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奥多比（ADBE）与Block, Inc.（XYZ）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Block, Inc.的1.0倍（$6.4B vs $6.3B），奥多比净利率更高（29.5% vs 1.9%，领先27.7%），奥多比同比增速更快（12.0% vs 3.6%），奥多比自由现金流更多（$2.9B vs $579.8M），过去两年奥多比的营收复合增速更高（9.8% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
ADBE vs XYZ — 直观对比
营收规模更大
ADBE
是对方的1.0倍
$6.3B
营收增速更快
ADBE
高出8.3%
3.6%
净利率更高
ADBE
高出27.7%
1.9%
自由现金流更多
ADBE
多$2.3B
$579.8M
两年增速更快
ADBE
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $6.3B |
| 净利润 | $1.9B | $115.8M |
| 毛利率 | 89.6% | 45.9% |
| 营业利润率 | 37.8% | 7.8% |
| 净利率 | 29.5% | 1.9% |
| 营收同比 | 12.0% | 3.6% |
| 净利润同比 | 4.3% | -94.1% |
| 每股收益（稀释后） | $4.60 | $0.19 |
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ADBEXYZ
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $6.3B | ||
| Q3 25 | $6.0B | $6.1B | ||
| Q2 25 | $5.9B | $6.1B | ||
| Q1 25 | $5.7B | $5.8B | ||
| Q4 24 | $5.6B | $6.0B | ||
| Q3 24 | $5.4B | $6.0B | ||
| Q2 24 | $5.3B | $6.2B |
净利润ADBEXYZ
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $115.8M | ||
| Q3 25 | $1.8B | $461.5M | ||
| Q2 25 | $1.7B | $538.5M | ||
| Q1 25 | $1.8B | $189.9M | ||
| Q4 24 | $1.7B | $1.9B | ||
| Q3 24 | $1.7B | $283.8M | ||
| Q2 24 | $1.6B | $195.3M |
毛利率ADBEXYZ
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 45.9% | ||
| Q3 25 | 89.3% | 43.5% | ||
| Q2 25 | 89.1% | 41.9% | ||
| Q1 25 | 89.1% | 39.7% | ||
| Q4 24 | 89.0% | 38.3% | ||
| Q3 24 | 89.8% | 37.6% | ||
| Q2 24 | 88.7% | 36.3% |
营业利润率ADBEXYZ
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 7.8% | ||
| Q3 25 | 36.3% | 6.7% | ||
| Q2 25 | 35.9% | 8.0% | ||
| Q1 25 | 37.9% | 5.7% | ||
| Q4 24 | 34.9% | 0.2% | ||
| Q3 24 | 36.8% | 5.4% | ||
| Q2 24 | 35.5% | 5.0% |
净利率ADBEXYZ
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 1.9% | ||
| Q3 25 | 29.6% | 7.5% | ||
| Q2 25 | 28.8% | 8.9% | ||
| Q1 25 | 31.7% | 3.3% | ||
| Q4 24 | 30.0% | 32.3% | ||
| Q3 24 | 31.1% | 4.7% | ||
| Q2 24 | 29.6% | 3.2% |
每股收益（稀释后）ADBEXYZ
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.19 | ||
| Q3 25 | $4.18 | $0.74 | ||
| Q2 25 | $3.94 | $0.87 | ||
| Q1 25 | $4.14 | $0.30 | ||
| Q4 24 | $3.75 | $3.06 | ||
| Q3 24 | $3.76 | $0.45 | ||
| Q2 24 | $3.49 | $0.31 |
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 | $6.6B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $11.4B | $22.2B |
| 总资产 | $29.7B | $39.5B |
| 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ADBEXYZ
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $6.6B | ||
| Q3 25 | $5.9B | $8.3B | ||
| Q2 25 | $5.7B | $6.4B | ||
| Q1 25 | $7.4B | $7.1B | ||
| Q4 24 | $7.9B | $8.1B | ||
| Q3 24 | $7.5B | $8.3B | ||
| Q2 24 | $8.1B | $7.8B |
总债务ADBEXYZ
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | $7.3B | ||
| Q2 25 | $6.2B | $5.1B | ||
| Q1 25 | $6.2B | $5.1B | ||
| Q4 24 | $4.1B | $6.1B | ||
| Q3 24 | $4.1B | $6.1B | ||
| Q2 24 | $4.1B | $6.1B |
股东权益ADBEXYZ
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $22.2B | ||
| Q3 25 | $11.8B | $22.5B | ||
| Q2 25 | $11.4B | $22.2B | ||
| Q1 25 | $13.1B | $21.5B | ||
| Q4 24 | $14.1B | $21.3B | ||
| Q3 24 | $14.5B | $19.9B | ||
| Q2 24 | $14.8B | $19.3B |
总资产ADBEXYZ
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $39.5B | ||
| Q3 25 | $28.8B | $39.2B | ||
| Q2 25 | $28.1B | $36.9B | ||
| Q1 25 | $30.0B | $36.4B | ||
| Q4 24 | $30.2B | $36.8B | ||
| Q3 24 | $29.8B | $36.4B | ||
| Q2 24 | $30.0B | $37.5B |
负债/权益比ADBEXYZ
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | 0.32× | ||
| Q2 25 | 0.54× | 0.23× | ||
| Q1 25 | 0.47× | 0.24× | ||
| Q4 24 | 0.29× | 0.29× | ||
| Q3 24 | 0.28× | 0.31× | ||
| Q2 24 | 0.28× | 0.32× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $579.8M |
| 自由现金流率自由现金流/营收 | 45.7% | 9.3% |
| 资本支出强度资本支出/营收 | 0.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.57× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $10.3B | $2.4B |
8季度趋势，按日历期对齐
经营现金流ADBEXYZ
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $621.0M | ||
| Q3 25 | $2.2B | $1.5B | ||
| Q2 25 | $2.2B | $374.3M | ||
| Q1 25 | $2.5B | $133.3M | ||
| Q4 24 | — | $13.8M | ||
| Q3 24 | $2.0B | $684.8M | ||
| Q2 24 | $1.9B | $519.4M |
自由现金流ADBEXYZ
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $579.8M | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $343.0M | ||
| Q1 25 | $2.5B | $101.5M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | $2.0B | $628.2M | ||
| Q2 24 | $1.9B | $481.0M |
自由现金流率ADBEXYZ
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 9.3% | ||
| Q3 25 | 35.5% | 22.9% | ||
| Q2 25 | 36.5% | 5.7% | ||
| Q1 25 | 43.0% | 1.8% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | 36.3% | 10.5% | ||
| Q2 24 | 35.8% | 7.8% |
资本支出强度ADBEXYZ
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 0.7% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 0.8% | 0.5% | ||
| Q1 25 | 0.5% | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 1.1% | 0.9% | ||
| Q2 24 | 0.8% | 0.6% |
现金转化率ADBEXYZ
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 5.36× | ||
| Q3 25 | 1.24× | 3.14× | ||
| Q2 25 | 1.30× | 0.70× | ||
| Q1 25 | 1.37× | 0.70× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | 1.20× | 2.41× | ||
| Q2 24 | 1.23× | 2.66× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
