vs
美国运通（AXP）与通用动力（GD）财务数据对比。点击上方公司名可切换其他公司
通用动力的季度营收约是美国运通的1.3倍（$14.4B vs $10.9B），美国运通净利率更高（22.5% vs 7.9%，领先14.6%），美国运通同比增速更快（9.9% vs 7.8%），美国运通自由现金流更多（$2.3B vs $952.0M），过去两年通用动力的营收复合增速更高（15.8% 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。
通用动力是总部位于美国弗吉尼亚州雷斯顿的工业科技企业，是全球领先的先进军工装备研发生产商，产品覆盖核潜艇、主战坦克、装甲战车等多种品类，同时生产湾流系列公务机，也提供信息技术服务，位列美国前百名国防承包商第三位。
AXP vs GD — 直观对比
营收规模更大
GD
是对方的1.3倍
$10.9B
营收增速更快
AXP
高出2.1%
7.8%
净利率更高
AXP
高出14.6%
7.9%
自由现金流更多
AXP
多$1.4B
$952.0M
两年增速更快
GD
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $14.4B |
| 净利润 | $2.5B | $1.1B |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | 10.1% |
| 净利率 | 22.5% | 7.9% |
| 营收同比 | 9.9% | 7.8% |
| 净利润同比 | 13.5% | -0.4% |
| 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AXPGD
| Q4 25 | $10.9B | $14.4B | ||
| Q3 25 | $10.4B | $12.9B | ||
| Q2 25 | $10.3B | $13.0B | ||
| Q1 25 | $9.6B | $12.2B | ||
| Q4 24 | $10.0B | $13.3B | ||
| Q3 24 | $9.7B | $11.7B | ||
| Q2 24 | $9.8B | $12.0B | ||
| Q1 24 | $9.3B | $10.7B |
净利润AXPGD
| Q4 25 | $2.5B | $1.1B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.9B | $1.0B | ||
| Q1 25 | $2.6B | $994.0M | ||
| Q4 24 | $2.2B | $1.1B | ||
| Q3 24 | $2.5B | $930.0M | ||
| Q2 24 | $3.0B | $905.0M | ||
| Q1 24 | $2.4B | $799.0M |
营业利润率AXPGD
| Q4 25 | 28.2% | 10.1% | ||
| Q3 25 | 36.7% | 10.3% | ||
| Q2 25 | 34.4% | 10.0% | ||
| Q1 25 | 34.6% | 10.4% | ||
| Q4 24 | 27.7% | 10.7% | ||
| Q3 24 | 33.0% | 10.1% | ||
| Q2 24 | 38.6% | 9.7% | ||
| Q1 24 | 33.7% | 9.7% |
净利率AXPGD
| Q4 25 | 22.5% | 7.9% | ||
| Q3 25 | 27.9% | 8.2% | ||
| Q2 25 | 28.0% | 7.8% | ||
| Q1 25 | 26.8% | 8.1% | ||
| Q4 24 | 21.8% | 8.6% | ||
| Q3 24 | 25.8% | 8.0% | ||
| Q2 24 | 30.7% | 7.6% | ||
| Q1 24 | 26.1% | 7.4% |
每股收益（稀释后）AXPGD
| 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 | — |
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 | $8.1B |
| 股东权益账面价值 | $33.5B | $25.6B |
| 总资产 | $300.1B | $57.2B |
| 负债/权益比越低杠杆越低 | 1.68× | 0.32× |
8季度趋势，按日历期对齐
现金及短期投资AXPGD
| Q4 25 | $742.0M | $2.3B | ||
| Q3 25 | $1.3B | $2.5B | ||
| Q2 25 | $197.0M | $1.5B | ||
| Q1 25 | $261.0M | $1.2B | ||
| Q4 24 | $221.0M | $1.7B | ||
| Q3 24 | $120.0M | $2.1B | ||
| Q2 24 | $188.0M | $1.4B | ||
| Q1 24 | $69.0M | $1.0B |
总债务AXPGD
| Q4 25 | $56.4B | $8.1B | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | $8.8B | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPGD
| Q4 25 | $33.5B | $25.6B | ||
| Q3 25 | $32.4B | $24.4B | ||
| Q2 25 | $32.3B | $23.6B | ||
| Q1 25 | $31.2B | $22.2B | ||
| Q4 24 | $30.3B | $22.1B | ||
| Q3 24 | $29.7B | $23.0B | ||
| Q2 24 | $29.5B | $22.0B | ||
| Q1 24 | $28.8B | $21.4B |
总资产AXPGD
| Q4 25 | $300.1B | $57.2B | ||
| Q3 25 | $297.6B | $57.6B | ||
| Q2 25 | $295.6B | $56.9B | ||
| Q1 25 | $282.2B | $56.6B | ||
| Q4 24 | $271.5B | $55.9B | ||
| Q3 24 | $271.0B | $57.3B | ||
| Q2 24 | $272.2B | $55.4B | ||
| Q1 24 | $269.3B | $55.2B |
负债/权益比AXPGD
| Q4 25 | 1.68× | 0.32× | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | 0.40× | ||
| 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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $952.0M |
| 自由现金流率自由现金流/营收 | 21.4% | 6.6% |
| 资本支出强度资本支出/营收 | 6.6% | 4.2% |
| 现金转化率经营现金流/净利润 | 1.25× | 1.37× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $4.0B |
8季度趋势，按日历期对齐
经营现金流AXPGD
| Q4 25 | $3.1B | $1.6B | ||
| Q3 25 | $6.2B | $2.1B | ||
| Q2 25 | $4.4B | $1.6B | ||
| Q1 25 | $4.8B | $-148.0M | ||
| Q4 24 | $5.8B | $2.2B | ||
| Q3 24 | $-1.8B | $1.4B | ||
| Q2 24 | $4.5B | $814.0M | ||
| Q1 24 | $5.6B | $-278.0M |
自由现金流AXPGD
| Q4 25 | $2.3B | $952.0M | ||
| Q3 25 | $5.6B | $1.9B | ||
| Q2 25 | $3.7B | $1.4B | ||
| Q1 25 | $4.3B | $-290.0M | ||
| Q4 24 | $5.3B | $1.8B | ||
| Q3 24 | $-2.3B | $1.2B | ||
| Q2 24 | $4.0B | $613.0M | ||
| Q1 24 | $5.2B | $-437.0M |
自由现金流率AXPGD
| Q4 25 | 21.4% | 6.6% | ||
| Q3 25 | 53.6% | 14.7% | ||
| Q2 25 | 36.3% | 10.7% | ||
| Q1 25 | 45.0% | -2.4% | ||
| Q4 24 | 53.1% | 13.5% | ||
| Q3 24 | -23.3% | 10.4% | ||
| Q2 24 | 40.4% | 5.1% | ||
| Q1 24 | 55.2% | -4.1% |
资本支出强度AXPGD
| Q4 25 | 6.6% | 4.2% | ||
| Q3 25 | 6.3% | 1.6% | ||
| Q2 25 | 6.0% | 1.5% | ||
| Q1 25 | 4.5% | 1.2% | ||
| Q4 24 | 5.0% | 2.7% | ||
| Q3 24 | 4.7% | 1.7% | ||
| Q2 24 | 5.8% | 1.7% | ||
| Q1 24 | 4.2% | 1.5% |
现金转化率AXPGD
| Q4 25 | 1.25× | 1.37× | ||
| Q3 25 | 2.15× | 1.99× | ||
| Q2 25 | 1.51× | 1.58× | ||
| Q1 25 | 1.84× | -0.15× | ||
| Q4 24 | 2.66× | 1.88× | ||
| Q3 24 | -0.72× | 1.52× | ||
| Q2 24 | 1.50× | 0.90× | ||
| Q1 24 | 2.28× | -0.35× |
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% |
GD
| Aerospace | $3.8B | 26% |
| Cost Reimbursement | $2.5B | 17% |
| Information Technology Services | $2.1B | 15% |
| Militaryvehicles | $1.2B | 9% |
| C5ISR Solutions | $1.1B | 8% |
| Aircraft Services | $965.0M | 7% |
| Weapons Systemsand Munitions | $935.0M | 7% |
| Surfaceships | $920.0M | 6% |
| Engineeringand Other Services | $360.0M | 3% |
| Repairand Other Services | $344.0M | 2% |
| Contracts Accounted For Under Percentage Of Completion | $88.0M | 1% |
