vs
亚马逊（AMZN）与百度（BIDU）财务数据对比。点击上方公司名可切换其他公司
亚马逊的季度营收约是百度的42.3倍（$213.4B vs $5.0B），亚马逊净利率更高（9.9% vs 6.0%，领先4.0%），百度同比增速更快（14.0% vs 13.6%），过去两年亚马逊的营收复合增速更高（22.0% vs 7.5%）
亚马逊是全球知名的综合电商与科技企业，业务覆盖北美及全球多个地区，设有北美零售、国际零售、亚马逊云科技（AWS）三大业务板块。除运营线上线下零售渠道、提供消费商品售卖与订阅服务外，也为第三方卖家提供销售平台，还自主研发销售Kindle、Fire平板等电子设备。
百度是中国头部跨国科技企业，深耕互联网服务与人工智能赛道，在中国搜索引擎市场占据主导地位。旗下拥有百度APP、百度百科、百度贴吧等多元产品矩阵，同时运营视频平台爱奇艺，可为海量用户提供覆盖多场景的优质数字服务。
AMZN vs BIDU — 直观对比
营收规模更大
AMZN
是对方的42.3倍
$5.0B
营收增速更快
BIDU
高出0.3%
13.6%
净利率更高
AMZN
高出4.0%
6.0%
两年增速更快
AMZN
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $5.0B |
| 净利润 | $21.2B | $300.0M |
| 毛利率 | 48.5% | 41.0% |
| 营业利润率 | 11.7% | 4.1% |
| 净利率 | 9.9% | 6.0% |
| 营收同比 | 13.6% | 14.0% |
| 净利润同比 | 5.9% | -47.1% |
| 每股收益（稀释后） | $1.95 | $0.53 |
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AMZNBIDU
| Q4 25 | $213.4B | $5.0B | ||
| Q3 25 | $180.2B | $4.4B | ||
| Q2 25 | $167.7B | $4.6B | ||
| Q1 25 | $155.7B | $4.5B | ||
| Q4 24 | $187.8B | $4.4B | ||
| Q3 24 | $158.9B | $4.8B | ||
| Q2 24 | $148.0B | $4.7B | ||
| Q1 24 | $143.3B | $4.4B |
净利润AMZNBIDU
| Q4 25 | $21.2B | $300.0M | ||
| Q3 25 | $21.2B | $-1.6B | ||
| Q2 25 | $18.2B | $1.0B | ||
| Q1 25 | $17.1B | $1.1B | ||
| Q4 24 | $20.0B | $567.0M | ||
| Q3 24 | $15.3B | $1.1B | ||
| Q2 24 | $13.5B | $768.0M | ||
| Q1 24 | $10.4B | $811.0M |
毛利率AMZNBIDU
| Q4 25 | 48.5% | 41.0% | ||
| Q3 25 | 50.8% | 41.2% | ||
| Q2 25 | 51.8% | 43.9% | ||
| Q1 25 | 50.6% | 46.1% | ||
| Q4 24 | 47.3% | 49.9% | ||
| Q3 24 | 49.0% | 51.1% | ||
| Q2 24 | 50.1% | 51.7% | ||
| Q1 24 | 49.3% | 51.5% |
营业利润率AMZNBIDU
| Q4 25 | 11.7% | 4.1% | ||
| Q3 25 | 9.7% | -48.4% | ||
| Q2 25 | 11.4% | 10.0% | ||
| Q1 25 | 11.8% | 13.9% | ||
| Q4 24 | 11.3% | 11.1% | ||
| Q3 24 | 11.0% | 17.6% | ||
| Q2 24 | 9.9% | 17.5% | ||
| Q1 24 | 10.7% | 17.4% |
净利率AMZNBIDU
| Q4 25 | 9.9% | 6.0% | ||
| Q3 25 | 11.8% | -36.3% | ||
| Q2 25 | 10.8% | 22.2% | ||
| Q1 25 | 11.0% | 24.1% | ||
| Q4 24 | 10.7% | 12.8% | ||
| Q3 24 | 9.6% | 23.2% | ||
| Q2 24 | 9.1% | 16.4% | ||
| Q1 24 | 7.3% | 18.6% |
每股收益（稀释后）AMZNBIDU
| Q4 25 | $1.95 | $0.53 | ||
| Q3 25 | $1.95 | $-4.76 | ||
| Q2 25 | $1.68 | $2.84 | ||
| Q1 25 | $1.59 | $2.98 | ||
| Q4 24 | $1.86 | $1.95 | ||
| Q3 24 | $1.43 | $3.08 | ||
| Q2 24 | $1.26 | — | ||
| Q1 24 | $0.98 | $2.07 |
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 | $123.0B | $16.5B |
| 总债务越低越好 | $68.8B | $5.9B |
| 股东权益账面价值 | $411.1B | $38.1B |
| 总资产 | $818.0B | $64.2B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资AMZNBIDU
| Q4 25 | $123.0B | $16.5B | ||
| Q3 25 | $94.2B | $17.5B | ||
| Q2 25 | $93.2B | $17.3B | ||
| Q1 25 | $94.6B | $19.5B | ||
| Q4 24 | $101.2B | $17.5B | ||
| Q3 24 | $88.1B | $18.9B | ||
| Q2 24 | $89.1B | — | ||
| Q1 24 | $85.1B | — |
总债务AMZNBIDU
| Q4 25 | $68.8B | $5.9B | ||
| Q3 25 | $55.1B | $2.5B | ||
| Q2 25 | $56.1B | $2.4B | ||
| Q1 25 | $58.8B | $2.3B | ||
| Q4 24 | $58.0B | $4.9B | ||
| Q3 24 | $60.5B | $2.1B | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
股东权益AMZNBIDU
| Q4 25 | $411.1B | $38.1B | ||
| Q3 25 | $369.6B | $38.6B | ||
| Q2 25 | $333.8B | $39.8B | ||
| Q1 25 | $305.9B | $38.6B | ||
| Q4 24 | $286.0B | $36.1B | ||
| Q3 24 | $259.2B | $38.5B | ||
| Q2 24 | $236.4B | — | ||
| Q1 24 | $216.7B | — |
总资产AMZNBIDU
| Q4 25 | $818.0B | $64.2B | ||
| Q3 25 | $727.9B | $62.4B | ||
| Q2 25 | $682.2B | $62.9B | ||
| Q1 25 | $643.3B | $62.6B | ||
| Q4 24 | $624.9B | $58.6B | ||
| Q3 24 | $584.6B | $59.5B | ||
| Q2 24 | $554.8B | — | ||
| Q1 24 | $531.0B | — |
负债/权益比AMZNBIDU
| Q4 25 | 0.17× | 0.16× | ||
| Q3 25 | 0.15× | 0.07× | ||
| Q2 25 | 0.17× | 0.06× | ||
| Q1 25 | 0.19× | 0.06× | ||
| Q4 24 | 0.20× | 0.14× | ||
| Q3 24 | 0.23× | 0.05× | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | — |
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 | $54.5B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | — |
| 自由现金流率自由现金流/营收 | 7.0% | — |
| 资本支出强度资本支出/营收 | 18.5% | — |
| 现金转化率经营现金流/净利润 | 2.57× | 5.08× |
| 过去12个月自由现金流最近4个季度 | $7.7B | — |
8季度趋势，按日历期对齐
经营现金流AMZNBIDU
| Q4 25 | $54.5B | $1.5B | ||
| Q3 25 | $35.5B | — | ||
| Q2 25 | $32.5B | $-6.3B | ||
| Q1 25 | $17.0B | — | ||
| Q4 24 | $45.6B | $4.0B | ||
| Q3 24 | $26.0B | — | ||
| Q2 24 | $25.3B | $5.3B | ||
| Q1 24 | $19.0B | — |
自由现金流AMZNBIDU
| Q4 25 | $14.9B | — | ||
| Q3 25 | $430.0M | — | ||
| Q2 25 | $332.0M | — | ||
| Q1 25 | $-8.0B | — | ||
| Q4 24 | $17.8B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $7.7B | — | ||
| Q1 24 | $4.1B | — |
自由现金流率AMZNBIDU
| Q4 25 | 7.0% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | -5.1% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 2.8% | — |
资本支出强度AMZNBIDU
| Q4 25 | 18.5% | — | ||
| Q3 25 | 19.5% | — | ||
| Q2 25 | 19.2% | — | ||
| Q1 25 | 16.1% | — | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 14.2% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 10.4% | — |
现金转化率AMZNBIDU
| Q4 25 | 2.57× | 5.08× | ||
| Q3 25 | 1.68× | — | ||
| Q2 25 | 1.79× | -6.26× | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 2.28× | 7.12× | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.87× | 6.88× | ||
| Q1 24 | 1.82× | — |
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
AMZN
| Products | $90.0B | 42% |
| Third Party Seller Services | $52.8B | 25% |
| Other | $49.9B | 23% |
| Subscription Services | $13.1B | 6% |
| Physical Stores | $5.9B | 3% |
| Other Services | $1.7B | 1% |
BIDU
| Legacy Business | $1.8B | 35% |
| Baidu Core AI-powered Business | $1.6B | 32% |
| Other | $1.3B | 26% |
| Others | $357.5M | 7% |
