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EMR delivered solid Q2 FY2026 results with revenue growing 2.9% YoY to $4.56B and net income surging 27.4% YoY to $618M, supported by strong operating cash flow generation and continued debt reduction.
营业收入
$4.56B
同比 ++2.93%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Emerson Electric (EMR) Q2 FY2026 营收 $4.56B，同比增长 2.9%。 净利润 $618M，同比增长 27.4%。
EMR grew Q2 FY2026 revenue by 2.9% YoY to $4.56B (from $4.43B), reflecting steady demand across its industrial automation and technology segments despite a modest cost of revenue increase of 3.8% YoY to $2.14B.
来源: Source: 10-Q Income Statement
Net income jumped 27.4% YoY to $618M from $485M, indicating meaningful operating leverage and/or favorable non-operating items that outpaced the relatively modest top-line growth rate.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow reached $1.48B, up 45.2% from $1.02B in the same prior-year period, signaling improved cash conversion and working capital management.
来源: Source: 10-Q Cash Flow Statement (YTD)
Long-term debt declined 7.6% YoY to $7.56B from $8.18B, while stockholders' equity rose 5.5% YoY to $20.30B, reflecting a healthier capital structure and ongoing deleveraging efforts.
来源: Source: 10-Q Balance Sheet
Year-to-date share repurchases fell 51.7% YoY to $542M from $1.12B, suggesting the company is prioritizing debt paydown and balance sheet flexibility over aggressive capital returns in FY2026.
来源: Source: 10-Q Cash Flow Statement (YTD)
EMR's current ratio stands at 0.868, meaning current liabilities of $10.65B exceed current assets of $9.25B. While common for large industrials with strong cash generation, this could create strain if operating cash flows deteriorate unexpectedly.
来源: Source: 10-Q Balance Sheet
Cost of revenue increased 3.8% YoY versus revenue growth of 2.9%, compressing gross profit margins slightly. Sustained input cost inflation or supply chain pressures could further erode profitability if pricing power weakens.
来源: Source: 10-Q Income Statement
SG&A expenses of $1.32B represent a significant portion of revenue and grew 2.6% YoY. If revenue growth slows, the relatively fixed nature of SG&A could pressure operating margins materially.
来源: Source: 10-Q Income Statement
Despite a 7.6% YoY reduction, EMR still carries $7.56B in long-term debt. In a rising or sustained high interest rate environment, refinancing risk and interest expense could weigh on future earnings.
来源: Source: 10-Q Balance Sheet
ROA of 1.47% and quarterly ROE of 3.04% on a $42.1B asset base suggest the company is generating modest returns on its capital, which may reflect integration costs or underperforming acquired assets that need to be optimized.
来源: Source: 10-Q Balance Sheet & Income Statement
Q2 FY2026 实际 EPS $1.54，分析师一致预期 $1.55，不及预期 -0.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.56B | $4.43B | +2.93% |
营业成本 | $2.14B | $2.06B | +3.83% |
净利润 | $618M | $485M | +27.42% |
销售及管理费用 | $1.32B | $1.28B | +2.57% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $42.09B | $41.98B | +0.26% |
流动资产 | $9.25B | $8.63B | +7.23% |
流动负债 | $10.65B | $10.85B | -1.77% |
股东权益 | $20.3B | $19.25B | +5.48% |
长期债务 | $7.55B | $8.18B | -7.60% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.48B | $1.02B | +45.19% |
投资活动现金流YTD | $-206M | $-264M | +21.97% |
筹资活动现金流YTD | $-1.01B | $-2.38B | +57.47% |
股票回购YTD | $542M | $1.12B | -51.69% |
折旧及摊销 | $369M | $384M | -3.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 13.5% | — | — |
净资产收益率 | 3.0% | — | — |
总资产收益率 | 1.5% | — | — |
流动比率 | $0.868 | — | — |
预计发布日期、分析师预期与关注要点
Electrical Components & Equipment 行业其他公司
EMR reported Q2 FY2026 revenue of $4.56B, up 2.9% YoY, and net income of $618M, a strong 27.4% increase from $485M in the prior year period. The results reflect steady top-line growth combined with meaningful profitability improvement and strong cash flow generation.
The standout highlights were a 27.4% surge in net income to $618M, a 45.2% YoY increase in year-to-date operating cash flow to $1.48B, and a 7.6% reduction in long-term debt to $7.56B. However, cost of revenue grew slightly faster than revenue, and share buybacks were cut by more than half compared to the prior year.
Yes, EMR has been actively deleveraging — long-term debt fell 7.6% YoY to $7.56B from $8.18B as of Q2 FY2026. This is supported by strong year-to-date operating cash flow of $1.48B and a reduction in share repurchases, which freed up capital for debt paydown.
Based on the financial data, key risks include a current ratio below 1.0 (0.868), indicating current liabilities exceed current assets, cost of revenue growing faster than revenue which could compress margins, and a still-substantial long-term debt load of $7.56B that carries refinancing risk in a high interest rate environment.
EMR's cash flow profile has improved significantly — year-to-date operating cash flow reached $1.48B in Q2 FY2026, up 45.2% from $1.02B in the same period last year. Financing outflows also moderated sharply to $1.01B YTD from $2.38B, largely due to reduced share buybacks of $542M versus $1.12B in the prior year.