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AI核心结论
Otis delivered a strong Q1 FY2026 with revenue up 6.4% to $3.57B, operating income surging 31.1% to $539M, and net income jumping 39.9% to $340M, driven by significant margin expansion and robust cash flow generation.
营业收入
$3.57B
同比 ++6.45%
每股收益（基本）
$0.88
同比 ++44.26%
营业利润
$539M
同比 ++31.14%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Otis Worldwide (OTIS) Q1 FY2026 营收 $3.57B，同比增长 6.4%。 净利润 $340M，同比增长 39.9%，稀释每股收益 $0.87。
Otis grew total revenue by 6.4% year-over-year to $3.566B in Q1 FY2026, compared to $3.350B in the prior-year period, reflecting continued demand in its elevator and escalator segments.
来源: Source: 10-Q Income Statement Data
Operating margin expanded approximately 284 basis points year-over-year, rising from 12.3% to 15.1%, as operating income grew 31.1% to $539M — well outpacing revenue growth and indicating strong operating leverage.
来源: Source: 10-Q Income Statement & Key Ratios
Operating cash flow more than doubled year-over-year, rising 117.4% to $413M from $190M, while investing cash flow turned positive at $15M versus an outflow of $161M in the prior period, reflecting improved working capital management.
来源: Source: 10-Q Cash Flow Statement
Otis repurchased $400M in shares during Q1 FY2026, up 58.1% from $253M in Q1 FY2025, with total financing cash outflows of $694M reflecting the company's commitment to returning capital despite its negative equity position.
来源: Source: 10-Q Cash Flow Statement
Long-term debt declined 9.5% year-over-year to $7.574B from $8.366B, and total liabilities fell 1.2% to $15.977B, suggesting the company is making measured progress in deleveraging even as it sustains shareholder returns.
来源: Source: 10-Q Balance Sheet Data
Otis carries a deeply negative stockholders' equity of -$5.680B, which worsened 10.8% year-over-year from -$5.128B. This structural deficit, a legacy of its spin-off from United Technologies, limits financial flexibility and may concern lenders or counterparties evaluating balance sheet health.
来源: Source: 10-Q Balance Sheet Data
With $7.574B in long-term debt and a debt-to-equity ratio that is not meaningful in the traditional sense due to negative equity, Otis carries substantial financial obligations. Rising interest rates or a deterioration in operating performance could pressure debt servicing capacity.
来源: Source: 10-Q Balance Sheet & Key Ratios
Otis's current ratio stands at 0.84, meaning current liabilities of $7.724B exceed current assets of $6.464B. This sub-1.0 ratio indicates the company may face near-term liquidity challenges if cash flows deteriorate unexpectedly.
来源: Source: 10-Q Balance Sheet Data
Cash and equivalents fell 56.5% year-over-year to $834M from $1.918B, driven in part by $400M in share buybacks and $694M in total financing outflows. This significant reduction in cash reserves narrows the company's buffer against operational or macroeconomic shocks.
来源: Source: 10-Q Balance Sheet & Cash Flow Data
SG&A expenses grew 9.9% year-over-year to $510M, outpacing revenue growth of 6.4%, which could compress margins if not offset by continued revenue momentum. R&D spending grew only modestly at 2.7% to $38M, potentially limiting long-term product innovation capacity.
来源: Source: 10-Q Income Statement Data
Q1 FY2026 实际 EPS $0.89，分析师一致预期 $0.91，不及预期 -1.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.57B | $3.35B | +6.45% |
营业利润 | $539M | $411M | +31.14% |
净利润 | $340M | $243M | +39.92% |
每股收益（基本） | $0.88 | $0.61 | +44.26% |
每股收益（稀释） | $0.87 | $0.61 | +42.62% |
研发费用 | $38M | $37M | +2.70% |
销售及管理费用 | $510M | $464M | +9.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $10.54B | $11.18B | -5.69% |
流动资产 | $6.46B | $7.43B | -13.06% |
总负债 | $15.98B | $16.17B | -1.19% |
流动负债 | $7.72B | $7.89B | -2.13% |
股东权益 | $-5.68B | $-5.13B | -10.76% |
现金及等价物 | $834M | $1.92B | -56.52% |
长期债务 | $7.57B | $8.37B | -9.47% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $413M | $190M | +117.37% |
投资活动现金流 | $15M | $-161M | +109.32% |
筹资活动现金流 | $-694M | $-428M | -62.15% |
股票回购 | $400M | $253M | +58.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 15.1% | 12.3% | +2.85% |
净利率 | 9.5% | — | — |
净资产收益率 | -6.0% | — | — |
总资产收益率 | 3.2% | — | — |
流动比率 | $0.837 | — | — |
资产负债率 | $-2.813 | — | — |
Otis delivered 7.3% year-over-year revenue growth to $3.859B and 8.9% net-income growth to $428M in Q2 FY2026, driven by Service growth, but gross and operating margins declined amid higher labor, material, and organizational costs. Source: 10-Q Item 2 MD&A, pp.33-40.
Otis delivered modest revenue growth of 1.2% to $14.4B in FY2025 with improved operating margins, but net income fell 15.9% to $1.38B, largely due to higher SG&A costs and a significant cash reduction driven by heavy financing outflows.
Industrial Machinery & Supplies & Components 行业其他公司
Otis delivered a strong Q1 FY2026, with revenue rising 6.4% to $3.566B and net income surging 39.9% to $340M. Diluted EPS came in at $0.87, up 42.6% from $0.61 in the prior-year quarter, driven by significant operating margin expansion to 15.1%.
Otis's profit growth in Q1 FY2026 was primarily driven by strong operating leverage, with operating income growing 31.1% to $539M on revenue growth of just 6.4%. Operating margin expanded approximately 284 basis points year-over-year, indicating that costs grew more slowly than revenues.
Otis repurchased $400M worth of shares in Q1 FY2026, a 58.1% increase from $253M in Q1 FY2025. This aggressive buyback activity contributed to the 42.6% increase in diluted EPS by reducing the share count.
Otis's financial health presents a mixed picture: operating performance is strong with $413M in operating cash flow and a 15.1% operating margin, but the balance sheet shows negative stockholders' equity of -$5.680B and a current ratio below 1.0 at 0.84. Cash and equivalents also declined sharply by 56.5% year-over-year to $834M, partly due to heavy shareholder returns.
Yes, Otis made progress on deleveraging in Q1 FY2026, with long-term debt declining 9.5% year-over-year to $7.574B from $8.366B. Total liabilities also fell 1.2% to $15.977B, though the company still carries a substantial debt load relative to its negative equity base.