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奥多比（ADBE）与Snowflake Inc.（SNOW）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Snowflake Inc.的5.3倍（$6.4B vs $1.2B）。奥多比净利率更高（29.5% vs -24.2%，领先53.8%）。Snowflake Inc.同比增速更快（28.7% vs 12.0%）。奥多比自由现金流更多（$2.9B vs $113.6M）。过去两年Snowflake Inc.的营收复合增速更高（25.1% 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。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
ADBE vs SNOW — 直观对比
营收规模更大
ADBE
是对方的5.3倍
$1.2B
营收增速更快
SNOW
高出16.8%
12.0%
净利率更高
ADBE
高出53.8%
-24.2%
自由现金流更多
ADBE
多$2.8B
$113.6M
两年增速更快
SNOW
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $1.2B |
| 净利润 | $1.9B | $-294.0M |
| 毛利率 | 89.6% | 67.8% |
| 营业利润率 | 37.8% | -27.2% |
| 净利率 | 29.5% | -24.2% |
| 营收同比 | 12.0% | 28.7% |
| 净利润同比 | 4.3% | 9.4% |
| 每股收益（稀释后） | $4.60 | $-0.87 |
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ADBESNOW
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $1.2B | ||
| Q3 25 | $6.0B | $1.1B | ||
| Q2 25 | $5.9B | $1.0B | ||
| Q1 25 | $5.7B | $986.8M | ||
| Q4 24 | $5.6B | $942.1M | ||
| Q3 24 | $5.4B | $868.8M | ||
| Q2 24 | $5.3B | $828.7M |
净利润ADBESNOW
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-294.0M | ||
| Q3 25 | $1.8B | $-298.0M | ||
| Q2 25 | $1.7B | $-430.1M | ||
| Q1 25 | $1.8B | $-327.5M | ||
| Q4 24 | $1.7B | $-324.3M | ||
| Q3 24 | $1.7B | $-316.9M | ||
| Q2 24 | $1.6B | $-317.0M |
毛利率ADBESNOW
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 67.8% | ||
| Q3 25 | 89.3% | 67.5% | ||
| Q2 25 | 89.1% | 66.5% | ||
| Q1 25 | 89.1% | 66.2% | ||
| Q4 24 | 89.0% | 65.9% | ||
| Q3 24 | 89.8% | 66.8% | ||
| Q2 24 | 88.7% | 67.1% |
营业利润率ADBESNOW
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | -27.2% | ||
| Q3 25 | 36.3% | -29.7% | ||
| Q2 25 | 35.9% | -42.9% | ||
| Q1 25 | 37.9% | -39.2% | ||
| Q4 24 | 34.9% | -38.8% | ||
| Q3 24 | 36.8% | -40.9% | ||
| Q2 24 | 35.5% | -42.1% |
净利率ADBESNOW
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | -24.2% | ||
| Q3 25 | 29.6% | -26.0% | ||
| Q2 25 | 28.8% | -41.3% | ||
| Q1 25 | 31.7% | -33.2% | ||
| Q4 24 | 30.0% | -34.4% | ||
| Q3 24 | 31.1% | -36.5% | ||
| Q2 24 | 29.6% | -38.3% |
每股收益（稀释后）ADBESNOW
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $-0.87 | ||
| Q3 25 | $4.18 | $-0.89 | ||
| Q2 25 | $3.94 | $-1.29 | ||
| Q1 25 | $4.14 | $-0.98 | ||
| Q4 24 | $3.75 | $-0.98 | ||
| Q3 24 | $3.76 | $-0.95 | ||
| Q2 24 | $3.49 | $-0.95 |
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 | $1.9B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $2.1B |
| 总资产 | $29.7B | $8.2B |
| 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ADBESNOW
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $1.9B | ||
| Q3 25 | $5.9B | $1.9B | ||
| Q2 25 | $5.7B | $2.2B | ||
| Q1 25 | $7.4B | $2.6B | ||
| Q4 24 | $7.9B | $2.1B | ||
| Q3 24 | $7.5B | $1.3B | ||
| Q2 24 | $8.1B | $1.3B |
总债务ADBESNOW
| 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ADBESNOW
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $2.1B | ||
| Q3 25 | $11.8B | $2.4B | ||
| Q2 25 | $11.4B | $2.4B | ||
| Q1 25 | $13.1B | $3.0B | ||
| Q4 24 | $14.1B | $2.9B | ||
| Q3 24 | $14.5B | $4.1B | ||
| Q2 24 | $14.8B | $4.6B |
总资产ADBESNOW
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $8.2B | ||
| Q3 25 | $28.8B | $8.2B | ||
| Q2 25 | $28.1B | $8.2B | ||
| Q1 25 | $30.0B | $9.0B | ||
| Q4 24 | $30.2B | $8.2B | ||
| Q3 24 | $29.8B | $6.9B | ||
| Q2 24 | $30.0B | $7.3B |
负债/权益比ADBESNOW
| 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 | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $113.6M |
| 自由现金流率自由现金流/营收 | 45.7% | 9.4% |
| 资本支出强度资本支出/营收 | 0.6% | 2.0% |
| 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 | $776.7M |
8季度趋势，按日历期对齐
经营现金流ADBESNOW
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $137.5M | ||
| Q3 25 | $2.2B | $74.9M | ||
| Q2 25 | $2.2B | $228.4M | ||
| Q1 25 | $2.5B | $432.7M | ||
| Q4 24 | — | $101.7M | ||
| Q3 24 | $2.0B | $69.9M | ||
| Q2 24 | $1.9B | $355.5M |
自由现金流ADBESNOW
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $113.6M | ||
| Q3 25 | $2.1B | $58.2M | ||
| Q2 25 | $2.1B | $183.4M | ||
| Q1 25 | $2.5B | $421.4M | ||
| Q4 24 | — | $88.3M | ||
| Q3 24 | $2.0B | $64.8M | ||
| Q2 24 | $1.9B | $338.9M |
自由现金流率ADBESNOW
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 9.4% | ||
| Q3 25 | 35.5% | 5.1% | ||
| Q2 25 | 36.5% | 17.6% | ||
| Q1 25 | 43.0% | 42.7% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 36.3% | 7.5% | ||
| Q2 24 | 35.8% | 40.9% |
资本支出强度ADBESNOW
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 2.0% | ||
| Q3 25 | 1.2% | 1.5% | ||
| Q2 25 | 0.8% | 4.3% | ||
| Q1 25 | 0.5% | 1.1% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 1.1% | 0.6% | ||
| Q2 24 | 0.8% | 2.0% |
现金转化率ADBESNOW
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | — |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
