0000089089-26-000076
SEC filingSCI二季度业绩超预期，殡葬业务稳健，现金流强劲并上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,103.3M | $1,065.4M | +4% |
| Gross Profit | $273.5M | $271.4M | +0.8% |
| Operating Income | $231.6M | $224.5M | +3.2% |
| Net Income attributable to common stockholders | $124.8M | $122.9M | +1.5% |
| Diluted EPS (GAAP) | $0.90 | $0.86 | +4.7% |
| Diluted EPS excluding special items (Non-GAAP) | $0.90 | $0.88 | +2.3% |
| Net cash provided by operating activities | $238.7M | $166.5M | +43% |
| Adjusted operating cash flow (Non-GAAP) | $238.8M | $168.3M | +42% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Diluted EPS excluding special items | $4.10 - $4.30 | Non-GAAP |
| FY2026 | Net cash provided by operating activities excluding special items | $1,055 - $1,115M | Non-GAAP |
简评
Service Corporation International (SCI) 2026年第二季度业绩稳健增长，营收同比增长4%至$1,103.3M，调整后EPS为$0.90，略高于去年同期的$0.88。增长主要由墓地分部驱动，可比墓地收入增长4.8%，其中预need销售生产强劲增长8.0%，得益于信托基金收益提升和合同数量及单价的增长。殡葬分部可比收入仅增0.9%，核心收入增1.5%，但殡葬服务量下降1.7%被平均每服务收入增长3.3%所抵消。殡葬毛利率从19.6%降至18.2%，主要因保险预need销售佣金支出增加，管理层指出这些成本将在未来服务履行时转化为收益。
现金流表现突出，调整后经营现金流同比增长42%至$238.8M，主要受益于现金税减少$64.3M（与可再生能源投资税收抵免相关）及预need墓地收款改善。基于此，管理层将2026年经营现金流指引中值上调$50M至$1,085M，并确认调整后EPS指引$4.10-$4.30。年内已通过分红和回购返还股东$363M，体现资本配置承诺。信托基金回报强劲（综合回报率Q2达7.7%），支撑墓地收入增长。整体来看，公司通过预need策略构建未来收入管道，短期利润率承压但长期增长动能充足。