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亚马逊（AMZN）与PC CONNECTION INC（CNXN）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PC CONNECTION INC的303.6倍（$213.4B vs $702.9M）。亚马逊净利率更高（9.9% vs 2.9%，领先7.0%）。亚马逊同比增速更快（13.6% vs -0.8%）。亚马逊自由现金流更多（$14.9B vs $25.2M）。过去两年亚马逊的营收复合增速更高（22.0% vs 5.5%）
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。
PC Connection Inc.（商用名称为Connection）总部位于美国新罕布什尔州梅里马克，现有员工超2600人，在售产品超过46万种，是一家深耕IT相关产品供应与服务的企业，为不同客户群体提供多元的产品选择与配套支持。
AMZN vs CNXN — 直观对比
营收规模更大
AMZN
是对方的303.6倍
$702.9M
营收增速更快
AMZN
高出14.5%
-0.8%
净利率更高
AMZN
高出7.0%
2.9%
自由现金流更多
AMZN
多$14.9B
$25.2M
两年增速更快
AMZN
近两年复合增速
5.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $702.9M |
| 净利润 | $21.2B | $20.7M |
| 毛利率 | 48.5% | 19.3% |
| 营业利润率 | 11.7% | 3.4% |
| 净利率 | 9.9% | 2.9% |
| 营收同比 | 13.6% | -0.8% |
| 净利润同比 | 5.9% | -0.0% |
| 每股收益（稀释后） | $1.95 | $0.82 |
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AMZNCNXN
| Q4 25 | $213.4B | $702.9M | ||
| Q3 25 | $180.2B | $709.1M | ||
| Q2 25 | $167.7B | $759.7M | ||
| Q1 25 | $155.7B | $701.0M | ||
| Q4 24 | $187.8B | $708.9M | ||
| Q3 24 | $158.9B | $724.7M | ||
| Q2 24 | $148.0B | $736.5M | ||
| Q1 24 | $143.3B | $632.0M |
净利润AMZNCNXN
| Q4 25 | $21.2B | $20.7M | ||
| Q3 25 | $21.2B | $24.7M | ||
| Q2 25 | $18.2B | $24.8M | ||
| Q1 25 | $17.1B | $13.5M | ||
| Q4 24 | $20.0B | $20.7M | ||
| Q3 24 | $15.3B | $27.1M | ||
| Q2 24 | $13.5B | $26.2M | ||
| Q1 24 | $10.4B | $13.2M |
毛利率AMZNCNXN
| Q4 25 | 48.5% | 19.3% | ||
| Q3 25 | 50.8% | 19.6% | ||
| Q2 25 | 51.8% | 18.1% | ||
| Q1 25 | 50.6% | 18.2% | ||
| Q4 24 | 47.3% | 18.3% | ||
| Q3 24 | 49.0% | 18.7% | ||
| Q2 24 | 50.1% | 18.5% | ||
| Q1 24 | 49.3% | 18.7% |
营业利润率AMZNCNXN
| Q4 25 | 11.7% | 3.4% | ||
| Q3 25 | 9.7% | 4.3% | ||
| Q2 25 | 11.4% | 4.1% | ||
| Q1 25 | 11.8% | 2.1% | ||
| Q4 24 | 11.3% | 3.2% | ||
| Q3 24 | 11.0% | 4.1% | ||
| Q2 24 | 9.9% | 4.2% | ||
| Q1 24 | 10.7% | 2.1% |
净利率AMZNCNXN
| Q4 25 | 9.9% | 2.9% | ||
| Q3 25 | 11.8% | 3.5% | ||
| Q2 25 | 10.8% | 3.3% | ||
| Q1 25 | 11.0% | 1.9% | ||
| Q4 24 | 10.7% | 2.9% | ||
| Q3 24 | 9.6% | 3.7% | ||
| Q2 24 | 9.1% | 3.6% | ||
| Q1 24 | 7.3% | 2.1% |
每股收益（稀释后）AMZNCNXN
| Q4 25 | $1.95 | $0.82 | ||
| Q3 25 | $1.95 | $0.97 | ||
| Q2 25 | $1.68 | $0.97 | ||
| Q1 25 | $1.59 | $0.51 | ||
| Q4 24 | $1.86 | $0.78 | ||
| Q3 24 | $1.43 | $1.02 | ||
| Q2 24 | $1.26 | $0.99 | ||
| Q1 24 | $0.98 | $0.50 |
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 | $406.7M |
| 总债务越低越好 | $68.8B | — |
| 股东权益账面价值 | $411.1B | $910.1M |
| 总资产 | $818.0B | $1.4B |
| 负债/权益比越低杠杆越低 | 0.17× | — |
8季度趋势，按日历期对齐
现金及短期投资AMZNCNXN
| Q4 25 | $123.0B | $406.7M | ||
| Q3 25 | $94.2B | $399.2M | ||
| Q2 25 | $93.2B | $346.1M | ||
| Q1 25 | $94.6B | $340.3M | ||
| Q4 24 | $101.2B | $442.6M | ||
| Q3 24 | $88.1B | $429.1M | ||
| Q2 24 | $89.1B | $385.8M | ||
| Q1 24 | $85.1B | $352.0M |
总债务AMZNCNXN
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | — | ||
| Q2 25 | $56.1B | — | ||
| Q1 25 | $58.8B | — | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
股东权益AMZNCNXN
| Q4 25 | $411.1B | $910.1M | ||
| Q3 25 | $369.6B | $902.7M | ||
| Q2 25 | $333.8B | $884.8M | ||
| Q1 25 | $305.9B | $877.0M | ||
| Q4 24 | $286.0B | $911.0M | ||
| Q3 24 | $259.2B | $897.4M | ||
| Q2 24 | $236.4B | $874.9M | ||
| Q1 24 | $216.7B | $852.7M |
总资产AMZNCNXN
| Q4 25 | $818.0B | $1.4B | ||
| Q3 25 | $727.9B | $1.3B | ||
| Q2 25 | $682.2B | $1.3B | ||
| Q1 25 | $643.3B | $1.2B | ||
| Q4 24 | $624.9B | $1.3B | ||
| Q3 24 | $584.6B | $1.3B | ||
| Q2 24 | $554.8B | $1.3B | ||
| Q1 24 | $531.0B | $1.2B |
负债/权益比AMZNCNXN
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.19× | — | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.23× | — | ||
| 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 | $27.4M |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $25.2M |
| 自由现金流率自由现金流/营收 | 7.0% | 3.6% |
| 资本支出强度资本支出/营收 | 18.5% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.32× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $58.0M |
8季度趋势，按日历期对齐
经营现金流AMZNCNXN
| Q4 25 | $54.5B | $27.4M | ||
| Q3 25 | $35.5B | $64.1M | ||
| Q2 25 | $32.5B | $26.3M | ||
| Q1 25 | $17.0B | $-52.4M | ||
| Q4 24 | $45.6B | $25.2M | ||
| Q3 24 | $26.0B | $52.9M | ||
| Q2 24 | $25.3B | $38.4M | ||
| Q1 24 | $19.0B | $57.3M |
自由现金流AMZNCNXN
| Q4 25 | $14.9B | $25.2M | ||
| Q3 25 | $430.0M | $62.3M | ||
| Q2 25 | $332.0M | $24.6M | ||
| Q1 25 | $-8.0B | $-54.1M | ||
| Q4 24 | $17.8B | $22.9M | ||
| Q3 24 | $3.4B | $51.2M | ||
| Q2 24 | $7.7B | $36.6M | ||
| Q1 24 | $4.1B | $55.7M |
自由现金流率AMZNCNXN
| Q4 25 | 7.0% | 3.6% | ||
| Q3 25 | 0.2% | 8.8% | ||
| Q2 25 | 0.2% | 3.2% | ||
| Q1 25 | -5.1% | -7.7% | ||
| Q4 24 | 9.5% | 3.2% | ||
| Q3 24 | 2.1% | 7.1% | ||
| Q2 24 | 5.2% | 5.0% | ||
| Q1 24 | 2.8% | 8.8% |
资本支出强度AMZNCNXN
| Q4 25 | 18.5% | 0.3% | ||
| Q3 25 | 19.5% | 0.3% | ||
| Q2 25 | 19.2% | 0.2% | ||
| Q1 25 | 16.1% | 0.2% | ||
| Q4 24 | 14.8% | 0.3% | ||
| Q3 24 | 14.2% | 0.2% | ||
| Q2 24 | 11.9% | 0.2% | ||
| Q1 24 | 10.4% | 0.3% |
现金转化率AMZNCNXN
| Q4 25 | 2.57× | 1.32× | ||
| Q3 25 | 1.68× | 2.59× | ||
| Q2 25 | 1.79× | 1.06× | ||
| Q1 25 | 0.99× | -3.89× | ||
| Q4 24 | 2.28× | 1.22× | ||
| Q3 24 | 1.69× | 1.96× | ||
| Q2 24 | 1.87× | 1.47× | ||
| Q1 24 | 1.82× | 4.35× |
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% |
CNXN
| Small And Medium Sized Businesses Segment | $273.5M | 39% |
| Notebooks And Mobility | $108.6M | 15% |
| Public Sector | $90.8M | 13% |
| Accessories | $46.4M | 7% |
| Desktops | $44.5M | 6% |
| Displays And Sounds | $37.1M | 5% |
| Software | $32.3M | 5% |
| Other Hardware And Services | $30.7M | 4% |
| Net And Com | $21.4M | 3% |
| Servers And Storage | $17.6M | 3% |
