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AI核心结论
Fortive (FTV) delivered solid Q2 2026 revenue growth of 7.7% to $1.07B and improved operating margins, but net income fell 20.7% YoY to $136.4M, likely reflecting non-operating charges, while a significant balance sheet contraction of 32.4% in total assets signals a major corporate restructuring event.
营业收入
$1.07B
同比 ++7.68%
每股收益（基本）
$0.44
同比 -12.00%
毛利率
63.2%
同比 -1.03%
营业利润
$191.7M
同比 ++15.97%
提交于 · 来源: SEC EDGAR 10-Q 原文
Fortive (FTV) Q1 FY2026 营收 $1.07B，同比增长 7.7%。 净利润 $136.4M，同比下降 20.7%，稀释每股收益 $0.44。 毛利率 63.2%。
FTV posted Q2 2026 revenue of $1,069.4M, up 7.7% from $993.1M in Q2 2025, indicating healthy demand across its business segments despite a challenging macro environment.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating income rose 16.0% YoY to $191.7M, outpacing revenue growth and expanding operating margin by approximately 130 basis points to 17.9%, suggesting effective cost discipline and operational efficiency gains.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Net income fell 20.7% YoY to $136.4M despite stronger operating income, implying significant non-operating headwinds such as higher interest expense, tax charges, or one-time items that weighed on the bottom line.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Total assets declined 32.4% YoY to $11.58B from $17.14B, stockholders' equity dropped 40.6% to $6.08B, and cash fell 60.1% to $356.1M — collectively pointing to a significant divestiture or spin-off completed during the period.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
FTV repurchased $500.2M in shares in Q2 2026, up 146.9% from $202.6M in Q2 2025, demonstrating management's confidence in the business even as the current ratio fell below 1.0x to 0.71, indicating current liabilities exceed current assets.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
FTV's current ratio stands at 0.71, meaning current liabilities of $2.19B exceed current assets of $1.55B. Combined with a 60.1% decline in cash to $356.1M, the company may face near-term liquidity pressure if operating cash flows weaken or debt maturities accelerate.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Despite a 16.0% increase in operating income, net income declined 20.7% YoY, suggesting material non-operating charges — potentially interest expense on $3.49B in long-term debt or restructuring costs — that could persist and suppress earnings quality.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
The 32.4% decline in total assets and 40.6% drop in stockholders' equity strongly suggest a major divestiture or spin-off, which may have concentrated FTV's revenue base and increased dependence on fewer business segments, raising earnings volatility risk.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
FTV spent $500.2M on share repurchases in Q2 2026 while generating only $234.8M in operating cash flow and $208.1M in estimated free cash flow, meaning buybacks significantly exceeded internally generated cash and were likely funded by debt or asset sale proceeds.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Gross margin declined approximately 100 basis points YoY to 63.2% as cost of revenue grew 10.8%, faster than revenue growth of 7.7%, indicating potential input cost inflation or an unfavorable product/service mix shift that could persist.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Q1 FY2026 实际 EPS $0.70，分析师一致预期 $0.65，超预期 +8.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.07B | $993.1M | +7.68% |
营业成本 | $393.9M | $355.6M | +10.77% |
毛利润 | $675.5M | $637.5M | +5.96% |
营业利润 | $191.7M | $165.3M | +15.97% |
净利润 | $136.4M | $171.9M | -20.65% |
每股收益（基本） | $0.44 | $0.50 | -12.00% |
每股收益（稀释） | $0.44 | $0.50 | -12.00% |
研发费用 | $66.5M | $64M | +3.91% |
销售及管理费用 | $417.3M | $408.2M | +2.23% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $11.58B | $17.14B | -32.40% |
流动资产 | $1.55B | $2.7B | -42.78% |
流动负债 | $2.19B | $2.73B | -19.83% |
股东权益 | $6.08B | $10.24B | -40.57% |
现金及等价物 | $356.1M | $892.1M | -60.08% |
长期债务 | $3.49B | $3.86B | -9.68% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $234.8M | $241.7M | -2.85% |
投资活动现金流 | $-26.7M | $-26.2M | -1.91% |
筹资活动现金流 | $-228.5M | $-141M | -62.06% |
股票回购 | $500.2M | $202.6M | +146.89% |
折旧及摊销 | $113.6M | $108M | +5.19% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 63.2% | 64.2% | -1.03% |
营业利润率 | 17.9% | 16.6% | +1.28% |
净利率 | 12.8% | — | — |
净资产收益率 | 2.2% | — | — |
总资产收益率 | 1.2% | — | — |
流动比率 | $0.708 | — | — |
预计发布日期、分析师预期与关注要点
Industrial Machinery & Supplies & Components 行业其他公司
Fortive reported Q2 2026 revenue of $1,069.4M (+7.7% YoY) with operating income rising 16.0% to $191.7M, showing strong operational execution. However, net income fell 20.7% to $136.4M, likely due to non-operating charges, and the balance sheet shrank dramatically, suggesting a major divestiture was completed during the period.
FTV's net income declined 20.7% YoY to $136.4M even as operating income grew 16.0%, pointing to significant non-operating headwinds — most likely higher interest expense on its $3.49B long-term debt or one-time restructuring charges. This divergence between operating and net performance is a key area for investors to watch in subsequent quarters.
FTV's total assets fell 32.4% YoY to $11.58B from $17.14B, and stockholders' equity dropped 40.6% to $6.08B, strongly suggesting the company completed a major divestiture or spin-off during the period. Cash also declined 60.1% to $356.1M, consistent with proceeds being distributed to shareholders or used to retire debt.
FTV repurchased $500.2M in shares during Q2 2026, a 146.9% increase from $202.6M in Q2 2025, reflecting management's strong commitment to returning capital to shareholders. This buyback amount significantly exceeded the quarter's operating cash flow of $234.8M, suggesting it was partially funded by proceeds from asset sales or divestitures.
FTV's current ratio of 0.71 — where current liabilities of $2.19B exceed current assets of $1.55B — and a cash balance of only $356.1M raise near-term liquidity questions worth monitoring. However, the company continues to generate solid operating cash flow of $234.8M per quarter and maintains an operating margin of 17.9%, suggesting the core business remains financially healthy.