ACCO NYSE Earnings call
ACCO BRANDS Corp (ACCO) · Q2 2026 results and valuation
Share price: $5.33 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 1 May 2026
Net income down 27.3% on the previous quarter, guidance raised. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−27.3%
Net income vs Q1 2026
Guidance raised
Net income 14.1M vs 19.4M
Revenue +20.8%
Against the same quarter last year (Q2 2025) it is −51.7%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
New
ACCO's Americas adjusted operating income rose to $56 million in the second quarter, up about $13 million.
Valuation
Is ACCO BRANDS Corp undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$5.33
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+14.9% for 10 yrs
Fair value / share
$-6.91
Buy below
$-5.18
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
-
Guidance ↑
ACCO raised its full-year outlook for both sales and adjusted EPS based on first-half performance while maintaining a prudent view of the second half.
Source quote
“Based on the first half performance, we are raising our full year outlook for both sales and adjusted EPS while maintaining a prudent view of the second half...”
-
Guidance
ACCO expects the fourth quarter release of Grand Theft Auto 6 to drive positive sales momentum in gaming accessories categories.
Source quote
“We expect the fourth quarter release of Grand Theft Auto 6 to drive positive sales momentum in gaming accessories categories.”
-
Fading
Americas segment sales grew due to favorable currency translation, computer accessories, and the EPOS acquisition, with foreign exchange having a significant positive impact on revenue.
Source quote
“In the Americas segment, sales growth was driven by favorable currency translation, computer accessories and the EPOS acquisition. Additionally, as expected, foreign exchange had a significant positive impact on revenue in the quarter. Sales for computer accessories within the segment were strong, reflecting new products and a meaningful end-user pipeline.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In Latin America, sales were mixed with strong performance in Mexico, offset by weaker sales in Brazil due to a soft economy, which has created hesitancy in customer purchasing and...”
“Our computer accessory categories were directly impacted by lower hardware demand.”
“Our outlook reflects the seasonally adverse product and geographic mix in the back half of the year as well as an uncertain global operating environment.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 415.1M | 343.7M | +20.8% | 394.8M | +5.1% |
| Gross profit | 134.1M | 106.8M | +25.6% | 129.7M | +3.4% |
| Operating income | 30.3M | -10.4M | Turned profit | 33.0M | −8.2% |
| Net income | 14.1M | 19.4M | −27.3% | 29.2M | −51.7% |
| EPS | 0.15 | 0.20 | −25.0% | 0.31 | −51.6% |
| P/E today 7.0 | 6.7 | 3.8 | +2.9 | 7.5 | −0.8 |
Topics
Most discussed now
- New The IT infrastructure, getting the synergy conversations complete and behind us.
- New ACCO Brands thinks those deals are just getting postponed as enterprises are trying to absorb the additional hardware expenses that…
- When speaking about its results, ACCO Brands may refer to adjusted results.
- Quarter consolidated sales grew 5%, ahead of ACCO Brands' expectations, driven by strong performance in the Americas segment, solid…
- Its sell-through targets are consistent to prior year, and ACCO Brands came out of the season last year fairly clean across...
Faded since Q1 2026
- Dropped ACCO Brands is in the process of shipping early orders, which predominantly are direct import orders from Asia.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Results of operations · SEC 8-K