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AI核心结论
Williams-Sonoma (WSM) delivered modest Q2 FY2026 revenue growth of 4.4% to $1.81B, with net income essentially flat at $231.4M, while aggressively returning capital to shareholders via a 220% surge in share buybacks that significantly reduced cash on hand.
营业收入
$1.81B
同比 ++4.35%
每股收益（基本）
$1.95
同比 ++3.72%
毛利率
43.9%
同比 -0.32%
营业利润
$291.69M
同比 ++0.34%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Williams Sonoma (WSM) Q1 FY2026 营收 $1.81B，同比增长 4.4%。 净利润 $231.36M，同比增长 0.0%，稀释每股收益 $1.93。 毛利率 43.9%。
Net revenues increased 4.4% year-over-year to $1.81B in Q2 FY2026 (vs. $1.73B in Q2 FY2025), indicating continued demand across WSM's brand portfolio despite a challenging home furnishings macro environment.
来源: Source: 10-Q Income Statement
Gross margin declined approximately 32 basis points to 43.9% (from 44.3%), as cost of revenues grew 4.9%—faster than revenue growth of 4.4%—suggesting modest but notable cost pressure on merchandise and supply chain.
来源: Source: 10-Q Income Statement
SG&A expenses rose 5.6% YoY to $501.7M, growing faster than revenue, which compressed operating margin by approximately 65 basis points to 16.2% from 16.8%, reflecting higher overhead or investment spending.
来源: Source: 10-Q Income Statement
WSM repurchased $287.8M in shares during Q2 FY2026, a 220% increase versus $90.0M in Q2 FY2025, driving financing cash outflows of $467.0M and reducing cash balances by 37.8% to $651.6M.
来源: Source: 10-Q Cash Flow Statement
Operating cash flow improved significantly by 31.4% YoY to $156.3M (vs. $118.9M), suggesting better working capital management even as net income remained flat, providing a positive signal on cash generation quality.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents fell 37.8% YoY to $651.6M, primarily driven by a 220% surge in share repurchases to $287.8M. This aggressive capital return strategy, while shareholder-friendly, reduces the company's liquidity buffer and financial flexibility in the event of a demand downturn or unexpected costs.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
SG&A expenses grew 5.6% YoY, outpacing revenue growth of 4.4%, compressing operating margin by ~65 bps to 16.2%. If this cost trend continues without corresponding revenue acceleration, profitability could face further pressure.
来源: Source: 10-Q Income Statement
Stockholders' equity fell 13.5% YoY to $1.87B, partly reflecting the large share repurchase activity. This has elevated the debt-to-equity ratio to 1.71x, increasing financial leverage and potentially limiting future borrowing capacity.
来源: Source: 10-Q Balance Sheet
Cost of revenues grew 4.9% YoY versus revenue growth of 4.4%, causing gross margin to compress to 43.9% from 44.3%. Sustained input cost inflation or supply chain disruptions could further erode this margin, which is critical to WSM's premium brand positioning.
来源: Source: 10-Q Income Statement
Current assets declined 9.7% YoY to $2.35B while current liabilities rose 2.4% to $1.76B, reducing the current ratio to 1.33x from a higher prior-year level. While still above 1.0x, the trend indicates tightening near-term liquidity.
来源: Source: 10-Q Balance Sheet
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.81B | $1.73B | +4.35% |
营业成本 | $1.01B | $964.3M | +4.95% |
毛利润 | $793.43M | $765.81M | +3.61% |
营业利润 | $291.69M | $290.71M | +0.34% |
净利润 | $231.36M | $231.26M | +0.04% |
每股收益（基本） | $1.95 | $1.88 | +3.72% |
每股收益（稀释） | $1.93 | $1.85 | +4.32% |
销售及管理费用 | $501.74M | $475.1M | +5.61% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $5.06B | $5.16B | -1.90% |
流动资产 | $2.35B | $2.6B | -9.69% |
总负债 | $3.19B | $3B | +6.47% |
流动负债 | $1.76B | $1.72B | +2.38% |
股东权益 | $1.87B | $2.16B | -13.49% |
现金及等价物 | $651.6M | $1.05B | -37.78% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $156.32M | $118.95M | +31.42% |
投资活动现金流 | $-57.67M | $-58.23M | +0.95% |
筹资活动现金流 | $-466.98M | $-230M | -103.04% |
股票回购 | $287.81M | $89.97M | +219.89% |
折旧及摊销 | $56.12M | $56.4M | -0.51% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 43.9% | 44.3% | -0.32% |
营业利润率 | 16.2% | 16.8% | -0.65% |
净利率 | 12.8% | — | — |
净资产收益率 | 12.4% | — | — |
总资产收益率 | 4.6% | — | — |
流动比率 | $1.331 | — | — |
资产负债率 | $1.706 | — | — |
WSM reported Q2 FY2026 revenue of $1.81B, up 4.4% YoY, with net income essentially flat at $231.4M. Diluted EPS rose 4.3% to $1.93, helped by a significant reduction in share count from aggressive buybacks.
Margins declined modestly in Q2 FY2026: gross margin fell ~32 bps to 43.9% and operating margin contracted ~65 bps to 16.2%, as both cost of revenues and SG&A grew faster than revenue. Net margin came in at approximately 12.8%.
WSM's cash and equivalents fell 37.8% YoY to $651.6M, primarily because the company spent $287.8M on share repurchases in Q2 FY2026—a 220% increase versus $90.0M in the same quarter last year. Total financing cash outflows reached $467.0M in the quarter.
Key risks include rapid cash depletion from aggressive buybacks, rising SG&A expenses outpacing revenue growth, and increasing financial leverage with a debt-to-equity ratio of 1.71x. Additionally, gross margin compression from cost inflation and tightening current ratio (1.33x) are worth monitoring.
Yes, WSM's operating cash flow improved significantly by 31.4% YoY to $156.3M in Q2 FY2026, suggesting better working capital management. Estimated free cash flow was approximately $98.6M after capital expenditures of ~$57.7M, though much of this cash is being returned to shareholders via buybacks.