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超威半导体（AMD）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
超威半导体的季度营收约是华纳兄弟探索的1.1倍（$10.3B vs $9.5B），超威半导体净利率更高（14.7% vs -2.7%，领先17.4%），超威半导体同比增速更快（34.1% vs -5.7%），超威半导体自由现金流更多（$2.4B vs $1.4B），过去两年超威半导体的营收复合增速更高（37.0% vs -2.5%）
超威半导体（AMD）是总部位于美国加利福尼亚州圣克拉拉的跨国半导体企业，专注研发生产面向数据中心、游戏、个人电脑、嵌入式系统的高性能CPU、GPU及自适应片上系统，旗下拥有锐龙、霄龙、镭龙、Instinct等核心产品线，2022年收购赛灵思后拓展了FPGA及自适应计算业务，直接与英特尔、英伟达展开竞争。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
AMD vs WBD — 直观对比
营收规模更大
AMD
是对方的1.1倍
$9.5B
营收增速更快
AMD
高出39.8%
-5.7%
净利率更高
AMD
高出17.4%
-2.7%
自由现金流更多
AMD
多$995.0M
$1.4B
两年增速更快
AMD
近两年复合增速
-2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $9.5B |
| 净利润 | $1.5B | $-252.0M |
| 毛利率 | 54.3% | — |
| 营业利润率 | 17.1% | 3.7% |
| 净利率 | 14.7% | -2.7% |
| 营收同比 | 34.1% | -5.7% |
| 净利润同比 | 213.5% | 49.0% |
| 每股收益（稀释后） | $0.92 | $-0.10 |
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AMDWBD
| Q4 25 | $10.3B | $9.5B | ||
| Q3 25 | $9.2B | $9.0B | ||
| Q2 25 | $7.7B | $9.8B | ||
| Q1 25 | $7.4B | $9.0B | ||
| Q4 24 | $7.7B | $10.0B | ||
| Q3 24 | $6.8B | $9.6B | ||
| Q2 24 | $5.8B | $9.7B | ||
| Q1 24 | $5.5B | $10.0B |
净利润AMDWBD
| Q4 25 | $1.5B | $-252.0M | ||
| Q3 25 | $1.2B | $-148.0M | ||
| Q2 25 | $872.0M | $1.6B | ||
| Q1 25 | $709.0M | $-453.0M | ||
| Q4 24 | $482.0M | $-494.0M | ||
| Q3 24 | $771.0M | $135.0M | ||
| Q2 24 | $265.0M | $-10.0B | ||
| Q1 24 | $123.0M | $-966.0M |
毛利率AMDWBD
| Q4 25 | 54.3% | — | ||
| Q3 25 | 51.7% | — | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 50.2% | — | ||
| Q4 24 | 50.7% | — | ||
| Q3 24 | 50.1% | — | ||
| Q2 24 | 49.1% | — | ||
| Q1 24 | 46.8% | — |
营业利润率AMDWBD
| Q4 25 | 17.1% | 3.7% | ||
| Q3 25 | 13.7% | 6.8% | ||
| Q2 25 | -1.7% | -1.9% | ||
| Q1 25 | 10.8% | -0.4% | ||
| Q4 24 | 11.4% | 1.6% | ||
| Q3 24 | 10.6% | 2.9% | ||
| Q2 24 | 4.6% | -105.1% | ||
| Q1 24 | 0.7% | -2.7% |
净利率AMDWBD
| Q4 25 | 14.7% | -2.7% | ||
| Q3 25 | 13.4% | -1.6% | ||
| Q2 25 | 11.3% | 16.1% | ||
| Q1 25 | 9.5% | -5.0% | ||
| Q4 24 | 6.3% | -4.9% | ||
| Q3 24 | 11.3% | 1.4% | ||
| Q2 24 | 4.5% | -102.8% | ||
| Q1 24 | 2.2% | -9.7% |
每股收益（稀释后）AMDWBD
| Q4 25 | $0.92 | $-0.10 | ||
| Q3 25 | $0.75 | $-0.06 | ||
| Q2 25 | $0.54 | $0.63 | ||
| Q1 25 | $0.44 | $-0.18 | ||
| Q4 24 | $0.30 | $-0.20 | ||
| Q3 24 | $0.47 | $0.05 | ||
| Q2 24 | $0.16 | $-4.07 | ||
| Q1 24 | $0.07 | $-0.40 |
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 | $10.6B | $4.6B |
| 总债务越低越好 | — | $32.4B |
| 股东权益账面价值 | $63.0B | $35.9B |
| 总资产 | $76.9B | $100.1B |
| 负债/权益比越低杠杆越低 | — | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资AMDWBD
| Q4 25 | $10.6B | $4.6B | ||
| Q3 25 | $7.2B | $4.3B | ||
| Q2 25 | $5.9B | $4.9B | ||
| Q1 25 | $7.3B | $3.9B | ||
| Q4 24 | $5.1B | $5.3B | ||
| Q3 24 | $4.5B | $3.3B | ||
| Q2 24 | $5.3B | $3.6B | ||
| Q1 24 | $6.0B | $3.0B |
总债务AMDWBD
| Q4 25 | — | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
股东权益AMDWBD
| Q4 25 | $63.0B | $35.9B | ||
| Q3 25 | $60.8B | $36.0B | ||
| Q2 25 | $59.7B | $36.0B | ||
| Q1 25 | $57.9B | $33.8B | ||
| Q4 24 | $57.6B | $34.0B | ||
| Q3 24 | $57.0B | $35.1B | ||
| Q2 24 | $56.5B | $34.3B | ||
| Q1 24 | $56.2B | $44.2B |
总资产AMDWBD
| Q4 25 | $76.9B | $100.1B | ||
| Q3 25 | $76.9B | $100.5B | ||
| Q2 25 | $74.8B | $101.7B | ||
| Q1 25 | $71.5B | $101.7B | ||
| Q4 24 | $69.2B | $104.6B | ||
| Q3 24 | $69.6B | $106.3B | ||
| Q2 24 | $67.9B | $108.0B | ||
| Q1 24 | $67.9B | $119.8B |
负债/权益比AMDWBD
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $2.6B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $1.4B |
| 自由现金流率自由现金流/营收 | 23.2% | 14.6% |
| 资本支出强度资本支出/营收 | 2.2% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.72× | — |
| 过去12个月自由现金流最近4个季度 | $6.7B | $3.1B |
8季度趋势，按日历期对齐
经营现金流AMDWBD
| Q4 25 | $2.6B | $1.8B | ||
| Q3 25 | $2.2B | $979.0M | ||
| Q2 25 | $2.0B | $983.0M | ||
| Q1 25 | $939.0M | $553.0M | ||
| Q4 24 | $1.3B | $2.7B | ||
| Q3 24 | $628.0M | $847.0M | ||
| Q2 24 | $593.0M | $1.2B | ||
| Q1 24 | $521.0M | $585.0M |
自由现金流AMDWBD
| Q4 25 | $2.4B | $1.4B | ||
| Q3 25 | $1.9B | $701.0M | ||
| Q2 25 | $1.7B | $702.0M | ||
| Q1 25 | $727.0M | $302.0M | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $496.0M | $632.0M | ||
| Q2 24 | $439.0M | $976.0M | ||
| Q1 24 | $379.0M | $390.0M |
自由现金流率AMDWBD
| Q4 25 | 23.2% | 14.6% | ||
| Q3 25 | 20.6% | 7.8% | ||
| Q2 25 | 22.5% | 7.2% | ||
| Q1 25 | 9.8% | 3.4% | ||
| Q4 24 | 14.2% | 24.2% | ||
| Q3 24 | 7.3% | 6.6% | ||
| Q2 24 | 7.5% | 10.0% | ||
| Q1 24 | 6.9% | 3.9% |
资本支出强度AMDWBD
| Q4 25 | 2.2% | 4.5% | ||
| Q3 25 | 2.8% | 3.1% | ||
| Q2 25 | 3.7% | 2.9% | ||
| Q1 25 | 2.9% | 2.8% | ||
| Q4 24 | 2.7% | 2.9% | ||
| Q3 24 | 1.9% | 2.2% | ||
| Q2 24 | 2.6% | 2.6% | ||
| Q1 24 | 2.6% | 2.0% |
现金转化率AMDWBD
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 2.31× | 0.62× | ||
| Q1 25 | 1.32× | — | ||
| Q4 24 | 2.70× | — | ||
| Q3 24 | 0.81× | 6.27× | ||
| Q2 24 | 2.24× | — | ||
| Q1 24 | 4.24× | — |
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
AMD
| Other | $5.4B | 52% |
| Client | $3.1B | 30% |
| Embedded | $950.0M | 9% |
| Gaming | $843.0M | 8% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
