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亚马逊（AMZN）与英伟达（NVDA）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英伟达的3.1倍（$213.4B vs $68.1B），英伟达净利率更高（63.1% vs 9.9%，领先53.1%），英伟达同比增速更快（73.2% vs 13.6%），英伟达自由现金流更多（$34.9B vs $14.9B），过去两年英伟达的营收复合增速更高（61.7% vs 22.0%）
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。
英伟达是总部位于美国加利福尼亚州圣克拉拉的科技企业，1993年由黄仁勋、克里斯·马拉科夫斯基、柯蒂斯·普里姆联合创立。公司主营图形处理器（GPU）、系统级芯片（SoC）及应用程序接口（API）产品，覆盖数据科学、高性能计算、游戏、移动与车载应用等领域，是全球知名的头部科技企业之一。
AMZN vs NVDA — 直观对比
营收规模更大
AMZN
是对方的3.1倍
$68.1B
营收增速更快
NVDA
高出59.6%
13.6%
净利率更高
NVDA
高出53.1%
9.9%
自由现金流更多
NVDA
多$20.0B
$14.9B
两年增速更快
NVDA
近两年复合增速
22.0%
损益表 — Q4 FY2025 vs Q4 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $68.1B |
| 净利润 | $21.2B | $43.0B |
| 毛利率 | 48.5% | 75.0% |
| 营业利润率 | 11.7% | 65.0% |
| 净利率 | 9.9% | 63.1% |
| 营收同比 | 13.6% | 73.2% |
| 净利润同比 | 5.9% | 94.5% |
| 每股收益（稀释后） | $1.95 | $1.76 |
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AMZNNVDA
| Q1 26 | — | $68.1B | ||
| Q4 25 | $213.4B | $57.0B | ||
| Q3 25 | $180.2B | $46.7B | ||
| Q2 25 | $167.7B | $44.1B | ||
| Q1 25 | $155.7B | $39.3B | ||
| Q4 24 | $187.8B | $35.1B | ||
| Q3 24 | $158.9B | $30.0B | ||
| Q2 24 | $148.0B | $26.0B |
净利润AMZNNVDA
| Q1 26 | — | $43.0B | ||
| Q4 25 | $21.2B | $31.9B | ||
| Q3 25 | $21.2B | $26.4B | ||
| Q2 25 | $18.2B | $18.8B | ||
| Q1 25 | $17.1B | $22.1B | ||
| Q4 24 | $20.0B | $19.3B | ||
| Q3 24 | $15.3B | $16.6B | ||
| Q2 24 | $13.5B | $14.9B |
毛利率AMZNNVDA
| Q1 26 | — | 75.0% | ||
| Q4 25 | 48.5% | 73.4% | ||
| Q3 25 | 50.8% | 72.4% | ||
| Q2 25 | 51.8% | 60.5% | ||
| Q1 25 | 50.6% | 73.0% | ||
| Q4 24 | 47.3% | 74.6% | ||
| Q3 24 | 49.0% | 75.1% | ||
| Q2 24 | 50.1% | 78.4% |
营业利润率AMZNNVDA
| Q1 26 | — | 65.0% | ||
| Q4 25 | 11.7% | 63.2% | ||
| Q3 25 | 9.7% | 60.8% | ||
| Q2 25 | 11.4% | 49.1% | ||
| Q1 25 | 11.8% | 61.1% | ||
| Q4 24 | 11.3% | 62.3% | ||
| Q3 24 | 11.0% | 62.1% | ||
| Q2 24 | 9.9% | 64.9% |
净利率AMZNNVDA
| Q1 26 | — | 63.1% | ||
| Q4 25 | 9.9% | 56.0% | ||
| Q3 25 | 11.8% | 56.5% | ||
| Q2 25 | 10.8% | 42.6% | ||
| Q1 25 | 11.0% | 56.2% | ||
| Q4 24 | 10.7% | 55.0% | ||
| Q3 24 | 9.6% | 55.3% | ||
| Q2 24 | 9.1% | 57.1% |
每股收益（稀释后）AMZNNVDA
| Q1 26 | — | $1.76 | ||
| Q4 25 | $1.95 | $1.30 | ||
| Q3 25 | $1.95 | $1.08 | ||
| Q2 25 | $1.68 | $0.76 | ||
| Q1 25 | $1.59 | $-4.49 | ||
| Q4 24 | $1.86 | $0.78 | ||
| Q3 24 | $1.43 | $0.67 | ||
| Q2 24 | $1.26 | $5.98 |
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 | $10.6B |
| 总债务越低越好 | $68.8B | $8.5B |
| 股东权益账面价值 | $411.1B | $157.3B |
| 总资产 | $818.0B | $206.8B |
| 负债/权益比越低杠杆越低 | 0.17× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资AMZNNVDA
| Q1 26 | — | $10.6B | ||
| Q4 25 | $123.0B | $60.6B | ||
| Q3 25 | $94.2B | $56.8B | ||
| Q2 25 | $93.2B | $53.7B | ||
| Q1 25 | $94.6B | $43.2B | ||
| Q4 24 | $101.2B | $38.5B | ||
| Q3 24 | $88.1B | $34.8B | ||
| Q2 24 | $89.1B | $31.4B |
总债务AMZNNVDA
| Q1 26 | — | $8.5B | ||
| Q4 25 | $68.8B | $8.5B | ||
| Q3 25 | $55.1B | $8.5B | ||
| Q2 25 | $56.1B | $8.5B | ||
| Q1 25 | $58.8B | $8.5B | ||
| Q4 24 | $58.0B | $8.5B | ||
| Q3 24 | $60.5B | $8.5B | ||
| Q2 24 | $62.7B | $9.7B |
股东权益AMZNNVDA
| Q1 26 | — | $157.3B | ||
| Q4 25 | $411.1B | $118.9B | ||
| Q3 25 | $369.6B | $100.1B | ||
| Q2 25 | $333.8B | $83.8B | ||
| Q1 25 | $305.9B | $79.3B | ||
| Q4 24 | $286.0B | $65.9B | ||
| Q3 24 | $259.2B | $58.2B | ||
| Q2 24 | $236.4B | $49.1B |
总资产AMZNNVDA
| Q1 26 | — | $206.8B | ||
| Q4 25 | $818.0B | $161.1B | ||
| Q3 25 | $727.9B | $140.7B | ||
| Q2 25 | $682.2B | $125.3B | ||
| Q1 25 | $643.3B | $111.6B | ||
| Q4 24 | $624.9B | $96.0B | ||
| Q3 24 | $584.6B | $85.2B | ||
| Q2 24 | $554.8B | $77.1B |
负债/权益比AMZNNVDA
| Q1 26 | — | 0.05× | ||
| Q4 25 | 0.17× | 0.07× | ||
| Q3 25 | 0.15× | 0.08× | ||
| Q2 25 | 0.17× | 0.10× | ||
| Q1 25 | 0.19× | 0.11× | ||
| Q4 24 | 0.20× | 0.13× | ||
| Q3 24 | 0.23× | 0.15× | ||
| Q2 24 | 0.27× | 0.20× |
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 | $36.2B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $34.9B |
| 自由现金流率自由现金流/营收 | 7.0% | 51.2% |
| 资本支出强度资本支出/营收 | 18.5% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.57× | 0.84× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $96.7B |
8季度趋势，按日历期对齐
经营现金流AMZNNVDA
| Q1 26 | — | $36.2B | ||
| Q4 25 | $54.5B | $23.8B | ||
| Q3 25 | $35.5B | $15.4B | ||
| Q2 25 | $32.5B | $27.4B | ||
| Q1 25 | $17.0B | $16.6B | ||
| Q4 24 | $45.6B | $17.6B | ||
| Q3 24 | $26.0B | $14.5B | ||
| Q2 24 | $25.3B | $15.3B |
自由现金流AMZNNVDA
| Q1 26 | — | $34.9B | ||
| Q4 25 | $14.9B | $22.1B | ||
| Q3 25 | $430.0M | $13.5B | ||
| Q2 25 | $332.0M | $26.2B | ||
| Q1 25 | $-8.0B | $15.6B | ||
| Q4 24 | $17.8B | $16.8B | ||
| Q3 24 | $3.4B | $13.5B | ||
| Q2 24 | $7.7B | $15.0B |
自由现金流率AMZNNVDA
| Q1 26 | — | 51.2% | ||
| Q4 25 | 7.0% | 38.8% | ||
| Q3 25 | 0.2% | 28.8% | ||
| Q2 25 | 0.2% | 59.4% | ||
| Q1 25 | -5.1% | 39.5% | ||
| Q4 24 | 9.5% | 47.9% | ||
| Q3 24 | 2.1% | 45.0% | ||
| Q2 24 | 5.2% | 57.5% |
资本支出强度AMZNNVDA
| Q1 26 | — | 1.9% | ||
| Q4 25 | 18.5% | 2.9% | ||
| Q3 25 | 19.5% | 4.1% | ||
| Q2 25 | 19.2% | 2.8% | ||
| Q1 25 | 16.1% | 2.7% | ||
| Q4 24 | 14.8% | 2.3% | ||
| Q3 24 | 14.2% | 3.3% | ||
| Q2 24 | 11.9% | 1.4% |
现金转化率AMZNNVDA
| Q1 26 | — | 0.84× | ||
| Q4 25 | 2.57× | 0.74× | ||
| Q3 25 | 1.68× | 0.58× | ||
| Q2 25 | 1.79× | 1.46× | ||
| Q1 25 | 0.99× | 0.75× | ||
| Q4 24 | 2.28× | 0.91× | ||
| Q3 24 | 1.69× | 0.87× | ||
| Q2 24 | 1.87× | 1.03× |
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% |
NVDA
| Compute | $51.3B | 75% |
| Networking | $11.0B | 16% |
| Gaming | $3.7B | 5% |
| Professional Visualization | $1.3B | 2% |
| Automotive | $604.0M | 1% |
| OEM And Other | $161.0M | 0% |
| Inventory Purchase Obligations In Excess Of Projections | $31.0M | 0% |
