Masco reported Q2 results with a large one-time net tariff refund benefit, raised full-year EPS and operating margin guidance, and maintained its low single-digit revenue growth outlook despite signs of raw material inflation and a soft DIY market. Reported Q2 EPS of $1.64, up 26%, aided by a $95M net tariff refund benefit, which was partially offset by one-time strategic investments.
Buzzberg 분석Masco raises 2026 EPS guidance to $4.40-$4.60Masco reported Q2 results with a large one-time net tariff refund benefit, raised full-year EPS and operating margin guidance, and maintained its low single-digit revenue growth outlook despite signs of raw material inflation and a soft DIY market. Reported Q2 EPS of $1.64, up 26%, aided by a $95M net tariff refund benefit, which was partially offset by one-time strategic investments.전체 분석 보기분석 접기
Masco reported Q2 results with a large one-time net tariff refund benefit, raised full-year EPS and operating margin guidance, and maintained its low single-digit revenue growth outlook despite signs of raw material inflation and a soft DIY market. Reported Q2 EPS of $1.64, up 26%, aided by a $95M net tariff refund benefit, which was partially offset by one-time strategic investments.
Raised FY2026 EPS guidance to $4.40-$4.60 (from $4.10-$4.30) and operating margin to ~18% (from ~17%).
Plumbing segment showed strong momentum, with international (Hansgrohe) growing 4% in local currency; divested Briston Group to focus on Hansgrohe.
Decorative Architectural segment saw DIY sales down high-single-digits but pro paint up mid-single-digits, with a mid-single-digit commodity inflation expectation for H2.
DECORATIVE_ARCHITECTURAL rev growth-4%
reported
PLUMBING rev growth-3%
reported
Revenue$1.992B
+4% QoQ
EPS$1.64
+58% QoQ
이번 분기에 달라진 점
01
Guidance
Masco raises 2026 EPS guidance to $4.40-$4.60
Guidance · revenue to 1%
02
Demand
North American plumbing sales up low single digits excluding investments
Management emphasized strong execution, confidence in competitive positioning, and raised guidance despite macro uncertainty.
03
Demand
Pro paint momentum continues with mid-single digit growth
North American plumbing sales up low single digits excluding investments. Management emphasized strong execution, confidence in competitive positioning, and raised guidance despite macro uncertainty.
04
Strategy
Strategic investments in plumbing were one-time and opportunistic
Plumbing segment showed strong momentum, with international (Hansgrohe) growing 4% in local currency; divested Briston Group to focus on Hansgrohe.
수요
수요
수주 및 전환
North American plumbing sales up low single digits excluding investments. Management emphasized strong execution, confidence in competitive positioning, and raised guidance despite macro uncertainty.
톤 · Confident
Management emphasized strong execution, confidence in competitive positioning, and raised guidance despite macro uncertainty.
공급망 알파
A1
Masco recognized a net $95M tariff refund benefit in Q2 and made one-time strategic investments against it, which will not recur in the back half.
“We recorded a net tariff refund benefit of approximately $95 million during the quarter.”
Masco expects second-half commodity inflation to be mid-single digits, up from low single digits in H1, with 232 and 301 tariff costs already included in guidance.
“Our commodity inflation expectations in H2 and for the calendar year overall are mid-single digits both for the plumbing and decorative architectural segment.”
DIY paint sales remain weak (down high single digits in Q2) while pro paint growth is solid (mid single digits), indicating a bifurcation in the paint market.
“DIY paint sales decreased high single digits, given the ongoing challenging industry dynamics. ... Our momentum in pro paint continued in the second quarter, with sales growing mid-single digits.”
Masco is investing jointly with Home Depot to drive pro paint and other category growth, indicating a partnership strategy focused on share gains.
“As we invest alongside our partner, The Home Depot, we are confident in our ability to drive further share gains and capitalize on the significant growth opportunities ahead.”
… the strength of the Hansgrohe brand and the team's execution across our geographic markets. Operating profit for the plumbing product segment grew 26% to $361 million, and operating margin expanded to 27%. Turning to our decorative architectural segment, sales decreased 4%. Our momentum in pro paint continued in the second quarter, with sales growing mid-single digits as our offering continues to resonate with pro customers. As we invest alongside our partner, The Home Depot, we are confident in our ability to drive further share gains and capitalize on the significant growth opportunities ahead. DIY paint sales decreased high single digits, given the ongoing challenging industry dynamics. In addition, performance in the quarter was impacted by the customer transition of our primer and applicator business we discussed in our fourth quarter 2025 earnings call in February. We do not expect this transition to have a meaningful impact in the second half of the year. Despite these factors, our expectation for full-year DIY paint sales to be down mid-single digits remains unchanged. We believe Behr is well positioned as the number one DIY brand with leading positions in color, quality, …
DIY paint sales remain weak (down high single digits in Q2) while pro paint growth is solid (mid single digits), indicating a bifurcation in the paint market.