewal dynamic). 2
The conflict is not quantified for Safety and Productivity in the excerpts, but the segment’s underlying growth and margin drivers are described:
Conclusion for Safety and Productivity:
The excerpts attribute Q2 underlying performance primarily to North America and electrical products, and Europe softness, not to the Middle East conflict directly. 4
There’s a built-in reconciliation challenge:
This implies the conflict affected different business groups differently (and/or offsetting strengths existed), consistent with management’s statement that Intelligent Devices’ conflict headwind was offset by strength in power and LNG. 4 It also aligns with management’s narrative that the quarter saw disruption in the Middle East including manufacturing shutdowns and reduced field-service operations, but activity improved in April. 7
While your question asks specifically about Q2 2026, management’s framing of expectation helps interpret “expected to impact”:
So, the expectation is not a one-time Q2 event; management baked a ~one-point headwind into the full-year outlook. 73
| Emerson business/segment view for Q2 2026 | What the excerpts show about Middle East conflict impact |
|---|---|
| Consolidated underlying sales growth | ~1 percentage point headwind from the conflict to underlying sales growth in the quarter. 12 |
| Software and Systems (overall) | Underlying sales growth was 1%, but the excerpts emphasize the software contract renewal headwind as a major driver; conflict impact is more explicitly quantified in Intelligent Devices. 34 |
| Intelligent Devices (within Software and Systems) | Conflict impacted this growth by ~2 points, offset by strength in power and LNG, with Intelligent Devices underlying sales down 1%. 4 |
| Test and Measurement (within Software and Systems) | Management shows Test and Measurement up 12% in the quarter; no explicit “conflict reduced by X points” statement appears for this segment in the excerpts. 2 |
| Control Systems and Software (within Software and Systems) | Control Systems and Software was up 4% excluding the software renewal dynamic; conflict magnitude is not quantified in the excerpts for this sub-segment. 2 |
| Safety and Productivity | Q2 underlying performance drivers discussed are electrical products and North America stability and Europe softness; conflict impact is not explicitly quantified for this segment in the excerpts. 4 |
For Q2 2026, Emerson expects/indicates the Middle East conflict to reduce its consolidated underlying sales growth by about one percentage point. 12 The excerpts further show the largest explicitly quantified conflict drag within the segment breakdown in Intelligent Devices, where the Middle East conflict impacted growth by about two points (but was partly offset by strength in power and LNG, leaving Intelligent Devices down 1% underlying). 4 Other parts of Software/Systems—particularly Test and Measurement (+12%)—show strong growth in the quarter, with the excerpts not attributing their performance to the Middle East conflict. 2
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