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美国运通（AXP）与国际商业机器公司（IBM）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国际商业机器公司的1.2倍（$18.9B vs $15.9B），美国运通净利率更高（15.7% vs 7.6%，领先8.1%），美国运通同比增速更快（11.4% vs 9.7%），过去两年美国运通的营收复合增速更高（38.8% vs 0.4%）
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。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
AXP vs IBM — 直观对比
营收规模更大
AXP
是对方的1.2倍
$15.9B
营收增速更快
AXP
高出1.8%
9.7%
净利率更高
AXP
高出8.1%
7.6%
两年增速更快
AXP
近两年复合增速
0.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $18.9B | $15.9B |
| 净利润 | $3.0B | $1.2B |
| 毛利率 | — | 56.3% |
| 营业利润率 | — | — |
| 净利率 | 15.7% | 7.6% |
| 营收同比 | 11.4% | 9.7% |
| 净利润同比 | 15.0% | 15.3% |
| 每股收益（稀释后） | $4.28 | $1.28 |
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AXPIBM
| Q1 26 | $18.9B | $15.9B | ||
| Q4 25 | $10.9B | $19.7B | ||
| Q3 25 | $10.4B | $16.3B | ||
| Q2 25 | $10.3B | $17.0B | ||
| Q1 25 | $9.6B | $14.5B | ||
| Q4 24 | $10.0B | $17.6B | ||
| Q3 24 | $9.7B | $15.0B | ||
| Q2 24 | $9.8B | $15.8B |
净利润AXPIBM
| Q1 26 | $3.0B | $1.2B | ||
| Q4 25 | $2.5B | $5.6B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | $2.9B | $2.2B | ||
| Q1 25 | $2.6B | $1.1B | ||
| Q4 24 | $2.2B | $2.9B | ||
| Q3 24 | $2.5B | $-330.0M | ||
| Q2 24 | $3.0B | $1.8B |
毛利率AXPIBM
| Q1 26 | — | 56.3% | ||
| Q4 25 | — | 60.6% | ||
| Q3 25 | — | 57.3% | ||
| Q2 25 | — | 58.8% | ||
| Q1 25 | — | 55.2% | ||
| Q4 24 | — | 59.5% | ||
| Q3 24 | — | 56.3% | ||
| Q2 24 | — | 56.8% |
营业利润率AXPIBM
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | 21.0% | ||
| Q3 25 | 36.7% | 14.9% | ||
| Q2 25 | 34.4% | 15.3% | ||
| Q1 25 | 34.6% | 8.0% | ||
| Q4 24 | 27.7% | 18.8% | ||
| Q3 24 | 33.0% | -5.4% | ||
| Q2 24 | 38.6% | 14.1% |
净利率AXPIBM
| Q1 26 | 15.7% | 7.6% | ||
| Q4 25 | 22.5% | 28.4% | ||
| Q3 25 | 27.9% | 10.7% | ||
| Q2 25 | 28.0% | 12.9% | ||
| Q1 25 | 26.8% | 7.3% | ||
| Q4 24 | 21.8% | 16.6% | ||
| Q3 24 | 25.8% | -2.2% | ||
| Q2 24 | 30.7% | 11.6% |
每股收益（稀释后）AXPIBM
| Q1 26 | $4.28 | $1.28 | ||
| Q4 25 | $3.52 | $5.90 | ||
| Q3 25 | $4.14 | $1.84 | ||
| Q2 25 | $4.08 | $2.31 | ||
| Q1 25 | $3.64 | $1.12 | ||
| Q4 24 | $3.04 | $3.11 | ||
| Q3 24 | $3.49 | $-0.36 | ||
| Q2 24 | $4.15 | $1.96 |
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 | — | $10.8B |
| 总债务越低越好 | $60.4M | $66.4B |
| 股东权益账面价值 | $34.0M | $33.1B |
| 总资产 | $308.9M | $156.2B |
| 负债/权益比越低杠杆越低 | 1.78× | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资AXPIBM
| Q1 26 | — | $10.8B | ||
| Q4 25 | $742.0M | $13.6B | ||
| Q3 25 | $1.3B | $11.6B | ||
| Q2 25 | $197.0M | $11.9B | ||
| Q1 25 | $261.0M | $11.0B | ||
| Q4 24 | $221.0M | $13.9B | ||
| Q3 24 | $120.0M | $13.2B | ||
| Q2 24 | $188.0M | $12.2B |
总债务AXPIBM
| Q1 26 | $60.4M | $66.4B | ||
| Q4 25 | $56.4B | $54.8B | ||
| Q3 25 | $57.8B | $55.2B | ||
| Q2 25 | $58.2B | $55.2B | ||
| Q1 25 | $51.2B | $56.4B | ||
| Q4 24 | $49.7B | $49.9B | ||
| Q3 24 | $53.5B | $53.0B | ||
| Q2 24 | $51.5B | $52.9B |
股东权益AXPIBM
| Q1 26 | $34.0M | $33.1B | ||
| Q4 25 | $33.5B | $32.6B | ||
| Q3 25 | $32.4B | $27.9B | ||
| Q2 25 | $32.3B | $27.5B | ||
| Q1 25 | $31.2B | $26.9B | ||
| Q4 24 | $30.3B | $27.3B | ||
| Q3 24 | $29.7B | $24.4B | ||
| Q2 24 | $29.5B | $24.0B |
总资产AXPIBM
| Q1 26 | $308.9M | $156.2B | ||
| Q4 25 | $300.1B | $151.9B | ||
| Q3 25 | $297.6B | $146.3B | ||
| Q2 25 | $295.6B | $148.6B | ||
| Q1 25 | $282.2B | $145.7B | ||
| Q4 24 | $271.5B | $137.2B | ||
| Q3 24 | $271.0B | $134.3B | ||
| Q2 24 | $272.2B | $133.8B |
负债/权益比AXPIBM
| Q1 26 | 1.78× | 2.01× | ||
| Q4 25 | 1.68× | 1.68× | ||
| Q3 25 | 1.78× | 1.98× | ||
| Q2 25 | 1.80× | 2.01× | ||
| Q1 25 | 1.64× | 2.10× | ||
| Q4 24 | 1.64× | 1.83× | ||
| Q3 24 | 1.80× | 2.17× | ||
| Q2 24 | 1.74× | 2.20× |
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 | — | $5.2B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 14.0% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 4.25× |
| 过去12个月自由现金流最近4个季度 | — | $10.2B |
8季度趋势，按日历期对齐
经营现金流AXPIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $3.1B | $4.0B | ||
| Q3 25 | $6.2B | $3.1B | ||
| Q2 25 | $4.4B | $1.7B | ||
| Q1 25 | $4.8B | $4.4B | ||
| Q4 24 | $5.8B | $4.3B | ||
| Q3 24 | $-1.8B | $2.9B | ||
| Q2 24 | $4.5B | $2.1B |
自由现金流AXPIBM
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.3B | $3.7B | ||
| Q3 25 | $5.6B | $2.8B | ||
| Q2 25 | $3.7B | $1.5B | ||
| Q1 25 | $4.3B | $4.1B | ||
| Q4 24 | $5.3B | $4.0B | ||
| Q3 24 | $-2.3B | $2.6B | ||
| Q2 24 | $4.0B | $1.8B |
自由现金流率AXPIBM
| Q1 26 | — | 14.0% | ||
| Q4 25 | 21.4% | 18.6% | ||
| Q3 25 | 53.6% | 17.3% | ||
| Q2 25 | 36.3% | 8.8% | ||
| Q1 25 | 45.0% | 28.4% | ||
| Q4 24 | 53.1% | 22.9% | ||
| Q3 24 | -23.3% | 17.3% | ||
| Q2 24 | 40.4% | 11.7% |
资本支出强度AXPIBM
| Q1 26 | — | 2.4% | ||
| Q4 25 | 6.6% | 1.9% | ||
| Q3 25 | 6.3% | 1.6% | ||
| Q2 25 | 6.0% | 1.2% | ||
| Q1 25 | 4.5% | 1.7% | ||
| Q4 24 | 5.0% | 1.7% | ||
| Q3 24 | 4.7% | 1.9% | ||
| Q2 24 | 5.8% | 1.4% |
现金转化率AXPIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | 1.25× | 0.72× | ||
| Q3 25 | 2.15× | 1.77× | ||
| Q2 25 | 1.51× | 0.78× | ||
| Q1 25 | 1.84× | 4.14× | ||
| Q4 24 | 2.66× | 1.49× | ||
| Q3 24 | -0.72× | — | ||
| Q2 24 | 1.50× | 1.13× |
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
IBM
| Software | $7.1B | 45% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $200.0M | 1% |
