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AI核心结论
PSKY delivered modest Q1 FY2026 revenue growth of 2.2% to $7.35B, with operating income rising 12.0% to $616M driven by an 8.6% reduction in SG&A expenses, though EPS declined 34.8% due to a higher share count.
营业收入
$7.35B
同比 ++2.16%
每股收益（基本）
$0.15
同比 -34.78%
营业利润
$616M
同比 ++12.00%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Paramount Skydance (PSKY) Q1 FY2026 营收 $7.35B，同比增长 2.2%。 净利润 $168M，同比增长 10.5%，稀释每股收益 $0.15。
Total revenue increased 2.2% year-over-year to $7.35B in Q1 FY2026 from $7.19B in the prior-year period, reflecting continued top-line momentum despite a challenging macro environment.
来源: Source: 10-Q Income Statement, Q1 FY2026
Operating income grew 12.0% YoY to $616M, with operating margin expanding approximately 74 basis points to 8.4%, primarily supported by an 8.6% reduction in SG&A expenses from $1.54B to $1.41B.
来源: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
Net income rose 10.5% YoY to $168M, but basic EPS fell 34.8% to $0.15 from $0.23, indicating a significant increase in weighted-average shares outstanding that diluted per-share earnings.
来源: Source: 10-Q Income Statement, Q1 FY2026
Investing cash outflows surged to -$2.98B from -$69M in the prior year period (a -4,213% change), suggesting a large acquisition or significant capital expenditure program was undertaken during Q1 FY2026.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Financing cash flows swung to +$1.48B from -$139M in the prior year, likely reflecting new debt issuance or equity raises to fund the elevated investing activities observed in the quarter.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Basic EPS declined 34.8% to $0.15 despite net income growing 10.5%, implying a substantial increase in shares outstanding. If this dilution stems from equity issuances tied to acquisitions or financing, existing shareholders face ongoing earnings-per-share pressure.
来源: Source: 10-Q Income Statement, Q1 FY2026
Investing cash outflows of -$2.98B versus -$69M in the prior year represent a dramatic increase, suggesting a major acquisition or investment. Such large capital deployments carry integration, execution, and return-on-investment risks that could weigh on future profitability.
来源: Source: 10-Q Cash Flow Statement, Q1 FY2026
Net margin stands at approximately 2.3%, meaning any revenue shortfall or unexpected cost increase could quickly erode profitability. With operating cash flow of only $185M against total assets of $44.5B, the company has limited cushion against adverse developments.
来源: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
The swing to +$1.48B in financing cash flows likely reflects new debt, which increases leverage and future interest obligations. With a current ratio of only 1.10, the company's short-term liquidity buffer is relatively thin.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement, Q1 FY2026
ROA of 0.38% and ROE of 1.44% are very low, suggesting the company is not generating strong returns on its large asset base of $44.5B or its $11.7B in stockholders' equity, which may indicate structural profitability challenges.
来源: Source: 10-Q Key Ratios & Balance Sheet, Q1 FY2026
Q1 FY2026 实际 EPS $0.23，分析师一致预期 $0.15，超预期 +51.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.35B | $7.19B | +2.16% |
营业利润 | $616M | $550M | +12.00% |
净利润 | $168M | $152M | +10.53% |
每股收益（基本） | $0.15 | $0.23 | -34.78% |
每股收益（稀释） | $0.15 | $0.22 | -31.82% |
销售及管理费用 | $1.41B | $1.54B | -8.55% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $44.49B | $0 | — |
流动资产 | $11.55B | $0 | — |
流动负债 | $10.5B | $0 | — |
股东权益 | $11.71B | $0 | — |
现金及等价物 | $1.94B | — | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $185M | $180M | +2.78% |
投资活动现金流 | $-2.98B | $-69M | -4213.04% |
筹资活动现金流 | $1.48B | $-139M | +1167.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 8.4% | 7.6% | +0.74% |
净利率 | 2.3% | — | — |
净资产收益率 | 1.4% | — | — |
总资产收益率 | 0.4% | — | — |
流动比率 | $1.1 | — | — |
PSKY reported Q1 FY2026 revenue of $7.35B, up 2.2% YoY, and net income of $168M, up 10.5% YoY. Operating income grew a stronger 12.0% to $616M, helped by an 8.6% reduction in SG&A expenses to $1.41B.
PSKY's basic EPS fell 34.8% to $0.15 from $0.23 in the prior year even though net income rose 10.5% to $168M. This disconnect indicates a significant increase in the weighted-average number of shares outstanding, which diluted per-share earnings.
PSKY has total assets of $44.5B and stockholders' equity of $11.7B, with a current ratio of 1.10 indicating adequate but thin short-term liquidity. ROE and ROA are very low at 1.44% and 0.38% respectively, suggesting the company is not yet generating strong returns on its large asset base.
Investing cash outflows surged to -$2.98B in Q1 FY2026 from just -$69M in the prior year period, a change of over 4,000%. This dramatic increase likely reflects a major acquisition or large capital expenditure program, though specific details are not available in the provided filing sections.
Key risks include significant share dilution that is suppressing EPS growth, the execution and integration risk associated with the large capital deployment of nearly $3B in investing activities, and a thin net margin of 2.3% that leaves little buffer against revenue or cost headwinds. The company's current ratio of 1.10 also indicates limited short-term liquidity cushion.