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美国航空集团（AAL）与超威半导体（AMD）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超威半导体的1.4倍（$14.0B vs $10.3B），超威半导体净利率更高（14.7% vs 0.7%，领先14.0%），超威半导体同比增速更快（34.1% vs 2.5%），超威半导体自由现金流更多（$2.4B vs $-1.9B），过去两年超威半导体的营收复合增速更高（37.0% vs 5.5%）
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。
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
AAL vs AMD — 直观对比
营收规模更大
AAL
是对方的1.4倍
$10.3B
营收增速更快
AMD
高出31.6%
2.5%
净利率更高
AMD
高出14.0%
0.7%
自由现金流更多
AMD
多$4.3B
$-1.9B
两年增速更快
AMD
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $10.3B |
| 净利润 | $99.0M | $1.5B |
| 毛利率 | — | 54.3% |
| 营业利润率 | 3.2% | 17.1% |
| 净利率 | 0.7% | 14.7% |
| 营收同比 | 2.5% | 34.1% |
| 净利润同比 | -83.2% | 213.5% |
| 每股收益（稀释后） | $0.15 | $0.92 |
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AALAMD
| Q4 25 | $14.0B | $10.3B | ||
| Q3 25 | $13.7B | $9.2B | ||
| Q2 25 | $14.4B | $7.7B | ||
| Q1 25 | $12.6B | $7.4B | ||
| Q4 24 | $13.7B | $7.7B | ||
| Q3 24 | $13.6B | $6.8B | ||
| Q2 24 | $14.3B | $5.8B | ||
| Q1 24 | $12.6B | $5.5B |
净利润AALAMD
| Q4 25 | $99.0M | $1.5B | ||
| Q3 25 | $-114.0M | $1.2B | ||
| Q2 25 | $599.0M | $872.0M | ||
| Q1 25 | $-473.0M | $709.0M | ||
| Q4 24 | $590.0M | $482.0M | ||
| Q3 24 | $-149.0M | $771.0M | ||
| Q2 24 | $717.0M | $265.0M | ||
| Q1 24 | $-312.0M | $123.0M |
毛利率AALAMD
| Q4 25 | — | 54.3% | ||
| Q3 25 | — | 51.7% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | — | 50.2% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 50.1% | ||
| Q2 24 | — | 49.1% | ||
| Q1 24 | — | 46.8% |
营业利润率AALAMD
| Q4 25 | 3.2% | 17.1% | ||
| Q3 25 | 1.1% | 13.7% | ||
| Q2 25 | 7.9% | -1.7% | ||
| Q1 25 | -2.2% | 10.8% | ||
| Q4 24 | 8.3% | 11.4% | ||
| Q3 24 | 0.7% | 10.6% | ||
| Q2 24 | 9.7% | 4.6% | ||
| Q1 24 | 0.1% | 0.7% |
净利率AALAMD
| Q4 25 | 0.7% | 14.7% | ||
| Q3 25 | -0.8% | 13.4% | ||
| Q2 25 | 4.2% | 11.3% | ||
| Q1 25 | -3.8% | 9.5% | ||
| Q4 24 | 4.3% | 6.3% | ||
| Q3 24 | -1.1% | 11.3% | ||
| Q2 24 | 5.0% | 4.5% | ||
| Q1 24 | -2.5% | 2.2% |
每股收益（稀释后）AALAMD
| Q4 25 | $0.15 | $0.92 | ||
| Q3 25 | $-0.17 | $0.75 | ||
| Q2 25 | $0.91 | $0.54 | ||
| Q1 25 | $-0.72 | $0.44 | ||
| Q4 24 | $0.94 | $0.30 | ||
| Q3 24 | $-0.23 | $0.47 | ||
| Q2 24 | $1.01 | $0.16 | ||
| Q1 24 | $-0.48 | $0.07 |
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 | — | $10.6B |
| 总债务越低越好 | $25.3B | — |
| 股东权益账面价值 | $-3.7B | $63.0B |
| 总资产 | $61.8B | $76.9B |
| 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AALAMD
| Q4 25 | — | $10.6B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $6.0B |
总债务AALAMD
| 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AALAMD
| Q4 25 | $-3.7B | $63.0B | ||
| Q3 25 | $-4.0B | $60.8B | ||
| Q2 25 | $-3.9B | $59.7B | ||
| Q1 25 | $-4.5B | $57.9B | ||
| Q4 24 | $-4.0B | $57.6B | ||
| Q3 24 | $-4.9B | $57.0B | ||
| Q2 24 | $-4.7B | $56.5B | ||
| Q1 24 | $-5.5B | $56.2B |
总资产AALAMD
| Q4 25 | $61.8B | $76.9B | ||
| Q3 25 | $62.1B | $76.9B | ||
| Q2 25 | $63.7B | $74.8B | ||
| Q1 25 | $62.6B | $71.5B | ||
| Q4 24 | $61.8B | $69.2B | ||
| Q3 24 | $63.5B | $69.6B | ||
| Q2 24 | $64.1B | $67.9B | ||
| Q1 24 | $64.4B | $67.9B |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $2.4B |
| 自由现金流率自由现金流/营收 | -13.6% | 23.2% |
| 资本支出强度资本支出/营收 | 11.6% | 2.2% |
| 现金转化率经营现金流/净利润 | -2.77× | 1.72× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $6.7B |
8季度趋势，按日历期对齐
经营现金流AALAMD
| Q4 25 | $-274.0M | $2.6B | ||
| Q3 25 | $-46.0M | $2.2B | ||
| Q2 25 | $963.0M | $2.0B | ||
| Q1 25 | $2.5B | $939.0M | ||
| Q4 24 | $398.0M | $1.3B | ||
| Q3 24 | $277.0M | $628.0M | ||
| Q2 24 | $1.1B | $593.0M | ||
| Q1 24 | $2.2B | $521.0M |
自由现金流AALAMD
| Q4 25 | $-1.9B | $2.4B | ||
| Q3 25 | $-872.0M | $1.9B | ||
| Q2 25 | $464.0M | $1.7B | ||
| Q1 25 | $1.6B | $727.0M | ||
| Q4 24 | $-342.0M | $1.1B | ||
| Q3 24 | $-191.0M | $496.0M | ||
| Q2 24 | $477.0M | $439.0M | ||
| Q1 24 | $1.4B | $379.0M |
自由现金流率AALAMD
| Q4 25 | -13.6% | 23.2% | ||
| Q3 25 | -6.4% | 20.6% | ||
| Q2 25 | 3.2% | 22.5% | ||
| Q1 25 | 13.0% | 9.8% | ||
| Q4 24 | -2.5% | 14.2% | ||
| Q3 24 | -1.4% | 7.3% | ||
| Q2 24 | 3.3% | 7.5% | ||
| Q1 24 | 10.8% | 6.9% |
资本支出强度AALAMD
| Q4 25 | 11.6% | 2.2% | ||
| Q3 25 | 6.0% | 2.8% | ||
| Q2 25 | 3.5% | 3.7% | ||
| Q1 25 | 6.6% | 2.9% | ||
| Q4 24 | 5.4% | 2.7% | ||
| Q3 24 | 3.4% | 1.9% | ||
| Q2 24 | 4.5% | 2.6% | ||
| Q1 24 | 6.6% | 2.6% |
现金转化率AALAMD
| Q4 25 | -2.77× | 1.72× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | 1.61× | 2.31× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | 0.67× | 2.70× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 1.57× | 2.24× | ||
| Q1 24 | — | 4.24× |
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% |
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
