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亚马逊（AMZN）与CoreWeave, Inc.（CRWV）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CoreWeave, Inc.的135.8倍（$213.4B vs $1.6B），亚马逊净利率更高（9.9% vs -28.7%，领先38.7%），亚马逊自由现金流更多（$14.9B vs $-2.5B）
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。
CoreWeave是总部位于美国新泽西州利文斯顿的人工智能云计算企业，专注为AI开发者及各行业企业客户提供云侧图形处理器（GPU）算力基础设施，同时自主研发芯片管理相关软件。
AMZN vs CRWV — 直观对比
营收规模更大
AMZN
是对方的135.8倍
$1.6B
净利率更高
AMZN
高出38.7%
-28.7%
自由现金流更多
AMZN
多$17.4B
$-2.5B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $1.6B |
| 净利润 | $21.2B | $-451.7M |
| 毛利率 | 48.5% | 67.6% |
| 营业利润率 | 11.7% | -5.7% |
| 净利率 | 9.9% | -28.7% |
| 营收同比 | 13.6% | — |
| 净利润同比 | 5.9% | — |
| 每股收益（稀释后） | $1.95 | $-0.50 |
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AMZNCRWV
| Q4 25 | $213.4B | $1.6B | ||
| Q3 25 | $180.2B | $1.4B | ||
| Q2 25 | $167.7B | $1.2B | ||
| Q1 25 | $155.7B | $981.6M | ||
| Q4 24 | $187.8B | — | ||
| Q3 24 | $158.9B | $583.9M | ||
| Q2 24 | $148.0B | $395.4M | ||
| Q1 24 | $143.3B | — |
净利润AMZNCRWV
| Q4 25 | $21.2B | $-451.7M | ||
| Q3 25 | $21.2B | $-110.1M | ||
| Q2 25 | $18.2B | $-290.5M | ||
| Q1 25 | $17.1B | $-314.6M | ||
| Q4 24 | $20.0B | — | ||
| Q3 24 | $15.3B | $-359.8M | ||
| Q2 24 | $13.5B | $-323.0M | ||
| Q1 24 | $10.4B | — |
毛利率AMZNCRWV
| Q4 25 | 48.5% | 67.6% | ||
| Q3 25 | 50.8% | 73.0% | ||
| Q2 25 | 51.8% | 74.2% | ||
| Q1 25 | 50.6% | 73.3% | ||
| Q4 24 | 47.3% | — | ||
| Q3 24 | 49.0% | 75.5% | ||
| Q2 24 | 50.1% | 72.5% | ||
| Q1 24 | 49.3% | — |
营业利润率AMZNCRWV
| Q4 25 | 11.7% | -5.7% | ||
| Q3 25 | 9.7% | 3.8% | ||
| Q2 25 | 11.4% | 1.6% | ||
| Q1 25 | 11.8% | -2.8% | ||
| Q4 24 | 11.3% | — | ||
| Q3 24 | 11.0% | 20.1% | ||
| Q2 24 | 9.9% | 19.7% | ||
| Q1 24 | 10.7% | — |
净利率AMZNCRWV
| Q4 25 | 9.9% | -28.7% | ||
| Q3 25 | 11.8% | -8.1% | ||
| Q2 25 | 10.8% | -24.0% | ||
| Q1 25 | 11.0% | -32.1% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 9.6% | -61.6% | ||
| Q2 24 | 9.1% | -81.7% | ||
| Q1 24 | 7.3% | — |
每股收益（稀释后）AMZNCRWV
| Q4 25 | $1.95 | $-0.50 | ||
| Q3 25 | $1.95 | $-0.22 | ||
| Q2 25 | $1.68 | $-0.60 | ||
| Q1 25 | $1.59 | $-1.49 | ||
| Q4 24 | $1.86 | — | ||
| Q3 24 | $1.43 | $-1.82 | ||
| Q2 24 | $1.26 | $-1.62 | ||
| Q1 24 | $0.98 | — |
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 | $3.2B |
| 总债务越低越好 | $68.8B | $21.4B |
| 股东权益账面价值 | $411.1B | $3.3B |
| 总资产 | $818.0B | $49.3B |
| 负债/权益比越低杠杆越低 | 0.17× | 6.41× |
8季度趋势，按日历期对齐
现金及短期投资AMZNCRWV
| Q4 25 | $123.0B | $3.2B | ||
| Q3 25 | $94.2B | $1.9B | ||
| Q2 25 | $93.2B | $1.2B | ||
| Q1 25 | $94.6B | $1.3B | ||
| Q4 24 | $101.2B | — | ||
| Q3 24 | $88.1B | $1.4B | ||
| Q2 24 | $89.1B | $1.0B | ||
| Q1 24 | $85.1B | — |
总债务AMZNCRWV
| Q4 25 | $68.8B | $21.4B | ||
| Q3 25 | $55.1B | $14.0B | ||
| Q2 25 | $56.1B | $11.1B | ||
| Q1 25 | $58.8B | $8.7B | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | — |
股东权益AMZNCRWV
| Q4 25 | $411.1B | $3.3B | ||
| Q3 25 | $369.6B | $3.9B | ||
| Q2 25 | $333.8B | $2.7B | ||
| Q1 25 | $305.9B | $1.9B | ||
| Q4 24 | $286.0B | — | ||
| Q3 24 | $259.2B | $-344.0M | ||
| Q2 24 | $236.4B | $-1.0B | ||
| Q1 24 | $216.7B | — |
总资产AMZNCRWV
| Q4 25 | $818.0B | $49.3B | ||
| Q3 25 | $727.9B | $32.9B | ||
| Q2 25 | $682.2B | $26.2B | ||
| Q1 25 | $643.3B | $21.9B | ||
| Q4 24 | $624.9B | — | ||
| Q3 24 | $584.6B | — | ||
| Q2 24 | $554.8B | — | ||
| Q1 24 | $531.0B | — |
负债/权益比AMZNCRWV
| Q4 25 | 0.17× | 6.41× | ||
| Q3 25 | 0.15× | 3.62× | ||
| Q2 25 | 0.17× | 4.16× | ||
| Q1 25 | 0.19× | 4.57× | ||
| 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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $-2.5B |
| 自由现金流率自由现金流/营收 | 7.0% | -159.1% |
| 资本支出强度资本支出/营收 | 18.5% | 258.3% |
| 现金转化率经营现金流/净利润 | 2.57× | — |
| 过去12个月自由现金流最近4个季度 | $7.7B | $-7.3B |
8季度趋势，按日历期对齐
经营现金流AMZNCRWV
| Q4 25 | $54.5B | $1.6B | ||
| Q3 25 | $35.5B | $1.7B | ||
| Q2 25 | $32.5B | $-251.3M | ||
| Q1 25 | $17.0B | $61.2M | ||
| Q4 24 | $45.6B | — | ||
| Q3 24 | $26.0B | — | ||
| Q2 24 | $25.3B | — | ||
| Q1 24 | $19.0B | — |
自由现金流AMZNCRWV
| Q4 25 | $14.9B | $-2.5B | ||
| Q3 25 | $430.0M | $-699.8M | ||
| Q2 25 | $332.0M | $-2.7B | ||
| Q1 25 | $-8.0B | $-1.3B | ||
| Q4 24 | $17.8B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $7.7B | — | ||
| Q1 24 | $4.1B | — |
自由现金流率AMZNCRWV
| Q4 25 | 7.0% | -159.1% | ||
| Q3 25 | 0.2% | -51.3% | ||
| Q2 25 | 0.2% | -223.0% | ||
| Q1 25 | -5.1% | -137.1% | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 2.8% | — |
资本支出强度AMZNCRWV
| Q4 25 | 18.5% | 258.3% | ||
| Q3 25 | 19.5% | 175.1% | ||
| Q2 25 | 19.2% | 202.3% | ||
| Q1 25 | 16.1% | 143.4% | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 14.2% | — | ||
| Q2 24 | 11.9% | — | ||
| Q1 24 | 10.4% | — |
现金转化率AMZNCRWV
| Q4 25 | 2.57× | — | ||
| Q3 25 | 1.68× | — | ||
| Q2 25 | 1.79× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 2.28× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 1.87× | — | ||
| 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% |
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
