vs
美国航空集团（AAL）与博通（AVGO）财务数据对比。点击上方公司名可切换其他公司
博通的季度营收约是美国航空集团的1.3倍（$18.0B vs $14.0B），博通净利率更高（47.3% vs 0.7%，领先46.6%），博通同比增速更快（28.2% vs 2.5%），博通自由现金流更多（$7.5B vs $-1.9B），过去两年博通的营收复合增速更高（22.7% 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。
博通公司是美国跨国企业，主营各类半导体与基础设施软件产品的设计、研发、生产及全球供应，产品广泛服务于数据中心、网络、软件、宽带、无线、存储及工业领域。借AI发展热潮，2025年博通已跻身全球顶级企业行列，为“七巨头”科技阵营成员。
AAL vs AVGO — 直观对比
营收规模更大
AVGO
是对方的1.3倍
$14.0B
营收增速更快
AVGO
高出25.7%
2.5%
净利率更高
AVGO
高出46.6%
0.7%
自由现金流更多
AVGO
多$9.4B
$-1.9B
两年增速更快
AVGO
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $18.0B |
| 净利润 | $99.0M | $8.5B |
| 毛利率 | — | 68.0% |
| 营业利润率 | 3.2% | 41.7% |
| 净利率 | 0.7% | 47.3% |
| 营收同比 | 2.5% | 28.2% |
| 净利润同比 | -83.2% | 97.0% |
| 每股收益（稀释后） | $0.15 | $1.75 |
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AALAVGO
| Q4 25 | $14.0B | $18.0B | ||
| Q3 25 | $13.7B | $16.0B | ||
| Q2 25 | $14.4B | $15.0B | ||
| Q1 25 | $12.6B | $14.9B | ||
| Q4 24 | $13.7B | $14.1B | ||
| Q3 24 | $13.6B | $13.1B | ||
| Q2 24 | $14.3B | $12.5B | ||
| Q1 24 | $12.6B | $12.0B |
净利润AALAVGO
| Q4 25 | $99.0M | $8.5B | ||
| Q3 25 | $-114.0M | $4.1B | ||
| Q2 25 | $599.0M | $5.0B | ||
| Q1 25 | $-473.0M | $5.5B | ||
| Q4 24 | $590.0M | $4.3B | ||
| Q3 24 | $-149.0M | $-1.9B | ||
| Q2 24 | $717.0M | $2.1B | ||
| Q1 24 | $-312.0M | $1.3B |
毛利率AALAVGO
| Q4 25 | — | 68.0% | ||
| Q3 25 | — | 67.1% | ||
| Q2 25 | — | 68.0% | ||
| Q1 25 | — | 68.0% | ||
| Q4 24 | — | 64.1% | ||
| Q3 24 | — | 63.9% | ||
| Q2 24 | — | 62.3% | ||
| Q1 24 | — | 61.7% |
营业利润率AALAVGO
| Q4 25 | 3.2% | 41.7% | ||
| Q3 25 | 1.1% | 36.9% | ||
| Q2 25 | 7.9% | 38.8% | ||
| Q1 25 | -2.2% | 42.0% | ||
| Q4 24 | 8.3% | 32.9% | ||
| Q3 24 | 0.7% | 29.0% | ||
| Q2 24 | 9.7% | 23.7% | ||
| Q1 24 | 0.1% | 17.4% |
净利率AALAVGO
| Q4 25 | 0.7% | 47.3% | ||
| Q3 25 | -0.8% | 26.0% | ||
| Q2 25 | 4.2% | 33.1% | ||
| Q1 25 | -3.8% | 36.9% | ||
| Q4 24 | 4.3% | 30.8% | ||
| Q3 24 | -1.1% | -14.3% | ||
| Q2 24 | 5.0% | 17.0% | ||
| Q1 24 | -2.5% | 11.1% |
每股收益（稀释后）AALAVGO
| Q4 25 | $0.15 | $1.75 | ||
| Q3 25 | $-0.17 | $0.85 | ||
| Q2 25 | $0.91 | $1.03 | ||
| Q1 25 | $-0.72 | $1.14 | ||
| Q4 24 | $0.94 | $-5.63 | ||
| Q3 24 | $-0.23 | $-0.40 | ||
| Q2 24 | $1.01 | $4.42 | ||
| Q1 24 | $-0.48 | $2.84 |
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 | — | $16.2B |
| 总债务越低越好 | $25.3B | $62.0B |
| 股东权益账面价值 | $-3.7B | $81.3B |
| 总资产 | $61.8B | $171.1B |
| 负债/权益比越低杠杆越低 | — | 0.76× |
8季度趋势，按日历期对齐
现金及短期投资AALAVGO
| Q4 25 | — | $16.2B | ||
| Q3 25 | — | $10.7B | ||
| Q2 25 | — | $9.5B | ||
| Q1 25 | — | $9.3B | ||
| Q4 24 | — | $9.3B | ||
| Q3 24 | — | $10.0B | ||
| Q2 24 | — | $9.8B | ||
| Q1 24 | — | $11.9B |
总债务AALAVGO
| Q4 25 | $25.3B | $62.0B | ||
| Q3 25 | $25.1B | $62.8B | ||
| Q2 25 | $25.3B | $61.8B | ||
| Q1 25 | $24.7B | $60.9B | ||
| Q4 24 | $25.2B | $66.3B | ||
| Q3 24 | $26.3B | $66.8B | ||
| Q2 24 | $27.6B | $71.6B | ||
| Q1 24 | $28.2B | $73.5B |
股东权益AALAVGO
| Q4 25 | $-3.7B | $81.3B | ||
| Q3 25 | $-4.0B | $73.3B | ||
| Q2 25 | $-3.9B | $69.6B | ||
| Q1 25 | $-4.5B | $69.8B | ||
| Q4 24 | $-4.0B | $67.7B | ||
| Q3 24 | $-4.9B | $65.7B | ||
| Q2 24 | $-4.7B | $70.0B | ||
| Q1 24 | $-5.5B | $70.3B |
总资产AALAVGO
| Q4 25 | $61.8B | $171.1B | ||
| Q3 25 | $62.1B | $165.6B | ||
| Q2 25 | $63.7B | $164.6B | ||
| Q1 25 | $62.6B | $165.4B | ||
| Q4 24 | $61.8B | $165.6B | ||
| Q3 24 | $63.5B | $168.0B | ||
| Q2 24 | $64.1B | $175.2B | ||
| Q1 24 | $64.4B | $177.9B |
负债/权益比AALAVGO
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 0.87× | ||
| Q4 24 | — | 0.98× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 1.05× |
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 | $7.7B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $7.5B |
| 自由现金流率自由现金流/营收 | -13.6% | 41.4% |
| 资本支出强度资本支出/营收 | 11.6% | 1.3% |
| 现金转化率经营现金流/净利润 | -2.77× | 0.90× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $26.9B |
8季度趋势，按日历期对齐
经营现金流AALAVGO
| Q4 25 | $-274.0M | $7.7B | ||
| Q3 25 | $-46.0M | $7.2B | ||
| Q2 25 | $963.0M | $6.6B | ||
| Q1 25 | $2.5B | $6.1B | ||
| Q4 24 | $398.0M | $5.6B | ||
| Q3 24 | $277.0M | $5.0B | ||
| Q2 24 | $1.1B | $4.6B | ||
| Q1 24 | $2.2B | $4.8B |
自由现金流AALAVGO
| Q4 25 | $-1.9B | $7.5B | ||
| Q3 25 | $-872.0M | $7.0B | ||
| Q2 25 | $464.0M | $6.4B | ||
| Q1 25 | $1.6B | $6.0B | ||
| Q4 24 | $-342.0M | $5.5B | ||
| Q3 24 | $-191.0M | $4.8B | ||
| Q2 24 | $477.0M | $4.4B | ||
| Q1 24 | $1.4B | $4.7B |
自由现金流率AALAVGO
| Q4 25 | -13.6% | 41.4% | ||
| Q3 25 | -6.4% | 44.0% | ||
| Q2 25 | 3.2% | 42.7% | ||
| Q1 25 | 13.0% | 40.3% | ||
| Q4 24 | -2.5% | 39.0% | ||
| Q3 24 | -1.4% | 36.7% | ||
| Q2 24 | 3.3% | 35.6% | ||
| Q1 24 | 10.8% | 39.2% |
资本支出强度AALAVGO
| Q4 25 | 11.6% | 1.3% | ||
| Q3 25 | 6.0% | 0.9% | ||
| Q2 25 | 3.5% | 1.0% | ||
| Q1 25 | 6.6% | 0.7% | ||
| Q4 24 | 5.4% | 0.9% | ||
| Q3 24 | 3.4% | 1.3% | ||
| Q2 24 | 4.5% | 1.1% | ||
| Q1 24 | 6.6% | 1.0% |
现金转化率AALAVGO
| Q4 25 | -2.77× | 0.90× | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | 1.61× | 1.32× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | 0.67× | 1.30× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.57× | 2.16× | ||
| Q1 24 | — | 3.63× |
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% |
AVGO
| Semiconductor Solutions | $11.1B | 61% |
| Infrastructure Software | $6.9B | 39% |
