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奥多比（ADBE）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是奥多比的1.1倍（$7.0B vs $6.4B），麦当劳净利率更高（30.9% vs 29.5%，领先1.4%），奥多比同比增速更快（12.0% vs 9.7%），奥多比自由现金流更多（$2.9B vs $1.6B），过去两年奥多比的营收复合增速更高（9.8% vs 6.6%）
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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
ADBE vs MCD — 直观对比
营收规模更大
MCD
是对方的1.1倍
$6.4B
营收增速更快
ADBE
高出2.3%
9.7%
净利率更高
MCD
高出1.4%
29.5%
自由现金流更多
ADBE
多$1.3B
$1.6B
两年增速更快
ADBE
近两年复合增速
6.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $7.0B |
| 净利润 | $1.9B | $2.2B |
| 毛利率 | 89.6% | — |
| 营业利润率 | 37.8% | 45.0% |
| 净利率 | 29.5% | 30.9% |
| 营收同比 | 12.0% | 9.7% |
| 净利润同比 | 4.3% | 7.3% |
| 每股收益（稀释后） | $4.60 | $3.03 |
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ADBEMCD
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $7.0B | ||
| Q3 25 | $6.0B | $7.1B | ||
| Q2 25 | $5.9B | $6.8B | ||
| Q1 25 | $5.7B | $6.0B | ||
| Q4 24 | $5.6B | $6.4B | ||
| Q3 24 | $5.4B | $6.9B | ||
| Q2 24 | $5.3B | $6.5B |
净利润ADBEMCD
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $2.2B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $1.7B | $2.3B | ||
| Q1 25 | $1.8B | $1.9B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $1.7B | $2.3B | ||
| Q2 24 | $1.6B | $2.0B |
毛利率ADBEMCD
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | 90.6% | ||
| Q2 25 | 89.1% | 90.4% | ||
| Q1 25 | 89.1% | 89.6% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | 90.6% | ||
| Q2 24 | 88.7% | 90.3% |
营业利润率ADBEMCD
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 45.0% | ||
| Q3 25 | 36.3% | 47.4% | ||
| Q2 25 | 35.9% | 47.2% | ||
| Q1 25 | 37.9% | 44.5% | ||
| Q4 24 | 34.9% | 44.9% | ||
| Q3 24 | 36.8% | 46.4% | ||
| Q2 24 | 35.5% | 45.0% |
净利率ADBEMCD
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 30.9% | ||
| Q3 25 | 29.6% | 32.2% | ||
| Q2 25 | 28.8% | 32.9% | ||
| Q1 25 | 31.7% | 31.4% | ||
| Q4 24 | 30.0% | 31.6% | ||
| Q3 24 | 31.1% | 32.8% | ||
| Q2 24 | 29.6% | 31.2% |
每股收益（稀释后）ADBEMCD
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $3.03 | ||
| Q3 25 | $4.18 | $3.18 | ||
| Q2 25 | $3.94 | $3.14 | ||
| Q1 25 | $4.14 | $2.60 | ||
| Q4 24 | $3.75 | $2.80 | ||
| Q3 24 | $3.76 | $3.13 | ||
| Q2 24 | $3.49 | $2.80 |
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 | $774.0M |
| 总债务越低越好 | $5.4B | $40.0B |
| 股东权益账面价值 | $11.4B | $-1.8B |
| 总资产 | $29.7B | $59.5B |
| 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ADBEMCD
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $774.0M | ||
| Q3 25 | $5.9B | $2.4B | ||
| Q2 25 | $5.7B | $1.9B | ||
| Q1 25 | $7.4B | $1.2B | ||
| Q4 24 | $7.9B | $1.1B | ||
| Q3 24 | $7.5B | $1.2B | ||
| Q2 24 | $8.1B | $792.0M |
总债务ADBEMCD
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $40.0B | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | $38.4B | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
股东权益ADBEMCD
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $-1.8B | ||
| Q3 25 | $11.8B | $-2.2B | ||
| Q2 25 | $11.4B | $-2.8B | ||
| Q1 25 | $13.1B | $-3.5B | ||
| Q4 24 | $14.1B | $-3.8B | ||
| Q3 24 | $14.5B | $-5.2B | ||
| Q2 24 | $14.8B | $-4.8B |
总资产ADBEMCD
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $59.5B | ||
| Q3 25 | $28.8B | $60.6B | ||
| Q2 25 | $28.1B | $59.6B | ||
| Q1 25 | $30.0B | $56.3B | ||
| Q4 24 | $30.2B | $55.2B | ||
| Q3 24 | $29.8B | $56.2B | ||
| Q2 24 | $30.0B | $53.8B |
负债/权益比ADBEMCD
| 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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $1.6B |
| 自由现金流率自由现金流/营收 | 45.7% | 23.4% |
| 资本支出强度资本支出/营收 | 0.6% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $7.2B |
8季度趋势，按日历期对齐
经营现金流ADBEMCD
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $2.2B | $3.4B | ||
| Q2 25 | $2.2B | $2.0B | ||
| Q1 25 | $2.5B | $2.4B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $2.0B | $2.7B | ||
| Q2 24 | $1.9B | $1.7B |
自由现金流ADBEMCD
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $2.0B | $1.9B | ||
| Q2 24 | $1.9B | $1.1B |
自由现金流率ADBEMCD
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 23.4% | ||
| Q3 25 | 35.5% | 34.1% | ||
| Q2 25 | 36.5% | 18.3% | ||
| Q1 25 | 43.0% | 31.5% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | 36.3% | 28.3% | ||
| Q2 24 | 35.8% | 16.3% |
资本支出强度ADBEMCD
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 15.1% | ||
| Q3 25 | 1.2% | 14.3% | ||
| Q2 25 | 0.8% | 10.9% | ||
| Q1 25 | 0.5% | 9.3% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 1.1% | 11.6% | ||
| Q2 24 | 0.8% | 9.7% |
现金转化率ADBEMCD
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 1.25× | ||
| Q3 25 | 1.24× | 1.50× | ||
| Q2 25 | 1.30× | 0.89× | ||
| Q1 25 | 1.37× | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | 1.20× | 1.21× | ||
| Q2 24 | 1.23× | 0.84× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
