vs
美国运通（AXP）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是美国运通的1.1倍（$12.3B vs $10.9B），高通净利率更高（24.5% vs 22.5%，领先2.0%），美国运通同比增速更快（9.9% vs 5.0%），高通自由现金流更多（$4.4B vs $2.3B），过去两年高通的营收复合增速更高（14.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
AXP vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.1倍
$10.9B
营收增速更快
AXP
高出5.0%
5.0%
净利率更高
QCOM
高出2.0%
22.5%
自由现金流更多
QCOM
多$2.1B
$2.3B
两年增速更快
QCOM
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $12.3B |
| 净利润 | $2.5B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 28.2% | 27.5% |
| 净利率 | 22.5% | 24.5% |
| 营收同比 | 9.9% | 5.0% |
| 净利润同比 | 13.5% | -5.5% |
| 每股收益（稀释后） | $3.52 | $2.78 |
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AXPQCOM
| Q4 25 | $10.9B | $12.3B | ||
| Q3 25 | $10.4B | $11.3B | ||
| Q2 25 | $10.3B | $10.4B | ||
| Q1 25 | $9.6B | $11.0B | ||
| Q4 24 | $10.0B | $11.7B | ||
| Q3 24 | $9.7B | $10.2B | ||
| Q2 24 | $9.8B | $9.4B | ||
| Q1 24 | $9.3B | $9.4B |
净利润AXPQCOM
| Q4 25 | $2.5B | $3.0B | ||
| Q3 25 | $2.9B | $-3.1B | ||
| Q2 25 | $2.9B | $2.7B | ||
| Q1 25 | $2.6B | $2.8B | ||
| Q4 24 | $2.2B | $3.2B | ||
| Q3 24 | $2.5B | $2.9B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $2.4B | $2.3B |
毛利率AXPQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率AXPQCOM
| Q4 25 | 28.2% | 27.5% | ||
| Q3 25 | 36.7% | 25.9% | ||
| Q2 25 | 34.4% | 26.6% | ||
| Q1 25 | 34.6% | 28.4% | ||
| Q4 24 | 27.7% | 30.5% | ||
| Q3 24 | 33.0% | 25.2% | ||
| Q2 24 | 38.6% | 23.6% | ||
| Q1 24 | 33.7% | 24.9% |
净利率AXPQCOM
| Q4 25 | 22.5% | 24.5% | ||
| Q3 25 | 27.9% | -27.7% | ||
| Q2 25 | 28.0% | 25.7% | ||
| Q1 25 | 26.8% | 25.6% | ||
| Q4 24 | 21.8% | 27.3% | ||
| Q3 24 | 25.8% | 28.5% | ||
| Q2 24 | 30.7% | 22.7% | ||
| Q1 24 | 26.1% | 24.8% |
每股收益（稀释后）AXPQCOM
| Q4 25 | $3.52 | $2.78 | ||
| Q3 25 | $4.14 | $-2.77 | ||
| Q2 25 | $4.08 | $2.43 | ||
| Q1 25 | $3.64 | $2.52 | ||
| Q4 24 | $3.04 | $2.83 | ||
| Q3 24 | $3.49 | $2.57 | ||
| Q2 24 | $4.15 | $1.88 | ||
| Q1 24 | $3.33 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $56.4B | $14.8B |
| 股东权益账面价值 | $33.5B | $23.1B |
| 总资产 | $300.1B | $53.0B |
| 负债/权益比越低杠杆越低 | 1.68× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资AXPQCOM
| Q4 25 | $742.0M | $11.8B | ||
| Q3 25 | $1.3B | $10.2B | ||
| Q2 25 | $197.0M | $10.0B | ||
| Q1 25 | $261.0M | $13.8B | ||
| Q4 24 | $221.0M | $14.3B | ||
| Q3 24 | $120.0M | $13.3B | ||
| Q2 24 | $188.0M | $13.0B | ||
| Q1 24 | $69.0M | $13.9B |
总债务AXPQCOM
| Q4 25 | $56.4B | $14.8B | ||
| Q3 25 | $57.8B | $14.8B | ||
| Q2 25 | $58.2B | $14.8B | ||
| Q1 25 | $51.2B | $13.3B | ||
| Q4 24 | $49.7B | $13.2B | ||
| Q3 24 | $53.5B | $13.3B | ||
| Q2 24 | $51.5B | $13.2B | ||
| Q1 24 | $48.8B | $14.5B |
股东权益AXPQCOM
| Q4 25 | $33.5B | $23.1B | ||
| Q3 25 | $32.4B | $21.2B | ||
| Q2 25 | $32.3B | $27.2B | ||
| Q1 25 | $31.2B | $27.7B | ||
| Q4 24 | $30.3B | $26.9B | ||
| Q3 24 | $29.7B | $26.3B | ||
| Q2 24 | $29.5B | $24.7B | ||
| Q1 24 | $28.8B | $24.5B |
总资产AXPQCOM
| Q4 25 | $300.1B | $53.0B | ||
| Q3 25 | $297.6B | $50.1B | ||
| Q2 25 | $295.6B | $54.9B | ||
| Q1 25 | $282.2B | $55.4B | ||
| Q4 24 | $271.5B | $55.6B | ||
| Q3 24 | $271.0B | $55.2B | ||
| Q2 24 | $272.2B | $52.7B | ||
| Q1 24 | $269.3B | $53.2B |
负债/权益比AXPQCOM
| Q4 25 | 1.68× | 0.64× | ||
| Q3 25 | 1.78× | 0.70× | ||
| Q2 25 | 1.80× | 0.54× | ||
| Q1 25 | 1.64× | 0.48× | ||
| Q4 24 | 1.64× | 0.49× | ||
| Q3 24 | 1.80× | 0.51× | ||
| Q2 24 | 1.74× | 0.53× | ||
| Q1 24 | 1.70× | 0.59× |
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 | $4.4B |
| 自由现金流率自由现金流/营收 | 21.4% | 36.0% |
| 资本支出强度资本支出/营收 | 6.6% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.25× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $12.9B |
8季度趋势，按日历期对齐
经营现金流AXPQCOM
| Q4 25 | $3.1B | $5.0B | ||
| Q3 25 | $6.2B | $4.0B | ||
| Q2 25 | $4.4B | $2.9B | ||
| Q1 25 | $4.8B | $2.6B | ||
| Q4 24 | $5.8B | $4.6B | ||
| Q3 24 | $-1.8B | $2.6B | ||
| Q2 24 | $4.5B | $3.1B | ||
| Q1 24 | $5.6B | $3.6B |
自由现金流AXPQCOM
| Q4 25 | $2.3B | $4.4B | ||
| Q3 25 | $5.6B | $3.6B | ||
| Q2 25 | $3.7B | $2.6B | ||
| Q1 25 | $4.3B | $2.3B | ||
| Q4 24 | $5.3B | $4.3B | ||
| Q3 24 | $-2.3B | $2.4B | ||
| Q2 24 | $4.0B | $2.7B | ||
| Q1 24 | $5.2B | $3.4B |
自由现金流率AXPQCOM
| Q4 25 | 21.4% | 36.0% | ||
| Q3 25 | 53.6% | 31.8% | ||
| Q2 25 | 36.3% | 24.9% | ||
| Q1 25 | 45.0% | 21.3% | ||
| Q4 24 | 53.1% | 36.9% | ||
| Q3 24 | -23.3% | 23.3% | ||
| Q2 24 | 40.4% | 28.4% | ||
| Q1 24 | 55.2% | 35.9% |
资本支出强度AXPQCOM
| Q4 25 | 6.6% | 4.5% | ||
| Q3 25 | 6.3% | 3.6% | ||
| Q2 25 | 6.0% | 2.8% | ||
| Q1 25 | 4.5% | 1.9% | ||
| Q4 24 | 5.0% | 2.4% | ||
| Q3 24 | 4.7% | 2.5% | ||
| Q2 24 | 5.8% | 4.1% | ||
| Q1 24 | 4.2% | 2.0% |
现金转化率AXPQCOM
| Q4 25 | 1.25× | 1.65× | ||
| Q3 25 | 2.15× | — | ||
| Q2 25 | 1.51× | 1.08× | ||
| Q1 25 | 1.84× | 0.91× | ||
| Q4 24 | 2.66× | 1.44× | ||
| Q3 24 | -0.72× | 0.91× | ||
| Q2 24 | 1.50× | 1.43× | ||
| Q1 24 | 2.28× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
