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美国航空集团（AAL）与贝宝（PYPL）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贝宝的1.6倍（$14.0B vs $8.7B），贝宝净利率更高（16.6% vs 0.7%，领先15.9%），贝宝同比增速更快（3.7% vs 2.5%），贝宝自由现金流更多（$2.2B vs $-1.9B），过去两年贝宝的营收复合增速更高（6.2% 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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
AAL vs PYPL — 直观对比
营收规模更大
AAL
是对方的1.6倍
$8.7B
营收增速更快
PYPL
高出1.2%
2.5%
净利率更高
PYPL
高出15.9%
0.7%
自由现金流更多
PYPL
多$4.1B
$-1.9B
两年增速更快
PYPL
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $8.7B |
| 净利润 | $99.0M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 17.4% |
| 净利率 | 0.7% | 16.6% |
| 营收同比 | 2.5% | 3.7% |
| 净利润同比 | -83.2% | 28.2% |
| 每股收益（稀释后） | $0.15 | $1.53 |
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AALPYPL
| Q4 25 | $14.0B | $8.7B | ||
| Q3 25 | $13.7B | $8.4B | ||
| Q2 25 | $14.4B | $8.3B | ||
| Q1 25 | $12.6B | $7.8B | ||
| Q4 24 | $13.7B | $8.4B | ||
| Q3 24 | $13.6B | $7.8B | ||
| Q2 24 | $14.3B | $7.9B | ||
| Q1 24 | $12.6B | $7.7B |
净利润AALPYPL
| Q4 25 | $99.0M | $1.4B | ||
| Q3 25 | $-114.0M | $1.2B | ||
| Q2 25 | $599.0M | $1.3B | ||
| Q1 25 | $-473.0M | $1.3B | ||
| Q4 24 | $590.0M | $1.1B | ||
| Q3 24 | $-149.0M | $1.0B | ||
| Q2 24 | $717.0M | $1.1B | ||
| Q1 24 | $-312.0M | $888.0M |
营业利润率AALPYPL
| Q4 25 | 3.2% | 17.4% | ||
| Q3 25 | 1.1% | 18.1% | ||
| Q2 25 | 7.9% | 18.1% | ||
| Q1 25 | -2.2% | 19.6% | ||
| Q4 24 | 8.3% | 17.2% | ||
| Q3 24 | 0.7% | 17.7% | ||
| Q2 24 | 9.7% | 16.8% | ||
| Q1 24 | 0.1% | 15.2% |
净利率AALPYPL
| Q4 25 | 0.7% | 16.6% | ||
| Q3 25 | -0.8% | 14.8% | ||
| Q2 25 | 4.2% | 15.2% | ||
| Q1 25 | -3.8% | 16.5% | ||
| Q4 24 | 4.3% | 13.4% | ||
| Q3 24 | -1.1% | 12.9% | ||
| Q2 24 | 5.0% | 14.3% | ||
| Q1 24 | -2.5% | 11.5% |
每股收益（稀释后）AALPYPL
| Q4 25 | $0.15 | $1.53 | ||
| Q3 25 | $-0.17 | $1.30 | ||
| Q2 25 | $0.91 | $1.29 | ||
| Q1 25 | $-0.72 | $1.29 | ||
| Q4 24 | $0.94 | $1.09 | ||
| Q3 24 | $-0.23 | $0.99 | ||
| Q2 24 | $1.01 | $1.08 | ||
| Q1 24 | $-0.48 | $0.83 |
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 | — | $10.4B |
| 总债务越低越好 | $25.3B | — |
| 股东权益账面价值 | $-3.7B | $20.3B |
| 总资产 | $61.8B | $80.2B |
| 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AALPYPL
| Q4 25 | — | $10.4B | ||
| Q3 25 | — | $10.8B | ||
| Q2 25 | — | $10.0B | ||
| Q1 25 | — | $11.2B | ||
| Q4 24 | — | $10.8B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $14.3B |
总债务AALPYPL
| 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AALPYPL
| Q4 25 | $-3.7B | $20.3B | ||
| Q3 25 | $-4.0B | $20.2B | ||
| Q2 25 | $-3.9B | $20.2B | ||
| Q1 25 | $-4.5B | $20.3B | ||
| Q4 24 | $-4.0B | $20.4B | ||
| Q3 24 | $-4.9B | $20.2B | ||
| Q2 24 | $-4.7B | $20.6B | ||
| Q1 24 | $-5.5B | $20.7B |
总资产AALPYPL
| Q4 25 | $61.8B | $80.2B | ||
| Q3 25 | $62.1B | $79.8B | ||
| Q2 25 | $63.7B | $79.8B | ||
| Q1 25 | $62.6B | $81.3B | ||
| Q4 24 | $61.8B | $81.6B | ||
| Q3 24 | $63.5B | $83.5B | ||
| Q2 24 | $64.1B | $84.0B | ||
| Q1 24 | $64.4B | $83.3B |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $2.2B |
| 自由现金流率自由现金流/营收 | -13.6% | 25.2% |
| 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× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $5.6B |
8季度趋势，按日历期对齐
经营现金流AALPYPL
| Q4 25 | $-274.0M | $2.4B | ||
| Q3 25 | $-46.0M | $2.0B | ||
| Q2 25 | $963.0M | $898.0M | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $398.0M | $2.4B | ||
| Q3 24 | $277.0M | $1.6B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $2.2B | $1.9B |
自由现金流AALPYPL
| Q4 25 | $-1.9B | $2.2B | ||
| Q3 25 | $-872.0M | $1.7B | ||
| Q2 25 | $464.0M | $692.0M | ||
| Q1 25 | $1.6B | $964.0M | ||
| Q4 24 | $-342.0M | $2.2B | ||
| Q3 24 | $-191.0M | $1.4B | ||
| Q2 24 | $477.0M | $1.4B | ||
| Q1 24 | $1.4B | $1.8B |
自由现金流率AALPYPL
| Q4 25 | -13.6% | 25.2% | ||
| Q3 25 | -6.4% | 20.4% | ||
| Q2 25 | 3.2% | 8.3% | ||
| Q1 25 | 13.0% | 12.4% | ||
| Q4 24 | -2.5% | 26.2% | ||
| Q3 24 | -1.4% | 18.4% | ||
| Q2 24 | 3.3% | 17.3% | ||
| Q1 24 | 10.8% | 22.9% |
资本支出强度AALPYPL
| Q4 25 | 11.6% | 2.2% | ||
| Q3 25 | 6.0% | 3.0% | ||
| Q2 25 | 3.5% | 2.5% | ||
| Q1 25 | 6.6% | 2.5% | ||
| Q4 24 | 5.4% | 2.4% | ||
| Q3 24 | 3.4% | 2.2% | ||
| Q2 24 | 4.5% | 2.0% | ||
| Q1 24 | 6.6% | 2.0% |
现金转化率AALPYPL
| Q4 25 | -2.77× | 1.66× | ||
| Q3 25 | — | 1.58× | ||
| Q2 25 | 1.61× | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 0.67× | 2.14× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | 1.57× | 1.35× | ||
| Q1 24 | — | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
