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奥多比（ADBE）与网易（NTES）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网易的1.6倍（$6.4B vs $4.0B）。网易净利率更高（31.0% vs 29.5%，领先1.5%）。奥多比自由现金流更多（$2.9B vs $1.8B）。过去两年奥多比的营收复合增速更高（9.8% vs 9.7%）
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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
ADBE vs NTES — 直观对比
营收规模更大
ADBE
是对方的1.6倍
$4.0B
净利率更高
NTES
高出1.5%
29.5%
自由现金流更多
ADBE
多$1.1B
$1.8B
两年增速更快
ADBE
近两年复合增速
9.7%
损益表 — Q1 2026 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.0B |
| 净利润 | $1.9B | $1.2B |
| 毛利率 | 89.6% | 64.1% |
| 营业利润率 | 37.8% | 28.3% |
| 净利率 | 29.5% | 31.0% |
| 营收同比 | 12.0% | — |
| 净利润同比 | 4.3% | — |
| 每股收益（稀释后） | $4.60 | — |
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ADBENTES
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.0B | $4.0B | ||
| Q2 25 | $5.9B | $3.9B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.4B | $3.7B | ||
| Q2 24 | $5.3B | $3.5B |
净利润ADBENTES
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $955.7M | ||
| Q2 24 | $1.6B | $939.6M |
毛利率ADBENTES
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | 64.1% | ||
| Q2 25 | 89.1% | 64.7% | ||
| Q1 25 | 89.1% | 64.1% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | 62.9% | ||
| Q2 24 | 88.7% | 62.9% |
营业利润率ADBENTES
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | — | ||
| Q3 25 | 36.3% | 28.3% | ||
| Q2 25 | 35.9% | 32.5% | ||
| Q1 25 | 37.9% | 36.2% | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 36.8% | 27.3% | ||
| Q2 24 | 35.5% | 27.4% |
净利率ADBENTES
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | — | ||
| Q3 25 | 29.6% | 31.0% | ||
| Q2 25 | 28.8% | 32.6% | ||
| Q1 25 | 31.7% | 36.6% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | 25.6% | ||
| Q2 24 | 29.6% | 26.8% |
每股收益（稀释后）ADBENTES
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | — | ||
| Q3 25 | $4.18 | — | ||
| Q2 25 | $3.94 | — | ||
| Q1 25 | $4.14 | — | ||
| Q4 24 | $3.75 | — | ||
| Q3 24 | $3.76 | — | ||
| Q2 24 | $3.49 | — |
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 | $31.3B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $160.8B |
| 总资产 | $29.7B | $214.5B |
| 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ADBENTES
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $5.9B | $31.3B | ||
| Q2 25 | $5.7B | $54.4B | ||
| Q1 25 | $7.4B | $41.7B | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | $20.2B | ||
| Q2 24 | $8.1B | $19.0B |
总债务ADBENTES
| 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ADBENTES
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | — | ||
| Q3 25 | $11.8B | $160.8B | ||
| Q2 25 | $11.4B | $154.0B | ||
| Q1 25 | $13.1B | $147.8B | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $14.5B | $135.6B | ||
| Q2 24 | $14.8B | $134.2B |
总资产ADBENTES
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | — | ||
| Q3 25 | $28.8B | $214.5B | ||
| Q2 25 | $28.1B | $208.5B | ||
| Q1 25 | $30.0B | $200.9B | ||
| Q4 24 | $30.2B | — | ||
| Q3 24 | $29.8B | $184.9B | ||
| Q2 24 | $30.0B | $183.3B |
负债/权益比ADBENTES
| 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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $1.8B |
| 自由现金流率自由现金流/营收 | 45.7% | 44.7% |
| 资本支出强度资本支出/营收 | 0.6% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.57× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $6.3B |
8季度趋势，按日历期对齐
经营现金流ADBENTES
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $898.8M |
自由现金流ADBENTES
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $875.6M |
自由现金流率ADBENTES
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 35.5% | 44.7% | ||
| Q2 25 | 36.5% | 38.3% | ||
| Q1 25 | 43.0% | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | 38.9% | ||
| Q2 24 | 35.8% | 25.0% |
资本支出强度ADBENTES
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.2% | 1.0% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 0.5% | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | 1.4% | ||
| Q2 24 | 0.8% | 0.7% |
现金转化率ADBENTES
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | 1.47× | ||
| Q2 25 | 1.30× | 1.20× | ||
| Q1 25 | 1.37× | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | 1.58× | ||
| Q2 24 | 1.23× | 0.96× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
