vs
美国航空集团（AAL）与波音（BA）财务数据对比。点击上方公司名可切换其他公司
波音的季度营收约是美国航空集团的1.6倍（$22.2B vs $14.0B）。美国航空集团净利率更高（0.7% vs -0.0%，领先0.7%）。波音同比增速更快（14.0% vs 2.5%）。波音自由现金流更多（$-1.5B vs $-1.9B）。过去两年波音的营收复合增速更高（14.8% 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。
波音公司是美国跨国航空航天企业，1916年成立，业务覆盖民用飞机、旋翼机、火箭、卫星、导弹的设计、制造与全球销售，同时提供租赁及产品配套支持服务。作为全球头部航空航天制造商，按2022年营收计为全球第四大国防承包商，也是美国按金额计算的最大出口企业。
AAL vs BA — 直观对比
营收规模更大
BA
是对方的1.6倍
$14.0B
营收增速更快
BA
高出11.5%
2.5%
净利率更高
AAL
高出0.7%
-0.0%
自由现金流更多
BA
多$450.0M
$-1.9B
两年增速更快
BA
近两年复合增速
5.5%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $22.2B |
| 净利润 | $99.0M | $-7.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 2.0% |
| 净利率 | 0.7% | -0.0% |
| 营收同比 | 2.5% | 14.0% |
| 净利润同比 | -83.2% | 77.4% |
| 每股收益（稀释后） | $0.15 | $-0.11 |
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AALBA
| Q1 26 | — | $22.2B | ||
| Q4 25 | $14.0B | $23.9B | ||
| Q3 25 | $13.7B | $23.3B | ||
| Q2 25 | $14.4B | $22.7B | ||
| Q1 25 | $12.6B | $19.5B | ||
| Q4 24 | $13.7B | $15.2B | ||
| Q3 24 | $13.6B | $17.8B | ||
| Q2 24 | $14.3B | $16.9B |
净利润AALBA
| Q1 26 | — | $-7.0M | ||
| Q4 25 | $99.0M | $8.2B | ||
| Q3 25 | $-114.0M | $-5.3B | ||
| Q2 25 | $599.0M | $-611.0M | ||
| Q1 25 | $-473.0M | $-37.0M | ||
| Q4 24 | $590.0M | $-3.9B | ||
| Q3 24 | $-149.0M | $-6.2B | ||
| Q2 24 | $717.0M | $-1.4B |
毛利率AALBA
| Q1 26 | — | — | ||
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | -10.2% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | — | -10.4% | ||
| Q3 24 | — | -19.7% | ||
| Q2 24 | — | 7.3% |
营业利润率AALBA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 3.2% | 36.7% | ||
| Q3 25 | 1.1% | -20.5% | ||
| Q2 25 | 7.9% | -0.8% | ||
| Q1 25 | -2.2% | 2.4% | ||
| Q4 24 | 8.3% | -24.7% | ||
| Q3 24 | 0.7% | -32.3% | ||
| Q2 24 | 9.7% | -6.5% |
净利率AALBA
| Q1 26 | — | -0.0% | ||
| Q4 25 | 0.7% | 34.3% | ||
| Q3 25 | -0.8% | -22.9% | ||
| Q2 25 | 4.2% | -2.7% | ||
| Q1 25 | -3.8% | -0.2% | ||
| Q4 24 | 4.3% | -25.4% | ||
| Q3 24 | -1.1% | -34.6% | ||
| Q2 24 | 5.0% | -8.5% |
每股收益（稀释后）AALBA
| Q1 26 | — | $-0.11 | ||
| Q4 25 | $0.15 | $10.70 | ||
| Q3 25 | $-0.17 | $-7.14 | ||
| Q2 25 | $0.91 | $-0.92 | ||
| Q1 25 | $-0.72 | $-0.16 | ||
| Q4 24 | $0.94 | $-5.50 | ||
| Q3 24 | $-0.23 | $-9.97 | ||
| Q2 24 | $1.01 | $-2.33 |
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 | — | $9.4B |
| 总债务越低越好 | $25.3B | $44.4B |
| 股东权益账面价值 | $-3.7B | $6.0B |
| 总资产 | $61.8B | $164.8B |
| 负债/权益比越低杠杆越低 | — | 7.41× |
8季度趋势，按日历期对齐
现金及短期投资AALBA
| Q1 26 | — | $9.4B | ||
| Q4 25 | — | $29.4B | ||
| Q3 25 | — | $23.0B | ||
| Q2 25 | — | $23.0B | ||
| Q1 25 | — | $23.7B | ||
| Q4 24 | — | $26.3B | ||
| Q3 24 | — | $10.5B | ||
| Q2 24 | — | $12.6B |
总债务AALBA
| Q1 26 | — | $44.4B | ||
| Q4 25 | $25.3B | $45.6B | ||
| Q3 25 | $25.1B | $44.6B | ||
| Q2 25 | $25.3B | $44.6B | ||
| Q1 25 | $24.7B | $45.7B | ||
| Q4 24 | $25.2B | $52.6B | ||
| Q3 24 | $26.3B | $53.2B | ||
| Q2 24 | $27.6B | $53.2B |
股东权益AALBA
| Q1 26 | — | $6.0B | ||
| Q4 25 | $-3.7B | $5.5B | ||
| Q3 25 | $-4.0B | $-8.3B | ||
| Q2 25 | $-3.9B | $-3.3B | ||
| Q1 25 | $-4.5B | $-3.3B | ||
| Q4 24 | $-4.0B | $-3.9B | ||
| Q3 24 | $-4.9B | $-23.6B | ||
| Q2 24 | $-4.7B | $-18.0B |
总资产AALBA
| Q1 26 | — | $164.8B | ||
| Q4 25 | $61.8B | $168.2B | ||
| Q3 25 | $62.1B | $150.0B | ||
| Q2 25 | $63.7B | $155.1B | ||
| Q1 25 | $62.6B | $156.5B | ||
| Q4 24 | $61.8B | $156.4B | ||
| Q3 24 | $63.5B | $137.7B | ||
| Q2 24 | $64.1B | $142.7B |
负债/权益比AALBA
| Q1 26 | — | 7.41× | ||
| Q4 25 | — | 8.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $-1.5B |
| 自由现金流率自由现金流/营收 | -13.6% | -6.5% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $-1.0B |
8季度趋势，按日历期对齐
经营现金流AALBA
| Q1 26 | — | — | ||
| Q4 25 | $-274.0M | $1.3B | ||
| Q3 25 | $-46.0M | $1.1B | ||
| Q2 25 | $963.0M | $227.0M | ||
| Q1 25 | $2.5B | $-1.6B | ||
| Q4 24 | $398.0M | $-3.5B | ||
| Q3 24 | $277.0M | $-1.3B | ||
| Q2 24 | $1.1B | $-3.9B |
自由现金流AALBA
| Q1 26 | — | $-1.5B | ||
| Q4 25 | $-1.9B | $375.0M | ||
| Q3 25 | $-872.0M | $238.0M | ||
| Q2 25 | $464.0M | $-200.0M | ||
| Q1 25 | $1.6B | $-2.3B | ||
| Q4 24 | $-342.0M | $-4.1B | ||
| Q3 24 | $-191.0M | $-2.0B | ||
| Q2 24 | $477.0M | $-4.3B |
自由现金流率AALBA
| Q1 26 | — | -6.5% | ||
| Q4 25 | -13.6% | 1.6% | ||
| Q3 25 | -6.4% | 1.0% | ||
| Q2 25 | 3.2% | -0.9% | ||
| Q1 25 | 13.0% | -11.7% | ||
| Q4 24 | -2.5% | -26.9% | ||
| Q3 24 | -1.4% | -11.0% | ||
| Q2 24 | 3.3% | -25.7% |
资本支出强度AALBA
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 4.0% | ||
| Q3 25 | 6.0% | 3.8% | ||
| Q2 25 | 3.5% | 1.9% | ||
| Q1 25 | 6.6% | 3.5% | ||
| Q4 24 | 5.4% | 4.3% | ||
| Q3 24 | 3.4% | 3.4% | ||
| Q2 24 | 4.5% | 2.4% |
现金转化率AALBA
| Q1 26 | — | — | ||
| Q4 25 | -2.77× | 0.16× | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.57× | — |
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% |
BA
| Commercial Airplanes | $9.2B | 41% |
| Defense, Space & Security | $7.6B | 34% |
| Global Services | $5.4B | 24% |
