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Automatic Data Processing（ADP）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
Automatic Data Processing的季度营收约是皇家加勒比集团的1.3倍（$5.9B vs $4.5B），Automatic Data Processing净利率更高（22.9% vs 21.3%，领先1.6%），皇家加勒比集团同比增速更快（11.3% vs 7.0%），过去两年Automatic Data Processing的营收复合增速更高（11.6% vs 4.1%）
ADP是总部位于美国新泽西州罗斯兰的跨国企业，为全球各行业客户提供云基人力资源管理、薪资核算处理、专业雇主组织（PEO）等领域的专业服务，是全球人力资源服务领域的知名头部供应商。
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。
ADP vs RCL — 直观对比
营收规模更大
ADP
是对方的1.3倍
$4.5B
营收增速更快
RCL
高出4.4%
7.0%
净利率更高
ADP
高出1.6%
21.3%
两年增速更快
ADP
近两年复合增速
4.1%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.9B | $4.5B |
| 净利润 | $1.4B | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 26.1% |
| 净利率 | 22.9% | 21.3% |
| 营收同比 | 7.0% | 11.3% |
| 净利润同比 | 8.4% | 29.1% |
| 每股收益（稀释后） | $10.01 | $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ADPRCL
| Q1 26 | $5.9B | $4.5B | ||
| Q4 25 | $5.4B | $4.3B | ||
| Q3 25 | $5.2B | $5.1B | ||
| Q2 25 | $5.1B | $4.5B | ||
| Q1 25 | $5.6B | $4.0B | ||
| Q4 24 | $5.0B | $3.8B | ||
| Q3 24 | $4.8B | $4.9B | ||
| Q2 24 | $4.8B | $4.1B |
净利润ADPRCL
| Q1 26 | $1.4B | $950.0M | ||
| Q4 25 | $1.1B | $753.0M | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $910.7M | $1.2B | ||
| Q1 25 | $1.2B | $730.0M | ||
| Q4 24 | $963.2M | $552.0M | ||
| Q3 24 | $956.3M | $1.1B | ||
| Q2 24 | $829.3M | $854.0M |
毛利率ADPRCL
| Q1 26 | — | — | ||
| Q4 25 | 46.1% | 47.4% | ||
| Q3 25 | 45.2% | 51.8% | ||
| Q2 25 | 45.1% | 49.7% | ||
| Q1 25 | 47.7% | 48.0% | ||
| Q4 24 | 45.7% | 45.4% | ||
| Q3 24 | 45.5% | 51.1% | ||
| Q2 24 | 44.8% | 47.6% |
营业利润率ADPRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 25.8% | 21.9% | ||
| Q3 25 | 25.3% | 33.1% | ||
| Q2 25 | 23.2% | 29.3% | ||
| Q1 25 | 29.2% | 23.6% | ||
| Q4 24 | 25.0% | 16.6% | ||
| Q3 24 | 25.6% | 33.4% | ||
| Q2 24 | 22.8% | 26.7% |
净利率ADPRCL
| Q1 26 | 22.9% | 21.3% | ||
| Q4 25 | 19.8% | 17.7% | ||
| Q3 25 | 19.6% | 30.6% | ||
| Q2 25 | 17.8% | 26.7% | ||
| Q1 25 | 22.5% | 18.3% | ||
| Q4 24 | 19.1% | 14.7% | ||
| Q3 24 | 19.8% | 22.7% | ||
| Q2 24 | 17.4% | 20.8% |
每股收益（稀释后）ADPRCL
| Q1 26 | $10.01 | $3.48 | ||
| Q4 25 | $2.62 | $2.76 | ||
| Q3 25 | $2.49 | $5.74 | ||
| Q2 25 | $2.23 | $4.41 | ||
| Q1 25 | $3.06 | $2.70 | ||
| Q4 24 | $2.35 | $2.27 | ||
| Q3 24 | $2.34 | $4.21 | ||
| Q2 24 | $2.01 | $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 | $3.2B | $512.0M |
| 总债务越低越好 | $4.0B | $21.1B |
| 股东权益账面价值 | $6.4B | $10.0B |
| 总资产 | $64.5B | $42.0B |
| 负债/权益比越低杠杆越低 | 0.63× | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资ADPRCL
| Q1 26 | $3.2B | $512.0M | ||
| Q4 25 | $2.5B | $825.0M | ||
| Q3 25 | $7.9B | $432.0M | ||
| Q2 25 | $7.8B | $735.0M | ||
| Q1 25 | $2.7B | $386.0M | ||
| Q4 24 | $2.2B | $388.0M | ||
| Q3 24 | $7.3B | $418.0M | ||
| Q2 24 | $3.3B | $391.0M |
总债务ADPRCL
| Q1 26 | $4.0B | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益ADPRCL
| Q1 26 | $6.4B | $10.0B | ||
| Q4 25 | $6.4B | $10.0B | ||
| Q3 25 | $6.4B | $10.1B | ||
| Q2 25 | $6.2B | $9.2B | ||
| Q1 25 | $5.9B | $8.0B | ||
| Q4 24 | $5.1B | $7.6B | ||
| Q3 24 | $5.3B | $7.0B | ||
| Q2 24 | $4.5B | $6.0B |
总资产ADPRCL
| Q1 26 | $64.5B | $42.0B | ||
| Q4 25 | $84.6B | $41.6B | ||
| Q3 25 | $54.3B | $40.1B | ||
| Q2 25 | $53.4B | $38.5B | ||
| Q1 25 | $56.4B | $37.5B | ||
| Q4 24 | $64.1B | $37.1B | ||
| Q3 24 | $49.5B | $37.1B | ||
| Q2 24 | $54.4B | $37.0B |
负债/权益比ADPRCL
| Q1 26 | 0.63× | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ADPRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.1B | $1.6B | ||
| Q3 25 | $642.3M | $1.5B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $824.4M | $897.0M | ||
| Q2 24 | $1.3B | $1.6B |
自由现金流ADPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
自由现金流率ADPRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
资本支出强度ADPRCL
| Q1 26 | 2.1% | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
现金转化率ADPRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.07× | 2.16× | ||
| Q3 25 | 0.63× | 0.93× | ||
| Q2 25 | 1.58× | 1.44× | ||
| Q1 25 | 1.22× | 2.23× | ||
| Q4 24 | 1.19× | 2.66× | ||
| Q3 24 | 0.86× | 0.81× | ||
| Q2 24 | 1.57× | 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
ADP
| Revenues, other than interest on funds held for clients and PEO revenues | $3.6B | 61% |
| PEO revenues (A) (B) (C) | $1.9B | 32% |
| Other | $403.9M | 7% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
