0000842162-26-000065
SEC filingLear二季度营收净利双增，上调全年指引，回购驱动EPS增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $6,209.4M | $6,030.4M | +3% |
| Gross Margin | — | — | — |
| Operating Income | — | — | — |
| Net Income | $192.8M | $165.2M | +17% |
| Diluted EPS (GAAP) | $3.79 | $3.06 | +24% |
| Core Operating Earnings (Non-GAAP) | $313.2M | $291.8M | +7% |
| Adjusted Net Income (Non-GAAP) | $217.4M | $187.8M | +16% |
| Adjusted EPS (Non-GAAP) | $4.28 | $3.47 | +23% |
| Operating Cash Flow | $460.5M | $296.2M | +55% |
| Free Cash Flow | $287.8M | $170.8M | +69% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net Sales | $23,540M - $24,010M | — |
| FY2026 | Core Operating Earnings | $1,080M - $1,200M | Non-GAAP |
| FY2026 | Adjusted EBITDA | $1,700M - $1,820M | Non-GAAP |
| FY2026 | Operating Cash Flow | $1,250M - $1,350M | — |
| FY2026 | Free Cash Flow | $590M - $690M | Non-GAAP |
简评
Lear二季度营收$6.2B(+3%)，净利$192.8M(+17%)，EPS $3.79(+24%)，业绩超预期并上调全年指引。增长主要受新业务和商业补偿驱动，但被关键平台产量下降部分抵消。Seating调整后利润率6.7%持平，E-Systems调整后利润率5.8% vs 4.9%显著改善，成为利润率提升的主要引擎。经营现金流$460.5M(+55%)，自由现金流$287.8M(+69%)，现金生成强劲支撑回购。
管理层上调全年指引中点并收窄区间，反映对下半年信心。Q2回购$100M，剩余授权约$600M(占市值约8%)，持续回购驱动EPS增长。新获Audi、Leapmotor等订单，加速中国车企合作，并获GM年度供应商奖。指引假设全球产量按Lear销售加权下降约2%，排除关税和停产影响，需关注贸易政策风险。