Revenue Growth Driven by Top-Line Expansion
PPG grew Q1 FY2026 revenue by 6.7% year-over-year to $3.93B (from $3.68B), suggesting volume gains and/or pricing power across its coatings and specialty products segments.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
PPG delivered solid Q1 FY2026 revenue growth of 6.7% to $3.93B, but net income rose only 2.4% to $382M as SG&A expenses climbed 5.6% and operating margin compressed slightly to 16.2%.
营收
39.3亿美元
同比 +6.68%
每股收益（稀释）
1.70美元
同比 +4.29%
营业利润
6.36亿美元
同比 +4.78%
SEC XBRL 原值
Ppg Industries (PPG) Q1 FY2026 营收 39.3亿美元，同比增长 6.7%。 营业利润率 16.2%，较去年同期的 16.5% 收窄 0.3 个百分点。 经营活动现金流 3300万美元。 PPG 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：2 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.23 | 2.28 | 不及预期 -2.1% |
| 2026年3月本次财报 | 1.83 | 1.79 | 超预期 +2.4% |
| 2025年12月 | 1.51 | 1.60 | 不及预期 -5.5% |
| 2025年9月 | 2.13 | 2.11 | 超预期 +0.9% |
2026年3月 调整后（非 GAAP） EPS 1.83美元，分析师一致预期 1.79美元，超预期 +2.4%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.70美元。
由 AI 基于本次 SEC 报告整理
PPG grew Q1 FY2026 revenue by 6.7% year-over-year to $3.93B (from $3.68B), suggesting volume gains and/or pricing power across its coatings and specialty products segments.
来源: 10-Q Income Statement
Cost of Revenue rose 6.2% to $2.28B and SG&A increased 5.6% to $885M, meaning operating expenses grew nearly in line with revenue, constraining margin expansion and limiting net income growth to just 2.4%.
来源: 10-Q Income Statement
Operating margin declined modestly from 16.5% to 16.2% year-over-year, reflecting the combined effect of higher input costs and elevated selling and administrative expenses relative to revenue growth.
来源: 10-Q Income Statement, Key Ratios
Total liabilities fell 1.1% to $13.90B while stockholders' equity surged 17.0% to $8.10B, and long-term debt declined 2.0% to $7.10B, indicating a healthier capital structure and improved leverage profile.
来源: 10-Q Balance Sheet
Operating cash flow improved dramatically to $33M from -$18M in Q1 FY2025, a 283.3% improvement, though the absolute level remains modest and investing outflows increased 66.1% to -$279M, reflecting higher capital deployment.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 1 中 3 低 1
PPG carries $7.10B in long-term debt against stockholders' equity of $8.10B, resulting in a debt-to-equity ratio of approximately 1.71x. While this has improved year-over-year, the leverage level remains significant and could constrain financial flexibility if earnings deteriorate or interest rates rise further.
来源: 10-Q Balance Sheet, Key Ratios
SG&A expenses grew 5.6% and cost of revenue grew 6.2%, both outpacing or matching revenue growth, leading to slight operating margin erosion. If raw material costs or labor expenses continue to rise, PPG's profitability could face further pressure.
来源: 10-Q Income Statement
Despite turning positive, Q1 FY2026 operating cash flow of only $33M is very low relative to $3.93B in revenue, suggesting significant working capital consumption. This limits PPG's ability to self-fund investments and shareholder returns without drawing on debt or cash reserves.
来源: 10-Q Cash Flow Statement
Cash and equivalents fell 14.0% year-over-year to $1.57B, while financing cash outflows were -$334M compared to +$698M in Q1 FY2025. This reversal in financing activity, combined with lower cash balances, reduces the liquidity buffer available for opportunistic investments or economic downturns.
来源: 10-Q Balance Sheet, Cash Flow Statement
Share repurchases declined sharply by 75.6% to $96M from $394M in Q1 FY2025, suggesting PPG is prioritizing cash conservation or debt management over returning capital to shareholders, which may disappoint income-oriented investors.
来源: 10-Q Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 39.30 亿美元 | 36.84 亿美元 | +6.68% |
营业成本 亿美元 | 22.75 亿美元 | 21.42 亿美元 | +6.21% |
营业利润 亿美元 | 6.36 亿美元 | 6.07 亿美元 | +4.78% |
净利润 亿美元 | 3.82 亿美元 | 3.73 亿美元 | +2.41% |
每股收益（基本） 美元 | 1.71 美元 | 1.63 美元 | +4.91% |
每股收益（稀释） 美元 | 1.70 美元 | 1.63 美元 | +4.29% |
销售及管理费用 亿美元 | 8.85 亿美元 | 8.38 亿美元 | +5.61% |
答案基于本次 SEC 报告与本页数据