0001193125-26-211857
SEC filing收购Dana非公路业务并表推动营收增84%，但低毛利结构与$63M存货加价致毛利率骤降20.4个百分点，净利下滑42%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,406M | $766M | +84% |
| Gross Profit | $406M | $378M | +7% |
| Gross Margin | 29% | 49% | -20.4 pts |
| Operating Income | $195M | $249M | -22% |
| Operating Margin | 14% | 33% | -19 pts |
| Net Income | $112M | $192M | -42% |
| Diluted EPS | $1.33 | $2.23 | -40% |
| Adjusted EBITDA | $362M | $296M | +22% |
增长桥：营收同比+84%至$1,406M，几乎全部由2026年1月1日完成的Dana非公路业务收购并表驱动——Allison Off-Highway贡献$673M。原Allison Transmission内生营收$733M同比-4%，其中北美On-Highway -$60M(-14%)、Global Off-Highway -$10M(-56%)为主要拖累，Defense +$34M(+64%)与Service Parts +$5M(+3%)部分抵消。
margin 归因：毛利率由49%骤降至29%（-20.4个百分点），主因Off-Highway产品毛利结构显著低于传统传动业务，叠加$63M存货公允价值加价一次性计入Cost of sales。Allison Transmission自身毛利率同比仅降70bps，反映定价提升部分对冲了销量下滑与不利直接材料成本。营业利润率由33%降至14%，除毛利因素外，SG&A因并表增$56M（含$21M无形摊销）及$8M收购费用。
盈利质量：净利$112M同比-42%，降幅大于营业利润，主因利息费用由$21M升至$61M（+190%，含Incremental Term Loan $16M、5.875% Notes 2033 $7M、Bridge Facility费用$6M）。Adjusted EBITDA $362M同比+22%、利润率25.7%（去年38.6%），加回存货加价、PP&E加价折旧、收购费用等一次性项后，核心盈利能力仍具韧性；Adjusted Diluted EPS $2.57 vs $2.40。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Allison Transmission | $733M | -4% | $252M | 34.4% | 北美On-Highway与Global Off-Highway下滑，Defense+64%部分抵消 |
| Allison Off-Highway | $673M | — | $(21)M | -3.1% | 含存货加价$63M、PP&E加价折旧$13M及无形摊销 |
Allison Transmission 终端市场拆分：North America On-Highway $375M(-14%)、Outside North America On-Highway $110M(-2%)、Global Off-Highway $8M(-56%)、Defense $87M(+64%)、Service Parts, Support Equipment and Other $153M(+3%)。Allison Off-Highway 终端市场拆分：Construction & Material Handling $227M、Agriculture $154M、Industrial $90M、Mining $50M、Service Parts, Specialty and Other $152M。
| 项目 | 本期末 | 上期末 | 变化 |
|---|---|---|---|
| Cash & equivalents | $311M | $1,495M | -$1,184M |
| Marketable securities | $27M | $24M | +$3M |
| Total Debt（含融资租赁） | $4,295M | $2,909M | +$1,386M |
| Net Debt | $3,957M | $1,390M | +$2,567M |
| Inventory | $835M | $316M | +$519M |
| Deferred revenue（流动+非流动） | $179M | $137M | +$42M |
| Shareholders' Equity | $1,903M | $1,867M | +$36M |
Net Debt 由 Total Debt 减 Cash & equivalents 与 Marketable securities 得出（构成项均已披露）。现金大幅下降主因支付收购对价 $2,563M（净现金）；债务上升源于为收购新增 Incremental Term Loan $1,200M 与 5.875% Senior Notes 2033 $500M。第一留置权净杠杆率为 1.29x，低于 5.50x 契约上限。
| 项目 | 金额/数据 | 说明 |
|---|---|---|
| 股票回购 | $20M | 回购计划剩余授权 $1,171M（总授权 $5,000M） |
| 季度股息 | $0.29/股，合计 $25M | 上年同期 $0.27/股（+7.4%） |
| 债务净变化 | +$1,386M | 发行 $1,500M（Term Loan $1,200M + Notes $500M + 循环贷净 $150M），偿还 $151M |
| 资本开支（Additions of long-lived assets） | $53M | 上年同期 $26M |
| 收购对价 | $2,628M | Dana 越野业务，2026-01-01 完成 |
债务到期结构：4.75% Senior Notes 2027 $400M、5.875% Senior Notes 2029 $500M、3.75% Senior Notes 2031 $1,000M、5.875% Senior Notes 2033 $500M；Term Loan $508M（2031 到期）、Incremental Term Loan $1,200M（2033 到期）、循环贷 $150M（2031 到期）。循环贷剩余可用额度 $845M。
| 项目 | 本期 | 去年同期 |
|---|---|---|
| Cash flows provided by operating activities | $156M | $181M |
| Cash flows used for investing activities | $(2,616)M | $(26)M |
| Cash flows provided by (used for) financing activities | $1,280M | $(184)M |
| Capex | — | — |
| Free Cash Flow | — | — |
| FCF 转化率 (FCF/Net Income) | — | — |
| Share Repurchases | — | — |
| Dividends Paid | — | — |
CFO 同比下降约 14%（$181M → $156M），营运资本占用、现金利息与所得税上升及收购相关支出侵蚀了现金生成，盈利质量边际转弱。本季现金流结构被一次性事件主导：投资活动净流出 $2,616M（含 Acquisition 与资本开支增加），融资活动净流入 $1,280M（$1,200M Incremental Term Loan 加 $150M 循环信贷净借款），资本返还与收购高度依赖新增债务；Capex、FCF、回购与分红的具体金额未在本节披露，故留 —。