0001628280-26-049360
SEC filingQ2营收下滑1.2%至$29.94B，因Versant分拆及宽带客户流失，但Content & Experiences增长强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $29,940M | $30,313M | -1.2% |
| Gross Profit | $21,551M | $22,737M | -5.2% |
| Gross Margin | 72.0% | 75.0% | -300 bps |
| Operating Income | $5,160M | $5,992M | -13.9% |
| Operating Margin | 17.2% | 19.8% | -260 bps |
| Net Income | $3,419M | $11,044M | -69.0% |
| Diluted EPS | $0.99 | $2.98 | -66.9% |
| Adjusted EBITDA | $8,902M | $10,283M | -13.4% |
| Operating Cash Flow | $14,983M | $16,109M | -7.0% |
| Free Cash Flow | $9,730M | $11,179M | -13.0% |
Q2营收下滑1.2%至$29.94B，主要受Versant分拆（去年同期贡献$1.77B）及Connectivity业务下滑拖累。剔除分拆影响，Content & Experiences业务增长强劲，Media营收大增25.3%至$5.69B，主要受益于FIFA World Cup等赛事带来的$440M增量收入。Studios营收增长25.0%至$3.04B，Theatrical收入$972M同比大增，得益于《The Super Mario Galaxy Movie》等影片。
利润率方面，Gross Margin下降300 bps至72.0%，主要因内容成本上升（Programming and production costs同比增10.7%）。Operating Margin下降260 bps至17.2%，反映收入结构变化及成本压力。Net Income大幅下滑69%至$3.42B，主要因去年同期有$9.4B的Hulu出售收益，剔除后盈利质量尚可。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Residential Connectivity & Platforms | $17,124M | -4.0% | $6,448M | 37.7% | 宽带客户流失，无线业务增长 |
| Business Services Connectivity | $2,671M | +3.7% | $1,516M | 56.7% | 企业解决方案增长 |
| Media | $5,691M | +25.3% | $708M | 12.4% | 体育赛事驱动广告 |
| Studios | $3,040M | +25.0% | $202M | 6.6% | Theatrical收入大增 |
| Theme Parks | $2,413M | +2.7% | $609M | 25.2% | Epic Universe开业带动 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $7,661M | $9,481M |
| Total Debt | $90,381M | $98,937M |
| Net Debt | $82,720M | $89,456M |
| Operating Cash Flow | $14,983M | $16,109M |
| Capex | $5,253M | $4,930M |
| Free Cash Flow | $9,730M | $11,179M |
| FCF 转化率 | 179% | 78% |
Net Debt/EBITDA（TTM）约2.9倍，杠杆水平可控。公司上半年偿还债务$7.3B，包括提前回购$4.1B高级票据。
资本配置：Q2回购$900M（33.8M股），剩余授权$6.7B，但已暂停回购以筹备NBCUniversal Spin-off。股息维持$0.33/股，年化$1.32。
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