0001193125-26-335274
SEC filingMKS第二季度营收与盈利超指引上限，AI驱动半导体需求强劲，业绩增长动能持续。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Revenue | $1,248M | $973M | +28.3% |
| Gross Margin | 47.6% | 46.6% | +1.0pp |
| Operating Income | $251M | $135M | +85.9% |
| Operating Margin (GAAP) | 20.1% | 13.9% | +6.2pp |
| Net Income | $175M | $62M | +182.3% |
| Diluted EPS (GAAP) | $2.41 | $0.92 | +162.0% |
| Non-GAAP Operating Margin | 25.6% | 20.8% | +4.8pp |
| Non-GAAP Net Earnings | $232M | $119M | +95.0% |
| Non-GAAP Diluted EPS | $3.30 | $1.77 | +86.4% |
| Adjusted EBITDA | $358M | $240M | +49.2% |
| Adjusted EBITDA Margin | 28.6% | 24.7% | +3.9pp |
| Operating Cash Flow | $243M | $165M | +47.3% |
| Free Cash Flow | $188M | $136M | +38.2% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Revenue | $1,350M ± $40M | N/A |
| Q3 2026 | Gross Margin | 47.0% ± 1.0% | N/A |
| Q3 2026 | GAAP Net Income | $201M ± $23M | GAAP |
| Q3 2026 | Non-GAAP Net Earnings | $257M ± $22M | Non-GAAP |
| Q3 2026 | GAAP Diluted EPS | $2.73 ± $0.31 | GAAP |
| Q3 2026 | Non-GAAP Diluted EPS | $3.58 ± $0.31 | Non-GAAP |
| Q3 2026 | Adjusted EBITDA | $395M ± $28M | Non-GAAP |
简评
MKS第二季度业绩全面超预期，营收$1,248M、GAAP净利$175M、Non-GAAP每股$3.30均高于指引上限。三大终端市场均实现加速的两位数同比增长，其中Electronics & Packaging分部营收同比+43.2%至$381M，增速最快；Semiconductor分部营收$554M，同比+28.2%，AI驱动的半导体与先进封装投资是核心增长引擎。毛利率同比提升1.0个百分点至47.6%，Non-GAAP营业利润率同比扩张4.8个百分点至25.6%，显示强劲的经营杠杆。经营现金流$243M、自由现金流$188M，资产负债表持续强化，期末现金$611M，8月自愿提前偿还$100M定期贷款B。
管理层对前景保持乐观，CEO John T.C. Lee强调"AI-driven investment levels intensify across semiconductor and advanced packaging applications"，订单量快速增长。Q3指引营收$1,350M±$40M，Non-GAAP每股$3.58±$0.31，Adjusted EBITDA $395M±$28M，环比继续提升。指引已考虑截至发布日美国进口关税及他国报复性措施的影响。资本返还方面，Q2每股现金股息$0.25，同比增加$0.03。需关注可转债因股价条件满足转为短期债务$1,399M，以及关税政策变化对后续业绩的潜在影响。