0001628280-26-055207
SEC filingNIQ二季度业绩超预期，营收增长8.0%，上调全年指引，AI战略驱动长期增长。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,124.2M | $1,040.8M | 8.0% |
| Gross Margin | — | — | — |
| Operating Income | $65.3M | $39.4M | 65.7% |
| Net Loss Attributable to NIQ | $(30.5)M | $(2.7)M | n/m |
| Diluted EPS (GAAP) | $(0.10) | $(0.01) | n/m |
| Adjusted EBITDA | $261.9M | $214.9M | 21.9% |
| Adjusted EBITDA Margin | 23.3% | 20.6% | 270bps |
| Adjusted Net Income | $78.7M | $(1.6)M | n/m |
| Adjusted EPS | $0.27 | $(0.01) | n/m |
| Operating Cash Flow | $140.1M | $(8.6)M | n/m |
| Free Cash Flow | $74.1M | $(63.2)M | n/m |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Revenue | $1,105M - $1,108M | as reported |
| Q3 2026 | OCC Revenue Growth | 5.2% - 5.5% | organic constant currency |
| Q3 2026 | Adjusted EBITDA | $255M - $261M | Non-GAAP |
| Q3 2026 | Adjusted EBITDA Margin | 23.0% - 23.5% | Non-GAAP |
| Q3 2026 | Adjusted EPS | $0.22 - $0.24 | Non-GAAP |
| FY2026 | Revenue | $4,496M - $4,510M | as reported |
| FY2026 | OCC Revenue Growth | 5.2% - 5.6% | organic constant currency |
| FY2026 | Adjusted EBITDA | $1,057M - $1,076M | Non-GAAP |
| FY2026 | Adjusted EBITDA Margin | 23.5% - 23.9% | Non-GAAP |
| FY2026 | Adjusted EPS | $1.08 - $1.12 | Non-GAAP |
| FY2026 | Free Cash Flow | $245M - $255M | Non-GAAP |
简评
NIQ 二季度业绩全面超预期，营收 $1,124.2M 同比增长 8.0%（OCC 5.8%），连续第五个季度超指引。增长主要由价值定价、交叉销售及新能力渗透驱动，美洲 OCC 增长 8.3% 领跑，EMEA 4.9%，APAC 转正至 1.9%。盈利能力显著提升，Adjusted EBITDA 增长 21.9% 至 $261.9M，利润率扩张 270bps 至 23.3%，主要得益于收入增长、营运资本改善及利息支出下降（债务偿还与利差下调）。自由现金流转正至 $74.1M，同比改善 $137.3M，S&P 因此上调评级至 B+。
管理层强调 AI 战略加速推进，发布 Optiq、Bridge、Cadence 等新产品，ConnectAI 生态初步成型，并预计 AI 将结构性降低成本基础。全年指引上调至 OCC 增长 5.2%-5.6%、Adjusted EBITDA 利润率 23.5%-23.9%，隐含下半年约 $300M 自由现金流。2026 重组计划预计带来 $70M-$80M 年化成本节约，已产生约 $70M 重组费用。公司未披露分红或回购计划，资本配置聚焦增长型资本开支与 AI 投资。