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美国运通（AXP）与帕卡（PCAR）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帕卡的1.6倍（$10.9B vs $6.8B），美国运通净利率更高（22.5% vs 8.2%，领先14.3%），美国运通同比增速更快（9.9% vs -13.7%），美国运通自由现金流更多（$2.3B vs $954.4M），过去两年美国运通的营收复合增速更高（8.2% vs -11.7%）
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。
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
AXP vs PCAR — 直观对比
营收规模更大
AXP
是对方的1.6倍
$6.8B
营收增速更快
AXP
高出23.7%
-13.7%
净利率更高
AXP
高出14.3%
8.2%
自由现金流更多
AXP
多$1.4B
$954.4M
两年增速更快
AXP
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $6.8B |
| 净利润 | $2.5B | $556.9M |
| 毛利率 | — | 19.3% |
| 营业利润率 | 28.2% | 10.3% |
| 净利率 | 22.5% | 8.2% |
| 营收同比 | 9.9% | -13.7% |
| 净利润同比 | 13.5% | -36.1% |
| 每股收益（稀释后） | $3.52 | $1.06 |
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AXPPCAR
| Q4 25 | $10.9B | $6.8B | ||
| Q3 25 | $10.4B | $6.7B | ||
| Q2 25 | $10.3B | $7.5B | ||
| Q1 25 | $9.6B | $7.4B | ||
| Q4 24 | $10.0B | $7.9B | ||
| Q3 24 | $9.7B | $8.2B | ||
| Q2 24 | $9.8B | $8.8B | ||
| Q1 24 | $9.3B | $8.7B |
净利润AXPPCAR
| Q4 25 | $2.5B | $556.9M | ||
| Q3 25 | $2.9B | $590.0M | ||
| Q2 25 | $2.9B | $723.8M | ||
| Q1 25 | $2.6B | $505.1M | ||
| Q4 24 | $2.2B | $872.0M | ||
| Q3 24 | $2.5B | $972.1M | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $2.4B | $1.2B |
毛利率AXPPCAR
| Q4 25 | — | 19.3% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 20.2% | ||
| Q1 25 | — | 20.8% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 22.0% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 23.7% |
营业利润率AXPPCAR
| Q4 25 | 28.2% | 10.3% | ||
| Q3 25 | 36.7% | 11.1% | ||
| Q2 25 | 34.4% | 12.4% | ||
| Q1 25 | 34.6% | 8.6% | ||
| Q4 24 | 27.7% | 14.5% | ||
| Q3 24 | 33.0% | 15.2% | ||
| Q2 24 | 38.6% | 16.7% | ||
| Q1 24 | 33.7% | 17.5% |
净利率AXPPCAR
| Q4 25 | 22.5% | 8.2% | ||
| Q3 25 | 27.9% | 8.8% | ||
| Q2 25 | 28.0% | 9.6% | ||
| Q1 25 | 26.8% | 6.8% | ||
| Q4 24 | 21.8% | 11.0% | ||
| Q3 24 | 25.8% | 11.8% | ||
| Q2 24 | 30.7% | 12.8% | ||
| Q1 24 | 26.1% | 13.7% |
每股收益（稀释后）AXPPCAR
| Q4 25 | $3.52 | $1.06 | ||
| Q3 25 | $4.14 | $1.12 | ||
| Q2 25 | $4.08 | $1.37 | ||
| Q1 25 | $3.64 | $0.96 | ||
| Q4 24 | $3.04 | $1.65 | ||
| Q3 24 | $3.49 | $1.85 | ||
| Q2 24 | $4.15 | $2.13 | ||
| Q1 24 | $3.33 | $2.27 |
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 | — |
| 总债务越低越好 | $56.4B | — |
| 股东权益账面价值 | $33.5B | $19.3B |
| 总资产 | $300.1B | $44.3B |
| 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AXPPCAR
| Q4 25 | $742.0M | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $197.0M | — | ||
| Q1 25 | $261.0M | — | ||
| Q4 24 | $221.0M | — | ||
| Q3 24 | $120.0M | — | ||
| Q2 24 | $188.0M | — | ||
| Q1 24 | $69.0M | — |
总债务AXPPCAR
| 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AXPPCAR
| Q4 25 | $33.5B | $19.3B | ||
| Q3 25 | $32.4B | $19.4B | ||
| Q2 25 | $32.3B | $18.9B | ||
| Q1 25 | $31.2B | $18.0B | ||
| Q4 24 | $30.3B | $17.5B | ||
| Q3 24 | $29.7B | $18.7B | ||
| Q2 24 | $29.5B | $17.7B | ||
| Q1 24 | $28.8B | $16.9B |
总资产AXPPCAR
| Q4 25 | $300.1B | $44.3B | ||
| Q3 25 | $297.6B | $44.2B | ||
| Q2 25 | $295.6B | $44.1B | ||
| Q1 25 | $282.2B | $42.7B | ||
| Q4 24 | $271.5B | $43.4B | ||
| Q3 24 | $271.0B | $43.3B | ||
| Q2 24 | $272.2B | $41.2B | ||
| Q1 24 | $269.3B | $40.4B |
负债/权益比AXPPCAR
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $954.4M |
| 自由现金流率自由现金流/营收 | 21.4% | 14.0% |
| 资本支出强度资本支出/营收 | 6.6% | 2.8% |
| 现金转化率经营现金流/净利润 | 1.25× | 2.05× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $3.7B |
8季度趋势，按日历期对齐
经营现金流AXPPCAR
| Q4 25 | $3.1B | $1.1B | ||
| Q3 25 | $6.2B | $1.5B | ||
| Q2 25 | $4.4B | $833.4M | ||
| Q1 25 | $4.8B | $910.3M | ||
| Q4 24 | $5.8B | $1.4B | ||
| Q3 24 | $-1.8B | $1.3B | ||
| Q2 24 | $4.5B | $440.0M | ||
| Q1 24 | $5.6B | $1.5B |
自由现金流AXPPCAR
| Q4 25 | $2.3B | $954.4M | ||
| Q3 25 | $5.6B | $1.4B | ||
| Q2 25 | $3.7B | $611.3M | ||
| Q1 25 | $4.3B | $745.2M | ||
| Q4 24 | $5.3B | $1.2B | ||
| Q3 24 | $-2.3B | $1.1B | ||
| Q2 24 | $4.0B | $219.7M | ||
| Q1 24 | $5.2B | $1.3B |
自由现金流率AXPPCAR
| Q4 25 | 21.4% | 14.0% | ||
| Q3 25 | 53.6% | 20.4% | ||
| Q2 25 | 36.3% | 8.1% | ||
| Q1 25 | 45.0% | 10.0% | ||
| Q4 24 | 53.1% | 15.3% | ||
| Q3 24 | -23.3% | 13.3% | ||
| Q2 24 | 40.4% | 2.5% | ||
| Q1 24 | 55.2% | 14.6% |
资本支出强度AXPPCAR
| Q4 25 | 6.6% | 2.8% | ||
| Q3 25 | 6.3% | 2.5% | ||
| Q2 25 | 6.0% | 3.0% | ||
| Q1 25 | 4.5% | 2.2% | ||
| Q4 24 | 5.0% | 3.0% | ||
| Q3 24 | 4.7% | 2.4% | ||
| Q2 24 | 5.8% | 2.5% | ||
| Q1 24 | 4.2% | 2.2% |
现金转化率AXPPCAR
| Q4 25 | 1.25× | 2.05× | ||
| Q3 25 | 2.15× | 2.59× | ||
| Q2 25 | 1.51× | 1.15× | ||
| Q1 25 | 1.84× | 1.80× | ||
| Q4 24 | 2.66× | 1.66× | ||
| Q3 24 | -0.72× | 1.32× | ||
| Q2 24 | 1.50× | 0.39× | ||
| Q1 24 | 2.28× | 1.23× |
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% |
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
