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美国运通（AXP）与CDW Corporation（CDW）财务数据对比。点击上方公司名可切换其他公司
美国运通的季度营收约是CDW Corporation的3.3倍（$18.9B vs $5.7B），美国运通净利率更高（15.7% vs 4.1%，领先11.6%），美国运通同比增速更快（11.4% vs 9.2%），过去两年美国运通的营收复合增速更高（38.8% vs 2.3%）
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
AXP vs CDW — 直观对比
营收规模更大
AXP
是对方的3.3倍
$5.7B
营收增速更快
AXP
高出2.2%
9.2%
净利率更高
AXP
高出11.6%
4.1%
两年增速更快
AXP
近两年复合增速
2.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $18.9B | $5.7B |
| 净利润 | $3.0B | $235.4M |
| 毛利率 | — | 21.0% |
| 营业利润率 | — | 6.6% |
| 净利率 | 15.7% | 4.1% |
| 营收同比 | 11.4% | 9.2% |
| 净利润同比 | 15.0% | 4.7% |
| 每股收益（稀释后） | $4.28 | $1.82 |
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AXPCDW
| Q1 26 | $18.9B | $5.7B | ||
| Q4 25 | $10.9B | $5.5B | ||
| Q3 25 | $10.4B | $5.7B | ||
| Q2 25 | $10.3B | $6.0B | ||
| Q1 25 | $9.6B | $5.2B | ||
| Q4 24 | $10.0B | $5.2B | ||
| Q3 24 | $9.7B | $5.5B | ||
| Q2 24 | $9.8B | $5.4B |
净利润AXPCDW
| Q1 26 | $3.0B | $235.4M | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $291.0M | ||
| Q2 25 | $2.9B | $271.2M | ||
| Q1 25 | $2.6B | $224.9M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.5B | $316.4M | ||
| Q2 24 | $3.0B | $281.1M |
毛利率AXPCDW
| Q1 26 | — | 21.0% | ||
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 21.8% |
营业利润率AXPCDW
| Q1 26 | — | 6.6% | ||
| Q4 25 | 28.2% | 7.8% | ||
| Q3 25 | 36.7% | 7.7% | ||
| Q2 25 | 34.4% | 7.0% | ||
| Q1 25 | 34.6% | 7.0% | ||
| Q4 24 | 27.7% | 7.9% | ||
| Q3 24 | 33.0% | 8.7% | ||
| Q2 24 | 38.6% | 8.0% |
净利率AXPCDW
| Q1 26 | 15.7% | 4.1% | ||
| Q4 25 | 22.5% | — | ||
| Q3 25 | 27.9% | 5.1% | ||
| Q2 25 | 28.0% | 4.5% | ||
| Q1 25 | 26.8% | 4.3% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 25.8% | 5.7% | ||
| Q2 24 | 30.7% | 5.2% |
每股收益（稀释后）AXPCDW
| Q1 26 | $4.28 | $1.82 | ||
| Q4 25 | $3.52 | $2.13 | ||
| Q3 25 | $4.14 | $2.21 | ||
| Q2 25 | $4.08 | $2.05 | ||
| Q1 25 | $3.64 | $1.69 | ||
| Q4 24 | $3.04 | $1.97 | ||
| Q3 24 | $3.49 | $2.34 | ||
| Q2 24 | $4.15 | $2.07 |
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 | — | $578.6M |
| 总债务越低越好 | $60.4M | $1.0B |
| 股东权益账面价值 | $34.0M | $2.6B |
| 总资产 | $308.9M | $16.5B |
| 负债/权益比越低杠杆越低 | 1.78× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资AXPCDW
| Q1 26 | — | $578.6M | ||
| Q4 25 | $742.0M | $618.7M | ||
| Q3 25 | $1.3B | $452.9M | ||
| Q2 25 | $197.0M | $481.0M | ||
| Q1 25 | $261.0M | $688.1M | ||
| Q4 24 | $221.0M | $717.7M | ||
| Q3 24 | $120.0M | $1.2B | ||
| Q2 24 | $188.0M | $665.3M |
总债务AXPCDW
| Q1 26 | $60.4M | $1.0B | ||
| Q4 25 | $56.4B | — | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | — | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — |
股东权益AXPCDW
| Q1 26 | $34.0M | $2.6B | ||
| Q4 25 | $33.5B | $2.6B | ||
| Q3 25 | $32.4B | $2.5B | ||
| Q2 25 | $32.3B | $2.5B | ||
| Q1 25 | $31.2B | $2.3B | ||
| Q4 24 | $30.3B | $2.4B | ||
| Q3 24 | $29.7B | $2.3B | ||
| Q2 24 | $29.5B | $2.2B |
总资产AXPCDW
| Q1 26 | $308.9M | $16.5B | ||
| Q4 25 | $300.1B | $16.0B | ||
| Q3 25 | $297.6B | $15.2B | ||
| Q2 25 | $295.6B | $15.3B | ||
| Q1 25 | $282.2B | $15.0B | ||
| Q4 24 | $271.5B | $14.7B | ||
| Q3 24 | $271.0B | $14.4B | ||
| Q2 24 | $272.2B | $13.6B |
负债/权益比AXPCDW
| Q1 26 | 1.78× | 0.39× | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — |
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 | — | $274.8M |
| 自由现金流经营现金流 - 资本支出 | — | $248.4M |
| 自由现金流率自由现金流/营收 | — | 4.4% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | 1.17× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流AXPCDW
| Q1 26 | — | $274.8M | ||
| Q4 25 | $3.1B | $433.8M | ||
| Q3 25 | $6.2B | $328.3M | ||
| Q2 25 | $4.4B | $155.9M | ||
| Q1 25 | $4.8B | $287.2M | ||
| Q4 24 | $5.8B | $345.3M | ||
| Q3 24 | $-1.8B | $342.1M | ||
| Q2 24 | $4.5B | $149.9M |
自由现金流AXPCDW
| Q1 26 | — | $248.4M | ||
| Q4 25 | $2.3B | $395.9M | ||
| Q3 25 | $5.6B | $298.5M | ||
| Q2 25 | $3.7B | $133.4M | ||
| Q1 25 | $4.3B | $260.3M | ||
| Q4 24 | $5.3B | $316.7M | ||
| Q3 24 | $-2.3B | $308.5M | ||
| Q2 24 | $4.0B | $119.0M |
自由现金流率AXPCDW
| Q1 26 | — | 4.4% | ||
| Q4 25 | 21.4% | 7.2% | ||
| Q3 25 | 53.6% | 5.2% | ||
| Q2 25 | 36.3% | 2.2% | ||
| Q1 25 | 45.0% | 5.0% | ||
| Q4 24 | 53.1% | 6.1% | ||
| Q3 24 | -23.3% | 5.6% | ||
| Q2 24 | 40.4% | 2.2% |
资本支出强度AXPCDW
| Q1 26 | — | 0.5% | ||
| Q4 25 | 6.6% | 0.7% | ||
| Q3 25 | 6.3% | 0.5% | ||
| Q2 25 | 6.0% | 0.4% | ||
| Q1 25 | 4.5% | 0.5% | ||
| Q4 24 | 5.0% | 0.6% | ||
| Q3 24 | 4.7% | 0.6% | ||
| Q2 24 | 5.8% | 0.6% |
现金转化率AXPCDW
| Q1 26 | — | 1.17× | ||
| Q4 25 | 1.25× | — | ||
| Q3 25 | 2.15× | 1.13× | ||
| Q2 25 | 1.51× | 0.57× | ||
| Q1 25 | 1.84× | 1.28× | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | -0.72× | 1.08× | ||
| Q2 24 | 1.50× | 0.53× |
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
AXP
暂无分部数据
CDW
| Corporate | $2.4B | 42% |
| Other | $802.5M | 14% |
| Healthcare | $766.7M | 13% |
| Education | $675.0M | 12% |
| Government | $632.9M | 11% |
| Financial Services | $428.4M | 8% |
