0001193125-26-322532
SEC filingQ2 营收增 2% 至 $1.8B，但毛利率降 30bps，净利降 3%，CEO 过渡成本拖累盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $1,822.9M | $1,784.5M | +2% |
| Gross Profit | $540.8M | $535.2M | +1% |
| Gross Margin | 29.7% | 30.0% | -30bps |
| Operating Income | $267.7M | $272.7M | -2% |
| Operating Margin | 14.7% | 15.3% | -60bps |
| Net Income | $188.1M | $194.3M | -3% |
| Diluted EPS | $5.17 | $5.17 | 0% |
| Operating Cash Flow | -$0.7M | -$1.5M | — |
| Free Cash Flow | -$37.3M | — | — |
Q2 营收增长 2% 至 $1.8B，主要受约 3% 的通胀性提价、稳定的维护需求和 building materials 销售增长驱动，但 discretionary 产品销售下滑部分抵消。毛利率下降 30bps 至 29.7%，主因 inbound freight 成本上升和客户结构不利，部分被 supply chain 优化抵消。
经营费用增长 4% 至 $273.1M，其中 $8.3M 为 CEO 过渡成本（$6.3M 非现金股权激励 + $2.0M 现金），剔除后经营费用仅增 1%。净利下降 3% 至 $188.1M，调整后净利增 1% 至 $195.7M。Diluted EPS 持平于 $5.17，调整后 EPS 增 4% 至 $5.38。
公司作为单一报告分部运营，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $28.8M | -$55.9M |
| Total Debt | $1,340.7M | +$110.8M |
| Inventory | $1,378.7M | +$48.5M |
| Operating Cash Flow | -$0.7M | +$0.8M |
| Capex | $36.6M | +$9.2M |
| Free Cash Flow | -$37.3M | — |
Net Debt 计算：Total Debt $1,340.7M - Cash $28.8M = $1,311.9M（GAAP）。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Sales Growth | low single-digit percentage | reported |
| FY26 | Gross Margin | approximately 30 bps below 2025 gross margin of 29.7% | reported |
| FY26 | Operating Expense Growth | approximately 3% | reported |
| FY26 | Diluted EPS | $10.66-$10.96 | reported |
| FY26 | Capex % of Sales | approximately 1.0%-1.5% | reported |
一次性异常项：CEO 过渡成本 $8.3M（非经常性），剔除后经营费用仅 +1%，调整后 EPS $5.38。
主要风险：inbound freight 成本上升与客户结构不利持续压制毛利率；天气敏感性与 discretionary 消费疲软。