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奥多比（ADBE）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的1.7倍（$6.4B vs $3.7B）。奥多比净利率更高（29.5% vs 20.2%，领先9.3%）。SHOPIFY INC.同比增速更快（30.6% vs 12.0%）。奥多比自由现金流更多（$2.9B vs $715.0M）。过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 9.8%）
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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
ADBE vs SHOP — 直观对比
营收规模更大
ADBE
是对方的1.7倍
$3.7B
营收增速更快
SHOP
高出18.6%
12.0%
净利率更高
ADBE
高出9.3%
20.2%
自由现金流更多
ADBE
多$2.2B
$715.0M
两年增速更快
SHOP
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $3.7B |
| 净利润 | $1.9B | $743.0M |
| 毛利率 | 89.6% | 46.1% |
| 营业利润率 | 37.8% | 17.2% |
| 净利率 | 29.5% | 20.2% |
| 营收同比 | 12.0% | 30.6% |
| 净利润同比 | 4.3% | -42.5% |
| 每股收益（稀释后） | $4.60 | $0.58 |
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ADBESHOP
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $3.7B | ||
| Q3 25 | $6.0B | $2.8B | ||
| Q2 25 | $5.9B | $2.7B | ||
| Q1 25 | $5.7B | $2.4B | ||
| Q4 24 | $5.6B | $2.8B | ||
| Q3 24 | $5.4B | $2.2B | ||
| Q2 24 | $5.3B | $2.0B |
净利润ADBESHOP
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $743.0M | ||
| Q3 25 | $1.8B | $264.0M | ||
| Q2 25 | $1.7B | $906.0M | ||
| Q1 25 | $1.8B | $-682.0M | ||
| Q4 24 | $1.7B | $1.3B | ||
| Q3 24 | $1.7B | $828.0M | ||
| Q2 24 | $1.6B | $171.0M |
毛利率ADBESHOP
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 46.1% | ||
| Q3 25 | 89.3% | 48.9% | ||
| Q2 25 | 89.1% | 48.6% | ||
| Q1 25 | 89.1% | 49.5% | ||
| Q4 24 | 89.0% | 48.1% | ||
| Q3 24 | 89.8% | 51.7% | ||
| Q2 24 | 88.7% | 51.1% |
营业利润率ADBESHOP
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 17.2% | ||
| Q3 25 | 36.3% | 12.1% | ||
| Q2 25 | 35.9% | 10.9% | ||
| Q1 25 | 37.9% | 8.6% | ||
| Q4 24 | 34.9% | 16.5% | ||
| Q3 24 | 36.8% | 13.1% | ||
| Q2 24 | 35.5% | 11.8% |
净利率ADBESHOP
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 20.2% | ||
| Q3 25 | 29.6% | 9.3% | ||
| Q2 25 | 28.8% | 33.8% | ||
| Q1 25 | 31.7% | -28.9% | ||
| Q4 24 | 30.0% | 46.0% | ||
| Q3 24 | 31.1% | 38.3% | ||
| Q2 24 | 29.6% | 8.4% |
每股收益（稀释后）ADBESHOP
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.58 | ||
| Q3 25 | $4.18 | $0.20 | ||
| Q2 25 | $3.94 | $0.69 | ||
| Q1 25 | $4.14 | $-0.53 | ||
| Q4 24 | $3.75 | $0.99 | ||
| Q3 24 | $3.76 | $0.64 | ||
| Q2 24 | $3.49 | $0.13 |
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 | $5.8B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $13.5B |
| 总资产 | $29.7B | $15.2B |
| 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ADBESHOP
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $5.8B | ||
| Q3 25 | $5.9B | $6.3B | ||
| Q2 25 | $5.7B | $5.8B | ||
| Q1 25 | $7.4B | $5.5B | ||
| Q4 24 | $7.9B | $5.5B | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $8.1B | — |
总债务ADBESHOP
| 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ADBESHOP
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $13.5B | ||
| Q3 25 | $11.8B | $12.5B | ||
| Q2 25 | $11.4B | $12.1B | ||
| Q1 25 | $13.1B | $11.1B | ||
| Q4 24 | $14.1B | $11.6B | ||
| Q3 24 | $14.5B | $10.1B | ||
| Q2 24 | $14.8B | $9.2B |
总资产ADBESHOP
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $15.2B | ||
| Q3 25 | $28.8B | $15.0B | ||
| Q2 25 | $28.1B | $14.6B | ||
| Q1 25 | $30.0B | $13.4B | ||
| Q4 24 | $30.2B | $13.9B | ||
| Q3 24 | $29.8B | — | ||
| Q2 24 | $30.0B | — |
负债/权益比ADBESHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $715.0M |
| 自由现金流率自由现金流/营收 | 45.7% | 19.5% |
| 资本支出强度资本支出/营收 | 0.6% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.57× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $2.0B |
8季度趋势，按日历期对齐
经营现金流ADBESHOP
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $725.0M | ||
| Q3 25 | $2.2B | $513.0M | ||
| Q2 25 | $2.2B | $428.0M | ||
| Q1 25 | $2.5B | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | $2.0B | $423.0M | ||
| Q2 24 | $1.9B | $340.0M |
自由现金流ADBESHOP
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $715.0M | ||
| Q3 25 | $2.1B | $507.0M | ||
| Q2 25 | $2.1B | $422.0M | ||
| Q1 25 | $2.5B | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | $2.0B | $421.0M | ||
| Q2 24 | $1.9B | $333.0M |
自由现金流率ADBESHOP
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 19.5% | ||
| Q3 25 | 35.5% | 17.8% | ||
| Q2 25 | 36.5% | 15.7% | ||
| Q1 25 | 43.0% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | 36.3% | 19.5% | ||
| Q2 24 | 35.8% | 16.3% |
资本支出强度ADBESHOP
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 1.2% | 0.2% | ||
| Q2 25 | 0.8% | 0.2% | ||
| Q1 25 | 0.5% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | 1.1% | 0.1% | ||
| Q2 24 | 0.8% | 0.3% |
现金转化率ADBESHOP
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 0.98× | ||
| Q3 25 | 1.24× | 1.94× | ||
| Q2 25 | 1.30× | 0.47× | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 1.20× | 0.51× | ||
| Q2 24 | 1.23× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
