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亚马逊（AMZN）与沃尔玛（WMT）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沃尔玛的1.2倍（$213.4B vs $177.8B），亚马逊净利率更高（9.9% vs 3.5%，领先6.5%），亚马逊同比增速更快（13.6% vs 5.8%），亚马逊自由现金流更多（$14.9B vs $1.9B），过去两年亚马逊的营收复合增速更高（22.0% vs 1.7%）
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。
沃尔玛是美国知名跨国零售集团，1962年由山姆·沃尔顿与詹姆斯·“巴德”·沃尔顿兄弟创立，总部位于阿肯色州本顿维尔。其业务覆盖美国及其他19个国家，运营连锁大卖场、折扣百货店、生鲜超市等多种业态，同时拥有山姆会员店仓储零售品牌。
AMZN vs WMT — 直观对比
营收规模更大
AMZN
是对方的1.2倍
$177.8B
营收增速更快
AMZN
高出7.8%
5.8%
净利率更高
AMZN
高出6.5%
3.5%
自由现金流更多
AMZN
多$13.1B
$1.9B
两年增速更快
AMZN
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $213.4B | $177.8B |
| 净利润 | $21.2B | $6.1B |
| 毛利率 | 48.5% | 24.2% |
| 营业利润率 | 11.7% | 3.8% |
| 净利率 | 9.9% | 3.5% |
| 营收同比 | 13.6% | 5.8% |
| 净利润同比 | 5.9% | 34.2% |
| 每股收益（稀释后） | $1.95 | $0.77 |
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AMZNWMT
| Q4 25 | $213.4B | $177.8B | ||
| Q3 25 | $180.2B | $175.8B | ||
| Q2 25 | $167.7B | $164.0B | ||
| Q1 25 | $155.7B | $178.8B | ||
| Q4 24 | $187.8B | $168.0B | ||
| Q3 24 | $158.9B | $167.8B | ||
| Q2 24 | $148.0B | $159.9B | ||
| Q1 24 | $143.3B | $171.9B |
净利润AMZNWMT
| Q4 25 | $21.2B | $6.1B | ||
| Q3 25 | $21.2B | $7.0B | ||
| Q2 25 | $18.2B | $4.5B | ||
| Q1 25 | $17.1B | $5.3B | ||
| Q4 24 | $20.0B | $4.6B | ||
| Q3 24 | $15.3B | $4.5B | ||
| Q2 24 | $13.5B | $5.1B | ||
| Q1 24 | $10.4B | $5.5B |
毛利率AMZNWMT
| Q4 25 | 48.5% | 24.2% | ||
| Q3 25 | 50.8% | 24.5% | ||
| Q2 25 | 51.8% | 24.2% | ||
| Q1 25 | 50.6% | 23.9% | ||
| Q4 24 | 47.3% | 24.2% | ||
| Q3 24 | 49.0% | 24.4% | ||
| Q2 24 | 50.1% | 24.1% | ||
| Q1 24 | 49.3% | 23.3% |
营业利润率AMZNWMT
| Q4 25 | 11.7% | 3.8% | ||
| Q3 25 | 9.7% | 4.1% | ||
| Q2 25 | 11.4% | 4.4% | ||
| Q1 25 | 11.8% | 4.4% | ||
| Q4 24 | 11.3% | 4.0% | ||
| Q3 24 | 11.0% | 4.7% | ||
| Q2 24 | 9.9% | 4.3% | ||
| Q1 24 | 10.7% | 4.2% |
净利率AMZNWMT
| Q4 25 | 9.9% | 3.5% | ||
| Q3 25 | 11.8% | 4.0% | ||
| Q2 25 | 10.8% | 2.7% | ||
| Q1 25 | 11.0% | 2.9% | ||
| Q4 24 | 10.7% | 2.7% | ||
| Q3 24 | 9.6% | 2.7% | ||
| Q2 24 | 9.1% | 3.2% | ||
| Q1 24 | 7.3% | 3.2% |
每股收益（稀释后）AMZNWMT
| Q4 25 | $1.95 | $0.77 | ||
| Q3 25 | $1.95 | $0.88 | ||
| Q2 25 | $1.68 | $0.56 | ||
| Q1 25 | $1.59 | $0.65 | ||
| Q4 24 | $1.86 | $0.57 | ||
| Q3 24 | $1.43 | $0.56 | ||
| Q2 24 | $1.26 | $0.63 | ||
| Q1 24 | $0.98 | $-1.80 |
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 | — |
| 股东权益账面价值 | $411.1B | $96.1B |
| 总资产 | $818.0B | $288.7B |
| 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AMZNWMT
| Q4 25 | $123.0B | $10.6B | ||
| Q3 25 | $94.2B | $9.4B | ||
| Q2 25 | $93.2B | $9.3B | ||
| Q1 25 | $94.6B | $9.0B | ||
| Q4 24 | $101.2B | $10.0B | ||
| Q3 24 | $88.1B | $8.8B | ||
| Q2 24 | $89.1B | $9.4B | ||
| Q1 24 | $85.1B | $9.9B |
总债务AMZNWMT
| Q4 25 | $68.8B | — | ||
| Q3 25 | $55.1B | — | ||
| Q2 25 | $56.1B | — | ||
| Q1 25 | $58.8B | $36.0B | ||
| Q4 24 | $58.0B | — | ||
| Q3 24 | $60.5B | — | ||
| Q2 24 | $62.7B | — | ||
| Q1 24 | $66.9B | $39.6B |
股东权益AMZNWMT
| Q4 25 | $411.1B | $96.1B | ||
| Q3 25 | $369.6B | $90.1B | ||
| Q2 25 | $333.8B | $83.8B | ||
| Q1 25 | $305.9B | $91.0B | ||
| Q4 24 | $286.0B | $88.1B | ||
| Q3 24 | $259.2B | $84.4B | ||
| Q2 24 | $236.4B | $81.3B | ||
| Q1 24 | $216.7B | $83.9B |
总资产AMZNWMT
| Q4 25 | $818.0B | $288.7B | ||
| Q3 25 | $727.9B | $270.8B | ||
| Q2 25 | $682.2B | $262.4B | ||
| Q1 25 | $643.3B | $260.8B | ||
| Q4 24 | $624.9B | $263.4B | ||
| Q3 24 | $584.6B | $254.4B | ||
| Q2 24 | $554.8B | $254.1B | ||
| Q1 24 | $531.0B | $252.4B |
负债/权益比AMZNWMT
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.19× | 0.40× | ||
| Q4 24 | 0.20× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | 0.31× | 0.47× |
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 | $9.1B |
| 自由现金流经营现金流 - 资本支出 | $14.9B | $1.9B |
| 自由现金流率自由现金流/营收 | 7.0% | 1.1% |
| 资本支出强度资本支出/营收 | 18.5% | 4.1% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $7.7B | $15.3B |
8季度趋势，按日历期对齐
经营现金流AMZNWMT
| Q4 25 | $54.5B | $9.1B | ||
| Q3 25 | $35.5B | $12.9B | ||
| Q2 25 | $32.5B | $5.4B | ||
| Q1 25 | $17.0B | $13.5B | ||
| Q4 24 | $45.6B | $6.6B | ||
| Q3 24 | $26.0B | $12.1B | ||
| Q2 24 | $25.3B | $4.2B | ||
| Q1 24 | $19.0B | $16.7B |
自由现金流AMZNWMT
| Q4 25 | $14.9B | $1.9B | ||
| Q3 25 | $430.0M | $6.5B | ||
| Q2 25 | $332.0M | $425.0M | ||
| Q1 25 | $-8.0B | $6.4B | ||
| Q4 24 | $17.8B | $372.0M | ||
| Q3 24 | $3.4B | $6.3B | ||
| Q2 24 | $7.7B | $-427.0M | ||
| Q1 24 | $4.1B | $10.8B |
自由现金流率AMZNWMT
| Q4 25 | 7.0% | 1.1% | ||
| Q3 25 | 0.2% | 3.7% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | -5.1% | 3.6% | ||
| Q4 24 | 9.5% | 0.2% | ||
| Q3 24 | 2.1% | 3.7% | ||
| Q2 24 | 5.2% | -0.3% | ||
| Q1 24 | 2.8% | 6.3% |
资本支出强度AMZNWMT
| Q4 25 | 18.5% | 4.1% | ||
| Q3 25 | 19.5% | 3.7% | ||
| Q2 25 | 19.2% | 3.0% | ||
| Q1 25 | 16.1% | 4.0% | ||
| Q4 24 | 14.8% | 3.7% | ||
| Q3 24 | 14.2% | 3.5% | ||
| Q2 24 | 11.9% | 2.9% | ||
| Q1 24 | 10.4% | 3.5% |
现金转化率AMZNWMT
| Q4 25 | 2.57× | 1.48× | ||
| Q3 25 | 1.68× | 1.84× | ||
| Q2 25 | 1.79× | 1.21× | ||
| Q1 25 | 0.99× | 2.57× | ||
| Q4 24 | 2.28× | 1.43× | ||
| Q3 24 | 1.69× | 2.69× | ||
| Q2 24 | 1.87× | 0.83× | ||
| Q1 24 | 1.82× | 3.04× |
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% |
WMT
| Grocery | $71.7B | 40% |
| Walmart International | $33.5B | 19% |
| E Commerce | $24.8B | 14% |
| Sams Club US | $23.6B | 13% |
| Healthand Wellness | $18.4B | 10% |
| Other Categories | $3.2B | 2% |
| Fuel And Other | $3.0B | 2% |
