季報
季度報告
10-Q
2026-08-05
史蒂潘公司第二季純利倍增 上半年受重組開支拖累錄虧損
AI 繁中摘要
史蒂潘公司（Stepan Company）公佈截至2026年6月30日止第二季度及上半年業績（10-Q申報）。
第二季度表現強勁，淨銷售額達6.841億美元，按年增長15%，主要由銷量上升及產品組合改善帶動。毛利率顯著擴闊，由上年同期7,190萬美元升至9,998萬美元，經營溢利亦由1,797萬美元倍增至3,721萬美元。期內錄得純利2,291萬美元（每股攤薄1.00美元），遠高於去年同期的1,134萬美元（每股0.50美元）。是次增長部分受惠於業務重組相關開支5,106萬美元，惟無碍整體盈利能力。
不過，上半年累計業績受巨額重組費用拖累，錄得淨虧損1,850萬美元（每股-0.81美元），對比去年同期純利3,105萬美元（每股1.36美元）。上半年業務重組開支合共7,055萬美元，主要涉及工廠整合及裁員計劃。若不計重組項目，經調整後經營表現其實錄得增長。
現金流方面，上半年經營現金流錄得2,530萬美元，按年增加約700萬美元。公司維持資本開支紀律，上半年資本開支5,429萬美元，略低於去年同期。期末現金及現金等價物為1.137億美元，流動資金充裕。
分部表現方面，表面活性劑（Surfactants）及聚合物（Polymers）兩大核心業務均錄得銷售增長，其中歐洲及拉丁美洲地區表現尤為理想，北美市場亦穩步復甦。管理層對下半年需求前景審慎樂觀，預期原材料成本壓力緩和及重組效益浮現，將進一步支持利潤率擴張。
資產負債表方面，總債務（含流動部分）為6.475億美元，略高於去年底，惟債務結構以長期融資為主，財務狀況穩健。公司於期內宣派每股0.395美元季度股息，延續穩定回購股東政策。
潛在風險方面，公司正面對若干環境訴訟及監管事宜，包括新澤西州Maywood場址及巴西稅務訴訟等，管理層已就此作出相應撥備，並認為不會對財務狀況構成重大影響。整體而言，業績顯示公司正處於復甦軌道，重組計劃有望釋放長期價值，惟投資者需留意一次性開支對短期盈利的干擾。📈
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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 1-4462 STEPAN COMPANY (Exact name of registrant as specified in its charter) Delaware 36-1823834 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1101 Skokie Boulevard, Suite 500, Northbrook, Illinois 60062 (Address of principal executive offices) Registrant’s telephone number (847) 446-7500 Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $1 par value SCL New 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 ☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Class Outstanding at August 3, 2026 Common Stock, $1 par value 22,732,540 Shares Part I FINANCIAL INFORMATION Item 1 - Financial Statements STEPAN COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited (In thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Sales $ 684,109 $ 594,689 $ 1,288,618 $ 1,187,944 Cost of Sales 584,127 522,804 1,123,785 1,040,596 Gross Profit 99,982 71,885 164,833 147,348 Operating Expenses: Selling 14,866 14,657 27,032 26,765 Administrative 24,203 22,801 45,516 44,215 Research, development and technical services 17,195 14,701 32,188 29,350 Deferred compensation expense 1,402 1,761 1,964 765 57,666 53,920 106,700 101,095 Business restructuring (Note 16) 5,106 — 70,545 — Operating Income (Loss) 37,210 17,965 (12,412 ) 46,253 Other Income (Expense): Interest, net (5,682 ) (5,485 ) (10,693 ) (9,611 ) Other, net (Note 15) 1,021 1,306 1,165 1,808 (4,661 ) (4,179 ) (9,528 ) (7,803 ) Income (Loss) Before Provision for Income Taxes 32,549 13,786 (21,940 ) 38,450 Provision for Income Taxes 9,638 2,445 (3,445 ) 7,398 Net Income (Loss) 22,911 11,341 (18,495 ) 31,052 Net Income (Loss) Per Common Share (Note 10): Basic $ 1.00 $ 0.50 $ (0.81 ) $ 1.36 Diluted $ 1.00 $ 0.50 $ (0.81 ) $ 1.36 Shares Used to Compute Net Income Per Common Share (Note 10): Basic 22,897 22,865 22,893 22,866 Diluted 22,924 22,879 22,893 22,885 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 2 STEPAN COMPANY CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Unaudited (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income (Loss) $ 22,911 $ 11,341 $ (18,495 ) $ 31,052 Other Comprehensive Income (Loss): Foreign currency translation adjustments (Note 11) 2,185 37,084 2,447 58,693 Defined benefit pension adjustments, net of tax (Note 11) 145 59 290 114 Derivative instrument activity, net of tax (Note 11) (334 ) (774 ) (439 ) (1,888 ) Total Other Comprehensive Income 1,996 36,369 2,298 56,919 Comprehensive Income (Loss) $ 24,907 $ 47,710 $ (16,197 ) $ 87,971 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 3 STEPAN COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (Dollars in thousands) June 30, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $ 113,705 $ 132,688 Receivables, net 492,342 387,959 Inventories (Note 6) 324,463 298,827 Other current assets 44,254 39,485 Total current assets 974,764 858,959 Property, Plant and Equipment: Cost 2,764,435 2,787,036 Less: Accumulated depreciation (1,621,823 ) (1,567,409 ) Property, plant and equipment, net 1,142,612 1,219,627 Goodwill, net 91,741 92,570 Other intangible assets, net 36,130 39,526 Long-term investments (Note 3) 14,507 21,270 Operating lease assets (Note 7) 58,071 62,494 Other non-current assets 74,841 63,256 Total assets $ 2,392,666 $ 2,357,702 Liabilities and Equity Current Liabilities: Current maturities of debt (Note 14) $ 403,285 $ 285,735 Accounts payable 321,664 261,723 Accrued liabilities 122,049 119,036 Total current liabilities 846,998 666,494 Deferred income taxes 10,998 11,450 Long-term debt, less current maturities (Note 14) 244,069 340,975 Non-current operating lease liabilities (Note 7) 45,028 49,340 Other non-current liabilities 33,527 45,433 Commitments and Contingencies (Note 8) Equity: Common stock, $1 par value; authorized 60,000,000 shares; 27,467,526 issued shares in 2026 and 27,301,177 issued shares in 2025 27,468 27,301 Additional paid-in capital 265,273 259,820 Accumulated other comprehensive loss (Note 11) (136,676 ) (138,974 ) Retained earnings 1,249,315 1,285,752 Less: Common treasury stock, at cost, 4,735,033 shares in 2026 and 4,676,739 shares in 2025 (193,334 ) (189,889 ) Total equity 1,212,046 1,244,010 Total liabilities and equity $ 2,392,666 $ 2,357,702 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 4 STEPAN COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited (In thousands) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities Net income (loss) $ (18,495 ) $ 31,052 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 63,867 60,559 Deferred compensation (income) expense 1,964 765 Realized and unrealized loss on long-term investments (1,085 ) (1,074 ) Stock-based compensation 3,620 3,064 Deferred income taxes (10,855 ) 496 Business restructuring 63,537 — Other non-cash items 662 412 Changes in assets and liabilities: Receivables, net (104,289 ) (31,753 ) Inventories (24,229 ) (30,652 ) Other current assets (5,116 ) (10,765 ) Accounts payable and accrued liabilities 56,407 (1,570 ) Pension liabilities (116 ) (472 ) Environmental and legal liabilities 348 (436 ) Deferred revenues (922 ) (1,491 ) Net Cash Provided By Operating Activities 25,298 18,135 Cash Flows From Investing Activities Expenditures for property, plant and equipment (54,294 ) (58,346 ) Other, net 7,978 6,878 Net Cash Used In Investing Activities (46,316 ) (51,468 ) Cash Flows From Financing Activities Revolving debt and bank overdrafts, net (Note 14) 41,300 (18,200 ) Other debt borrowings — 75,000 Other debt repayments (20,714 ) (24,286 ) Dividends paid (17,942 ) (17,386 ) Stock option exercises 294 104 Other, net (1,738 ) (1,974 ) Net Cash Provided By Financing Activities 1,200 13,258 Effect of Exchange Rate Changes on Cash 835 9,314 Net Decrease in Cash and Cash Equivalents (18,983 ) (10,761 ) Cash and Cash Equivalents at Beginning of Period 132,688 99,665 Cash and Cash Equivalents at End of Period $ 113,705 $ 88,904 Supplemental Cash Flow Information Cash payments of income taxes, net of refunds $ 9,629 $ 4,590 Cash payments of interest $ 14,208 $ 13,628 The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these financial statements. 5 STEPAN COMPANY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2026 Unaudited 1.CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated financial statements included herein have been prepared by Stepan Company (the Company), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such rules and regulations, although management believes that the disclosures are adequate and make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring accruals, necessary to present fairly the Company’s financial position as of June 30, 2026, its results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026 and 2025, have been included. These financial statements and related footnotes should be read in conjunction with the financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report on Form 10-K). 2.RECONCILIATIONS OF EQUITY Below are reconciliations of total equity for the three and six months ended June 30, 2026 and 2025: (In thousands, except share and per share amounts) Total Common Stock Additional Paid-in Capital Common Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Balance, March 31, 2026 $ 1,193,024 $ 27,447 $ 262,200 $ (193,334 ) $ (138,672 ) $ 1,235,383 Issuance of 0 shares of common stock under incentive compensation plan — — — — — — Stock-based and deferred compensation 3,094 21 3,073 — — — Net income 22,911 — — — — 22,911 Other comprehensive income 1,996 — — — 1,996 — Cash dividends paid: Common stock ($0.395 per share) (8,979 ) — — — — (8,979 ) Balance, June 30, 2026 $ 1,212,046 $ 27,468 $ 265,273 $ (193,334 ) $ (136,676 ) $ 1,249,315 (In thousands, except share and per share amounts) Total Common Stock Additional Paid-in Capital Common Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Balance, December 31, 2025 $ 1,244,010 $ 27,301 $ 259,820 $ (189,889 ) $ (138,974 ) $ 1,285,752 Issuance of 6,694 shares of common stock under incentive compensation plan 294 7 287 — — — Stock-based and deferred compensation 1,881 160 5,166 (3,445 ) — — Net income (loss) (18,495 ) — — — — (18,495 ) Other comprehensive income 2,298 — — — 2,298 — Cash dividends paid: Common stock ($0.790 per share) (17,942 ) — — — — (17,942 ) Balance, June 30, 2026 $ 1,212,046 $ 27,468 $ 265,273 $ (193,334 ) $ (136,676 ) $ 1,249,315 6 (In thousands, except share and per share amounts) Total Common Stock Additional Paid-in Capital Common Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Balance, March 31, 2025 $ 1,200,538 $ 27,253 $ 254,366 $ (189,706 ) $ (176,288 ) $ 1,284,913 Issuance of 530 shares of common stock under incentive compensation plan 22 — 22 — — — Stock-based and deferred compensation 2,145 38 2,187 (80 ) — — Net income 11,341 — — — — 11,341 Other comprehensive income 36,369 — — — 36,369 — Cash dividends paid: Common stock ($0.385 per share) (8,702 ) — — — — (8,702 ) Balance, June 30, 2025 $ 1,241,713 $ 27,291 $ 256,575 $ (189,786 ) $ (139,919 ) $ 1,287,552 (In thousands, except share and per share amounts) Total Common Stock Additional Paid-in Capital Common Treasury Stock Accumulated Other Comprehensive Income (Loss) Retained Earnings Balance, December 31, 2024 $ 1,169,934 $ 27,156 $ 253,779 $ (188,049 ) $ (196,838 ) $ 1,273,886 Issuance of 2,473 shares of common stock under incentive compensation plan 104 2 102 — — — Stock-based and deferred compensation 1,090 133 2,694 (1,737 ) — — Net income 31,052 — — — — 31,052 Other comprehensive income 56,919 — — — 56,919 — Cash dividends paid: Common stock ($0.770 per share) (17,386 ) — — — — (17,386 ) Balance, June 30, 2025 $ 1,241,713 $ 27,291 $ 256,575 $ (189,786 ) $ (139,919 ) $ 1,287,552 3.FAIR VALUE MEASUREMENTS Cash and cash equivalents Carrying value approximated fair value because of the short maturity of the instruments. Fair value of cash and cash equivalents is a Level 1 measurement. The Company's cash and cash equivalents included money market funds totaling $10,516,000 and $13,807,000 at June 30, 2026 and December 31, 2025, respectively. Derivative assets and liabilities Derivative assets and liabilities include the foreign currency exchange and interest rate swap contracts discussed in Note 4, Derivative Instruments, of the notes to the Company’s condensed consolidated financial statements (included in Item 1 of this Form 10-Q). Fair value and carrying value were the same because the contracts were recorded at fair value. The fair values of the foreign currency contracts were calculated as the difference between the applicable forward foreign exchange rates at the reporting date and the contracted foreign exchange rates multiplied by the contracted notional amounts. The fair value of the interest rate swap was calculated as the difference between the contracted swap rate and the floating interest rate multiplied by the present value of the notional amount of the contract. The Company's fair value measurements for debt fall in Level 2 of the fair value hierarchy. At June 30, 2026, and December 31, 2025, the fair values and related carrying values of debt, including current maturities, were as follows (the fair 7 value and carrying value amounts are presented without regard to unamortized debt issuance costs of $217,000 and $275,000 as of June 30, 2026 and December 31, 2025, respectively): (In thousands) June 30, 2026 December 31, 2025 Fair value $ 636,220 $ 619,027 Carrying value 647,571 626,985 The following