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美国航空集团（AAL）与Sunoco LP（SUN）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Sunoco LP的1.6倍（$14.0B vs $8.6B），Sunoco LP净利率更高（1.2% vs 0.7%，领先0.5%），Sunoco LP同比增速更快（63.2% vs 2.5%），过去两年Sunoco LP的营收复合增速更高（25.1% 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。
Sunoco LP是总部位于美国得克萨斯州达拉斯的业主有限合伙企业，在特拉华州注册成立，历史最早可追溯至1886年。公司最初为垂直一体化能源企业，现已转型为燃油分销商及能源基础设施运营商，此前曾涉足油气勘探开采、炼化、化工生产及燃油零售业务，目前上述业务均已剥离。
AAL vs SUN — 直观对比
营收规模更大
AAL
是对方的1.6倍
$8.6B
营收增速更快
SUN
高出60.7%
2.5%
净利率更高
SUN
高出0.5%
0.7%
两年增速更快
SUN
近两年复合增速
5.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $8.6B |
| 净利润 | $99.0M | $101.0M |
| 毛利率 | — | 10.7% |
| 营业利润率 | 3.2% | 2.1% |
| 净利率 | 0.7% | 1.2% |
| 营收同比 | 2.5% | 63.2% |
| 净利润同比 | -83.2% | -28.4% |
| 每股收益（稀释后） | $0.15 | — |
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AALSUN
| Q4 25 | $14.0B | $8.6B | ||
| Q3 25 | $13.7B | $6.0B | ||
| Q2 25 | $14.4B | $5.4B | ||
| Q1 25 | $12.6B | $5.2B | ||
| Q4 24 | $13.7B | $5.3B | ||
| Q3 24 | $13.6B | $5.8B | ||
| Q2 24 | $14.3B | $6.2B | ||
| Q1 24 | $12.6B | $5.5B |
净利润AALSUN
| Q4 25 | $99.0M | $101.0M | ||
| Q3 25 | $-114.0M | $133.0M | ||
| Q2 25 | $599.0M | $86.0M | ||
| Q1 25 | $-473.0M | $207.0M | ||
| Q4 24 | $590.0M | $141.0M | ||
| Q3 24 | $-149.0M | $2.0M | ||
| Q2 24 | $717.0M | $493.0M | ||
| Q1 24 | $-312.0M | $230.0M |
毛利率AALSUN
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 10.7% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 11.9% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | — | 8.8% |
营业利润率AALSUN
| Q4 25 | 3.2% | 2.1% | ||
| Q3 25 | 1.1% | 4.2% | ||
| Q2 25 | 7.9% | 3.8% | ||
| Q1 25 | -2.2% | 5.7% | ||
| Q4 24 | 8.3% | 4.5% | ||
| Q3 24 | 0.7% | 1.9% | ||
| Q2 24 | 9.7% | 2.4% | ||
| Q1 24 | 0.1% | 5.4% |
净利率AALSUN
| Q4 25 | 0.7% | 1.2% | ||
| Q3 25 | -0.8% | 2.2% | ||
| Q2 25 | 4.2% | 1.6% | ||
| Q1 25 | -3.8% | 4.0% | ||
| Q4 24 | 4.3% | 2.7% | ||
| Q3 24 | -1.1% | 0.0% | ||
| Q2 24 | 5.0% | 8.0% | ||
| Q1 24 | -2.5% | 4.2% |
每股收益（稀释后）AALSUN
| Q4 25 | $0.15 | — | ||
| Q3 25 | $-0.17 | — | ||
| Q2 25 | $0.91 | — | ||
| Q1 25 | $-0.72 | — | ||
| Q4 24 | $0.94 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $1.01 | — | ||
| Q1 24 | $-0.48 | — |
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 | — | $891.0M |
| 总债务越低越好 | $25.3B | $13.4B |
| 股东权益账面价值 | $-3.7B | — |
| 总资产 | $61.8B | $28.4B |
| 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AALSUN
| Q4 25 | — | $891.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $94.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务AALSUN
| Q4 25 | $25.3B | $13.4B | ||
| Q3 25 | $25.1B | $9.5B | ||
| Q2 25 | $25.3B | $7.8B | ||
| Q1 25 | $24.7B | $7.7B | ||
| Q4 24 | $25.2B | $7.5B | ||
| Q3 24 | $26.3B | $7.3B | ||
| Q2 24 | $27.6B | $7.3B | ||
| Q1 24 | $28.2B | $3.8B |
股东权益AALSUN
| Q4 25 | $-3.7B | — | ||
| Q3 25 | $-4.0B | — | ||
| Q2 25 | $-3.9B | — | ||
| Q1 25 | $-4.5B | — | ||
| Q4 24 | $-4.0B | — | ||
| Q3 24 | $-4.9B | — | ||
| Q2 24 | $-4.7B | — | ||
| Q1 24 | $-5.5B | — |
总资产AALSUN
| Q4 25 | $61.8B | $28.4B | ||
| Q3 25 | $62.1B | $17.8B | ||
| Q2 25 | $63.7B | $14.4B | ||
| Q1 25 | $62.6B | $14.3B | ||
| Q4 24 | $61.8B | $14.4B | ||
| Q3 24 | $63.5B | $14.1B | ||
| Q2 24 | $64.1B | $14.5B | ||
| Q1 24 | $64.4B | $7.4B |
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 | $392.0M |
| 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% | — |
| 现金转化率经营现金流/净利润 | -2.77× | 3.88× |
| 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AALSUN
| Q4 25 | $-274.0M | $392.0M | ||
| Q3 25 | $-46.0M | $401.0M | ||
| Q2 25 | $963.0M | $243.0M | ||
| Q1 25 | $2.5B | $156.0M | ||
| Q4 24 | $398.0M | $123.0M | ||
| Q3 24 | $277.0M | $210.0M | ||
| Q2 24 | $1.1B | $-70.0M | ||
| Q1 24 | $2.2B | $286.0M |
自由现金流AALSUN
| Q4 25 | $-1.9B | — | ||
| Q3 25 | $-872.0M | $244.0M | ||
| Q2 25 | $464.0M | $83.0M | ||
| Q1 25 | $1.6B | $55.0M | ||
| Q4 24 | $-342.0M | — | ||
| Q3 24 | $-191.0M | $109.0M | ||
| Q2 24 | $477.0M | $-140.0M | ||
| Q1 24 | $1.4B | $245.0M |
自由现金流率AALSUN
| Q4 25 | -13.6% | — | ||
| Q3 25 | -6.4% | 4.0% | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 13.0% | 1.1% | ||
| Q4 24 | -2.5% | — | ||
| Q3 24 | -1.4% | 1.9% | ||
| Q2 24 | 3.3% | -2.3% | ||
| Q1 24 | 10.8% | 4.5% |
资本支出强度AALSUN
| Q4 25 | 11.6% | — | ||
| Q3 25 | 6.0% | 2.6% | ||
| Q2 25 | 3.5% | 3.0% | ||
| Q1 25 | 6.6% | 2.0% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 3.4% | 1.8% | ||
| Q2 24 | 4.5% | 1.1% | ||
| Q1 24 | 6.6% | 0.7% |
现金转化率AALSUN
| Q4 25 | -2.77× | 3.88× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | 1.61× | 2.83× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | 0.67× | 0.87× | ||
| Q3 24 | — | 105.00× | ||
| Q2 24 | 1.57× | -0.14× | ||
| Q1 24 | — | 1.24× |
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% |
SUN
| Fuel Distribution | $8.2B | 95% |
| Service Revenue | $440.0M | 5% |
| Lease Revenue | $40.0M | 0% |
| Lease Income | $12.0M | 0% |
