[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","wfwmkk13t2hbiyha6ucpa8qdh","revision",2,"title","POOL Corporation 2026年第三季度销售额同比增长4%，净利润下降3%，维持全年业绩指引","originalTitle","POOL CORP (0000945841) (Filer)","summary","POOL Corporation 2026年第三季度净销售额为15.05亿美元，同比增长4%；净利润为1.230亿美元，同比下降3%，摊薄每股收益为3.40美元，与上年同期持平。","reason","销售增长而利润下降，全年业绩指引及现金流、债务和回购披露有助于了解公司的经营表现与资本配置情况。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-28T15:54:15.000Z","discoveredAt","2026-10-28T16:27:37.867Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",60,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fF5E7ppb4eIo",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","af517a92-9d36-4b3f-9cad-90b6b1c9609c","POOL维持2026年业绩指引，第三季度销售增长、利润略降",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

\n \n \n \n \n \n \n

\n	\n
☒	根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

截至以下日期的季度期间： 2026年9月30日

或

\n \n \n \n \n \n \n

\n	\n
☐	根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

过渡期间自至

$\"img149263916_0.jpg\"$

POOL CORPORATION

（注册人章程中载明的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
特拉华州	0-26640	36-3943363
（州或其他司法管辖区	（委员会档案编号）	（美国国税局雇主
注册地）		识别号码）

109 Northpark Boulevard,
Covington,	Louisiana		70433-5001
（主要行政		（邮政编码）
办公地址）

(985) 892-5521

（注册人电话号码，包括区号）

根据该法第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类别证券名称	交易代码	注册所在交易所名称
普通股，每股面值 $0.001	POOL	纳斯达克全球精选市场

请勾选标记说明注册人是否 (1) 已在此前12个月（或注册人须提交此类报告的较短期间）内提交《1934年证券交易法》第13条或第15(d)条规定须提交的所有报告；且 (2) 在过去90天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选标记说明注册人是否在此前12个月（或注册人须提交此类文件的较短期间）内，以电子方式提交了根据S-T条例第405条（本章§232.405）须提交的所有互动数据文件。是 ☒ 否 ☐

请勾选标记说明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速申报公司	☒		加速申报公司	☐

非加速申报公司	☐		较小申报公司	☐

			新兴成长型公司	☐

如果是新兴成长型公司，请勾选标记说明注册人是否选择不使用《交易法》第13(a)条规定的、适用于遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选标记说明注册人是否为空壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☒

截至2026年10月21日，注册人的普通股流通股数为 35,722,100 股。

POOL CORPORATION

10-Q 表

截至2026年9月30日的季度

\n	\n	\n	\n
			页码
第一部分财务信息

	第1项财务报表（未经审计）

		合并收益表	1
		合并综合收益表	2
		合并资产负债表	3
		简明合并现金流量表	4
		合并股东权益变动表	5
		合并财务报表附注	7

	第2项管理层对财务状况和经营业绩的讨论与分析	14

	第3项关于市场风险的定量和定性披露	26

	第4项控制与程序	26

第二部分其他信息	28

	第1项法律诉讼	28

	第1A项风险因素	28

	第2项未注册的股权证券销售及所得款项用途	28

	第5项其他信息	28

	第6项附件	29

签名	31

第一部分财务信息

第1项财务报表

POOL CORPORATION

合并收益表

（未经审计）

（除每股数据外，单位为千）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
净销售额		$	1,504,957			$	1,451,131			$	4,465,909			$	4,307,187
销售成本			1,068,640				1,021,948				3,158,959				3,030,474
毛利			436,317				429,183				1,306,950				1,276,713
销售及管理费用			264,122				251,196				784,464				748,518
营业收入			172,195				177,987				522,486				528,195
利息及其他非营业费用净额			11,762				12,004				38,402				35,387
所得税及权益法投资收益前利润			160,433				165,983				484,084				492,808
所得税费用			37,449				38,985				119,774				118,048
未合并投资收益中的权益份额净额			58				15				51				56
净利润		$	123,042			$	127,013			$	364,361			$	374,816


归属于普通股股东的每股收益：
基本		$	3.41			$	3.41			$	10.03			$	10.01
稀释		$	3.40			$	3.40			$	10.02			$	9.97
普通股加权平均流通股数：
基本			35,881				37,090				36,108				37,272
稀释			35,923				37,223				36,163				37,420

每股普通股宣派现金股息		$	1.30			$	1.25			$	3.85			$	3.70

随附附注是合并财务报表不可分割的一部分。

POOL CORPORATION

合并综合收益表

（未经审计）

（单位：千）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
净利润		$	123,042			$	127,013			$	364,361			$	374,816
其他综合（亏损）收益：
外币折算（亏损）收益			(600	)			(1,632	)			(6,208	)			15,653
利率互换未实现亏损，扣除税项变动后的净额，金额分别为 $521、$584、$1,232 和 $2,289			(1,563	)			(1,753	)			(3,696	)			(6,868	)
其他综合（亏损）收益总额			(2,163	)			(3,385	)			(9,904	)			8,785
综合收益		$	120,879			$	123,628			$	354,457			$	383,601

随附附注是合并财务报表不可分割的一部分。

POOL CORPORATION

合并资产负债表

（单位：千美元，股份数据除外）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日，			9月30日，			12月31日，
		2026			2025			2025
		（未经审计）			（未经审计）			（经审计）
资产
流动资产：
现金及现金等价物		$	105,657			$	128,483			$	104,963
应收款项净额			135,492				138,072				136,063
应收账款融资额度项下质押的应收款项			342,965				305,537				211,740
产品库存净额			1,185,177				1,223,809				1,454,672
预付费用及其他流动资产			52,365				53,138				62,426
流动资产总额			1,821,656				1,849,039				1,969,864

财产和设备净额			281,030				267,408				267,065
商誉			706,683				705,266				707,345
其他无形资产净额			277,972				285,409				283,882
权益投资			1,645				1,514				1,576
经营租赁资产			342,895				319,898				327,398
其他资产			53,588				72,137				68,996
资产总额		$	3,485,469			$	3,500,671			$	3,626,126

负债和股东权益
流动负债：
应付账款		$	423,865			$	457,319			$	652,619
应计费用及其他流动负债			174,146				147,122				109,301
短期借款及长期债务的流动部分			20,952				12,881				13,029
流动经营租赁负债			120,756				102,189				105,336
流动负债总额			739,719				719,511				880,285

递延所得税			93,984				79,101				95,633
长期债务净额			1,145,930				1,049,121				1,186,424
其他长期负债			47,620				47,342				48,313
非流动经营租赁负债			231,098				225,706				230,242
负债总额			2,258,351				2,120,781				2,440,897

股东权益：
普通股，面值 $0.001 ；授权股份 100,000,000 股；截至2026年9月30日、2025年9月30日和2025年12月31日已发行并流通在外的股份分别为 35,717,687、37,315,849 和 36,577,686 股			36				37				37
资本公积			698,505				665,203				671,050
留存收益			545,001				719,529				520,662
累计其他综合亏损			(16,424	)			(4,879	)			(6,520	)
股东权益总额			1,227,118				1,379,890				1,185,229
负债和股东权益总额		$	3,485,469			$	3,500,671			$	3,626,126

随附附注是合并财务报表不可分割的组成部分。

POOL CORPORATION

简明合并现金流量表

（未经审计）

（单位：千美元）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至以下日期的九个月
		9月30日，
		2026			2025
经营活动
净利润		$	364,361			$	374,816
将净利润调节为经营活动提供的现金净额的调整项目：
折旧			34,461				30,438
摊销			6,750				6,598
股份支付薪酬			22,437				17,385
未合并投资的权益收益净额			(51	)			(56	)
其他			3,489				459
经营资产和负债变动（扣除收购影响后）：
应收款项			(134,083	)			(123,914	)
产品库存			264,883				77,407
预付费用及其他资产			19,765				73,226
应付账款			(225,440	)			(69,794	)
应计费用及其他负债			63,252				(100,822	)
经营活动提供的现金净额			419,824				285,743

投资活动
收购业务（扣除所获现金）			—				(7,116	)
购置财产和设备（扣除出售所得）			(49,772	)			(48,123	)
其他投资净额			2,328				(508	)
投资活动使用的现金净额			(47,444	)			(55,747	)

融资活动
循环信贷额度所得款项			1,351,300				1,417,100
循环信贷额度还款			(1,496,400	)			(1,390,400	)
信贷额度项下定期贷款所得款项			—				125,000
信贷额度项下定期贷款还款			—				(87,500	)
资产支持融资所得款项			390,300				437,600
资产支持融资还款			(278,800	)			(370,400	)
定期贷款支付			—				(19,938	)
短期借款及长期债务流动部分的所得款项			7,103				17,431
偿还短期借款及长期债务流动部分			(6,555	)			(16,523	)
支付递延融资成本			(359	)			(1,397	)
支付回购普通股的消费税			(2,974	)			—
根据股份薪酬计划发行股票所得款项			5,018				9,203
支付现金股息			(140,105	)			(138,664	)
回购普通股			(198,046	)			(163,884	)
融资活动所用现金净额			(369,518	)			(182,372	)
汇率变动对现金及现金等价物的影响			(2,168	)			2,997
现金及现金等价物变动			694				50,621
期初现金及现金等价物			104,963				77,862
期末现金及现金等价物		$	105,657			$	128,483

随附附注是合并财务报表不可分割的一部分。

POOL CORPORATION

合并股东权益变动表

（未经审计）

（单位：千）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股			额外实收			留存			累计其他综合
		股份			金额			资本			收益			亏损			总计
2025年12月31日余额			36,578			$	37			$	671,050			$	520,662			$	(6,520	)		$	1,185,229
净利润			—				—				—				53,229				—				53,229
外币折算			—				—				—				—				(2,880	)			(2,880	)
利率互换，扣除税额变动后的净额 $276			—				—				—				—				(828	)			(828	)
回购普通股，扣除注销股份后			(316	)			(1	)			—				(64,888	)			—				(64,889	)
股份薪酬			—				—				5,472				—				—				5,472
根据股份薪酬计划发行股票			181				—				3,698				—				—				3,698
宣告现金股息			—				—				—				(45,786	)			—				(45,786	)
2026年3月31日余额			36,443			$	36			$	680,220			$	463,217			$	(10,228	)		$	1,133,245
净利润			—				—				—				188,089				—				188,089
外币折算			—				—				—				—				(2,728	)			(2,728	)
利率互换，扣除税额变动后的净额 $435			—				—				—				—				(1,305	)			(1,305	)
回购普通股，扣除注销股份后			(120	)			—				—				(22,195	)			—				(22,195	)
股份薪酬			—				—				12,003				—				—				12,003
根据股份薪酬计划发行股票			18				—				176				—				—				176
宣告现金股息			—				—				—				(47,287	)			—				(47,287	)
2026年6月30日余额			36,341			$	36			$	692,399			$	581,824			$	(14,261	)		$	1,259,998
净利润			—				—				—				123,042				—				123,042
外币折算			—				—				—				—				(600	)			(600	)
利率互换，扣除税额变动后的净额 $521			—				—				—				—				(1,563	)			(1,563	)
回购普通股，扣除注销股份后			(631	)			—				—				(112,722	)			—				(112,722	)
股份薪酬			—				—				4,962				—				—				4,962
根据股份薪酬计划发行股票			8				—				1,144				—				—				1,144
宣告现金股息			—				—				—				(47,143	)			—				(47,143	)
2026年9月30日余额			35,718			$	36			$	698,505			$	545,001			$	(16,424	)		$	1,227,118

随附附注是合并财务报表不可分割的一部分。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股			额外实收			留存			累计其他综合
		股份			金额			资本			收益			亏损			总计
2024年12月31日余额			37,692			$	38			$	638,615			$	648,476			$	(13,664	)		$	1,273,465
净利润			—				—				—				53,545				—				53,545
外币折算			—				—				—				—				3,927				3,927
利率互换，扣除税额变动后的净额 $970			—				—				—				—				(2,911	)			(2,911	)
回购普通股，扣除注销股份后			(169	)			—				—				(56,530	)			—				(56,530	)
股份薪酬			—				—				6,055				—				—				6,055
根据股份薪酬计划发行股票			137				—				6,383				—				—				6,383
宣告现金股息			—				—				—				(45,243	)			—				(45,243	)
2025年3月31日余额			37,660			$	38			$	651,053			$	600,248			$	(12,648	)		$	1,238,691
净利润			—				—				—				194,258				—				194,258
外币折算			—				—				—				—				13,358				13,358
利率互换，扣除税额变动后的净额 $735			—				—				—				—				(2,204	)			(2,204	)
回购普通股，扣除注销股份后			(351	)			(1	)			—				(105,322	)			—				(105,323	)
基于股份的薪酬			—				—				6,895				—				—				6,895
根据基于股份的薪酬计划发行股票			5				—				397				—				—				397
宣告现金股利			—				—				—				(46,954	)			—				(46,954	)
截至2025年6月30日的余额			37,314			$	37			$	658,345			$	642,230			$	(1,494	)		$	1,299,118
净利润			—				—				—				127,013				—				127,013
外币折算			—				—				—				—				(1,632	)			(1,632	)
利率互换，扣除税项变动后的净额，税项变动为$584			—				—				—				—				(1,753	)			(1,753	)
回购普通股，扣除注销股份			(11	)			—				—				(3,208	)			—				(3,208	)
基于股份的薪酬			—				—				4,435				—				—				4,435
根据基于股份的薪酬计划发行股票			13				—				2,423				—				—				2,423
宣告现金股利			—				—				—				(46,506	)			—				(46,506	)
截至2025年9月30日的余额			37,316			$	37			$	665,203			$	719,529			$	(4,879	)		$	1,379,890

随附附注是合并财务报表不可分割的一部分。

POOL CORPORATION

合并财务报表附注

（未经审计）

附注1——重要会计政策摘要

Pool Corporation（以下简称公司，亦可称为我们、我们的）按照美国公认会计原则（GAAP）以及美国证券交易委员会（SEC）对中期财务信息的要求编制了未经审计的中期合并财务报表。根据这些规则，我们对完整财务报表所要求的某些脚注和其他财务信息进行了简化或省略。

中期合并财务报表包括为公允列报我们的财务状况和经营业绩所需的所有正常且经常性调整。所有重大公司间账户和公司间交易均已抵销。

我们的2025年年度报告（Form 10-K）中载有对重要会计政策的说明。阅读中期合并财务报表时，应结合我们2025年年度报告（Form 10-K）中的合并财务报表及其附注。我们截至2026年9月30日的三个月和九个月的业绩不一定代表截至2026年12月31日的财年的预期业绩。

所得税

我们以行使非合格股票期权及限制性股票奖励的限制失效所产生的税收优惠抵减联邦和州应付所得税，并以税收不足额增加应付所得税。如果已实现的税收扣除额超过此前确认的与基于股份的薪酬相关的递延税收优惠金额，我们将记录超额税收优惠。如果已实现的税收扣除额低于此前确认的与基于股份的薪酬相关的递延税收优惠金额，我们将记录超额税费。所有超额税收优惠或不足额均作为所得税收益或费用的一部分，计入股票期权行使或股票奖励限制失效期间的合并收益表。截至2026年9月30日的九个月，我们记录的超额税收优惠为$0.7百万，而截至2025年9月30日的九个月记录的超额税收优惠为$4.2百万。

留存收益

我们将回购股份的注销作为合并资产负债表中留存收益的减少。截至2026年9月30日，留存收益反映了累计净利润、会计准则变更调整的累计影响、自我们启动股份回购计划以来注销股份的金额（$3.3十亿美元）以及累计股息（$1.6十亿美元）。

累计其他综合亏损

下表列示了累计其他综合亏损余额的构成（单位：千）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日			12月31日
		2026			2025			2025
外币折算调整		$	(19,531	)		$	(13,435	)		$	(13,323	)
利率互换未实现收益，扣除税款			3,107				8,556				6,803
累计其他综合亏损		$	(16,424	)		$	(4,879	)		$	(6,520	)

尚待采纳的近期会计准则公告

下表汇总了我们计划在未来期间采纳的近期会计准则公告：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
准则	说明	生效日期	对财务报表及其他重大事项的影响
会计准则更新（ASU）2025-06，无形资产—商誉及其他—内部使用软件（子主题350-40）：内部使用软件会计处理的针对性改进	2025年9月，FASB发布了ASU 2025-06，该准则使内部使用软件的会计处理与当前开发实践相适应，明确了开始资本化成本的时点，并加强了披露要求。	适用于2027年12月15日之后开始的年度期间，包括这些财年内的中期期间。该准则可采用未来适用法或追溯法，且允许提前采用。	我们目前正在评估采用该准则对合并财务报表及相关披露的影响。
ASU 2024-03，收益表—综合收益报告—费用细分披露（子主题220-40）：收益表费用细分及相关修订	2024年11月，FASB发布了ASU 2024-03，其中增加了新的披露要求，包括提供某些收益表费用项目的更详细信息，并单独披露销售费用。	适用于2026年12月15日之后开始的年度期间，以及2027年12月15日之后开始的中期期间。该准则可采用未来适用法或追溯法，且允许提前采用。	我们目前正在评估采用该准则对披露的影响。
ASU 2023-06，披露改进：为响应SEC披露更新与简化倡议而对《会计准则汇编》作出的修订	2023年10月，FASB发布了ASU 2023-06，该准则将影响多个披露领域，包括现金流量表、会计变更和差错更正、每股收益、债务、权益、衍生工具及金融资产转让。	在相关披露被 SEC 从 Regulation S-X 或 Regulation S-K 中移除之日。若 SEC 未在 2027 年 6 月 30 日前移除适用的披露要求，则修订将不再生效。禁止提前采用。	我们预计采用该准则不会对我们的合并财务报表或相关披露产生重大影响。

注 2 – 每股收益

我们采用两类法计算基本和稀释每股收益。两类法下的每股收益以归属于普通股股东的净收益计算，即净收益减去分配给参与证券的收益。我们的参与证券包括含有不可没收股息权、并被视为与普通股股东共同参与未分配收益的股份支付奖励。未计入加权平均流通普通股股数的参与证券数量为 216,000 股，期间为截至 2026 年 9 月 30 日的三个月；截至 2025 年 9 月 30 日的三个月为 184,000 股；期间为截至 2026 年 9 月 30 日的九个月；截至 2025 年 9 月 30 日的九个月为 206,000 股，以及 184,000 股。

下表列示每股收益的计算，包括基本和稀释加权平均流通股数的调节（单位：千股，每股数据除外）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9 月 30 日			9 月 30 日
		2026			2025			2026			2025
净收益		$	123,042			$	127,013			$	364,361			$	374,816
分配给参与证券的金额			(735	)			(626	)			(2,099	)			(1,847	)
归属于普通股股东的净收益		$	122,307			$	126,387			$	362,262			$	372,969

加权平均流通普通股数：
基本			35,881				37,090				36,108				37,272
稀释证券的影响：
股票期权、限制性股票单位和员工股票购买计划			42				133				55				148
稀释			35,923				37,223				36,163				37,420

归属于普通股股东的每股收益：
基本		$	3.41			$	3.41			$	10.03			$	10.01
稀释		$	3.40			$	3.40			$	10.02			$	9.97

未计入稀释每股收益计算的反稀释股票期权 (1)			247				188				247				190

(1)

由于这些期权的行权价格高于我们普通股的平均市场价格，将其纳入计算会对每股收益产生反稀释影响。

注 3 – 收购

2025 年 10 月，我们收购了石材及硬景观材料供应商 Vegas Stone Brokers 的经销资产，在内华达州新增一个地点。

2025 年 8 月，我们收购了泳池及水疗产品批发经销商 Great Plains Supply Pool and Spa Products 的经销资产，在堪萨斯州新增一个地点，在德克萨斯州新增一个地点。

我们已完成这些收购的会计处理，但须根据购买协议条款对标准留置款条款进行调整；相关调整并不重大。

注 4 – 公允价值计量和利率互换

经常性公允价值计量

我们经常性按公允价值计量的资产和负债包括利率互换合约的未实现收益或损失，以及递延薪酬计划资产和负债。会计准则下公允价值层级的三个层级说明如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
第 1 级	估值方法的输入值为活跃市场中相同资产或负债未经调整的报价。

第 2 级	估值方法的输入值包括：

•

活跃市场中类似资产或负债的报价；

•

非活跃市场中相同或类似资产或负债的报价；

•

除报价以外可观察到的资产或负债输入值；或

•

主要由可观察市场数据推导或通过相关性或其他方式得到可观察市场数据佐证的输入值。

\n \n \n \n \n \n \n

\n	\n
第 3 级	估值方法的输入值不可观察，且对公允价值计量具有重大影响。

下表列示了我们经常性按公允价值计量和入账的资产和负债（单位：千）：

9 月 30 日的公允价值

输入值层级

分类

2026

2025

资产

利率互换未实现收益

第 2 级

预付费用及其他流动资产

4,187

—

利率互换未实现收益

第 2 级

其他资产

—

11,453

递延薪酬计划资产

第 1 级

其他资产

20,127

19,535

负债

递延薪酬计划负债

第 1 级

其他长期负债

20,127

19,535

利率互换

我们利用利率互换合约降低未来部分浮动利率借款利息支付中浮动利率波动带来的风险。

我们在确定利率互换合约的公允价值时，采用我们认为市场参与者在对类似资产或负债定价时会使用的重要其他可观察市场数据或假设（第 2 级输入值），包括有关交易对手风险的假设。我们的公允价值估计采用收益法，依据利率互换合约的条款以及经可观察市场数据佐证的输入值，包括利率曲线。

我们将互换合约规定的固定利率与当时浮动利率之间的任何差额确认为利息费用调整，并在互换合约存续期内计入利息费用。只要我们的衍生工具能够有效抵销被套期现金流的变动性，我们就会将利率互换合约估计公允价值的变动计入合并资产负债表中的累计其他综合亏损。

2026年前九个月生效的利率互换合约此前为远期起始合约，将我们部分浮动利率借款的利率转换为固定利率。与互换合约名义金额相关的利息支出按固定利率加上我们浮动利率借款适用的利差计算。这些利率互换合约估计公允价值的变动计入合并资产负债表中的累计其他综合亏损。

我们目前有两份利率互换合约。下表列出了这些互换合约的更多详情：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

衍生品

起始日期

生效日期

终止
日期

名义
金额
（百万）

固定利率

利率互换合约 1

2020年3月9日

2022年9月29日

2027年2月26日

150.0

0.6690%

利率互换合约 2

2020年3月9日

2025年2月28日

2027年2月26日

150.0

0.7630%

对于截至2026年9月30日生效的利率互换合约，各期间估计公允价值变动的一部分与未来利息支出有关。各期间公允价值变动中归属于应计利息的部分，在合并资产负债表中从累计其他综合亏损重分类至合并损益表中的利息及其他非营业费用净额。截至2026年9月30日的三个月和九个月以及截至2025年9月30日的三个月和九个月，这些金额均不重大。

如果互换合约交易对手违约，我们将失去互换协议项下可能获得的任何利益。在这种情况下，我们仍有义务支付债务协议项下的浮动利息。此外，如果我们仍处于净支付状态，即使互换合约交易对手违约，也不会免除我们继续履行现有互换协议项下付款义务的责任。

我们的利率互换合约受主净额结算安排约束。根据我们的会计政策，我们不抵销与这些合约相关的资产公允价值和负债公允价值。

其他

我们的递延薪酬计划资产是为某些员工的利益持有的证券投资（主要是共同基金），在活跃市场交易（第1级输入值），属于我们递延薪酬计划的一部分。我们确认金额相等、方向相反的递延薪酬计划负债，代表我们对参与员工承担的义务。计划资产和负债公允价值的变动计入合并损益表中的销售及管理费用。

由于现金及现金等价物、应收款项、应付账款和应计费用的期限较短，其账面价值接近公允价值。长期债务的账面价值接近公允价值。我们对估计公允价值的确定采用贴现现金流模型，并使用我们的估计，包括与借款利率相关的假设（第3级输入值）。

附注5——债务

下表列示了我们的债务构成（单位：千美元）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日，
		2026			2025
浮动利率债务
长期债务的流动部分：
澳大利亚信贷额度			13,577				12,881
信贷额度项下定期贷款的流动部分			6,250				—
定期融资的流动部分			1,125				—
短期借款及长期债务的流动部分		$	20,952			$	12,881

长期部分：
循环信贷额度		$	280,000			$	221,300
信贷额度项下定期贷款			493,750				500,000
定期融资			88,875				90,000
应收账款证券化融资			286,000				241,300
减：融资成本净额			2,695				3,479
长期债务净额			1,145,930				1,049,121
债务总额		$	1,166,882			$	1,062,002

2026年8月25日，我们的子公司签订了《应收账款购买协议》第14号修正案，协议各方包括作为卖方的 Superior Commerce LLC、作为服务方的 SCP Distributors LLC、不时成为协议一方的购买方，以及作为行政代理人的 Wells Fargo Bank, National Association（经修订后的《经修订应收账款购买协议》）。《经修订应收账款购买协议》对我们的应收账款证券化融资作出了修订，主要是将融资终止日延长至2028年8月25日，并将3月至9月期间的融资最高额度提高至 $400.0 百万。修订后，该融资在3月至9月期间的最高额度为 $400.0 百万（$300.0 百万承诺额度和 $100.0 百万非承诺额度），在当年的其余月份最高额度为 $300.0 百万（$200.0 百万承诺额度和 $100.0 百万非承诺额度）。《经修订应收账款购买协议》项下未偿还金额按一个月期担保隔夜融资利率（Term SOFR）加适用利差计息；承诺和非承诺部分的利差分别为 0.75% 和 0.85%。

我们的应收账款证券化融资（“应收账款融资”）规定，我们将应收账款出售给一家全资子公司（“证券化子公司”）。证券化子公司将应收账款及相关权利中的浮动未分割百分比权益转让给若干第三方金融机构，以换取现金收益，但受适用融资能力的限制。

我们在合并资产负债表中将应收账款权益的出售作为有担保借款进行会计处理。协议项下的应收账款为从第三方金融机构收到的现金收益提供担保。我们将全部未偿还余额归类为合并资产负债表中的长期债务净额，因为我们打算并有能力以长期方式对这些债务进行再融资。我们在合并资产负债表中单独列示为现金收益提供担保的应收账款，项目名称为应收账款融资项下质押的应收账款。

附注6——分部信息

由于我们的所有销售中心运营相似且具有相似的经济特征，因此我们将销售中心汇总为一个可报告分部和一项可报告收入流。这些相似之处包括：(i) 我们产品和服务的性质，(ii) 我们销售对象的客户类型，以及 (iii) 我们采用的分销方式。我们的首席运营决策者 (CODM) 是总裁兼首席执行官。分部的会计政策与我们《合并财务报表附注》第 1 注中所述政策相同；该附注载于我们《2025 年 10-K 表格年度报告》第二部分第 8 项，以及上文第 1 注。

下表列示分部收入、运营费用和营业收入，并将分部营业收入调节至合并税前收入及权益收益（单位：千美元）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9 月 30 日			9 月 30 日
		2026			2025			2026			2025
净销售额		$	1,504,957			$	1,451,131			$	4,465,909			$	4,307,187
销售成本			1,068,640				1,021,948				3,158,959				3,030,474
毛利			436,317				429,183				1,306,950				1,276,713
薪酬费用			133,761				127,737				399,552				383,921
运输费用			23,434				24,801				69,914				70,573
其他销售及管理费用			106,927				98,658				314,998				294,024
营业收入			172,195				177,987				522,486				528,195

调节：
利息及其他非运营费用，净额			11,762				12,004				38,402				35,387
所得税及权益收益前收入		$	160,433			$	165,983			$	484,084			$	492,808

下表列示分部补充信息（单位：千美元）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9 月 30 日			9 月 30 日
		2026			2025			2026			2025
折旧		$	11,807			$	10,634			$	34,461			$	30,438
摊销			2,207				2,286				6,750				6,598

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9 月 30 日
		2026			2025
应收款项，净额		$	135,492			$	138,072
作为应收款项融资安排抵押的应收款项			342,965				305,537
产品库存，净额			1,185,177				1,223,809

第 2 项。管理层对财务状况和经营业绩的讨论与分析

请将以下讨论与随附的中期合并财务报表及其附注、我们《2025 年 10-K 表格年度报告》中的合并财务报表及其附注，以及该年度报告中的管理层讨论与分析一并阅读。

前瞻性陈述

本报告包含涉及风险和不确定性的前瞻性信息。我们的前瞻性陈述表达了我们对可能的未来结果或事件的当前预期或预测，包括对收益及其他财务业绩指标的预测、管理层对战略、运营和资本配置计划及目标的预期陈述、管理层对经济、行业、竞争、技术和监管状况的看法，以及对趋势和其他事项的预测。前瞻性陈述仅代表本文件提交之日的情况，我们不承担公开更新或修订此类陈述以反映新情况或意外事件发生的义务。此类陈述与历史或当前事实并无严格关联，且通常使用“预期”“估计”“预计”“打算”“相信”“将”“展望”“预测”“可能”“能够”“计划”“目标”“潜在”“应该”等词语或其他含义相近的词语和表达。您可以据此识别这些陈述。

无法保证任何前瞻性陈述中预期的结果一定会实现；由于一个或多个因素，我们的实际结果可能存在重大差异，包括我们的业务对天气状况的敏感性；经济状况、消费者可自由支配支出、住房市场、通胀或利率的变化；我们维持与供应商和制造商良好关系的能力；来自其他休闲产品替代品或大型零售商的竞争；我们继续执行增长战略的能力；监管环境的变化；新的或额外的税项、关税或贸易关税；根据 ASU 2016-09 确认的超额税收优惠或税项不足；以及我们《2025 年年度报告》（Form 10-K）中详述并经后续向美国证券交易委员会提交的文件更新的其他风险。对于这些陈述，我们主张享有《1995 年私人证券诉讼改革法案》中针对前瞻性陈述的安全港保护。

概览

财务业绩

2026 年第三季度净销售额增长 4%，达到 15 亿美元。增长主要反映了 3% 的价格增长，以及更活跃的维护活动和建筑材料业务增长。

毛利润增长 2%，达到 4.363 亿美元。毛利率下降 60 个基点，从 2025 年同期的 29.6% 降至 29.0%。下降主要由较高的入库运费成本和客户结构所致，同时也受到上一年度季中提价带来的收益这一比较基数的影响。

销售及管理费用（运营费用）增长 5%，从 2025 年同期的 2.512 亿美元增至 2.641 亿美元，这反映了销售额增长带来的绩效薪酬增加、员工保险费用上升，以及与战略举措相关的外部服务费用增加。

营业收入下降 3%，至 1.722 亿美元，而去年同期为 1.780 亿美元。

净利润下降 3%，从 2025 年第三季度的 1.270 亿美元降至 1.230 亿美元。

摊薄后每股收益为 3.40 美元，与 2025 年第三季度持平。调整《会计准则更新》（ASU）2016-09 的影响后，改进员工股份支付会计处理，2026 年第三季度摊薄后每股收益为 3.40 美元，而 2025 年同期为 3.39 美元。

有关非 GAAP 指标的定义以及非 GAAP 指标与 GAAP 指标的调节，请参见下文“经营业绩”部分。

本报告中对产品线和产品类别数据的引用通常反映北美游泳池市场的相关数据，因为这类数据更易于获取和分析，且代表我们业务中最大的组成部分。

在本 Form 10-Q 及我们的其他公开披露文件中，我们估算有利或不利天气对经营业绩的影响。在进行这些估算时，我们会作出若干假设并依赖各种第三方来源。其他人评估相同数据时，可能得出与我们不同的结论。

财务状况与流动性

截至2026年9月30日，包括已质押应收款项在内的应收款项净额总额较2025年9月30日增长8%，主要是由于2026年9月销售额较高。按过去四个季度计算的应收账款周转天数（DSO）在2026年9月30日为28.0天，在2025年9月30日为25.9天。2026年9月30日的呆账准备金余额为$10.3 million，2025年9月30日为$8.3 million。

2026年9月30日的库存余额为$1.2 billion，较2025年9月30日减少$38.6 million，降幅为3%；同期销售额较2025年9月30日增长4%。2026年9月30日的库存准备金为$24.9 million，2025年9月30日为$29.0 million。按过去四个季度计算的库存周转率在2026年9月30日为2.7次，在2025年9月30日为2.8次。

截至2026年9月30日，未偿债务总额增加$104.9 million，达到$1.2 billion，这有助于为过去十二个月中$375.6 million的公开市场股票回购提供资金。

更多信息请参见下文“流动性和资本资源”。

当前趋势与展望

关于截至2025年影响我们的趋势的详细讨论，请参见我们2025年10-K表格年度报告第二部分第7项“管理层讨论与分析”中的“当前趋势与展望”部分。

我们预计2026全年净销售额较2025年增长3%至4%，其中定价贡献3%。

我们预计2026全年毛利率将比2025年的29.7%低约30至50个基点。我们预计较高的入境运费成本和客户组合将拉低2026年毛利率，而有效的供应链管理、有针对性的定价策略以及自有品牌销售额的增长将部分抵消这些压力。同比比较还受到上一年度季中提价带来的利润率收益影响。我们的实际毛利率将取决于产品和客户组合的变化，以及销售额和通胀性提价的金额与时机。

我们预计将利用现有基础设施并战略性管理可自由支配支出，同时预计激励薪酬较上一年度温和回升。我们预计，剔除2026年第二季度确认的$8.3 million首席执行官交接成本后，运营费用增速将略低于净销售额增速。

2026年，在不考虑ASU 2016-09影响的情况下，我们预计有效税率约为25.0%。根据ASU 2016-09，我们预计有效税率将在各季度间波动，尤其是在员工选择行使已归属股票期权或基于股票的奖励限制解除的期间。截至2026年9月30日的九个月内，我们确认了来自ASU 2016-09的$0.7 million税收优惠，相当于每股摊薄收益$0.02。

对于2026年，我们预计摊薄后每股收益为$10.66至$10.96；若不计CEO过渡成本的影响，并计入年初至今ASU 2016-09税收优惠$0.02的影响，则为$10.87至$11.17。2026年，未来几年到期的授予可能因股票期权行权而产生额外税收优惠。全年业绩指引未计入任何超出截至2026年9月30日已确认金额的预期税收优惠。

2026年，我们预计将继续根据董事会（Board）的宣布情况，以现金支付股息，并酌情择机回购股份。

上述章节及本报告其他部分中的前瞻性陈述基于当前市场状况和我们当前的业务计划，仅截至本报告提交日有效，并基于若干假设，且面临重大风险和不确定性，包括我们截至2025年12月31日止年度的Form 10-K年度报告第一部分第1A项“前瞻性陈述”部分详述的风险。

经营业绩

截至2026年9月30日，我们通过遍布北美、欧洲和澳大利亚的454个销售中心开展业务。在截至2026年9月30日的三个月和九个月内，我们约95%的净销售额来自北美业务。

下表列示了根据合并损益表数据计算得出的信息，以净销售额的百分比表示：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至三个月			截至九个月
		9月30日，			9月30日，
		2026			2025			2026			2025
净销售额			100.0	%			100.0	%			100.0	%			100.0	%
销售成本			71.0				70.4				70.7				70.4
毛利润			29.0				29.6				29.3				29.6
销售及管理费用			17.6				17.3				17.6				17.4
营业收入			11.4				12.3				11.7				12.3
利息及其他非营业费用，净额			0.8				0.8				0.9				0.8
所得税前利润及权益法投资收益			10.7	%			11.4	%			10.8	%			11.4	%

注：由于四舍五入，上表所列百分比相加后可能不等于营业收入或所得税前利润及权益法投资收益。

如附注3进一步讨论所述，我们已将2025年收购事项的经营业绩自收购日起纳入合并业绩。

有关非GAAP指标的定义以及非GAAP指标与GAAP指标的调节，请参见第20页。

基础业务

计算基础业务业绩时，我们会在15个月内剔除被收购、在新市场开设或已关闭的销售中心的销售额。我们也会剔除不预计保留大部分现有业务的合并销售中心，以及与被收购销售中心合并的现有销售中心。

我们通常根据被剔除销售中心的净销售额占总净销售额的比例，将公司管理费用分摊至这些销售中心。15个月后，我们会将被收购、合并及新市场销售中心纳入基础业务计算，包括比较期间的上年同期数据。

我们未在本10-Q表格中单独提供基础业务损益表，因为截至2026年9月30日的三个月和九个月期间，我们的基础业务业绩与合并业绩非常接近。被排除的销售中心对报告净销售额变动的贡献不到1%。

下表汇总了2026年前九个月销售中心数量的变动：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
2025年12月31日		456
新地点		2
合并地点		(4	)
2026年9月30日		454

截至2026年9月30日的三个月与截至2025年9月30日的三个月比较

净销售额

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

截至三个月

9月30日

（百万美元）

2026

2025

变动

净销售额

1,505.0

1,451.1

53.9

2026年第三季度净销售额为15亿美元，较2025年第三季度增长4%。

以下因素影响了本季度的销售增长，并按估计影响幅度从大到小排列：

•

通胀导致的价格上涨带来约3%的增长；

•

维护相关需求强劲；以及

•

可选产品销售持平，建筑材料产品（见下文讨论）销售增长帮助抵消了其他可选产品销售的下降。

2026年第三季度，用于维护、翻新和新建活动的设备销售额（包括泳池加热器、水泵、照明设备、过滤器和自动化设备）较去年同期增长5%，合计约占该期间净销售额的30%。主要用于新建泳池和改造的建筑材料销售额较2025年同期增长3%，占2026年第三季度净销售额的约11%。

毛利润

截至三个月

9月30日

（百万美元）

2026

2025

变动

毛利润

436.3

429.2

7.1

毛利率

29.0

29.6

2026年第三季度毛利润较2025年第三季度增长2%。毛利率下降60个基点，从2025年第三季度的29.6%降至29.0%。下降的主要原因是入库运费成本上升和客户结构变化，以及与上年同期季中提价带来的收益相比。

运营费用

截至三个月

9月30日

（百万美元）

2026

2025

变动

销售及管理费用

264.1

251.2

12.9

运营费用占净销售额的比例

17.6

17.3

2026年第三季度销售及管理费用较2025年第三季度增长5%。增长的主要原因是销售额增加带动绩效薪酬上升、员工保险成本增加，以及与战略举措相关的外部费用。

利息及其他非运营费用净额

2026年第三季度的利息及其他非经营性费用净额较2025年第三季度减少了0.2 million。2026年第三季度的加权平均有效利率降至4.2%，而2025年第三季度为4.5%；两个期间的平均未偿债务分别为$1.2 billion和$1.1 billion。

所得税

截至2026年9月30日的三个月，有效所得税率为23.3%；截至2025年9月30日的三个月为23.5%。由于我们在记录不确定税务状况的各司法管辖区内的诉讼时效每年到期，第三季度的有效所得税率历来低于其他季度。

净利润和每股收益

2026年第三季度净利润降至$123.0 million，2025年第三季度为$127.0 million。

两个期间的摊薄后每股收益均为$3.40。调整后摊薄后每股收益为$3.40，而2025年第三季度为$3.39。截至2025年9月30日的三个月，我们确认了来自ASU 2016-09的$0.3 million税收优惠，即摊薄后每股$0.01。

截至2026年9月30日的九个月与截至2025年9月30日的九个月比较

净销售额

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

截至九个月

9月30日，

（以百万计）

2026

2025

变动

净销售额

4,465.9

4,307.2

158.7

2026年前九个月的净销售额较去年同期增长4%。以下因素影响了2026年前九个月的销售额，按估计影响幅度从大到小排列：

•

通胀性提价带来约3%的增益；

•

维修产品和自有品牌化学品销售表现稳健；以及

•

建筑材料产品增长（见下文讨论）。

2026年前九个月，用于维修、翻新和新建活动的设备销售额增长约5%，较去年同期有所增加；此类设备包括泳池加热器、水泵、灯具、过滤器和自动化设备，合计占2026年前九个月净销售额的31%。设备销售额增长反映了价格上涨和维修业务销量稳定。主要用于新建泳池和改造的建筑材料销售额较2025年前九个月增长约4%，约占2026年前九个月净销售额的12%。

毛利

截至九个月

9月30日，

（以百万计）

2026

2025

变动

毛利

1,307.0

1,276.7

30.3

毛利率

29.3

29.6

2026年前九个月的毛利较2025年前九个月增长2%。截至2026年9月30日的九个月毛利率下降30个基点，至29.3%；2025年前九个月为29.6%。2026年前九个月毛利率下降主要是由较高的运费以及客户和产品组合变化所致。此外，年度同比比较受到上一年度季中提价带来的利润率收益影响，而该收益在2026年未以同等程度重现。

运营费用

截至九个月

9月30日，

（百万）

2026

2025

变动

销售及管理费用

784.5

748.5

36.0

运营费用占净销售额的百分比

17.6

17.4

运营费用增加5%，达到784.5 million美元，而上年同期为748.5 million美元。截至2026年9月30日的九个月期间，运营费用包括830万美元的CEO过渡成本，其中包括630万美元的非现金股份薪酬费用（此前授予但尚未完全摊销的奖励）和200万美元的现金过渡成本。剔除CEO过渡成本的影响后，运营费用增加4%。

利息及其他非经营性费用净额

2026年前九个月的利息及其他非经营性费用净额较上年同期增加300万美元，主要由于两个期间的平均未偿债务增加。相应期间的加权平均有效利率从4.5%降至4.2%；截至2026年9月30日的九个月期间，平均未偿债务为12亿美元，而截至2025年9月30日的九个月期间为10亿美元。

所得税

截至2026年9月30日的九个月期间，我们的有效所得税税率为24.7%，而截至2025年9月30日的九个月期间为24.0%。截至2026年9月30日的九个月期间，我们确认了70万美元（即每股摊薄收益0.02美元）的ASU 2016-09税收优惠，而2025年同期的税收优惠为420万美元（即每股摊薄收益0.11美元）。若不计ASU 2016-09带来的优惠，截至2026年9月30日的九个月期间，我们的有效税率为24.9%，而截至2025年9月30日的九个月期间为24.8%。

净利润及每股收益

截至2025年9月30日的九个月期间，净利润为374.8 million美元；截至2026年9月30日的九个月期间，净利润下降3%，至364.4 million美元。截至2026年9月30日的九个月期间，调整后净利润为371.2 million美元，而截至2025年9月30日的九个月期间为370.6 million美元。

每股摊薄收益增长1%，达到10.02美元，而2025年同期为9.97美元，这是因为加权平均普通股股数下降的影响超过了净利润下降的影响。2025年前九个月调整后每股摊薄收益为9.86美元；2026年前九个月增长4%，至10.21美元。

非GAAP财务指标的调节

以下所述非GAAP指标应结合本10-Q表中的所有其他披露内容一并考虑。

调整后损益表信息

我们在本10-Q表中列示了调整后运营费用、调整后运营收入、调整后净利润和调整后摊薄每股收益（均为非GAAP财务指标），作为补充披露，因为我们认为这些指标有助于管理层、投资者及其他人士评估我们的同比经营业绩。我们认为，这些指标应作为依据GAAP列报的运营费用、运营收入、净利润和摊薄每股收益的补充，而非替代，并应结合本10-Q表中的其他披露内容加以考虑。其他公司计算这些非GAAP财务指标的方法可能与我们不同，这可能限制其作为比较指标的效用。

下表列示了营业费用与调整后营业费用的调节。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
（未经审计）		截至9月30日的九个月
（单位：千）		9月30日
		2026
营业费用		$	784,464
CEO过渡成本			(8,262	)
调整后营业费用		$	776,202

下表列示了营业收入与调整后营业收入的调节。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
（未经审计）		截至9月30日的九个月
（单位：千）		9月30日
		2026
营业收入		$	522,486
CEO过渡成本			8,262
调整后营业收入		$	530,748

下表列示了净收入与调整后净收入的调节。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n
（未经审计）		截至9月30日的九个月
（单位：千）		9月30日
		2026		2025
净收入		$	364,361		$	374,816
CEO transition costs			8,262			—
Tax impact			(738	)		—
ASU 2016-09 tax benefit			(714	)		(4,181	)
Adjusted net income		$	371,171		$	370,635

The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(Unaudited)		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2026		2025		2026		2025
Diluted EPS		$	3.40		$	3.40		$	10.02		$	9.97
After-tax CEO transition costs			—			—			0.21			—
ASU 2016-09 tax benefit			—			(0.01	)		(0.02	)		(0.11	)
Adjusted diluted EPS		$	3.40		$	3.39		$	10.21		$	9.86

Seasonality and Quarterly Fluctuations

Our business is seasonal. In general, sales and operating income are highest during the second and third quarters, which represent the peak months of both swimming pool use and installation and irrigation and landscape installations and maintenance. Sales are lower during the first and fourth quarters. In 2025, we generated approximately 61% of our net sales and 78% of our operating income in the second and third quarters of the year.

We typically experience a build-up of product inventories and accounts payable during the winter months in anticipation of the peak selling season. Excluding borrowings to finance acquisitions, dividend payments and share repurchases, our peak borrowing usually occurs during the second quarter, primarily because extended payment terms offered by certain of our suppliers are typically payable in April, May and June, while our peak accounts receivable collections typically occur in June, July and August.

The following table presents certain unaudited quarterly income statement and balance sheet data for the most recent eight quarters to illustrate seasonal fluctuations in these amounts. We believe this information reflects all normal and recurring adjustments considered necessary for a fair presentation of this data. The results of any one or more quarters are not necessarily a good indication of results for an entire fiscal year or of continuing future trends for a variety of reasons, including the seasonal nature of our business and the impact of new and acquired sales centers.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(Unaudited)		QUARTER
(in thousands)		2026			2025			2024
		Third			Second			First			Fourth			Third			Second			First			Fourth
Statement of Income Data
Net sales		$	1,504,957			$	1,822,938			$	1,138,014			$	982,209			$	1,451,131			$	1,784,530			$	1,071,526			$	987,480
Gross profit			436,317				540,762				329,870				295,745				429,183				535,161				312,369				290,244
Operating income			172,195				267,679				82,610				52,008				177,987				272,670				77,538				60,651
Net income			123,042				188,089				53,229				31,587				127,013				194,258				53,545				37,300

Balance Sheet Data
Total receivables, net		$	478,457			$	637,861			$	559,780			$	347,803			$	443,609			$	576,804			$	497,076			$	314,861
Product inventories, net			1,185,177				1,378,695				1,660,765				1,454,672				1,223,809				1,330,221				1,460,680				1,289,300
Accounts payable			423,865				474,481				1,001,129				652,619				457,319				529,316				890,167				525,235
Total debt			1,166,882				1,340,716				1,247,719				1,199,453				1,062,002				1,229,919				1,025,090				950,356

We expect that our quarterly results of operations will continue to fluctuate depending on the timing and amount of revenue contributed by new and acquired sales centers. Based on our peak summer selling season, we generally open new sales centers and close or consolidate sales centers, when warranted, either in the first quarter before the peak selling season begins or in the fourth quarter after the peak selling season ends.

Weather is one of the principal external factors affecting our business. The table below presents some of the possible effects resulting from various weather conditions.

\n	\n	\n
Weather		Possible Effects
Hot and dry	•	Increased purchases of chemicals and supplies
		for existing swimming pools
	•	Increased purchases of above-ground pools and
		irrigation and lawn care products
Unseasonably cool weather or extraordinary amounts	•	Fewer pool and irrigation and landscape
of rain		installations
	•	Decreased purchases of chemicals and supplies
	•	Decreased purchases of impulse items such as
		above-ground pools and accessories
Unseasonably early warming trends in spring/late cooling	•	A longer pool and landscape season, thus positively
trends in fall		impacting our sales
(primarily in the northern half of the U.S. and Canada)
Unseasonably late warming trends in spring/early cooling	•	A shorter pool and landscape season, thus negatively
trends in fall		impacting our sales
(primarily in the northern half of the U.S. and Canada)

Weather Impacts on 2026 and 2025 Results

Weather conditions in the third quarter of 2026 were characterized by above-average temperatures across much of the United States, with record high temperatures recorded in July, August and September. Precipitation was generally below average across many of our key markets, particularly in the South, Southeast and Western regions, although localized heavy rainfall and flooding affected certain areas. Weather conditions in the third quarter of 2026 were generally favorable for pool usage and maintenance activity. In comparison, weather conditions during the third quarter of 2025 were also warmer than average across several regions, with localized flooding early in the quarter followed by drought conditions across the Central and Western regions; however, overall the net impact was neutral.

Weather conditions in the second quarter of 2026 were characterized by above-average temperatures across many of our markets, with regional variability in precipitation. While severe storms and periods of heavy rainfall created localized disruptions in portions of the Midwest and South, warmer and drier conditions persisted across much of the West. Overall, the net impact on our second quarter results was broadly neutral. During the second quarter of 2025, the net impact of weather conditions was also generally neutral, with above-average temperatures being offset by localized disruptions from severe storms, flash flooding and tornado activity.

Weather conditions in the first quarter of 2026 were generally warmer than average across our key markets, particularly in January and March. February conditions were more variable, with intermittent cold outbreaks and winter storms affecting portions of the Midwest and Northeast. Precipitation patterns were mixed but trended drier overall, especially across the Plains, Southwest and southern regions. Overall, the warmer weather conditions generally benefited maintenance and discretionary activities during the quarter. In comparison, weather conditions during the first quarter of 2025 were mixed across our key markets, as early January snowstorms and overall cooler temperatures through much of February negatively impacted early season sales activity, which was partially offset by warmer and drier weather in March.

CRITICAL ACCOUNTING ESTIMATES

We prepare our Consolidated Financial Statements in accordance with U.S. generally accepted accounting principles (GAAP), which require management to make estimates and assumptions that affect reported amounts and related disclosures. Management identifies critical accounting estimates as:

•

those that require the use of assumptions about matters that are inherently and highly uncertain at the time the estimates are made; and

•

those for which changes in the estimates or assumptions, or the use of different estimates and assumptions, could have a material impact on our consolidated results of operations or financial condition.

Management has discussed the development, selection and disclosure of our critical accounting estimates with the Audit Committee of our Board. For a description of our critical accounting estimates, please see the “Critical Accounting Estimates” section included in Part II, Item 7 in our 2025 Annual Report on Form 10-K. We have not changed any of these policies from those previously disclosed in that report.

Recent Accounting Pronouncements

See Note 1 of “Notes to Consolidated Financial Statements,” included in Part I, Item 1 of this Form 10-Q for discussion of recent accounting pronouncements.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is defined as the ability to generate adequate amounts of cash to meet short-term and long-term cash needs. We assess our liquidity in terms of our ability to generate cash to fund our operating activities, taking into consideration the seasonal nature of our business. Significant factors which could affect our liquidity include the following:

•

cash flows generated from operating activities;

•

the adequacy of available bank lines of credit;

•

the quality of our receivables;

•

acquisitions;

•

dividend payments;

•

capital expenditures;

•

changes in income tax laws and regulations;

•

the timing and extent of discretionary share repurchases; and

•

the ability to attract long-term capital with satisfactory terms.

Our primary capital needs are seasonal working capital obligations, debt repayment obligations and other general corporate initiatives, including acquisitions, opening new sales centers, technology-related investments, dividend payments and discretionary share repurchases. Our primary working capital obligations are for the purchase of inventory, payroll, rent, other facility costs and selling and administrative expenses. Our working capital obligations fluctuate during the year, driven primarily by seasonality and the timing of inventory purchases. Our primary sources of working capital are cash from operations supplemented by bank borrowings, which have historically been sufficient to support our growth and finance acquisitions. We have funded our capital expenditures and share repurchases in substantially the same manner.

We prioritize our use of cash based on investing in our business, maintaining a prudent capital structure, including a modest amount of debt, and returning cash to our shareholders through dividends and share repurchases. Our specific priorities for the use of cash are as follows:

•

capital expenditures primarily for maintenance and growth of our sales center network, technology-related investments and fleet vehicles;

•

inventory and other operating expenses;

•

strategic acquisitions executed opportunistically;

•

payment of cash dividends as and when declared by our Board;

•

repayment of debt to maintain an average total target leverage ratio (as defined below) between 1.5 and 2.0; and

•

discretionary repurchases of our common stock under our Board-authorized share repurchase program.

We focus our capital expenditure plans based on the needs of our existing sales centers and the opening of new sales centers. Our capital spending primarily relates to leasehold improvements, delivery and service vehicles and information technology. In recent years, we have increased our investment in technology and automation enabling us to operate more efficiently and better serve our customers.

Historically, our capital expenditures have averaged roughly 1.0% of net sales. Capital expenditures were 1.1% of net sales in 2025 and 2024. Based on management’s current plans, we project capital expenditures for 2026 will be approximately 1.0% to 1.5% of net sales.

Sources and Uses of Cash

The following table summarizes our cash flows (in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended
		September 30,
		2026			2025
Provided by operating activities		$	419,824			$	285,743
Used in investing activities			(47,444	)			(55,747	)
Used in financing activities			(369,518	)			(182,372	)

Net cash provided by operations increased 47% to $419.8 million in the first nine months of 2026 compared to $285.7 million in the first nine months of 2025. The difference in cash flow primarily relates to net favorable changes in working capital, particularly improved cash flows related to inventory net of a reduction in accounts payable. Our prior year operating cash flows were reduced by a $68.5 million federal tax payment from 2024 that was deferred into 2025 due to relief granted by the IRS.

Net cash used in investing activities for the first nine months of 2026 decreased $8.3 million compared to the first nine months of 2025, primarily due to the absence of acquisition-related expenditures in 2026.

Net cash used in financing activities was $369.5 million for the first nine months of 2026 compared to $182.4 million for the first nine months of 2025. The increase in net cash used in financing activities reflects $33.1 million of net debt payments in the first nine months of 2026 compared to net debt proceeds of $112.4 million in the first nine months of 2025 and a $34.2 million increase in share repurchases.

Future Sources and Uses of Cash

To supplement cash from operations as our primary source of working capital, we plan to continue to utilize our three major credit facilities, which are our Credit Facility, Term Facility and our Receivables Facility. For additional details regarding these facilities, see the summary descriptions below and more complete descriptions in Note 5 of our “Notes to Consolidated Financial Statements,” included in Part II, Item 8 in our 2025 Annual Report on Form 10-K and Note 5 of “Notes to Consolidated Financial Statements” included in Part I, Item 1 of this Form 10-Q.

Credit Facility

Our Credit Facility provides for $1.3 billion in borrowing capacity consisting of an $800.0 million revolving credit facility and a $500.0 million term loan facility. The Credit Facility also includes an accordion feature permitting us to request one or more incremental term loans or revolving credit facility commitment increases up to $250.0 million and sublimits for the issuance of swingline loans and standby letters of credit. We pay interest on revolving and term loan borrowings under the Credit Facility at a variable rate based on the one-month term secured overnight financing rate (Term SOFR), plus an applicable margin. The term loan requires quarterly amortization payments commencing on September 30, 2027 with all remaining principal due on September 30, 2029. We intend to continue to use the Credit Facility for general corporate purposes, for future share repurchases and to fund future growth initiatives.

At September 30, 2026, there was $280.0 million of revolving borrowings outstanding, a $500.0 million term loan outstanding, $12.2 million of standby letters of credit outstanding and $507.8 million available for borrowing under the Credit Facility. The weighted average effective interest rate for the Credit Facility as of September 30, 2026 was approximately 3.9%, excluding commitment fees and including the impact of our interest rate swaps.

Term Facility

Our Term Facility provides for $90.0 million in borrowing capacity. We pay interest on borrowings under the Term Facility at a variable rate based on one-month Term SOFR, plus an applicable margin. The Term Facility requires quarterly amortization payments of 1.250% of the Term Facility beginning in the third quarter of 2027, with the final principal repayment due on September 30, 2029. We may prepay amounts outstanding under the Term Facility without penalty other than interest breakage costs.

At September 30, 2026, the Term Facility had an outstanding balance of $90.0 million at a weighted average effective interest rate of 5.2%.

Receivables Facility

Our Receivables Facility offers us a lower-cost form of financing. Under this facility, we can borrow up to $400.0 million ($300.0 million committed and $100.0 million uncommitted) from March through September and up to $300.0 million ($200.0 million committed and $100.0 million uncommitted) during the remaining months of the year. We pay interest on borrowings under the Receivables Facility at a variable rate based on one-month Term SOFR, plus an applicable margin. The Receivables Facility matures on August 25, 2028.

The Receivables Facility provides for the sale of certain of our receivables to a wholly-owned subsidiary (the Securitization Subsidiary). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities. Upon payment of the receivables by customers, rather than remitting to the financial institutions the amounts collected, we retain such collections as proceeds for the sale of new receivables until payments become due.

At September 30, 2026, there was $286.0 million outstanding under the Receivables Facility at a weighted average effective interest rate of 4.7%, excluding commitment fees.

Financial Covenants

Financial covenants of the Credit Facility, Term Facility and Receivables Facility include maintenance of a maximum average total leverage ratio and a minimum fixed charge coverage ratio, which are our most restrictive financial covenants. As of September 30, 2026, the calculations of these two covenants are detailed below:

•

Maximum Average Total Leverage Ratio. On the last day of each fiscal quarter, our average total leverage ratio must be less than 3.25 to 1.00. Average Total Leverage Ratio is the ratio of the sum of (i) Total Non-Revolving Funded Indebtedness as of such date, (ii) the trailing twelve months (TTM) Average Total Revolving Funded Indebtedness and (iii) the TTM Average Accounts Securitization Proceeds divided by TTM EBITDA (as those terms are defined in the Credit Facility). As of September 30, 2026, our average total leverage ratio equaled 1.83 (compared to 1.78 as of June 30, 2026) and the TTM average total indebtedness amount used in this calculation was $1.2 billion.

•

Minimum Fixed Charge Coverage Ratio. On the last day of each fiscal quarter, our fixed charge ratio must be greater than or equal to 2.25 to 1.00. Fixed Charge Ratio is the ratio of the TTM EBITDAR divided by TTM Interest Expense paid or payable in cash plus TTM Rental Expense (as those terms are defined in the Credit Facility). As of September 30, 2026, our fixed charge ratio equaled 4.61 (compared to 4.67 as of June 30, 2026) and TTM Rental Expense was $117.5 million.

The Credit Facility and Term Facility limit the declaration and payment of dividends on our common stock to a manner consistent with past practice, provided no default or event of default has occurred and is continuing, or would result from the payment of dividends. We may declare and pay quarterly dividends so long as (i) the amount per share of such dividends is not greater than the most recently publicly announced amount of dividends per share and (ii) our Average Total Leverage Ratio is less than 3.25 to 1.00 both immediately before and after giving pro forma effect to such dividends. Under the Credit Facility and Term Facility, we may repurchase shares of our common stock provided no default or event of default has occurred and is continuing, or would result from the repurchase of shares, and our maximum average total leverage ratio (determined on a pro forma basis) is less than 3.25 to 1.00.

Other covenants in each of our credit facilities include restrictions on our ability to grant liens, incur indebtedness, make investments, merge or consolidate, and sell or transfer assets. Failure to comply with any of our financial covenants or any other terms of our credit facilities could result in, among other things, higher interest rates on our borrowings or the acceleration of the maturities of our outstanding debt.

Interest Rate Swaps

We utilize interest rate swap contracts to reduce our exposure to fluctuations in variable interest rates for future interest payments on our variable rate borrowings. Interest expense related to the notional amounts under all swap contracts is based on fixed rates plus the applicable margin on the respective borrowings.

As of September 30, 2026, we had two interest rate swap contracts in place, each of which has the effect of converting our exposure to variable interest rates on a portion of our variable rate borrowings to fixed interest rates. For more information, see Note 4 of “Notes to Consolidated Financial Statements” included in Part I, Item 1 of this Form 10-Q.

Compliance and Future Availability

As of September 30, 2026, we were in compliance with all covenants and financial ratio requirements under our Credit Facility, our Term Facility and our Receivables Facility. We believe we will remain in compliance with all material covenants and financial ratio requirements throughout the next twelve months. For additional information regarding our debt arrangements, see Note 5 of “Notes to Consolidated Financial Statements,” included in Part II, Item 8 of our 2025 Annual Report on Form 10-K, as updated by Note 5 of “Notes to Consolidated Financial Statements,” included in Part I, Item 1 of this Form 10-Q.

We believe we have adequate availability of capital to fund present operations and the current capacity to finance any working capital needs that may arise. We continually evaluate potential acquisitions and hold discussions with acquisition candidates. If suitable acquisition opportunities arise that would require financing, we believe that we would have the ability to finance any such transactions.

As of October 21, 2026, we were authorized to purchase up to $468.4 million of our common stock under our current Board-approved share repurchase program. We expect to continue to repurchase shares on the open market from time to time subject to market conditions. We plan to fund these repurchases with cash provided by operations and borrowings under the credit facilities described above.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

There have been no material changes in our exposure to interest rate risk during the nine months ended September 30, 2026 from what we reported in our 2025 Annual Report on Form 10-K. For additional information on our interest rate risk, refer to “Quantitative and Qualitative Disclosures about Market Risk” included in Part II, Item 7A in our 2025 Annual Report on Form 10-K.

Currency Risk

There have been no material changes in our exposure to currency risk during the nine months ended September 30, 2026 from what we reported in our 2025 Annual Report on Form 10-K. For additional information on our currency risk, refer to “Quantitative and Qualitative Disclosures about Market Risk” included in Part II, Item 7A in our 2025 Annual Report on Form 10-K.

Item 4. Controls and Procedures

The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the Act). The rules refer to the controls and other procedures designed to ensure that information required to be disclosed in reports that we file or submit under the Act is (1) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (2) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. As of September 30, 2026, management, including our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures. Based on that evaluation, management, including our CEO and CFO, concluded that as of September 30, 2026, our disclosure controls and procedures were effective.

We maintain a system of internal control over financial reporting that is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Based on the most recent evaluation, we have concluded that no change in our internal control over financial reporting occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

The effectiveness of our system of disclosure controls and procedures or internal control over financial reporting is subject to certain limitations, including the exercise of judgment in designing, implementing and evaluating such systems, the assumptions used in identifying the likelihood of future events and the inability to eliminate misconduct completely. As a result, there can be no assurance that our control systems will detect all errors or fraud. By their nature, our systems can provide only reasonable assurance regarding management's control objectives.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are subject to various claims and litigation arising in the ordinary course of business, including product liability, personal injury, commercial, contract and employment matters. While the outcome of any litigation is inherently unpredictable, based on currently available facts and our current insurance coverages, we do not believe that the ultimate resolution of any of these matters will have a material adverse impact on our financial condition, results of operations or cash flows.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties, which could adversely affect our business, financial condition or future results. We urge you to carefully consider (i) the other information set forth in this report and (ii) the risk factors discussed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our risk factors from those disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The table below summarizes the repurchases of our common stock in the third quarter of 2026:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Period		Total Number of Shares Purchased (1)			Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plan (2)			Maximum Approximate Dollar Value of Shares That May Yet be Purchased Under the Plan (2)
July 1-31, 2026			33			$	184.61				—			$	580,001,073
August 1-31, 2026			214,012			$	187.94				214,012			$	539,779,253
September 1-30, 2026			416,933			$	171.23				416,933			$	468,388,423
Total			630,978			$	176.90				630,945

(1)

Includes 33 shares of our common stock surrendered to us during the third quarter of 2026 by employees in order to satisfy minimum tax withholding obligations in connection with certain exercises of employee stock options or lapses upon vesting of restrictions on previously restricted share awards.

(2)

In April 2026, our Board authorized an increase to our share repurchase program for the repurchase of shares of our common stock in the open market at prevailing market prices bringing the total authorization available under the program to $600.0 million. As of October 21, 2026, $468.4 million of the authorized amount remained available for use under our current share repurchase program. The share repurchase program does not obligate us to acquire any specific amount of shares and does not have an expiration date.

Our Board may declare future dividends at its discretion, after considering various factors, including our earnings, capital requirements, financial position, contractual restrictions and other relevant business considerations. For a description of restrictions on dividends in our Credit Facility and Term Facility, see the “Liquidity and Capital Resources” section of Management’s Discussion and Analysis in Part I, Item 2 of this Form 10-Q. We cannot assure shareholders or potential investors that dividends will be declared or paid any time in the future if our Board determines that there is a better use of our funds.

Item 5. Other Information

During the quarter ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits

Exhibits filed as part of this report are listed below.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
						Incorporated by Reference
No.		Description		Filed/ Furnished with this Form 10-Q		Form		File No.		Date Filed
3.1		Restated Certificate of Incorporation of the Company.				10-Q		000-26640		8/9/2006
3.2		Amended and Restated Bylaws of the Company.				8-K		000-26640		10/25/2023
4.1		Form of certificate representing shares of common stock of the Company.				8-K		000-26640		5/19/2006
10.1		Separation Agreement and General Release, dated May 8, 2026.				8-K/A		000-26640		5/8/2026
10.2		Amendment No. 14 to the Receivables Purchase Agreement, effective August 25, 2026, among Superior Commerce LLC, as Seller, SCP Distributors LLC, as the Servicer, the Purchasers from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (contains the Receivables Purchase Agreement, as amended through August 25, 2026)				8-K		000-26640		8/28/2026
31.1		Certification by Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
31.2		Certification by Chief Executive Officer pursuant to Rule 13a-14(a) and 15d‑14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.		X
32.1		Certification by Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.		X
101.INS	+	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.		X
101.SCH	+	Inline XBRL Taxonomy Extension Schema Document		X
101.CAL	+	Inline XBRL Taxonomy Extension Calculation Linkbase Document		X
101.DEF	+	Inline XBRL Taxonomy Extension Definition Linkbase Document		X
101.LAB	+	Inline XBRL Taxonomy Extension Label Linkbase Document		X
101.PRE	+	Inline XBRL Taxonomy Extension Presentation Linkbase Document		X
104	+	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)		X

+ Attached as Exhibit 101 to this report are the following items formatted in iXBRL (Inline Extensible Business Reporting Language):

Consolidated Statements of Income for the three and nine months ended September 30, 2026 and September 30, 2025;

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2026 and September 30, 2025;

Consolidated Balance Sheets at September 30, 2026, December 31, 2025 and September 30, 2025;

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and September 30, 2025;

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2026 and September 30, 2025; and

Notes to Consolidated Financial Statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on October 28, 2026.

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\n	\n	\n
		POOL CORPORATION




	By:	/s/ Melanie M. Hart
		Melanie M. Hart
		Senior Vice President and Chief Financial Officer, and duly authorized signatory on behalf of the registrant

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