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AppLovin Corp（APP）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是AppLovin Corp的1.1倍（$1.5B vs $1.3B），AppLovin Corp净利率更高（82.7% vs -3.1%，领先85.8%），AppLovin Corp同比增速更快（-2.9% vs -11.9%），过去两年RXO, Inc.的营收复合增速更高（26.8% vs 12.2%）
AppLovin是总部位于美国加利福尼亚州帕洛阿尔托的移动科技公司，成立于2012年，旗下拥有SSP MAX、DSP AppDiscovery营销平台及SparkLabs创意工作室，可为开发者提供应用推广、变现、分析及发行服务，同时也对多家移动游戏发行商开展投资。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
APP vs RXO — 直观对比
营收规模更大
RXO
是对方的1.1倍
$1.3B
营收增速更快
APP
高出9.0%
-11.9%
净利率更高
APP
高出85.8%
-3.1%
两年增速更快
RXO
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $1.1B | $-46.0M |
| 毛利率 | 95.2% | — |
| 营业利润率 | — | -2.9% |
| 净利率 | 82.7% | -3.1% |
| 营收同比 | -2.9% | -11.9% |
| 净利润同比 | 84.0% | -84.0% |
| 每股收益（稀释后） | $3.24 | $-0.28 |
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APPRXO
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.2B | $1.0B | ||
| Q2 24 | $1.1B | $930.0M | ||
| Q1 24 | $1.1B | $913.0M |
净利润APPRXO
| Q4 25 | $1.1B | $-46.0M | ||
| Q3 25 | $835.5M | $-14.0M | ||
| Q2 25 | $819.5M | $-9.0M | ||
| Q1 25 | $576.4M | $-31.0M | ||
| Q4 24 | $599.2M | $-25.0M | ||
| Q3 24 | $434.4M | $-243.0M | ||
| Q2 24 | $310.0M | $-7.0M | ||
| Q1 24 | $236.2M | $-15.0M |
毛利率APPRXO
| Q4 25 | 95.2% | — | ||
| Q3 25 | 87.6% | — | ||
| Q2 25 | 87.7% | — | ||
| Q1 25 | 81.7% | — | ||
| Q4 24 | 76.7% | — | ||
| Q3 24 | 77.5% | — | ||
| Q2 24 | 73.8% | — | ||
| Q1 24 | 72.2% | — |
营业利润率APPRXO
| Q4 25 | — | -2.9% | ||
| Q3 25 | 76.8% | -0.5% | ||
| Q2 25 | 76.1% | — | ||
| Q1 25 | 44.7% | -2.1% | ||
| Q4 24 | 44.3% | -1.4% | ||
| Q3 24 | 44.6% | -1.9% | ||
| Q2 24 | 36.2% | — | ||
| Q1 24 | 32.1% | -1.3% |
净利率APPRXO
| Q4 25 | 82.7% | -3.1% | ||
| Q3 25 | 59.5% | -1.0% | ||
| Q2 25 | 65.1% | -0.6% | ||
| Q1 25 | 38.8% | -2.2% | ||
| Q4 24 | 43.6% | -1.5% | ||
| Q3 24 | 36.3% | -23.4% | ||
| Q2 24 | 28.7% | -0.8% | ||
| Q1 24 | 22.3% | -1.6% |
每股收益（稀释后）APPRXO
| Q4 25 | $3.24 | $-0.28 | ||
| Q3 25 | $2.45 | $-0.08 | ||
| Q2 25 | $2.39 | $-0.05 | ||
| Q1 25 | $1.67 | $-0.18 | ||
| Q4 24 | $1.72 | $-0.17 | ||
| Q3 24 | $1.25 | $-1.81 | ||
| Q2 24 | $0.89 | $-0.06 | ||
| Q1 24 | $0.67 | $-0.13 |
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 | $2.5B | $17.0M |
| 总债务越低越好 | $3.5B | $387.0M |
| 股东权益账面价值 | $2.1B | $1.5B |
| 总资产 | $7.3B | $3.3B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资APPRXO
| Q4 25 | $2.5B | $17.0M | ||
| Q3 25 | $1.7B | $25.0M | ||
| Q2 25 | $1.2B | $18.0M | ||
| Q1 25 | $551.0M | $16.0M | ||
| Q4 24 | $741.4M | $35.0M | ||
| Q3 24 | $567.6M | $55.0M | ||
| Q2 24 | $460.4M | $7.0M | ||
| Q1 24 | $436.3M | $7.0M |
总债务APPRXO
| Q4 25 | $3.5B | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | $3.5B | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益APPRXO
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $575.4M | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $938.2M | $1.7B | ||
| Q2 24 | $814.8M | $579.0M | ||
| Q1 24 | $760.2M | $582.0M |
总资产APPRXO
| Q4 25 | $7.3B | $3.3B | ||
| Q3 25 | $6.3B | $3.2B | ||
| Q2 25 | $6.0B | $3.2B | ||
| Q1 25 | $5.7B | $3.3B | ||
| Q4 24 | $5.9B | $3.4B | ||
| Q3 24 | $5.4B | $3.4B | ||
| Q2 24 | $5.3B | $1.8B | ||
| Q1 24 | $5.3B | $1.8B |
负债/权益比APPRXO
| Q4 25 | 1.65× | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | 3.22× | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $1.3B | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 1.19× | — |
| 过去12个月自由现金流最近4个季度 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流APPRXO
| Q4 25 | $1.3B | $7.0M | ||
| Q3 25 | $1.1B | $23.0M | ||
| Q2 25 | $772.2M | $23.0M | ||
| Q1 25 | $831.7M | $-2.0M | ||
| Q4 24 | $701.0M | $-7.0M | ||
| Q3 24 | $550.7M | $-7.0M | ||
| Q2 24 | $454.5M | $-5.0M | ||
| Q1 24 | $392.8M | $7.0M |
自由现金流APPRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率APPRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度APPRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
现金转化率APPRXO
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.17× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.47× | — | ||
| Q1 24 | 1.66× | — |
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
APP
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
