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AI核心结论
ALB delivered a strong Q1 FY2026 with revenue surging 32.7% YoY to $1.43B and operating income jumping over 10x to $233.5M, driven by dramatically improved gross margins and a significant reduction in long-term debt.
营业收入
$1.43B
同比 ++32.67%
每股收益（基本）
$2.35
无同比数据
毛利率
35.1%
同比 ++20.55%
营业利润
$233.51M
同比 ++1081.65%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Albemarle (ALB) Q1 FY2026 营收 $1.43B，同比增长 32.7%。 净利润 $319.09M，同比增长 671.7%，稀释每股收益 $2.34。 毛利率 35.1%。
Revenue grew 32.7% YoY to $1.43B in Q1 FY2026 from $1.08B in the prior-year period, signaling a meaningful recovery in demand and/or pricing for ALB's core lithium and specialty chemicals businesses.
来源: Source: 10-Q Income Statement
Gross margin expanded by approximately 20.5 percentage points YoY to 35.1%, while operating margin surged from 1.8% to 16.3%, reflecting cost discipline as cost of revenue rose only 0.8% despite a 32.7% revenue increase.
来源: Source: 10-Q Income Statement & Key Ratios
Net income reached $319.1M in Q1 FY2026, a 671.7% YoY increase from $41.3M, with diluted EPS of $2.34 compared to near-zero in the prior-year period, indicating a substantial earnings recovery.
来源: Source: 10-Q Income Statement
Long-term debt was reduced by 46.8% YoY to $1.88B from $3.54B, materially strengthening the balance sheet and reducing financial risk, likely supported by positive investing cash flows of $541M.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Despite the strong earnings recovery, operating cash flow declined 36.7% YoY to $346.2M from $547.2M, which warrants monitoring as it may reflect working capital build or timing differences.
来源: Source: 10-Q Cash Flow Statement
Operating cash flow of $346.2M significantly lagged net income of $319.1M on a relative basis, but more notably declined 36.7% YoY while net income surged 671.7%. This divergence may indicate working capital headwinds or non-cash income items that could pressure future liquidity.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents fell 28.2% YoY to $1.09B from $1.52B, partly driven by large financing outflows of $1.41B. While debt reduction is positive, the sharp cash drawdown reduces the company's near-term financial flexibility.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Total assets declined 10.9% YoY to $15.1B from $17.0B, and current assets fell 20.6% to $3.26B. A contracting asset base could limit future growth capacity if not offset by improved asset efficiency.
来源: Source: 10-Q Balance Sheet
R&D spending fell 35.0% YoY to $9.2M from $14.1M. For a company in the specialty chemicals and lithium sector, sustained underinvestment in R&D could impair long-term competitiveness and innovation pipeline.
来源: Source: 10-Q Income Statement
ALB's lithium business is highly sensitive to lithium carbonate and hydroxide spot prices, which have been volatile. The strong revenue recovery in Q1 FY2026 may not be sustainable if lithium prices soften again, given the company's concentrated exposure to this commodity.
来源: Source: 10-Q Income Statement (revenue/margin trends)
Q1 FY2026 实际 EPS $2.95，分析师一致预期 $1.11，超预期 +166.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.43B | $1.08B | +32.67% |
营业成本 | $927.76M | $920.58M | +0.78% |
毛利润 | $500.97M | $156.3M | +220.52% |
营业利润 | $233.51M | $19.76M | +1081.65% |
净利润 | $319.09M | $41.35M | +671.72% |
每股收益（基本） | $2.35 | $0.00 | — |
每股收益（稀释） | $2.34 | $0.00 | — |
研发费用 | $9.17M | $14.1M | -34.96% |
销售及管理费用 | $137.41M | $123.5M | +11.26% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $15.14B | $17B | -10.94% |
流动资产 | $3.26B | $4.11B | -20.65% |
流动负债 | $1.58B | $1.94B | -18.95% |
股东权益 | $9.85B | $10.03B | -1.78% |
现金及等价物 | $1.09B | $1.52B | -28.23% |
长期债务 | $1.88B | $3.54B | -46.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $346.24M | $547.21M | -36.73% |
投资活动现金流 | $540.96M | $-129.06M | +519.16% |
筹资活动现金流 | $-1.41B | $-120.01M | -1077.73% |
折旧及摊销 | $157.81M | $161.75M | -2.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 35.1% | 14.5% | +20.55% |
营业利润率 | 16.3% | 1.8% | +14.51% |
净利率 | 22.3% | — | — |
净资产收益率 | 3.2% | — | — |
总资产收益率 | 2.1% | — | — |
流动比率 | $2.068 | — | — |
ALB delivered a strong Q1 FY2026 with revenue of $1.43B, up 32.7% YoY, and net income of $319.1M, a 671.7% increase from $41.3M in the prior year. Diluted EPS came in at $2.34 versus near-zero a year ago, reflecting a significant earnings recovery.
ALB's revenue grew 32.7% YoY to $1.43B in Q1 FY2026, while cost of revenue rose only 0.8%, suggesting the growth was driven by improved pricing and/or volume recovery in its lithium and specialty chemicals segments. This dynamic produced a gross margin expansion of over 20 percentage points to 35.1%.
Yes, ALB significantly reduced its long-term debt by 46.8% YoY to $1.88B from $3.54B, which is reflected in financing cash outflows of $1.41B during the quarter. This debt reduction materially strengthens the balance sheet and reduces future interest expense.
Key risks include ALB's high sensitivity to lithium commodity prices, which could reverse the revenue and margin recovery if prices soften again. Additionally, operating cash flow declined 36.7% YoY to $346.2M despite surging net income, and the company's cash balance fell 28.2% to $1.09B, warranting attention to liquidity trends.
ALB's financial health appears significantly improved in Q1 FY2026, with a current ratio of 2.07x, long-term debt cut nearly in half to $1.88B, and stockholders' equity of $9.85B. However, the declining cash balance and lower operating cash flow relative to net income are factors investors should monitor going forward.