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美国运通（AXP）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是美国运通的1.3倍（$14.6B vs $10.9B），美国运通净利率更高（22.5% vs 4.8%，领先17.7%），美国联合航空同比增速更快（10.6% vs 9.9%），美国运通自由现金流更多（$2.3B vs $2.0B），过去两年美国运通的营收复合增速更高（8.2% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
AXP vs UAL — 直观对比
营收规模更大
UAL
是对方的1.3倍
$10.9B
营收增速更快
UAL
高出0.6%
9.9%
净利率更高
AXP
高出17.7%
4.8%
自由现金流更多
AXP
多$319.0M
$2.0B
两年增速更快
AXP
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $14.6B |
| 净利润 | $2.5B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | 6.8% |
| 净利率 | 22.5% | 4.8% |
| 营收同比 | 9.9% | 10.6% |
| 净利润同比 | 13.5% | 80.6% |
| 每股收益（稀释后） | $3.52 | $2.14 |
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AXPUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $10.9B | $15.4B | ||
| Q3 25 | $10.4B | $15.2B | ||
| Q2 25 | $10.3B | $15.2B | ||
| Q1 25 | $9.6B | $13.2B | ||
| Q4 24 | $10.0B | $14.7B | ||
| Q3 24 | $9.7B | $14.8B | ||
| Q2 24 | $9.8B | $15.0B |
净利润AXPUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $2.9B | $949.0M | ||
| Q2 25 | $2.9B | $973.0M | ||
| Q1 25 | $2.6B | $387.0M | ||
| Q4 24 | $2.2B | $985.0M | ||
| Q3 24 | $2.5B | $965.0M | ||
| Q2 24 | $3.0B | $1.3B |
营业利润率AXPUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 28.2% | 9.0% | ||
| Q3 25 | 36.7% | 9.2% | ||
| Q2 25 | 34.4% | 8.7% | ||
| Q1 25 | 34.6% | 4.6% | ||
| Q4 24 | 27.7% | 10.2% | ||
| Q3 24 | 33.0% | 10.5% | ||
| Q2 24 | 38.6% | 12.9% |
净利率AXPUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 22.5% | 6.8% | ||
| Q3 25 | 27.9% | 6.2% | ||
| Q2 25 | 28.0% | 6.4% | ||
| Q1 25 | 26.8% | 2.9% | ||
| Q4 24 | 21.8% | 6.7% | ||
| Q3 24 | 25.8% | 6.5% | ||
| Q2 24 | 30.7% | 8.8% |
每股收益（稀释后）AXPUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $3.52 | $3.17 | ||
| Q3 25 | $4.14 | $2.90 | ||
| Q2 25 | $4.08 | $2.97 | ||
| Q1 25 | $3.64 | $1.16 | ||
| Q4 24 | $3.04 | $2.97 | ||
| Q3 24 | $3.49 | $2.90 | ||
| Q2 24 | $4.15 | $3.96 |
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 | $742.0M | $14.2B |
| 总债务越低越好 | $56.4B | — |
| 股东权益账面价值 | $33.5B | $15.9B |
| 总资产 | $300.1B | $80.9B |
| 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AXPUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $742.0M | $12.2B | ||
| Q3 25 | $1.3B | $13.3B | ||
| Q2 25 | $197.0M | $15.6B | ||
| Q1 25 | $261.0M | $15.3B | ||
| Q4 24 | $221.0M | $14.5B | ||
| Q3 24 | $120.0M | $14.2B | ||
| Q2 24 | $188.0M | $15.2B |
总债务AXPUAL
| Q1 26 | — | — | ||
| Q4 25 | $56.4B | $20.6B | ||
| Q3 25 | $57.8B | $20.8B | ||
| Q2 25 | $58.2B | $20.9B | ||
| Q1 25 | $51.2B | $24.4B | ||
| Q4 24 | $49.7B | $25.2B | ||
| Q3 24 | $53.5B | — | ||
| Q2 24 | $51.5B | — |
股东权益AXPUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $33.5B | $15.3B | ||
| Q3 25 | $32.4B | $14.3B | ||
| Q2 25 | $32.3B | $13.4B | ||
| Q1 25 | $31.2B | $12.6B | ||
| Q4 24 | $30.3B | $12.7B | ||
| Q3 24 | $29.7B | $11.4B | ||
| Q2 24 | $29.5B | $10.5B |
总资产AXPUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $300.1B | $76.4B | ||
| Q3 25 | $297.6B | $76.3B | ||
| Q2 25 | $295.6B | $77.2B | ||
| Q1 25 | $282.2B | $76.1B | ||
| Q4 24 | $271.5B | $74.1B | ||
| Q3 24 | $271.0B | $72.6B | ||
| Q2 24 | $272.2B | $73.3B |
负债/权益比AXPUAL
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.35× | ||
| Q3 25 | 1.78× | 1.45× | ||
| Q2 25 | 1.80× | 1.56× | ||
| Q1 25 | 1.64× | 1.93× | ||
| Q4 24 | 1.64× | 1.99× | ||
| 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 | $3.1B | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $2.0B |
| 自由现金流率自由现金流/营收 | 21.4% | 13.9% |
| 资本支出强度资本支出/营收 | 6.6% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.25× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $2.1B |
8季度趋势，按日历期对齐
经营现金流AXPUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $3.1B | $1.3B | ||
| Q3 25 | $6.2B | $1.2B | ||
| Q2 25 | $4.4B | $2.2B | ||
| Q1 25 | $4.8B | $3.7B | ||
| Q4 24 | $5.8B | $2.2B | ||
| Q3 24 | $-1.8B | $1.5B | ||
| Q2 24 | $4.5B | $2.9B |
自由现金流AXPUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $2.3B | $-604.0M | ||
| Q3 25 | $5.6B | $-246.0M | ||
| Q2 25 | $3.7B | $930.0M | ||
| Q1 25 | $4.3B | $2.5B | ||
| Q4 24 | $5.3B | $549.0M | ||
| Q3 24 | $-2.3B | $88.0M | ||
| Q2 24 | $4.0B | $1.7B |
自由现金流率AXPUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 21.4% | -3.9% | ||
| Q3 25 | 53.6% | -1.6% | ||
| Q2 25 | 36.3% | 6.1% | ||
| Q1 25 | 45.0% | 18.7% | ||
| Q4 24 | 53.1% | 3.7% | ||
| Q3 24 | -23.3% | 0.6% | ||
| Q2 24 | 40.4% | 11.4% |
资本支出强度AXPUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 6.6% | 12.3% | ||
| Q3 25 | 6.3% | 9.6% | ||
| Q2 25 | 6.0% | 8.4% | ||
| Q1 25 | 4.5% | 9.3% | ||
| Q4 24 | 5.0% | 11.4% | ||
| Q3 24 | 4.7% | 9.5% | ||
| Q2 24 | 5.8% | 7.8% |
现金转化率AXPUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 1.25× | 1.23× | ||
| Q3 25 | 2.15× | 1.28× | ||
| Q2 25 | 1.51× | 2.28× | ||
| Q1 25 | 1.84× | 9.59× | ||
| Q4 24 | 2.66× | 2.26× | ||
| Q3 24 | -0.72× | 1.55× | ||
| Q2 24 | 1.50× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
