0001001250-26-000041
SEC filingFY2026 营收增长 5% 至 $15.05B，净利扭亏为盈，但关税与重组成本压制利润率。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $15,049M | $14,326M | +5% |
| Gross Profit | $11,362M | $10,597M | +7% |
| Gross Margin | 75.5% | 74.0% | +150bps |
| Operating Income | $780M | $(785)M | 扭亏为盈 |
| Operating Margin | 5.2% | (5.5)% | +1070bps |
| Net Income | $182M | $(1,133)M | 扭亏为盈 |
| Diluted EPS | $0.50 | $(3.15) | 扭亏为盈 |
| Operating Cash Flow | $1,773M | $1,272M | +39% |
| Free Cash Flow | $1,316M | $670M | +96% |
FY2026 营收增长 5% 至 $15,049M，主要由 Mainland China（+12%）和 Fragrance（+12%）驱动。增长桥显示：volume +2%、pricing +1%、FX +2%。毛利率提升 150bps 至 75.5%，得益于 PRGP 成本节约与库存优化，但部分被关税和通胀抵消。
营业利润率大幅改善至 5.2%，但受重组费用 $813M 和证券诉讼和解 $84M 拖累。剔除一次性项目后，Non-GAAP 营业利润率改善 170bps。净利扭亏为盈至 $182M，但有效税率飙升至 64.8%，主要因外国估值备抵和 One Big Beautiful Bill Act 影响。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Skin Care | $7,338M | +5% | $1,416M | 19.3% | La Mer、Estée Lauder、The Ordinary |
| Makeup | $4,276M | +2% | $(70)M | -1.6% | M·A·C 唇部品类 |
| Fragrance | $2,779M | +12% | $204M | 7.3% | Le Labo、TOM FORD、KILIAN PARIS |
| Hair Care | $565M | 0% | $(4)M | -0.7% | The Ordinary 增长被 Aveda 抵消 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $3,498M | +$577M |
| Total Debt | $7,306M | -$11M |
| Inventory | $1,999M | -$75M |
| Operating Cash Flow | $1,773M | +$501M |
| Capex | $457M | -$145M |
| Free Cash Flow | $1,316M | +$646M |