0000822818-26-000034
SEC filingQ2 营收与利润双增，SKSS 分部表现强劲，Adjusted EBITDA 增长 21.6%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,735.0M | $1,549.9M | +11.9% |
| Gross Profit | $608.8M | $516.4M | +17.9% |
| Gross Margin | 35.1% | 33.3% | +180 bps |
| Operating Income | $268.9M | $210.3M | +27.9% |
| Operating Margin | 15.5% | 13.6% | +190 bps |
| Net Income | $170.5M | $126.9M | +34.3% |
| Diluted EPS | $3.22 | $2.36 | +36.4% |
| Adjusted EBITDA | $409.0M | $336.2M | +21.6% |
| Operating Cash Flow | $245.5M | $209.6M | +17.1% |
| Free Cash Flow | $59.8M | $17.4M | +243.7% |
本季度营收增长主要由 Safety-Kleen Sustainability Solutions 分部驱动，其营收同比大增 40.8%，主要受益于油价上涨带来的 base oil 和 blended oil 产品定价提升。Environmental Services 分部增长 7.7%，其中 Technical Services 贡献 $81.5M 增量，PFAS 相关过滤项目贡献超 $30M 收入。
利润率方面，公司整体 Adjusted EBITDA Margin 扩大 190 bps 至 23.6%，主要得益于 SKSS 分部成本占收入比大幅下降 12.7 个百分点，以及 Environmental Services 分部毛利率的改善。盈利质量良好，经营现金流同比增长 17.1%，Adjusted Free Cash Flow 大幅改善至 $59.8M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Environmental Services | $1,456.6M | +7.7% | $406.1M | 27.9% | Technical Services 增长，PFAS 项目 |
| Safety-Kleen Sustainability Solutions | $278.4M | +40.8% | $93.0M | 33.4% | 油价上涨，产品定价提升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $516.7M | -$417.0M |
| Total Debt | $2,771.9M | -$4.2M |
| Inventory | $382.9M | +$10.8M |
| Operating Cash Flow | $245.5M | +$35.8M |
| Capex | $224.6M | +$15.9M |
| Free Cash Flow | $59.8M | +$42.4M |