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美国航空集团（AAL）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是美国航空集团的1.0倍（$14.6B vs $14.0B），美国联合航空净利率更高（4.8% vs 0.7%，领先4.1%），美国联合航空同比增速更快（10.6% vs 2.5%），美国联合航空自由现金流更多（$2.0B vs $-1.9B），过去两年美国航空集团的营收复合增速更高（5.5% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
AAL vs UAL — 直观对比
营收规模更大
UAL
是对方的1.0倍
$14.0B
营收增速更快
UAL
高出8.1%
2.5%
净利率更高
UAL
高出4.1%
0.7%
自由现金流更多
UAL
多$3.9B
$-1.9B
两年增速更快
AAL
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $14.0B | $14.6B |
| 净利润 | $99.0M | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.2% | 6.8% |
| 净利率 | 0.7% | 4.8% |
| 营收同比 | 2.5% | 10.6% |
| 净利润同比 | -83.2% | 80.6% |
| 每股收益（稀释后） | $0.15 | $2.14 |
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AALUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $14.0B | $15.4B | ||
| Q3 25 | $13.7B | $15.2B | ||
| Q2 25 | $14.4B | $15.2B | ||
| Q1 25 | $12.6B | $13.2B | ||
| Q4 24 | $13.7B | $14.7B | ||
| Q3 24 | $13.6B | $14.8B | ||
| Q2 24 | $14.3B | $15.0B |
净利润AALUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $99.0M | $1.0B | ||
| Q3 25 | $-114.0M | $949.0M | ||
| Q2 25 | $599.0M | $973.0M | ||
| Q1 25 | $-473.0M | $387.0M | ||
| Q4 24 | $590.0M | $985.0M | ||
| Q3 24 | $-149.0M | $965.0M | ||
| Q2 24 | $717.0M | $1.3B |
营业利润率AALUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 3.2% | 9.0% | ||
| Q3 25 | 1.1% | 9.2% | ||
| Q2 25 | 7.9% | 8.7% | ||
| Q1 25 | -2.2% | 4.6% | ||
| Q4 24 | 8.3% | 10.2% | ||
| Q3 24 | 0.7% | 10.5% | ||
| Q2 24 | 9.7% | 12.9% |
净利率AALUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 0.7% | 6.8% | ||
| Q3 25 | -0.8% | 6.2% | ||
| Q2 25 | 4.2% | 6.4% | ||
| Q1 25 | -3.8% | 2.9% | ||
| Q4 24 | 4.3% | 6.7% | ||
| Q3 24 | -1.1% | 6.5% | ||
| Q2 24 | 5.0% | 8.8% |
每股收益（稀释后）AALUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $0.15 | $3.17 | ||
| Q3 25 | $-0.17 | $2.90 | ||
| Q2 25 | $0.91 | $2.97 | ||
| Q1 25 | $-0.72 | $1.16 | ||
| Q4 24 | $0.94 | $2.97 | ||
| Q3 24 | $-0.23 | $2.90 | ||
| Q2 24 | $1.01 | $3.96 |
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 | — | $14.2B |
| 总债务越低越好 | $25.3B | — |
| 股东权益账面价值 | $-3.7B | $15.9B |
| 总资产 | $61.8B | $80.9B |
| 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AALUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | — | $12.2B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $15.6B | ||
| Q1 25 | — | $15.3B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | — | $14.2B | ||
| Q2 24 | — | $15.2B |
总债务AALUAL
| Q1 26 | — | — | ||
| Q4 25 | $25.3B | $20.6B | ||
| Q3 25 | $25.1B | $20.8B | ||
| Q2 25 | $25.3B | $20.9B | ||
| Q1 25 | $24.7B | $24.4B | ||
| Q4 24 | $25.2B | $25.2B | ||
| Q3 24 | $26.3B | — | ||
| Q2 24 | $27.6B | — |
股东权益AALUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $-3.7B | $15.3B | ||
| Q3 25 | $-4.0B | $14.3B | ||
| Q2 25 | $-3.9B | $13.4B | ||
| Q1 25 | $-4.5B | $12.6B | ||
| Q4 24 | $-4.0B | $12.7B | ||
| Q3 24 | $-4.9B | $11.4B | ||
| Q2 24 | $-4.7B | $10.5B |
总资产AALUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $61.8B | $76.4B | ||
| Q3 25 | $62.1B | $76.3B | ||
| Q2 25 | $63.7B | $77.2B | ||
| Q1 25 | $62.6B | $76.1B | ||
| Q4 24 | $61.8B | $74.1B | ||
| Q3 24 | $63.5B | $72.6B | ||
| Q2 24 | $64.1B | $73.3B |
负债/权益比AALUAL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| 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 | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $-1.9B | $2.0B |
| 自由现金流率自由现金流/营收 | -13.6% | 13.9% |
| 资本支出强度资本支出/营收 | 11.6% | 13.9% |
| 现金转化率经营现金流/净利润 | -2.77× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $-680.0M | $2.1B |
8季度趋势，按日历期对齐
经营现金流AALUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $-274.0M | $1.3B | ||
| Q3 25 | $-46.0M | $1.2B | ||
| Q2 25 | $963.0M | $2.2B | ||
| Q1 25 | $2.5B | $3.7B | ||
| Q4 24 | $398.0M | $2.2B | ||
| Q3 24 | $277.0M | $1.5B | ||
| Q2 24 | $1.1B | $2.9B |
自由现金流AALUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-1.9B | $-604.0M | ||
| Q3 25 | $-872.0M | $-246.0M | ||
| Q2 25 | $464.0M | $930.0M | ||
| Q1 25 | $1.6B | $2.5B | ||
| Q4 24 | $-342.0M | $549.0M | ||
| Q3 24 | $-191.0M | $88.0M | ||
| Q2 24 | $477.0M | $1.7B |
自由现金流率AALUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | -13.6% | -3.9% | ||
| Q3 25 | -6.4% | -1.6% | ||
| Q2 25 | 3.2% | 6.1% | ||
| Q1 25 | 13.0% | 18.7% | ||
| Q4 24 | -2.5% | 3.7% | ||
| Q3 24 | -1.4% | 0.6% | ||
| Q2 24 | 3.3% | 11.4% |
资本支出强度AALUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 11.6% | 12.3% | ||
| Q3 25 | 6.0% | 9.6% | ||
| Q2 25 | 3.5% | 8.4% | ||
| Q1 25 | 6.6% | 9.3% | ||
| Q4 24 | 5.4% | 11.4% | ||
| Q3 24 | 3.4% | 9.5% | ||
| Q2 24 | 4.5% | 7.8% |
现金转化率AALUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | -2.77× | 1.23× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | 1.61× | 2.28× | ||
| Q1 25 | — | 9.59× | ||
| Q4 24 | 0.67× | 2.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | 1.57× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
