vs
美国运通（AXP）与万事达卡（MA）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万事达卡的1.2倍（$10.9B vs $8.8B），万事达卡净利率更高（46.1% vs 22.5%，领先23.6%），万事达卡同比增速更快（17.6% vs 9.9%），万事达卡自由现金流更多（$4.9B vs $2.3B），过去两年万事达卡的营收复合增速更高（17.8% 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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
AXP vs MA — 直观对比
营收规模更大
AXP
是对方的1.2倍
$8.8B
营收增速更快
MA
高出7.6%
9.9%
净利率更高
MA
高出23.6%
22.5%
自由现金流更多
MA
多$2.5B
$2.3B
两年增速更快
MA
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $8.8B |
| 净利润 | $2.5B | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | 55.8% |
| 净利率 | 22.5% | 46.1% |
| 营收同比 | 9.9% | 17.6% |
| 净利润同比 | 13.5% | 21.5% |
| 每股收益（稀释后） | $3.52 | $4.52 |
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AXPMA
| Q4 25 | $10.9B | $8.8B | ||
| Q3 25 | $10.4B | $8.6B | ||
| Q2 25 | $10.3B | $8.1B | ||
| Q1 25 | $9.6B | $7.3B | ||
| Q4 24 | $10.0B | $7.5B | ||
| Q3 24 | $9.7B | $7.4B | ||
| Q2 24 | $9.8B | $7.0B | ||
| Q1 24 | $9.3B | $6.3B |
净利润AXPMA
| Q4 25 | $2.5B | $4.1B | ||
| Q3 25 | $2.9B | $3.9B | ||
| Q2 25 | $2.9B | $3.7B | ||
| Q1 25 | $2.6B | $3.3B | ||
| Q4 24 | $2.2B | $3.3B | ||
| Q3 24 | $2.5B | $3.3B | ||
| Q2 24 | $3.0B | $3.3B | ||
| Q1 24 | $2.4B | $3.0B |
营业利润率AXPMA
| Q4 25 | 28.2% | 55.8% | ||
| Q3 25 | 36.7% | 58.8% | ||
| Q2 25 | 34.4% | 58.7% | ||
| Q1 25 | 34.6% | 57.2% | ||
| Q4 24 | 27.7% | 52.6% | ||
| Q3 24 | 33.0% | 54.3% | ||
| Q2 24 | 38.6% | 58.0% | ||
| Q1 24 | 33.7% | 56.8% |
净利率AXPMA
| Q4 25 | 22.5% | 46.1% | ||
| Q3 25 | 27.9% | 45.7% | ||
| Q2 25 | 28.0% | 45.5% | ||
| Q1 25 | 26.8% | 45.2% | ||
| Q4 24 | 21.8% | 44.6% | ||
| Q3 24 | 25.8% | 44.3% | ||
| Q2 24 | 30.7% | 46.8% | ||
| Q1 24 | 26.1% | 47.4% |
每股收益（稀释后）AXPMA
| Q4 25 | $3.52 | $4.52 | ||
| Q3 25 | $4.14 | $4.34 | ||
| Q2 25 | $4.08 | $4.07 | ||
| Q1 25 | $3.64 | $3.59 | ||
| Q4 24 | $3.04 | $3.64 | ||
| Q3 24 | $3.49 | $3.53 | ||
| Q2 24 | $4.15 | $3.50 | ||
| Q1 24 | $3.33 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $56.4B | — |
| 股东权益账面价值 | $33.5B | $7.7B |
| 总资产 | $300.1B | $54.2B |
| 负债/权益比越低杠杆越低 | 1.68× | — |
8季度趋势，按日历期对齐
现金及短期投资AXPMA
| Q4 25 | $742.0M | $10.6B | ||
| Q3 25 | $1.3B | $10.3B | ||
| Q2 25 | $197.0M | $9.0B | ||
| Q1 25 | $261.0M | $7.6B | ||
| Q4 24 | $221.0M | $8.4B | ||
| Q3 24 | $120.0M | $11.1B | ||
| Q2 24 | $188.0M | $7.0B | ||
| Q1 24 | $69.0M | $7.3B |
总债务AXPMA
| 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 | — | ||
| Q1 24 | $48.8B | — |
股东权益AXPMA
| Q4 25 | $33.5B | $7.7B | ||
| Q3 25 | $32.4B | $7.9B | ||
| Q2 25 | $32.3B | $7.9B | ||
| Q1 25 | $31.2B | $6.7B | ||
| Q4 24 | $30.3B | $6.5B | ||
| Q3 24 | $29.7B | $7.4B | ||
| Q2 24 | $29.5B | $7.4B | ||
| Q1 24 | $28.8B | $7.2B |
总资产AXPMA
| Q4 25 | $300.1B | $54.2B | ||
| Q3 25 | $297.6B | $53.3B | ||
| Q2 25 | $295.6B | $51.4B | ||
| Q1 25 | $282.2B | $48.5B | ||
| Q4 24 | $271.5B | $48.1B | ||
| Q3 24 | $271.0B | $47.2B | ||
| Q2 24 | $272.2B | $42.3B | ||
| Q1 24 | $269.3B | $42.6B |
负债/权益比AXPMA
| 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× | — | ||
| 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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $4.9B |
| 自由现金流率自由现金流/营收 | 21.4% | 55.5% |
| 资本支出强度资本支出/营收 | 6.6% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.25× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $17.2B |
8季度趋势，按日历期对齐
经营现金流AXPMA
| Q4 25 | $3.1B | $5.0B | ||
| Q3 25 | $6.2B | $5.7B | ||
| Q2 25 | $4.4B | $4.6B | ||
| Q1 25 | $4.8B | $2.4B | ||
| Q4 24 | $5.8B | $4.8B | ||
| Q3 24 | $-1.8B | $5.1B | ||
| Q2 24 | $4.5B | $3.1B | ||
| Q1 24 | $5.6B | $1.7B |
自由现金流AXPMA
| Q4 25 | $2.3B | $4.9B | ||
| Q3 25 | $5.6B | $5.5B | ||
| Q2 25 | $3.7B | $4.6B | ||
| Q1 25 | $4.3B | $2.2B | ||
| Q4 24 | $5.3B | $4.7B | ||
| Q3 24 | $-2.3B | $5.0B | ||
| Q2 24 | $4.0B | $3.0B | ||
| Q1 24 | $5.2B | $1.5B |
自由现金流率AXPMA
| Q4 25 | 21.4% | 55.5% | ||
| Q3 25 | 53.6% | 63.8% | ||
| Q2 25 | 36.3% | 56.1% | ||
| Q1 25 | 45.0% | 30.6% | ||
| Q4 24 | 53.1% | 63.3% | ||
| Q3 24 | -23.3% | 68.2% | ||
| Q2 24 | 40.4% | 43.4% | ||
| Q1 24 | 55.2% | 23.9% |
资本支出强度AXPMA
| Q4 25 | 6.6% | 1.3% | ||
| Q3 25 | 6.3% | 2.1% | ||
| Q2 25 | 6.0% | 0.5% | ||
| Q1 25 | 4.5% | 2.2% | ||
| Q4 24 | 5.0% | 1.3% | ||
| Q3 24 | 4.7% | 1.5% | ||
| Q2 24 | 5.8% | 1.7% | ||
| Q1 24 | 4.2% | 2.5% |
现金转化率AXPMA
| Q4 25 | 1.25× | 1.23× | ||
| Q3 25 | 2.15× | 1.44× | ||
| Q2 25 | 1.51× | 1.24× | ||
| Q1 25 | 1.84× | 0.73× | ||
| Q4 24 | 2.66× | 1.45× | ||
| Q3 24 | -0.72× | 1.57× | ||
| Q2 24 | 1.50× | 0.96× | ||
| Q1 24 | 2.28× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
