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AI核心结论
LII posted Q1 FY2026 revenue growth of 5.8% to $1.14B, but rising costs and higher SG&A compressed margins, driving net income down 9.6% to $117.2M and diluted EPS down 7.7% to $3.35.
营业收入
$1.14B
同比 ++5.83%
每股收益（基本）
$3.37
同比 -7.67%
毛利率
30.9%
同比 -0.83%
营业利润
$163.5M
同比 -2.68%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Lennox International (LII) Q1 FY2026 营收 $1.14B，同比增长 5.8%。 净利润 $117.2M，同比下降 9.6%，稀释每股收益 $3.35。 毛利率 30.9%。
LII grew Q1 FY2026 revenue by 5.8% year-over-year to $1.135B from $1.073B, indicating continued demand for its HVAC products despite a challenging macro environment.
来源: 10-Q Income Statement
Cost of revenue rose 7.1% YoY to $783.8M, outpacing revenue growth of 5.8%, which compressed gross margin by approximately 83 basis points to 30.9% from 31.8%.
来源: 10-Q Income Statement
SG&A expenses increased 8.1% YoY to $185.2M from $171.3M, contributing to a 2.7% decline in operating income to $163.5M and a contraction in operating margin to 14.4% from 15.7%.
来源: 10-Q Income Statement
Total assets grew 24.2% YoY to $4.29B, while cash and equivalents fell sharply by 77.8% to $48.2M from $217.2M, suggesting capital was deployed into investments or acquisitions.
来源: 10-Q Balance Sheet
Operating cash flow improved significantly to $16.1M in Q1 FY2026 from negative $35.8M in Q1 FY2025, a positive swing of $51.9M, though investing cash outflows increased to $56.6M reflecting higher capital expenditures or acquisitions.
来源: 10-Q Cash Flow Statement
Cost of revenue grew faster than revenue (7.1% vs. 5.8%), squeezing gross margin to 30.9%. If raw material or component costs continue to escalate, LII's profitability could face further pressure.
来源: 10-Q Income Statement
SG&A rose 8.1% YoY to $185.2M, growing faster than revenue. Sustained increases in selling and administrative costs without corresponding revenue acceleration could structurally impair operating margins.
来源: 10-Q Income Statement
Cash and equivalents dropped 77.8% YoY to just $48.2M, a significant reduction in liquidity. This limits the company's financial flexibility for opportunistic investments or to weather unexpected downturns.
来源: 10-Q Balance Sheet
LII's debt-to-equity ratio stands at 2.54, indicating substantial financial leverage. Rising interest rates or deteriorating operating performance could make debt servicing more burdensome and constrain future capital allocation.
来源: 10-Q Balance Sheet
Net income fell 9.6% to $117.2M and diluted EPS declined 7.7% to $3.35 even as revenue grew, highlighting a disconnect between top-line and bottom-line performance. This trend, if sustained, could disappoint shareholders expecting earnings leverage.
来源: 10-Q Income Statement
Q1 FY2026 实际 EPS $3.35，分析师一致预期 $3.20，超预期 +4.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.14B | $1.07B | +5.83% |
营业成本 | $783.8M | $731.7M | +7.12% |
毛利润 | $351.3M | $340.9M | +3.05% |
营业利润 | $163.5M | $168M | -2.68% |
净利润 | $117.2M | $129.6M | -9.57% |
每股收益（基本） | $3.37 | $3.65 | -7.67% |
每股收益（稀释） | $3.35 | $3.63 | -7.71% |
销售及管理费用 | $185.2M | $171.3M | +8.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $4.29B | $3.46B | +24.23% |
流动资产 | $2.03B | $1.85B | +9.55% |
总负债 | $3.08B | $2.6B | +18.28% |
流动负债 | $1.29B | $1.29B | -0.16% |
股东权益 | $1.21B | $973.7M | +24.67% |
现金及等价物 | $48.2M | $217.2M | -77.81% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $16.1M | $-35.8M | +144.97% |
投资活动现金流 | $-56.6M | $-23.5M | -140.85% |
筹资活动现金流 | $57.1M | $-141.2M | +140.44% |
股票回购 | $19.5M | $85.2M | -77.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 30.9% | 31.8% | -0.83% |
营业利润率 | 14.4% | 15.7% | -1.26% |
净利率 | 10.3% | — | — |
净资产收益率 | 9.7% | — | — |
总资产收益率 | 2.7% | — | — |
流动比率 | $1.572 | — | — |
资产负债率 | $2.536 | — | — |
LII reported Q1 FY2026 revenue of $1.135B, up 5.8% year-over-year, but net income fell 9.6% to $117.2M as costs rose faster than sales. Diluted EPS came in at $3.35, down from $3.63 in Q1 FY2025.
LII's diluted EPS fell 7.7% to $3.35 in Q1 FY2026, primarily because cost of revenue grew 7.1% and SG&A expenses rose 8.1%, both outpacing revenue growth of 5.8%. This cost inflation compressed both gross and operating margins, reducing overall profitability.
LII's gross margin contracted to 30.9% from 31.8% and operating margin narrowed to 14.4% from 15.7% in Q1 FY2025. The margin compression was driven by higher input costs and a significant increase in SG&A spending.
LII's balance sheet shows total assets of $4.29B and a current ratio of 1.57, suggesting adequate short-term liquidity, but cash dropped sharply by 77.8% to just $48.2M. The debt-to-equity ratio of 2.54 indicates meaningful leverage, which warrants monitoring if earnings continue to decline.
LII repurchased $19.5M in shares during Q1 FY2026, a significant reduction from the $85.2M in buybacks executed in Q1 FY2025, a decline of 77.1% year-over-year. The reduced buyback activity may reflect the company's lower cash balance of $48.2M.