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奥多比（ADBE）与皇家加勒比集团（RCL）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皇家加勒比集团的1.4倍（$6.4B vs $4.5B），奥多比净利率更高（29.5% vs 21.3%，领先8.2%），奥多比同比增速更快（12.0% vs 11.3%），过去两年奥多比的营收复合增速更高（9.8% vs 4.1%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
ADBE vs RCL — 直观对比
营收规模更大
ADBE
是对方的1.4倍
$4.5B
营收增速更快
ADBE
高出0.6%
11.3%
净利率更高
ADBE
高出8.2%
21.3%
两年增速更快
ADBE
近两年复合增速
4.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $4.5B |
| 净利润 | $1.9B | $950.0M |
| 毛利率 | 89.6% | — |
| 营业利润率 | 37.8% | 26.1% |
| 净利率 | 29.5% | 21.3% |
| 营收同比 | 12.0% | 11.3% |
| 净利润同比 | 4.3% | 29.1% |
| 每股收益（稀释后） | $4.60 | $3.48 |
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ADBERCL
| Q1 26 | $6.4B | $4.5B | ||
| Q4 25 | $6.2B | $4.3B | ||
| Q3 25 | $6.0B | $5.1B | ||
| Q2 25 | $5.9B | $4.5B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $5.6B | $3.8B | ||
| Q3 24 | $5.4B | $4.9B | ||
| Q2 24 | $5.3B | $4.1B |
净利润ADBERCL
| Q1 26 | $1.9B | $950.0M | ||
| Q4 25 | $1.9B | $753.0M | ||
| Q3 25 | $1.8B | $1.6B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.8B | $730.0M | ||
| Q4 24 | $1.7B | $552.0M | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.6B | $854.0M |
毛利率ADBERCL
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 47.4% | ||
| Q3 25 | 89.3% | 51.8% | ||
| Q2 25 | 89.1% | 49.7% | ||
| Q1 25 | 89.1% | 48.0% | ||
| Q4 24 | 89.0% | 45.4% | ||
| Q3 24 | 89.8% | 51.1% | ||
| Q2 24 | 88.7% | 47.6% |
营业利润率ADBERCL
| Q1 26 | 37.8% | 26.1% | ||
| Q4 25 | 36.5% | 21.9% | ||
| Q3 25 | 36.3% | 33.1% | ||
| Q2 25 | 35.9% | 29.3% | ||
| Q1 25 | 37.9% | 23.6% | ||
| Q4 24 | 34.9% | 16.6% | ||
| Q3 24 | 36.8% | 33.4% | ||
| Q2 24 | 35.5% | 26.7% |
净利率ADBERCL
| Q1 26 | 29.5% | 21.3% | ||
| Q4 25 | 30.0% | 17.7% | ||
| Q3 25 | 29.6% | 30.6% | ||
| Q2 25 | 28.8% | 26.7% | ||
| Q1 25 | 31.7% | 18.3% | ||
| Q4 24 | 30.0% | 14.7% | ||
| Q3 24 | 31.1% | 22.7% | ||
| Q2 24 | 29.6% | 20.8% |
每股收益（稀释后）ADBERCL
| Q1 26 | $4.60 | $3.48 | ||
| Q4 25 | $4.44 | $2.76 | ||
| Q3 25 | $4.18 | $5.74 | ||
| Q2 25 | $3.94 | $4.41 | ||
| Q1 25 | $4.14 | $2.70 | ||
| Q4 24 | $3.75 | $2.27 | ||
| Q3 24 | $3.76 | $4.21 | ||
| Q2 24 | $3.49 | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $5.4B | $21.1B |
| 股东权益账面价值 | $11.4B | $10.0B |
| 总资产 | $29.7B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.47× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资ADBERCL
| Q1 26 | $6.9B | $512.0M | ||
| Q4 25 | $6.6B | $825.0M | ||
| Q3 25 | $5.9B | $432.0M | ||
| Q2 25 | $5.7B | $735.0M | ||
| Q1 25 | $7.4B | $386.0M | ||
| Q4 24 | $7.9B | $388.0M | ||
| Q3 24 | $7.5B | $418.0M | ||
| Q2 24 | $8.1B | $391.0M |
总债务ADBERCL
| Q1 26 | $5.4B | $21.1B | ||
| Q4 25 | $6.2B | $18.2B | ||
| Q3 25 | $6.2B | $17.2B | ||
| Q2 25 | $6.2B | $17.6B | ||
| Q1 25 | $6.2B | $18.0B | ||
| Q4 24 | $4.1B | $18.5B | ||
| Q3 24 | $4.1B | $19.0B | ||
| Q2 24 | $4.1B | $19.8B |
股东权益ADBERCL
| Q1 26 | $11.4B | $10.0B | ||
| Q4 25 | $11.6B | $10.0B | ||
| Q3 25 | $11.8B | $10.1B | ||
| Q2 25 | $11.4B | $9.2B | ||
| Q1 25 | $13.1B | $8.0B | ||
| Q4 24 | $14.1B | $7.6B | ||
| Q3 24 | $14.5B | $7.0B | ||
| Q2 24 | $14.8B | $6.0B |
总资产ADBERCL
| Q1 26 | $29.7B | $42.0B | ||
| Q4 25 | $29.5B | $41.6B | ||
| Q3 25 | $28.8B | $40.1B | ||
| Q2 25 | $28.1B | $38.5B | ||
| Q1 25 | $30.0B | $37.5B | ||
| Q4 24 | $30.2B | $37.1B | ||
| Q3 24 | $29.8B | $37.1B | ||
| Q2 24 | $30.0B | $37.0B |
负债/权益比ADBERCL
| Q1 26 | 0.47× | 2.11× | ||
| Q4 25 | 0.53× | 1.81× | ||
| Q3 25 | 0.53× | 1.70× | ||
| Q2 25 | 0.54× | 1.92× | ||
| Q1 25 | 0.47× | 2.26× | ||
| Q4 24 | 0.29× | 2.44× | ||
| Q3 24 | 0.28× | 2.69× | ||
| Q2 24 | 0.28× | 3.29× |
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 | — |
| 自由现金流率自由现金流/营收 | 45.7% | — |
| 资本支出强度资本支出/营收 | 0.6% | — |
| 现金转化率经营现金流/净利润 | 1.57× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $10.3B | — |
8季度趋势，按日历期对齐
经营现金流ADBERCL
| Q1 26 | $3.0B | $1.8B | ||
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.2B | $1.7B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $2.0B | $897.0M | ||
| Q2 24 | $1.9B | $1.6B |
自由现金流ADBERCL
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $116.0M | ||
| Q3 25 | $2.1B | $-989.0M | ||
| Q2 25 | $2.1B | $910.0M | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | $2.0B | $563.0M | ||
| Q2 24 | $1.9B | $-567.0M |
自由现金流率ADBERCL
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 2.7% | ||
| Q3 25 | 35.5% | -19.2% | ||
| Q2 25 | 36.5% | 20.1% | ||
| Q1 25 | 43.0% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 36.3% | 11.5% | ||
| Q2 24 | 35.8% | -13.8% |
资本支出强度ADBERCL
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 35.4% | ||
| Q3 25 | 1.2% | 47.8% | ||
| Q2 25 | 0.8% | 18.4% | ||
| Q1 25 | 0.5% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 1.1% | 6.8% | ||
| Q2 24 | 0.8% | 52.1% |
现金转化率ADBERCL
| Q1 26 | 1.57× | 1.93× | ||
| Q4 25 | 1.70× | 2.16× | ||
| Q3 25 | 1.24× | 0.93× | ||
| Q2 25 | 1.30× | 1.44× | ||
| Q1 25 | 1.37× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.20× | 0.81× | ||
| Q2 24 | 1.23× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
