季報
季度報告
10-Q
2026-07-29
福斯第二季淨利增21%至9900萬美元 收購Trillium閥門業務強化核電佈局
AI 繁中摘要
Flowserve Corporation 10-Q 季度報告（截至 2026 年 6 月 30 日）摘要
申報類型：10-Q（季度報告）
業績重點：
- 第二季度銷售額 11.69 億美元，較去年同期 11.88 億美元略跌 1.6%；上半年銷售額 22.37 億美元，較去年同期 23.33 億美元下跌 4.1%，主要受中東地區訂單及收入減少影響。
- 第二季度歸屬 Flowserve 股東淨利潤 9,900 萬美元（每股 0.78 美元），去年同期為 8,175 萬美元（每股 0.62 美元），增長約 21%。上半年淨利潤 1.81 億美元（每股 1.42 美元），去年同期 1.56 億美元（每股 1.19 美元），增長約 16%。
- 第二季度毛利率由 34.2% 降至 32.9%，上半年毛利率由 33.3% 降至 34.2%（按報告數字計算，上半年實際略升？需核實：2026上半年 764.6M/2,237.4M=34.2%，2025上半年 775.9M/2,332.6M=33.3%，實為改善）。SG&A 費用略增，但聯營公司收益大幅上升（第二季度 3,300 萬美元 vs 590 萬美元），帶動經營溢利由 1.47 億增至 1.51 億美元。
- 現金流量：上半年經營現金流 8,617 萬美元，低於去年同期的 1.04 億美元，主要由於營運資金變動。
重大事件：
1. **收購 Trillium Flow Technologies 閥門業務（TVD）**：6 月 30 日以 4.9 億美元（扣除收購現金後約 4.4 億美元）收購，強化核電及工業閥門業務，資金來自發行 2036 年高級票據。初步收購會計處理仍在進行中，商譽因而增至 17.45 億美元。
2. **出售 PMV Automation 業務**：5 月 7 日簽訂協議，以 3,500 萬美元出售 Flow Control Division（FCD）內的自動化業務，預計第三季度完成，將錄得出售收益。
3. **關稅退還**：因美國最高法院裁定 IEEPA 關稅無效，公司已提交 3,540 萬美元退稅申請，並於 6 月底前收到 2,090 萬美元現金退款（連利息），剩餘金額已轉入應收款項。管理層預計大部分可收回。
4. **中東衝突影響**：伊朗衝突導致中東地區訂單及收入下跌，並干擾供應鏈（繞道霍爾木茲海峽），增加運費及交貨時間。公司已採取緩解措施，但若情況惡化，可能進一步影響業務。
5. **石棉負債剝離完成**：2025 年 12 月已完成出售 BW/IP New Mexico，全面解除石棉相關負債及保險資產。
財務狀況：
- 總資產 63.2 億美元（去年底 57.1 億美元），主要因收購 TVD 增加商譽及無形資產。
- 總負債：長期債務增至 21.2 億美元（去年底 15.3 億美元），因發行 5 億美元 2036 年高級票據及動用循環信貸。
- 股東權益 23.3 億美元，回購 2,500 萬美元股份（上半年），並派發每股 0.44 美元股息。
管理層展望：
- 中東局勢及關稅
展開英文正文
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-13179 FLOWSERVE CORPORATION (Exact name of registrant as specified in its charter) New York31-0267900 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 5215 N. O’Connor Boulevard, Suite 700,Irving,Texas75039 (Address of principal executive offices) (Zip Code) (972)443-6500 (Registrant’s telephone number, including area code) Former name, former address and former fiscal year, if changed since last report: N/A Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $1.25 Par ValueFLSNew York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ¨ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ¨ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐ Smaller reporting company☐Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ As of July 21, 2026 there were 127,112,780 shares of the issuer’s common stock outstanding. FLOWSERVE CORPORATION FORM 10-Q TABLE OF CONTENTS Page No. PART I – FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income – Three Months Ended June 30, 2026 and 2025 (unaudited) 1 Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income – Six Months Ended June 30, 2026 and 2025 (unaudited) 2 Condensed Consolidated Balance Sheets – June 30, 2026 and December 31, 2025 (unaudited) 3 Condensed Consolidated Statements of Shareholders' Equity – Three Months Ended June 30, 2026 and 2025 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity – Six Months Ended June 30, 2026 and 2025 (unaudited) 5 Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2026 and 2025 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 3. Quantitative and Qualitative Disclosures About Market Risk 50 Item 4. Controls and Procedures 51 PART II – OTHER INFORMATION Item 1. Legal Proceedings 52 Item 1A. Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54 SIGNATURES 55 PART I — FINANCIAL INFORMATION Item1.Financial Statements FLOWSERVE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended June 30, 20262025 (Amounts in thousands, except per share data) Sales$1,169,175 $1,188,092 Cost of sales(784,449)(781,510) Gross profit384,726 406,582 Selling, general and administrative expense(266,318)(265,908) Net earnings from affiliates33,015 5,916 Operating income151,423 146,590 Interest expense(25,696)(20,253) Interest income5,023 2,526 Other expense, net (12,087)(25,003) Earnings before income taxes118,663 103,860 Provision for income taxes(17,078)(15,636) Net earnings, including noncontrolling interests101,585 88,224 Less: net earnings attributable to noncontrolling interests(2,587)(6,470) Net earnings attributable to Flowserve Corporation$98,998 $81,754 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic$0.78 $0.62 Diluted0.77 0.62 Weighted average shares - basic127,644 130,846 Weighted average shares - diluted128,358 131,599 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended June 30, 20262025 (Amounts in thousands) Net earnings, including noncontrolling interests$101,585 $88,224 Other comprehensive income (loss): Foreign currency translation adjustments, net of taxes of ($434) and ($3,821), respectively(12,352)111,659 Pension and other postretirement effects, net of taxes of ($416) and ($359), respectively3,438 (1,299) Cash flow hedging activity, net of taxes of ($7) and ($7), respectively26 24 Other comprehensive income (loss):(8,888)110,384 Comprehensive income including noncontrolling interests92,697 198,608 Comprehensive (income) loss attributable to noncontrolling interests(2,604)(6,530) Comprehensive income attributable to Flowserve Corporation$90,093 $192,078 See accompanying notes to condensed consolidated financial statements. 1 FLOWSERVE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Six Months Ended June 30, 20262025 (Amounts in thousands, except per share data) Sales$2,237,444 $2,332,635 Cost of sales(1,472,877)(1,556,719) Gross profit764,567 775,916 Selling, general and administrative expense(529,718)(509,085) Net earnings from affiliates36,006 11,648 Operating income270,855 278,479 Interest expense(46,127)(39,428) Interest income6,523 4,271 Other expense, net (5,088)(42,262) Earnings before income taxes226,163 201,060 Provision for income taxes(38,209)(33,379) Net earnings, including noncontrolling interests187,954 167,681 Less: Net earnings attributable to noncontrolling interests(7,275)(12,022) Net earnings attributable to Flowserve Corporation$180,679 $155,659 Net earnings per share attributable to Flowserve Corporation common shareholders: Basic$1.42 $1.19 Diluted1.41 1.18 Weighted average shares - basic127,569 131,206 Weighted average shares - diluted128,489 132,135 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Six Months Ended June 30, 20262025 (Amounts in thousands) Net earnings, including noncontrolling interests$187,954 $167,681 Other comprehensive income (loss): Foreign currency translation adjustments, net of taxes of $481 and ($5,728), respectively(38,209)159,230 Pension and other postretirement effects, net of taxes of ($823) and ($746), respectively6,120 (965) Cash flow hedging activity, net of taxes of ($15) and ($14), respectively50 48 Other comprehensive income (loss):(32,039)158,313 Comprehensive income including noncontrolling interests155,915 325,994 Comprehensive (income) loss attributable to noncontrolling interests(7,095)(12,115) Comprehensive income attributable to Flowserve Corporation$148,820 $313,879 See accompanying notes to condensed consolidated financial statements. 2 FLOWSERVE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except par value)June 30,December 31, 20262025 ASSETS Current assets: Cash and cash equivalents$731,007 $760,183 Accounts receivable, net of allowance for expected credit losses of $89,364 and $83,094, respectively1,056,706 1,029,095 Contract assets, net of allowance for expected credit losses of $5,871 and $6,028, respectively340,234 322,472 Inventories832,537 789,898 Prepaid expenses and other158,642 141,237 Total current assets3,119,126 3,042,885 Property, plant, and equipment, net of accumulated depreciation of $1,233,503 and $1,224,912, respectively595,446 566,751 Operating lease right-of-use asset, net170,716 166,031 Goodwill1,744,877 1,391,988 Deferred taxes160,395 156,250 Other intangible assets, net345,231 198,475 Other assets, net of allowance for expected credit losses of $66,209 and $66,047, respectively184,497 185,820 Total assets$6,320,288 $5,708,200 LIABILITIES AND EQUITY Current liabilities: Accounts payable$543,323 $554,243 Accrued liabilities561,747 587,475 Contract liabilities293,864 274,669 Debt due within one year12,741 49,868 Operating lease liabilities37,330 35,630 Total current liabilities1,449,005 1,501,885 Long-term debt due after one year2,122,423 1,525,210 Operating lease liabilities145,851 149,565 Retirement obligations and other liabilities275,552 277,216 Contingencies (See Note 12) Shareholders’ equity: Preferred shares, $1.00 par value— — Shares authorized — 1,000, no shares issued Common shares, $1.25 par value220,991 220,991 Shares authorized — 305,000 Shares issued — 176,793 and 176,793, respectively Capital in excess of par value494,925 508,890 Retained earnings4,385,914 4,261,977 Treasury shares, at cost — 49,532 and 49,763 shares, respectively(2,241,970)(2,231,685) Deferred compensation obligation7,015 6,629 Accumulated other comprehensive loss(607,263)(575,405) Total Flowserve Corporation shareholders' equity2,259,612 2,191,397 Noncontrolling interests67,845 62,927 Total equity2,327,457 2,254,324 Total liabilities and equity$6,320,288 $5,708,200 See accompanying notes to condensed consolidated financial statements. 3 FLOWSERVE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) Total Flowserve Corporation Shareholders' Equity Capital in Excess of Par ValueRetained EarningsDeferred Compensation ObligationAccumulated Other Comprehensive Income (Loss)Total Equity Common StockTreasury StockNon- controlling Interests SharesAmountSharesAmount (Amounts in thousands) Balance - April 1, 2026176,793 $220,991 $486,518 $4,315,243 (49,215)$(2,218,764)$6,676 $(598,359)$67,947 $2,280,252 Stock activity under stock plans— — (1,472)— 58 1,794 339 — — 661 Stock-based compensation— — 9,879 — — — — — — 9,879 Net earnings— — — 98,998 — — — — 2,587 101,585 Cash dividends declared ($0.22 per share)— — — (28,327)— — — — — (28,327) Repurchases of common shares— — — — (375)(25,000)— — — (25,000) Other comprehensive income, net of tax— — — — — — — (8,904)