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美国航空集团（AAL）与Automatic Data Processing（ADP）财务数据对比。点击上方公司名可切换其他公司
美国航空集团的季度营收约是Automatic Data Processing的2.6倍（$14.0B vs $5.4B）。Automatic Data Processing净利率更高（19.8% vs 0.7%，领先19.1%）。Automatic Data Processing同比增速更快（6.2% vs 2.5%）。过去两年美国航空集团的营收复合增速更高（5.5% vs 1.0%）
美国航空集团是美国头部航司，总部坐落于得克萨斯州沃斯堡的达拉斯-沃斯堡都会区，按客运量、日航班量计算为全球最大航司。集团旗下连同区域子公司及以American Eagle品牌运营的合作航司，每日运营近6800个航班，覆盖48个国家近350个目的地，拥有完善的国内外航线网络。
ADP是总部位于美国新泽西州罗斯兰的跨国企业，为全球各行业客户提供云基人力资源管理、薪资核算处理、专业雇主组织（PEO）等领域的专业服务，是全球人力资源服务领域的知名头部供应商。
AAL vs ADP — 直观对比
营收规模更大
AAL
是对方的2.6倍
$5.4B
营收增速更快
ADP
高出3.7%
2.5%
净利率更高
ADP
高出19.1%
0.7%
两年增速更快
AAL
近两年复合增速
1.0%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $5.4B |
| 净利润 | $99.0M | $1.1B |
| 毛利率 | — | 46.1% |
| 营业利润率 | 3.2% | 25.8% |
| 净利率 | 0.7% | 19.8% |
| 营收同比 | 2.5% | 6.2% |
| 净利润同比 | -83.2% | 10.3% |
| 每股收益（稀释后） | $0.15 | $2.62 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AALADP
| Q4 25 | $14.0B | $5.4B | ||
| Q3 25 | $13.7B | $5.2B | ||
| Q2 25 | $14.4B | $5.1B | ||
| Q1 25 | $12.6B | $5.6B | ||
| Q4 24 | $13.7B | $5.0B | ||
| Q3 24 | $13.6B | $4.8B | ||
| Q2 24 | $14.3B | $4.8B | ||
| Q1 24 | $12.6B | $5.3B |
净利润AALADP
| Q4 25 | $99.0M | $1.1B | ||
| Q3 25 | $-114.0M | $1.0B | ||
| Q2 25 | $599.0M | $910.7M | ||
| Q1 25 | $-473.0M | $1.2B | ||
| Q4 24 | $590.0M | $963.2M | ||
| Q3 24 | $-149.0M | $956.3M | ||
| Q2 24 | $717.0M | $829.3M | ||
| Q1 24 | $-312.0M | $1.2B |
毛利率AALADP
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 45.2% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 47.7% | ||
| Q4 24 | — | 45.7% | ||
| Q3 24 | — | 45.5% | ||
| Q2 24 | — | 44.8% | ||
| Q1 24 | — | 47.3% |
营业利润率AALADP
| Q4 25 | 3.2% | 25.8% | ||
| Q3 25 | 1.1% | 25.3% | ||
| Q2 25 | 7.9% | 23.2% | ||
| Q1 25 | -2.2% | 29.2% | ||
| Q4 24 | 8.3% | 25.0% | ||
| Q3 24 | 0.7% | 25.6% | ||
| Q2 24 | 9.7% | 22.8% | ||
| Q1 24 | 0.1% | 29.4% |
净利率AALADP
| Q4 25 | 0.7% | 19.8% | ||
| Q3 25 | -0.8% | 19.6% | ||
| Q2 25 | 4.2% | 17.8% | ||
| Q1 25 | -3.8% | 22.5% | ||
| Q4 24 | 4.3% | 19.1% | ||
| Q3 24 | -1.1% | 19.8% | ||
| Q2 24 | 5.0% | 17.4% | ||
| Q1 24 | -2.5% | 22.6% |
每股收益（稀释后）AALADP
| Q4 25 | $0.15 | $2.62 | ||
| Q3 25 | $-0.17 | $2.49 | ||
| Q2 25 | $0.91 | $2.23 | ||
| Q1 25 | $-0.72 | $3.06 | ||
| Q4 24 | $0.94 | $2.35 | ||
| Q3 24 | $-0.23 | $2.34 | ||
| Q2 24 | $1.01 | $2.01 | ||
| Q1 24 | $-0.48 | $2.88 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $2.5B |
| 总债务越低越好 | $25.3B | — |
| 股东权益账面价值 | $-3.7B | $6.4B |
| 总资产 | $61.8B | $84.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AALADP
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $7.9B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $7.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.3B |
总债务AALADP
| Q4 25 | $25.3B | — | ||
| Q3 25 | $25.1B | — | ||
| Q2 25 | $25.3B | — | ||
| Q1 25 | $24.7B | — | ||
| Q4 24 | $25.2B | — | ||
| Q3 24 | $26.3B | — | ||
| Q2 24 | $27.6B | — | ||
| Q1 24 | $28.2B | — |
股东权益AALADP
| Q4 25 | $-3.7B | $6.4B | ||
| Q3 25 | $-4.0B | $6.4B | ||
| Q2 25 | $-3.9B | $6.2B | ||
| Q1 25 | $-4.5B | $5.9B | ||
| Q4 24 | $-4.0B | $5.1B | ||
| Q3 24 | $-4.9B | $5.3B | ||
| Q2 24 | $-4.7B | $4.5B | ||
| Q1 24 | $-5.5B | $4.6B |
总资产AALADP
| Q4 25 | $61.8B | $84.6B | ||
| Q3 25 | $62.1B | $54.3B | ||
| Q2 25 | $63.7B | $53.4B | ||
| Q1 25 | $62.6B | $56.4B | ||
| Q4 24 | $61.8B | $64.1B | ||
| Q3 24 | $63.5B | $49.5B | ||
| Q2 24 | $64.1B | $54.4B | ||
| Q1 24 | $64.4B | $64.2B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-274.0M | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | — |
| 自由现金流率自由现金流/营收 | -13.6% | — |
| 资本支出强度资本支出/营收 | 11.6% | — |
| 现金转化率经营现金流/净利润 | -2.77× | 1.07× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | — |
8季度趋势，按日历期对齐
经营现金流AALADP
| Q4 25 | $-274.0M | $1.1B | ||
| Q3 25 | $-46.0M | $642.3M | ||
| Q2 25 | $963.0M | $1.4B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $398.0M | $1.2B | ||
| Q3 24 | $277.0M | $824.4M | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $2.2B | $1.5B |
自由现金流AALADP
| Q4 25 | $-1.9B | — | ||
| Q3 25 | $-872.0M | — | ||
| Q2 25 | $464.0M | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $-342.0M | — | ||
| Q3 24 | $-191.0M | — | ||
| Q2 24 | $477.0M | — | ||
| Q1 24 | $1.4B | — |
自由现金流率AALADP
| Q4 25 | -13.6% | — | ||
| Q3 25 | -6.4% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | -2.5% | — | ||
| Q3 24 | -1.4% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 10.8% | — |
资本支出强度AALADP
| Q4 25 | 11.6% | — | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 6.6% | — |
现金转化率AALADP
| Q4 25 | -2.77× | 1.07× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | 1.61× | 1.58× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 0.67× | 1.19× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 1.57× | 1.57× | ||
| Q1 24 | — | 1.26× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AAL
| Passenger Travel | $11.6B | 83% |
| Loyalty Program Travel Redemptions | $1.1B | 8% |
| Loyalty Program Marketing Services | $945.0M | 7% |
| Cargo And Freight | $227.0M | 2% |
| Other Revenue | $169.0M | 1% |
ADP
| HCM | $2.2B | 42% |
| PEO Zero Margin Benefits Pass Throughs | $1.1B | 21% |
| HRO | $979.3M | 18% |
| Global | $709.3M | 13% |
| Interest On Funds Held For Clients | $308.6M | 6% |
