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美国航空集团（AAL）与西南航空（LUV）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西南航空的1.9倍（$14.0B vs $7.2B），西南航空净利率更高（3.1% vs 0.7%，领先2.4%），西南航空同比增速更快（12.8% 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 -0.7%）
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。
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
AAL vs LUV — 直观对比
营收规模更大
AAL
是对方的1.9倍
$7.2B
营收增速更快
LUV
高出10.3%
2.5%
净利率更高
LUV
高出2.4%
0.7%
两年增速更快
AAL
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $7.2B |
| 净利润 | $99.0M | $227.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | — |
| 净利率 | 0.7% | 3.1% |
| 营收同比 | 2.5% | 12.8% |
| 净利润同比 | -83.2% | 252.3% |
| 每股收益（稀释后） | $0.15 | $0.45 |
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AALLUV
| Q1 26 | — | $7.2B | ||
| Q4 25 | $14.0B | $7.4B | ||
| Q3 25 | $13.7B | $6.9B | ||
| Q2 25 | $14.4B | $7.2B | ||
| Q1 25 | $12.6B | $6.4B | ||
| Q4 24 | $13.7B | $6.9B | ||
| Q3 24 | $13.6B | $6.9B | ||
| Q2 24 | $14.3B | $7.4B |
净利润AALLUV
| Q1 26 | — | $227.0M | ||
| Q4 25 | $99.0M | $323.0M | ||
| Q3 25 | $-114.0M | $54.0M | ||
| Q2 25 | $599.0M | $213.0M | ||
| Q1 25 | $-473.0M | $-149.0M | ||
| Q4 24 | $590.0M | $262.0M | ||
| Q3 24 | $-149.0M | $67.0M | ||
| Q2 24 | $717.0M | $367.0M |
营业利润率AALLUV
| Q1 26 | — | — | ||
| Q4 25 | 3.2% | 5.3% | ||
| Q3 25 | 1.1% | 0.5% | ||
| Q2 25 | 7.9% | 3.1% | ||
| Q1 25 | -2.2% | -3.5% | ||
| Q4 24 | 8.3% | 4.0% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 9.7% | 5.4% |
净利率AALLUV
| Q1 26 | — | 3.1% | ||
| Q4 25 | 0.7% | 4.3% | ||
| Q3 25 | -0.8% | 0.8% | ||
| Q2 25 | 4.2% | 2.9% | ||
| Q1 25 | -3.8% | -2.3% | ||
| Q4 24 | 4.3% | 3.8% | ||
| Q3 24 | -1.1% | 1.0% | ||
| Q2 24 | 5.0% | 5.0% |
每股收益（稀释后）AALLUV
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.15 | $0.56 | ||
| Q3 25 | $-0.17 | $0.10 | ||
| Q2 25 | $0.91 | $0.39 | ||
| Q1 25 | $-0.72 | $-0.26 | ||
| Q4 24 | $0.94 | $0.46 | ||
| Q3 24 | $-0.23 | $0.11 | ||
| Q2 24 | $1.01 | $0.58 |
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 | — | $3.3B |
| 总债务越低越好 | $25.3B | $5.4B |
| 股东权益账面价值 | $-3.7B | $6.9B |
| 总资产 | $61.8B | $20.4B |
| 负债/权益比越低杠杆越低 | — | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资AALLUV
| Q1 26 | — | $3.3B | ||
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $8.3B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | — | $9.4B | ||
| Q2 24 | — | $10.0B |
总债务AALLUV
| Q1 26 | — | $5.4B | ||
| Q4 25 | $25.3B | $4.6B | ||
| Q3 25 | $25.1B | $4.1B | ||
| Q2 25 | $25.3B | $4.1B | ||
| Q1 25 | $24.7B | $4.1B | ||
| Q4 24 | $25.2B | $5.1B | ||
| Q3 24 | $26.3B | $5.1B | ||
| Q2 24 | $27.6B | $5.1B |
股东权益AALLUV
| Q1 26 | — | $6.9B | ||
| Q4 25 | $-3.7B | $8.0B | ||
| Q3 25 | $-4.0B | $7.8B | ||
| Q2 25 | $-3.9B | $8.0B | ||
| Q1 25 | $-4.5B | $9.4B | ||
| Q4 24 | $-4.0B | $10.3B | ||
| Q3 24 | $-4.9B | $10.4B | ||
| Q2 24 | $-4.7B | $10.5B |
总资产AALLUV
| Q1 26 | — | $20.4B | ||
| Q4 25 | $61.8B | $29.1B | ||
| Q3 25 | $62.1B | $28.3B | ||
| Q2 25 | $63.7B | $28.7B | ||
| Q1 25 | $62.6B | $33.2B | ||
| Q4 24 | $61.8B | $33.8B | ||
| Q3 24 | $63.5B | $34.8B | ||
| Q2 24 | $64.1B | $35.6B |
负债/权益比AALLUV
| Q1 26 | — | 0.78× | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.48× |
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 | $1.4B |
| 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% | 8.7% |
| 现金转化率经营现金流/净利润 | -2.77× | 6.25× |
| 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AALLUV
| Q1 26 | — | $1.4B | ||
| Q4 25 | $-274.0M | $294.0M | ||
| Q3 25 | $-46.0M | $287.0M | ||
| Q2 25 | $963.0M | $401.0M | ||
| Q1 25 | $2.5B | $860.0M | ||
| Q4 24 | $398.0M | $476.0M | ||
| Q3 24 | $277.0M | $113.0M | ||
| Q2 24 | $1.1B | $-23.0M |
自由现金流AALLUV
| Q1 26 | — | — | ||
| Q4 25 | $-1.9B | $-565.0M | ||
| Q3 25 | $-872.0M | $-391.0M | ||
| Q2 25 | $464.0M | $-234.0M | ||
| Q1 25 | $1.6B | $359.0M | ||
| Q4 24 | $-342.0M | $16.0M | ||
| Q3 24 | $-191.0M | $-404.0M | ||
| Q2 24 | $477.0M | $-517.0M |
自由现金流率AALLUV
| Q1 26 | — | — | ||
| Q4 25 | -13.6% | -7.6% | ||
| Q3 25 | -6.4% | -5.6% | ||
| Q2 25 | 3.2% | -3.2% | ||
| Q1 25 | 13.0% | 5.6% | ||
| Q4 24 | -2.5% | 0.2% | ||
| Q3 24 | -1.4% | -5.9% | ||
| Q2 24 | 3.3% | -7.0% |
资本支出强度AALLUV
| Q1 26 | — | 8.7% | ||
| Q4 25 | 11.6% | 11.5% | ||
| Q3 25 | 6.0% | 9.8% | ||
| Q2 25 | 3.5% | 8.8% | ||
| Q1 25 | 6.6% | 7.8% | ||
| Q4 24 | 5.4% | 6.6% | ||
| Q3 24 | 3.4% | 7.5% | ||
| Q2 24 | 4.5% | 6.7% |
现金转化率AALLUV
| Q1 26 | — | 6.25× | ||
| Q4 25 | -2.77× | 0.91× | ||
| Q3 25 | — | 5.31× | ||
| Q2 25 | 1.61× | 1.88× | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.67× | 1.82× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | 1.57× | -0.06× |
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
