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AI核心结论
CLX delivered essentially flat Q3 FY2026 results with revenue up just 0.1% to $1.67B and net income up 0.5% to $187M, while gross margin compressed 137 bps to 43.2% due to higher cost of revenue, and a large debt issuance dramatically reshaped the balance sheet, pushing stockholders' equity into negative territory.
营业收入
$1.67B
同比 ++0.12%
每股收益（基本）
$1.54
同比 ++1.99%
毛利率
43.2%
同比 -1.37%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Clorox (CLX) Q3 FY2026 营收 $1.67B，同比增长 0.1%。 净利润 $187M，同比增长 0.5%，稀释每股收益 $1.54。 毛利率 43.2%。
Q3 FY2026 revenue came in at $1.670B, essentially unchanged (+0.1%) versus the prior-year period of $1.668B, suggesting limited volume or pricing growth across CLX's product portfolio during the quarter.
来源: Source: 10-Q Income Statement
Cost of revenue rose 2.6% YoY to $948M while revenue was flat, compressing gross margin by approximately 137 basis points to 43.2% from 44.6%, indicating meaningful input cost or product mix headwinds.
来源: Source: 10-Q Income Statement
SG&A expenses declined sharply by 14.2% YoY to $229M from $267M, a $38M reduction that helped offset gross profit erosion and supported net income growth of 0.5% to $187M.
来源: Source: 10-Q Income Statement
Cash & equivalents surged 425.2% YoY to $1.187B, and YTD financing cash flow swung to +$857M from -$645M in the prior year, strongly suggesting a major debt issuance during the fiscal year-to-date period. Long-term debt remained relatively stable at $2.487B, implying the new proceeds may relate to current-portion obligations or commercial paper.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Stockholders' equity turned deeply negative at -$67M versus +$27M a year ago, a 348% deterioration, reflecting the impact of accumulated share buybacks ($256M YTD) and dividends against retained earnings, consistent with CLX's historically shareholder-return-focused capital allocation.
来源: Source: 10-Q Balance Sheet
CLX's stockholders' equity stands at -$67M with total liabilities of $6.344B against total assets of $6.436B, leaving virtually no equity cushion. The debt-to-equity ratio is deeply negative (-94.7x), meaning the company is technically insolvent on a book-value basis, which could constrain future financing flexibility or trigger covenant concerns.
来源: Source: 10-Q Balance Sheet
CLX's current ratio stands at 0.84, meaning current liabilities of $3.155B exceed current assets of $2.651B. While the company holds $1.187B in cash, the overall liquidity position warrants monitoring, particularly if short-term debt maturities or working capital needs increase.
来源: Source: 10-Q Balance Sheet
Cost of revenue grew 2.6% while revenue was flat, compressing gross margin by ~137 bps to 43.2%. If commodity, manufacturing, or supply chain costs continue to rise without corresponding pricing power, further margin deterioration could pressure profitability.
来源: Source: 10-Q Income Statement
YTD operating cash flow fell 59.0% to $282M from $687M in the prior-year comparable period, a significant reduction that may reflect working capital build, timing of payments, or lower underlying cash earnings. Sustained weakness in operating cash generation could limit the company's ability to fund dividends and buybacks.
来源: Source: 10-Q Cash Flow Statement
CLX repurchased $256M in shares YTD while already carrying negative stockholders' equity, further deepening the balance sheet deficit. Continued capital returns at this pace without commensurate earnings growth could further stress the company's financial position.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
Q3 FY2026 实际 EPS $1.64，分析师一致预期 $1.57，超预期 +4.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.67B | $1.67B | +0.12% |
营业成本 | $948M | $924M | +2.60% |
毛利润 | $722M | $744M | -2.96% |
净利润 | $187M | $186M | +0.54% |
每股收益（基本） | $1.54 | $1.51 | +1.99% |
每股收益（稀释） | $1.54 | $1.50 | +2.67% |
研发费用 | $27M | $27M | 0.00% |
销售及管理费用 | $229M | $267M | -14.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $6.44B | $5.51B | +16.76% |
流动资产 | $2.65B | $1.59B | +66.73% |
总负债 | $6.34B | $5.32B | +19.20% |
流动负债 | $3.15B | $2.15B | +46.40% |
股东权益 | $-67M | $27M | -348.15% |
现金及等价物 | $1.19B | $226M | +425.22% |
长期债务 | $2.49B | $2.48B | +0.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $282M | $687M | -58.95% |
投资活动现金流YTD | $-120M | $-18M | -566.67% |
筹资活动现金流YTD | $857M | $-645M | +232.87% |
股票回购YTD | $256M | $257M | -0.39% |
折旧及摊销 | $58M | $55M | +5.45% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 43.2% | 44.6% | -1.37% |
净利率 | 11.2% | — | — |
净资产收益率 | -279.1% | — | — |
总资产收益率 | 2.9% | — | — |
流动比率 | $0.84 | — | — |
资产负债率 | $-94.687 | — | — |
CLX reported Q3 FY2026 revenue of $1.670B (essentially flat YoY) and net income of $187M (+0.5%), with diluted EPS of $1.54 (+2.7%). The headline story was gross margin compression to 43.2% from 44.6% due to rising costs, partially offset by a sharp 14.2% reduction in SG&A expenses.
CLX's revenue grew just 0.1% YoY in Q3 FY2026, rising from $1.668B to $1.670B — essentially flat. This suggests limited volume or pricing momentum across the company's consumer and professional product lines during the quarter.
CLX's gross margin fell approximately 137 basis points to 43.2% in Q3 FY2026 because cost of revenue rose 2.6% to $948M while revenue was virtually unchanged. This indicates input cost inflation or an unfavorable product mix that the company was unable to fully offset through pricing.
CLX's balance sheet shows signs of stress: stockholders' equity turned negative at -$67M, the current ratio is below 1.0 at 0.84, and YTD operating cash flow dropped 59% to $282M. However, the company holds $1.187B in cash and continues to generate positive net income of $187M, providing near-term operational stability.
CLX's cash & equivalents jumped 425% YoY to $1.187B, driven by a massive swing in YTD financing cash flow to +$857M from -$645M in the prior year, strongly suggesting the company raised significant new debt or completed a capital markets transaction during the fiscal year-to-date period. This large cash build alongside rising current liabilities suggests the proceeds may be earmarked for near-term debt repayment or other obligations.