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- **Record Q1 Performance**: $5.1B revenue (+5% organic), 27.4% segment margin, and $7.22 EPS (16% growth).
- **Aerospace Dominance**: 9.5% organic growth, 30% margin, and record backlog.
- **Guidance Uptick**: FY26 organic growth raised to 4%, with HVAC/refrigeration at mid-single digits.
- **Cash Flow Strength**: $693M Q1 free cash flow, $3.1-3.5B FY26 target.
- **Curtis Synergies**: $235M in sales, 50-50 NA/International split, and filtration tech wins.


**【CEO Summary Section】**
- Q1 2026 revenue reached $5.1 billion, a 5% organic growth driven by Aerospace and Defense, with North America Industrial posting 2% organic growth (vs. prior guidance of -1%).
- Adjusted segment operating margin expanded 170bps to 27.4%, with Aerospace hitting a record 30% margin due to strong aftermarket and OE demand.
- Completed acquisition of Curtis Instruments, adding $235M in annualized sales and enhancing filtration and energy solutions.
- Raised FY26 organic growth guidance to 4% (midpoint), with Aerospace forecast at 9.5% and HVAC/refrigeration at mid-single digits.

**【CFO Financial Commentary】**
- Adjusted EPS grew 16% to $7.22, driven by $132M increase in segment operating income and $475M in share buybacks.
- Free cash flow reached $693M (13.6% of sales), with FY26 guidance raised to $3.1-3.5B.
- Interest expense increased by $30M due to Curtis acquisition, but tax rate remained stable at 22.5%.
- Q2 2026 EPS guidance is $7.10, reflecting typical seasonal softness in Aerospace OE.

**【Q&A Highlights】**
- **North America Industrial Recovery**: 2% organic growth in Q1, driven by aerospace and defense, with gradual improvement in construction and filtration wins.
- **Aerospace Margin Resilience**: 30% Q1 margin (vs. 29.5% FY26 target) due to spares, with 29.1% Q2 guidance despite 51% OE mix.
- **M&A Strategy**: Curtis integration on track, with 50-50 split between NA and International sales, and potential for higher-margin synergies.
- **Tariff Impact**: Teams maintain pricing discipline, recovering costs without margin expansion, but selective CapEx delays persist.
- **Energy Growth**: Power gen backlog supports 27.4% segment margin, with gas turbine aftermarket offsetting oil/gas weakness.


Parker-Hannifin Corporation (PH) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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PH

PH fundamentals

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