The global Q2 2024 results season for rated nonfinancial corporates is almost complete. The slow recovery continues, although driven more by margin improvement than static revenue growth. Measured at an annual rate, global sales for companies rated by S&P Global Ratings that report quarterly are essentially flat (-0.2%) and EBITDA up 2.5%. Large U.S. technology companies (NVIDIA, Amazon, Meta, Microsoft) continue to have the biggest positive impact on global EBITDA growth, and energy companies the most negative. Cash flow pressure from higher interest payments is easing, and interest cover is starting to edge higher after declining steadily since mid-2022. Companies are trimming capital expenditure growth, with capex up 4.2% versus 7.2% last quarter, while share buyback growth has turned positive again. Beyond the moderation in capex, it’s difficult to point to any harbingers of renewed broad-based deterioration.