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AI核心结论
JCI delivered strong Q2 FY2026 results with revenue rising 8.2% YoY to $6.14B and net income surging 28.2% to $613M, driven by gross margin expansion and disciplined SG&A cost control.
营业收入
$6.14B
同比 ++8.21%
每股收益（基本）
$1.01
同比 ++38.36%
毛利率
36.8%
同比 ++0.38%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Johnson Controls International (JCI) Q2 FY2026 营收 $6.14B，同比增长 8.2%。 净利润 $613M，同比增长 28.2%，稀释每股收益 $1.00。 毛利率 36.8%。
JCI posted Q2 FY2026 revenue of $6.14B, up 8.2% from $5.68B in the prior-year period, reflecting solid demand across its building solutions and technology segments.
来源: Source: 10-Q Financial Data (Income Statement)
Gross margin improved 37 basis points YoY to 36.83%, with gross profit growing 9.3% to $2.26B, outpacing revenue growth and indicating favorable product/service mix or pricing power.
来源: Source: 10-Q Financial Data (Income Statement & Key Ratios)
SG&A expenses declined 1.8% YoY to $1.40B despite higher revenues, demonstrating meaningful operating leverage and management's focus on cost efficiency.
来源: Source: 10-Q Financial Data (Income Statement)
Net income jumped 28.2% YoY to $613M, while diluted EPS rose 38.9% to $1.00 from $0.72, with EPS growth outpacing net income growth likely reflecting share count reduction from buyback activity.
来源: Source: 10-Q Financial Data (Income Statement)
Total assets declined 9.5% YoY to $38.35B and stockholders' equity fell 14.5% to $13.52B, potentially reflecting divestitures, asset sales, or restructuring activities during the fiscal year.
来源: Source: 10-Q Financial Data (Balance Sheet)
Stockholders' equity fell 14.5% YoY to $13.52B, which could reflect share buybacks, goodwill impairments, or divestitures. A sustained decline in equity could pressure the company's financial flexibility and leverage ratios.
来源: Source: 10-Q Financial Data (Balance Sheet)
Cash and equivalents stand at only $698M, down 12.2% YoY, against current liabilities of $10.61B. While the current ratio of 1.04 remains above 1.0, the thin liquidity buffer leaves limited room for unexpected cash needs.
来源: Source: 10-Q Financial Data (Balance Sheet & Key Ratios)
Year-to-date share buybacks totaled $215M, a sharp 67.4% decline from $660M in the same prior-year period. This reduction may signal capital allocation shifts or constraints on free cash flow deployment.
来源: Source: 10-Q Financial Data (Cash Flow)
The current ratio of 1.04 indicates that current assets barely exceed current liabilities, leaving JCI with limited short-term liquidity cushion. Any unexpected working capital pressure could strain near-term operations.
来源: Source: 10-Q Financial Data (Key Ratios)
Return on equity of 4.53% and return on assets of 1.60% remain relatively modest, suggesting that despite improving profitability, the company's asset base and equity are not yet generating strong returns, which may reflect ongoing restructuring or portfolio transitions.
来源: Source: 10-Q Financial Data (Key Ratios)
Q2 FY2026 实际 EPS $1.19，分析师一致预期 $1.13，超预期 +5.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6.14B | $5.68B | +8.21% |
营业成本 | $3.88B | $3.61B | +7.57% |
毛利润 | $2.26B | $2.07B | +9.33% |
净利润 | $613M | $478M | +28.24% |
每股收益（基本） | $1.01 | $0.73 | +38.36% |
每股收益（稀释） | $1.00 | $0.72 | +38.89% |
销售及管理费用 | $1.4B | $1.43B | -1.82% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $38.35B | $42.37B | -9.47% |
流动资产 | $10.99B | $11.35B | -3.16% |
流动负债 | $10.61B | $11.82B | -10.26% |
股东权益 | $13.52B | $15.8B | -14.47% |
现金及等价物 | $698M | $795M | -12.20% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
股票回购YTD | $215M | $660M | -67.42% |
折旧及摊销YTD | $333M | $395M | -15.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 36.8% | 36.5% | +0.38% |
净利率 | 10.0% | — | — |
净资产收益率 | 4.5% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $1.036 | — | — |
JCI delivered strong Q2 FY2026 results with revenue of $6.14B, up 8.2% YoY, and net income of $613M, up 28.2% YoY. Diluted EPS came in at $1.00, a 38.9% improvement from $0.72 in the prior-year quarter.
Yes, JCI expanded its gross margin to 36.83% from 36.45% a year ago, and net margin improved to approximately 9.98%. SG&A expenses also declined 1.8% YoY to $1.40B despite higher revenues, reflecting strong cost discipline.
The key takeaways are robust revenue growth of 8.2% to $6.14B, a 28.2% surge in net income to $613M, and meaningful operating leverage from declining SG&A. However, total assets fell 9.5% and stockholders' equity dropped 14.5%, suggesting ongoing portfolio restructuring.
Based on the financial data, key risks include a thin current ratio of 1.04 indicating limited short-term liquidity, a 14.5% decline in stockholders' equity to $13.52B, and a sharp 67.4% reduction in year-to-date share buybacks to $215M. Cash and equivalents also declined 12.2% YoY to $698M.
JCI's balance sheet shows some areas of concern: total assets declined 9.5% YoY to $38.35B, stockholders' equity fell 14.5% to $13.52B, and cash dropped to $698M. The current ratio of 1.04 is adequate but leaves limited buffer, though improving profitability trends are a positive sign.