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美国运通（AXP）与CARVANA CO.（CVNA）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CARVANA CO.的2.0倍（$10.9B vs $5.6B），美国运通净利率更高（22.5% vs 15.3%，领先7.2%），CARVANA CO.同比增速更快（58.0% vs 9.9%），美国运通自由现金流更多（$2.3B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 8.2%）
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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
AXP vs CVNA — 直观对比
营收规模更大
AXP
是对方的2.0倍
$5.6B
营收增速更快
CVNA
高出48.0%
9.9%
净利率更高
AXP
高出7.2%
15.3%
自由现金流更多
AXP
多$2.0B
$379.0M
两年增速更快
CVNA
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $5.6B |
| 净利润 | $2.5B | $857.0M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 28.2% | 7.6% |
| 净利率 | 22.5% | 15.3% |
| 营收同比 | 9.9% | 58.0% |
| 净利润同比 | 13.5% | 984.8% |
| 每股收益（稀释后） | $3.52 | — |
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AXPCVNA
| Q4 25 | $10.9B | $5.6B | ||
| Q3 25 | $10.4B | $5.6B | ||
| Q2 25 | $10.3B | $4.8B | ||
| Q1 25 | $9.6B | $4.2B | ||
| Q4 24 | $10.0B | $3.5B | ||
| Q3 24 | $9.7B | $3.7B | ||
| Q2 24 | $9.8B | $3.4B | ||
| Q1 24 | $9.3B | $3.1B |
净利润AXPCVNA
| Q4 25 | $2.5B | $857.0M | ||
| Q3 25 | $2.9B | $151.0M | ||
| Q2 25 | $2.9B | $183.0M | ||
| Q1 25 | $2.6B | $216.0M | ||
| Q4 24 | $2.2B | $79.0M | ||
| Q3 24 | $2.5B | $85.0M | ||
| Q2 24 | $3.0B | $18.0M | ||
| Q1 24 | $2.4B | $28.0M |
毛利率AXPCVNA
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 20.3% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.3% |
营业利润率AXPCVNA
| Q4 25 | 28.2% | 7.6% | ||
| Q3 25 | 36.7% | 9.8% | ||
| Q2 25 | 34.4% | 10.6% | ||
| Q1 25 | 34.6% | 9.3% | ||
| Q4 24 | 27.7% | 7.3% | ||
| Q3 24 | 33.0% | 9.2% | ||
| Q2 24 | 38.6% | 7.6% | ||
| Q1 24 | 33.7% | 4.4% |
净利率AXPCVNA
| Q4 25 | 22.5% | 15.3% | ||
| Q3 25 | 27.9% | 2.7% | ||
| Q2 25 | 28.0% | 3.8% | ||
| Q1 25 | 26.8% | 5.1% | ||
| Q4 24 | 21.8% | 2.2% | ||
| Q3 24 | 25.8% | 2.3% | ||
| Q2 24 | 30.7% | 0.5% | ||
| Q1 24 | 26.1% | 0.9% |
每股收益（稀释后）AXPCVNA
| Q4 25 | $3.52 | — | ||
| Q3 25 | $4.14 | — | ||
| Q2 25 | $4.08 | — | ||
| Q1 25 | $3.64 | — | ||
| Q4 24 | $3.04 | — | ||
| Q3 24 | $3.49 | — | ||
| Q2 24 | $4.15 | — | ||
| Q1 24 | $3.33 | $0.24 |
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 | $742.0M | $2.3B |
| 总债务越低越好 | $56.4B | $4.9B |
| 股东权益账面价值 | $33.5B | $3.4B |
| 总资产 | $300.1B | $13.2B |
| 负债/权益比越低杠杆越低 | 1.68× | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资AXPCVNA
| Q4 25 | $742.0M | $2.3B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $197.0M | $1.9B | ||
| Q1 25 | $261.0M | $1.9B | ||
| Q4 24 | $221.0M | $1.7B | ||
| Q3 24 | $120.0M | $871.0M | ||
| Q2 24 | $188.0M | $542.0M | ||
| Q1 24 | $69.0M | $252.0M |
总债务AXPCVNA
| Q4 25 | $56.4B | $4.9B | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | $5.3B | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPCVNA
| Q4 25 | $33.5B | $3.4B | ||
| Q3 25 | $32.4B | $2.3B | ||
| Q2 25 | $32.3B | $1.7B | ||
| Q1 25 | $31.2B | $1.5B | ||
| Q4 24 | $30.3B | $1.3B | ||
| Q3 24 | $29.7B | $611.0M | ||
| Q2 24 | $29.5B | $526.0M | ||
| Q1 24 | $28.8B | $289.0M |
总资产AXPCVNA
| Q4 25 | $300.1B | $13.2B | ||
| Q3 25 | $297.6B | $9.9B | ||
| Q2 25 | $295.6B | $9.4B | ||
| Q1 25 | $282.2B | $8.9B | ||
| Q4 24 | $271.5B | $8.5B | ||
| Q3 24 | $271.0B | $7.4B | ||
| Q2 24 | $272.2B | $7.2B | ||
| Q1 24 | $269.3B | $7.0B |
负债/权益比AXPCVNA
| Q4 25 | 1.68× | 1.43× | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | 4.20× | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
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 | $3.1B | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $379.0M |
| 自由现金流率自由现金流/营收 | 21.4% | 6.8% |
| 资本支出强度资本支出/营收 | 6.6% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.25× | 0.50× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $889.0M |
8季度趋势，按日历期对齐
经营现金流AXPCVNA
| Q4 25 | $3.1B | $430.0M | ||
| Q3 25 | $6.2B | $345.0M | ||
| Q2 25 | $4.4B | $29.0M | ||
| Q1 25 | $4.8B | $232.0M | ||
| Q4 24 | $5.8B | $60.0M | ||
| Q3 24 | $-1.8B | $403.0M | ||
| Q2 24 | $4.5B | $354.0M | ||
| Q1 24 | $5.6B | $101.0M |
自由现金流AXPCVNA
| Q4 25 | $2.3B | $379.0M | ||
| Q3 25 | $5.6B | $307.0M | ||
| Q2 25 | $3.7B | $-2.0M | ||
| Q1 25 | $4.3B | $205.0M | ||
| Q4 24 | $5.3B | $36.0M | ||
| Q3 24 | $-2.3B | $376.0M | ||
| Q2 24 | $4.0B | $332.0M | ||
| Q1 24 | $5.2B | $83.0M |
自由现金流率AXPCVNA
| Q4 25 | 21.4% | 6.8% | ||
| Q3 25 | 53.6% | 5.4% | ||
| Q2 25 | 36.3% | -0.0% | ||
| Q1 25 | 45.0% | 4.8% | ||
| Q4 24 | 53.1% | 1.0% | ||
| Q3 24 | -23.3% | 10.3% | ||
| Q2 24 | 40.4% | 9.7% | ||
| Q1 24 | 55.2% | 2.7% |
资本支出强度AXPCVNA
| Q4 25 | 6.6% | 0.9% | ||
| Q3 25 | 6.3% | 0.7% | ||
| Q2 25 | 6.0% | 0.6% | ||
| Q1 25 | 4.5% | 0.6% | ||
| Q4 24 | 5.0% | 0.7% | ||
| Q3 24 | 4.7% | 0.7% | ||
| Q2 24 | 5.8% | 0.6% | ||
| Q1 24 | 4.2% | 0.6% |
现金转化率AXPCVNA
| Q4 25 | 1.25× | 0.50× | ||
| Q3 25 | 2.15× | 2.28× | ||
| Q2 25 | 1.51× | 0.16× | ||
| Q1 25 | 1.84× | 1.07× | ||
| Q4 24 | 2.66× | 0.76× | ||
| Q3 24 | -0.72× | 4.74× | ||
| Q2 24 | 1.50× | 19.67× | ||
| Q1 24 | 2.28× | 3.61× |
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
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
