0000723612-26-000039
SEC filingQ2 营收微降但盈利大增，Diluted EPS $0.98 远超去年 $0.10，主因 fleet costs 下降。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,998M | $3,039M | -1% |
| Gross Profit | $889M | $875M | +1.6% |
| Gross Margin | 29.7% | 28.9% | +80 bps |
| Operating Income | $73M | $15M | +$58M |
| Operating Margin | 2.4% | 0.5% | +193 bps |
| Net Income | $63M | $5M | +$58M |
| Diluted EPS | $0.98 | $0.10 | +$0.88 |
| Adjusted EBITDA | $286M | $277M | +3% |
| Operating Cash Flow | $1,066M | $1,456M | -27% |
| Free Cash Flow | $957M | $1,373M | -30% |
Q2 营收微降 1% 至 $2,998M，主要受 volume 下降 2% 拖累，但被 revenue per day 增长和汇率正面影响部分抵消。盈利大幅改善，Net Income 从 $5M 增至 $63M，Diluted EPS 从 $0.10 升至 $0.98，主要得益于 Vehicle depreciation and lease charges 下降 8%（$53M），反映 per-unit fleet costs 降低。
毛利率提升 80 bps 至 29.7%，Operating Margin 提升 193 bps 至 2.4%，显示成本控制成效显著。有效税率从 66.7% 降至 13.7%，进一步提振净利。Adjusted EBITDA 增长 3% 至 $286M，Americas 分部增长 8%，但 International 下降 11%。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Americas | $2,288M | -2% | $237M | 10.4% | Adjusted EBITDA 增 8%，受惠于 fleet costs 下降 |
| International | $710M | 0% | $73M | 10.3% | Adjusted EBITDA 降 11%，因运营费用增加 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $558M | +$39M |
| Total Debt | $25.9B | +$1.2B |
| Operating Cash Flow | $1,066M | -$390M |
| Capex | $109M | +$24M |
| Free Cash Flow | $957M | -$416M |