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奥多比（ADBE）与CDW Corporation（CDW）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是CDW Corporation的1.2倍（$6.4B vs $5.5B），奥多比同比增速更快（12.0% vs 6.3%），奥多比自由现金流更多（$2.9B vs $395.9M），过去两年奥多比的营收复合增速更高（9.8% vs 6.3%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
ADBE vs CDW — 直观对比
营收规模更大
ADBE
是对方的1.2倍
$5.5B
营收增速更快
ADBE
高出5.7%
6.3%
自由现金流更多
ADBE
多$2.5B
$395.9M
两年增速更快
ADBE
近两年复合增速
6.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $5.5B |
| 净利润 | $1.9B | — |
| 毛利率 | 89.6% | 22.8% |
| 营业利润率 | 37.8% | 7.8% |
| 净利率 | 29.5% | — |
| 营收同比 | 12.0% | 6.3% |
| 净利润同比 | 4.3% | — |
| 每股收益（稀释后） | $4.60 | $2.13 |
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ADBECDW
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $5.5B | ||
| Q3 25 | $6.0B | $5.7B | ||
| Q2 25 | $5.9B | $6.0B | ||
| Q1 25 | $5.7B | $5.2B | ||
| Q4 24 | $5.6B | $5.2B | ||
| Q3 24 | $5.4B | $5.5B | ||
| Q2 24 | $5.3B | $5.4B |
净利润ADBECDW
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $291.0M | ||
| Q2 25 | $1.7B | $271.2M | ||
| Q1 25 | $1.8B | $224.9M | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $316.4M | ||
| Q2 24 | $1.6B | $281.1M |
毛利率ADBECDW
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 22.8% | ||
| Q3 25 | 89.3% | 21.9% | ||
| Q2 25 | 89.1% | 20.8% | ||
| Q1 25 | 89.1% | 21.6% | ||
| Q4 24 | 89.0% | 22.3% | ||
| Q3 24 | 89.8% | 21.8% | ||
| Q2 24 | 88.7% | 21.8% |
营业利润率ADBECDW
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 7.8% | ||
| Q3 25 | 36.3% | 7.7% | ||
| Q2 25 | 35.9% | 7.0% | ||
| Q1 25 | 37.9% | 7.0% | ||
| Q4 24 | 34.9% | 7.9% | ||
| Q3 24 | 36.8% | 8.7% | ||
| Q2 24 | 35.5% | 8.0% |
净利率ADBECDW
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | — | ||
| Q3 25 | 29.6% | 5.1% | ||
| Q2 25 | 28.8% | 4.5% | ||
| Q1 25 | 31.7% | 4.3% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | 5.7% | ||
| Q2 24 | 29.6% | 5.2% |
每股收益（稀释后）ADBECDW
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $2.13 | ||
| Q3 25 | $4.18 | $2.21 | ||
| Q2 25 | $3.94 | $2.05 | ||
| Q1 25 | $4.14 | $1.69 | ||
| Q4 24 | $3.75 | $1.97 | ||
| Q3 24 | $3.76 | $2.34 | ||
| Q2 24 | $3.49 | $2.07 |
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 | $6.9B | $618.7M |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $2.6B |
| 总资产 | $29.7B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.47× | — |
8季度趋势，按日历期对齐
现金及短期投资ADBECDW
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $618.7M | ||
| Q3 25 | $5.9B | $452.9M | ||
| Q2 25 | $5.7B | $481.0M | ||
| Q1 25 | $7.4B | $688.1M | ||
| Q4 24 | $7.9B | $717.7M | ||
| Q3 24 | $7.5B | $1.2B | ||
| Q2 24 | $8.1B | $665.3M |
总债务ADBECDW
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBECDW
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $2.6B | ||
| Q3 25 | $11.8B | $2.5B | ||
| Q2 25 | $11.4B | $2.5B | ||
| Q1 25 | $13.1B | $2.3B | ||
| Q4 24 | $14.1B | $2.4B | ||
| Q3 24 | $14.5B | $2.3B | ||
| Q2 24 | $14.8B | $2.2B |
总资产ADBECDW
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $16.0B | ||
| Q3 25 | $28.8B | $15.2B | ||
| Q2 25 | $28.1B | $15.3B | ||
| Q1 25 | $30.0B | $15.0B | ||
| Q4 24 | $30.2B | $14.7B | ||
| Q3 24 | $29.8B | $14.4B | ||
| Q2 24 | $30.0B | $13.6B |
负债/权益比ADBECDW
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
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 | $3.0B | $433.8M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $395.9M |
| 自由现金流率自由现金流/营收 | 45.7% | 7.2% |
| 资本支出强度资本支出/营收 | 0.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $1.1B |
8季度趋势，按日历期对齐
经营现金流ADBECDW
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $433.8M | ||
| Q3 25 | $2.2B | $328.3M | ||
| Q2 25 | $2.2B | $155.9M | ||
| Q1 25 | $2.5B | $287.2M | ||
| Q4 24 | — | $345.3M | ||
| Q3 24 | $2.0B | $342.1M | ||
| Q2 24 | $1.9B | $149.9M |
自由现金流ADBECDW
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $395.9M | ||
| Q3 25 | $2.1B | $298.5M | ||
| Q2 25 | $2.1B | $133.4M | ||
| Q1 25 | $2.5B | $260.3M | ||
| Q4 24 | — | $316.7M | ||
| Q3 24 | $2.0B | $308.5M | ||
| Q2 24 | $1.9B | $119.0M |
自由现金流率ADBECDW
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 7.2% | ||
| Q3 25 | 35.5% | 5.2% | ||
| Q2 25 | 36.5% | 2.2% | ||
| Q1 25 | 43.0% | 5.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | 36.3% | 5.6% | ||
| Q2 24 | 35.8% | 2.2% |
资本支出强度ADBECDW
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 0.7% | ||
| Q3 25 | 1.2% | 0.5% | ||
| Q2 25 | 0.8% | 0.4% | ||
| Q1 25 | 0.5% | 0.5% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 0.8% | 0.6% |
现金转化率ADBECDW
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | 1.13× | ||
| Q2 25 | 1.30× | 0.57× | ||
| Q1 25 | 1.37× | 1.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | 1.08× | ||
| Q2 24 | 1.23× | 0.53× |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
CDW
暂无分部数据
