Hayward Holdings (HAYW): First Take: 2Q26 Beat, FY2026 guidance reiterated

First-page research excerpt

Equity Research

29 July 2026 | 8:28AM EDT

Hayward Holdings (HAYW): First Take: 2Q26 Beat, FY2026 guidance

reiterated

HAYW reported better than expected 2Q26 results with revenue of $318mn above

GSe/FactSet consensus of $311mn/$303mn and adj. EBITDA of $93mn also above

GSe/consensus estimates of $89mn/$86mn. Gross margins were down 50bps to

48.7% vs. GSe 48.6% due to timing of price-cost actions. HAYW maintained its

FY2026 revenue growth guidance of ~5% yoy, implying revenue of ~$1.18bn

compared with GSe/consensus of $1.18bn/$1.17bn. Management also reiterated its

FY2026 adj. EPS guidance of $0.84-$0.87, compared with GSe/consensus of

$0.85/$0.84. Please see our initial takeaways ahead of the company’s 9:00 a.m. ET

conference call.

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FY2026 guidance maintained. HAYW reiterated its FY2026 revenue growth

guidance of ~5% yoy, implying revenue of ~$1.18bn, compared with

GSe/consensus of $1.18bn/$1.17bn. HAYW also maintained its FY2026 adj. EPS

guidance of $0.84-$0.87 (or up ~11% yoy at mid-point), compared with

GSe/consensus of $0.85/$0.84.

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2Q26 revenue and gross margins. Revenue of $318mn was up 6% yoy and

printed above GSe/consensus of $311mn/$303mn, driven by net price

realization and resilient volumes. Total GAAP gross margin was 48.7%, down

50bps yoy off a record level from 2Q25 and in line with our view of 48.6%, driven

by timing of price-cost actions in North America. Segment highlights are detailed

below:

o

North America sales of $278mn were up +9% yoy and above our $265mn

view. Segment income margin was ~35.0%, or up ~10bps yoy.

o

Europe and RoW sales of $41mn were down 8% yoy and below our $46mn

view. Segment income margin was 18.1%, flat yoy.

Brian Lee, CFA

Goldman Sachs & Co. LLC

Tyler Bisset, CFA

Goldman Sachs & Co. LLC

Keshav Choudhary

+1(332)245-7971 |

Goldman Sachs India SPL

Our 12-month price target of $16 is based on a 12X EV/EBITDA multiple applied to

our Q5-Q8 adj. EBITDA estimate.

Key risks include faster/slower than expected volume growth, a worsening/improving

housing starts backdrop, shorter/longer than expected channel inventory correction,

improving/deteriorating margin trends, and shifting customer demand for residential

improvements.

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