vs
美国运通（AXP）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是美国运通的370.7倍（$7.0B vs $18.9M），麦当劳净利率更高（30.9% vs 15.7%，领先15.2%），美国运通同比增速更快（11.4% vs 9.7%），过去两年麦当劳的营收复合增速更高（6.6% vs -95.6%）
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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
AXP vs MCD — 直观对比
营收规模更大
MCD
是对方的370.7倍
$18.9M
营收增速更快
AXP
高出1.7%
9.7%
净利率更高
MCD
高出15.2%
15.7%
两年增速更快
MCD
近两年复合增速
-95.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $18.9M | $7.0B |
| 净利润 | $3.0M | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | — | 45.0% |
| 净利率 | 15.7% | 30.9% |
| 营收同比 | 11.4% | 9.7% |
| 净利润同比 | 15.0% | 7.3% |
| 每股收益（稀释后） | — | $3.03 |
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AXPMCD
| Q1 26 | $18.9M | — | ||
| Q4 25 | $10.9B | $7.0B | ||
| Q3 25 | $10.4B | $7.1B | ||
| Q2 25 | $10.3B | $6.8B | ||
| Q1 25 | $9.6B | $6.0B | ||
| Q4 24 | $10.0B | $6.4B | ||
| Q3 24 | $9.7B | $6.9B | ||
| Q2 24 | $9.8B | $6.5B |
净利润AXPMCD
| Q1 26 | $3.0M | — | ||
| Q4 25 | $2.5B | $2.2B | ||
| Q3 25 | $2.9B | $2.3B | ||
| Q2 25 | $2.9B | $2.3B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $2.2B | $2.0B | ||
| Q3 24 | $2.5B | $2.3B | ||
| Q2 24 | $3.0B | $2.0B |
毛利率AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% |
营业利润率AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | 45.0% | ||
| Q3 25 | 36.7% | 47.4% | ||
| Q2 25 | 34.4% | 47.2% | ||
| Q1 25 | 34.6% | 44.5% | ||
| Q4 24 | 27.7% | 44.9% | ||
| Q3 24 | 33.0% | 46.4% | ||
| Q2 24 | 38.6% | 45.0% |
净利率AXPMCD
| Q1 26 | 15.7% | — | ||
| Q4 25 | 22.5% | 30.9% | ||
| Q3 25 | 27.9% | 32.2% | ||
| Q2 25 | 28.0% | 32.9% | ||
| Q1 25 | 26.8% | 31.4% | ||
| Q4 24 | 21.8% | 31.6% | ||
| Q3 24 | 25.8% | 32.8% | ||
| Q2 24 | 30.7% | 31.2% |
每股收益（稀释后）AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | $3.52 | $3.03 | ||
| Q3 25 | $4.14 | $3.18 | ||
| Q2 25 | $4.08 | $3.14 | ||
| Q1 25 | $3.64 | $2.60 | ||
| Q4 24 | $3.04 | $2.80 | ||
| Q3 24 | $3.49 | $3.13 | ||
| Q2 24 | $4.15 | $2.80 |
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 | — | $774.0M |
| 总债务越低越好 | $60.4M | $40.0B |
| 股东权益账面价值 | $34.0M | $-1.8B |
| 总资产 | $308.9M | $59.5B |
| 负债/权益比越低杠杆越低 | 1.78× | — |
8季度趋势，按日历期对齐
现金及短期投资AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | $742.0M | $774.0M | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $197.0M | $1.9B | ||
| Q1 25 | $261.0M | $1.2B | ||
| Q4 24 | $221.0M | $1.1B | ||
| Q3 24 | $120.0M | $1.2B | ||
| Q2 24 | $188.0M | $792.0M |
总债务AXPMCD
| Q1 26 | $60.4M | — | ||
| Q4 25 | $56.4B | $40.0B | ||
| Q3 25 | $57.8B | — | ||
| Q2 25 | $58.2B | — | ||
| Q1 25 | $51.2B | — | ||
| Q4 24 | $49.7B | $38.4B | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — |
股东权益AXPMCD
| Q1 26 | $34.0M | — | ||
| Q4 25 | $33.5B | $-1.8B | ||
| Q3 25 | $32.4B | $-2.2B | ||
| Q2 25 | $32.3B | $-2.8B | ||
| Q1 25 | $31.2B | $-3.5B | ||
| Q4 24 | $30.3B | $-3.8B | ||
| Q3 24 | $29.7B | $-5.2B | ||
| Q2 24 | $29.5B | $-4.8B |
总资产AXPMCD
| Q1 26 | $308.9M | — | ||
| Q4 25 | $300.1B | $59.5B | ||
| Q3 25 | $297.6B | $60.6B | ||
| Q2 25 | $295.6B | $59.6B | ||
| Q1 25 | $282.2B | $56.3B | ||
| Q4 24 | $271.5B | $55.2B | ||
| Q3 24 | $271.0B | $56.2B | ||
| Q2 24 | $272.2B | $53.8B |
负债/权益比AXPMCD
| Q1 26 | 1.78× | — | ||
| 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 | — | $2.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.6B |
| 自由现金流率自由现金流/营收 | — | 23.4% |
| 资本支出强度资本支出/营收 | — | 15.1% |
| 现金转化率经营现金流/净利润 | — | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $7.2B |
8季度趋势，按日历期对齐
经营现金流AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $2.7B | ||
| Q3 25 | $6.2B | $3.4B | ||
| Q2 25 | $4.4B | $2.0B | ||
| Q1 25 | $4.8B | $2.4B | ||
| Q4 24 | $5.8B | $2.6B | ||
| Q3 24 | $-1.8B | $2.7B | ||
| Q2 24 | $4.5B | $1.7B |
自由现金流AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $1.6B | ||
| Q3 25 | $5.6B | $2.4B | ||
| Q2 25 | $3.7B | $1.3B | ||
| Q1 25 | $4.3B | $1.9B | ||
| Q4 24 | $5.3B | $1.8B | ||
| Q3 24 | $-2.3B | $1.9B | ||
| Q2 24 | $4.0B | $1.1B |
自由现金流率AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | 21.4% | 23.4% | ||
| Q3 25 | 53.6% | 34.1% | ||
| Q2 25 | 36.3% | 18.3% | ||
| Q1 25 | 45.0% | 31.5% | ||
| Q4 24 | 53.1% | 28.6% | ||
| Q3 24 | -23.3% | 28.3% | ||
| Q2 24 | 40.4% | 16.3% |
资本支出强度AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 15.1% | ||
| Q3 25 | 6.3% | 14.3% | ||
| Q2 25 | 6.0% | 10.9% | ||
| Q1 25 | 4.5% | 9.3% | ||
| Q4 24 | 5.0% | 12.6% | ||
| Q3 24 | 4.7% | 11.6% | ||
| Q2 24 | 5.8% | 9.7% |
现金转化率AXPMCD
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 1.25× | ||
| Q3 25 | 2.15× | 1.50× | ||
| Q2 25 | 1.51× | 0.89× | ||
| Q1 25 | 1.84× | 1.30× | ||
| Q4 24 | 2.66× | 1.30× | ||
| Q3 24 | -0.72× | 1.21× | ||
| Q2 24 | 1.50× | 0.84× |
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
| Discount revenue | $9.5M | 50% |
| Other | $8.9M | 47% |
| Deposits with banks and other | $512.0K | 3% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
