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美国运通（AXP）与联合太平洋（UNP）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联合太平洋的1.8倍（$10.9B vs $6.2B），联合太平洋净利率更高（27.4% vs 22.5%，领先4.9%），美国运通同比增速更快（9.9% vs 3.2%），美国运通自由现金流更多（$2.3B vs $631.0M），过去两年美国运通的营收复合增速更高（8.2% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
AXP vs UNP — 直观对比
营收规模更大
AXP
是对方的1.8倍
$6.2B
营收增速更快
AXP
高出6.8%
3.2%
净利率更高
UNP
高出4.9%
22.5%
自由现金流更多
AXP
多$1.7B
$631.0M
两年增速更快
AXP
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $6.2B |
| 净利润 | $2.5B | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | 39.5% |
| 净利率 | 22.5% | 27.4% |
| 营收同比 | 9.9% | 3.2% |
| 净利润同比 | 13.5% | 4.6% |
| 每股收益（稀释后） | $3.52 | $2.87 |
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AXPUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $10.9B | $6.1B | ||
| Q3 25 | $10.4B | $6.2B | ||
| Q2 25 | $10.3B | $6.2B | ||
| Q1 25 | $9.6B | $6.0B | ||
| Q4 24 | $10.0B | $6.1B | ||
| Q3 24 | $9.7B | $6.1B | ||
| Q2 24 | $9.8B | $6.0B |
净利润AXPUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.9B | $1.9B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $3.0B | $1.7B |
营业利润率AXPUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 28.2% | 39.5% | ||
| Q3 25 | 36.7% | 40.8% | ||
| Q2 25 | 34.4% | 41.0% | ||
| Q1 25 | 34.6% | 39.3% | ||
| Q4 24 | 27.7% | 41.3% | ||
| Q3 24 | 33.0% | 39.7% | ||
| Q2 24 | 38.6% | 40.0% |
净利率AXPUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 22.5% | 30.4% | ||
| Q3 25 | 27.9% | 28.6% | ||
| Q2 25 | 28.0% | 30.5% | ||
| Q1 25 | 26.8% | 27.0% | ||
| Q4 24 | 21.8% | 28.8% | ||
| Q3 24 | 25.8% | 27.4% | ||
| Q2 24 | 30.7% | 27.9% |
每股收益（稀释后）AXPUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.52 | $3.12 | ||
| Q3 25 | $4.14 | $3.01 | ||
| Q2 25 | $4.08 | $3.15 | ||
| Q1 25 | $3.64 | $2.70 | ||
| Q4 24 | $3.04 | $2.91 | ||
| Q3 24 | $3.49 | $2.75 | ||
| Q2 24 | $4.15 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $56.4B | — |
| 股东权益账面价值 | $33.5B | — |
| 总资产 | $300.1B | $69.6B |
| 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AXPUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $742.0M | $1.3B | ||
| Q3 25 | $1.3B | $808.0M | ||
| Q2 25 | $197.0M | $1.1B | ||
| Q1 25 | $261.0M | $1.4B | ||
| Q4 24 | $221.0M | $1.0B | ||
| Q3 24 | $120.0M | $947.0M | ||
| Q2 24 | $188.0M | $1.1B |
总债务AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | $56.4B | $30.3B | ||
| Q3 25 | $57.8B | $30.3B | ||
| Q2 25 | $58.2B | $30.3B | ||
| Q1 25 | $51.2B | $30.6B | ||
| Q4 24 | $49.7B | $29.8B | ||
| Q3 24 | $53.5B | $29.8B | ||
| Q2 24 | $51.5B | $31.2B |
股东权益AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | $33.5B | $18.5B | ||
| Q3 25 | $32.4B | $17.3B | ||
| Q2 25 | $32.3B | $16.3B | ||
| Q1 25 | $31.2B | $16.0B | ||
| Q4 24 | $30.3B | $16.9B | ||
| Q3 24 | $29.7B | $16.6B | ||
| Q2 24 | $29.5B | $16.5B |
总资产AXPUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $300.1B | $69.7B | ||
| Q3 25 | $297.6B | $68.6B | ||
| Q2 25 | $295.6B | $68.6B | ||
| Q1 25 | $282.2B | $68.5B | ||
| Q4 24 | $271.5B | $67.7B | ||
| Q3 24 | $271.0B | $67.6B | ||
| Q2 24 | $272.2B | $67.8B |
负债/权益比AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.64× | ||
| Q3 25 | 1.78× | 1.75× | ||
| Q2 25 | 1.80× | 1.86× | ||
| Q1 25 | 1.64× | 1.91× | ||
| Q4 24 | 1.64× | 1.76× | ||
| Q3 24 | 1.80× | 1.79× | ||
| Q2 24 | 1.74× | 1.89× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $631.0M |
| 自由现金流率自由现金流/营收 | 21.4% | 10.1% |
| 资本支出强度资本支出/营收 | 6.6% | — |
| 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 | $16.0B | $4.8B |
8季度趋势，按日历期对齐
经营现金流AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $4.4B | $2.3B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $5.8B | $2.7B | ||
| Q3 24 | $-1.8B | $2.7B | ||
| Q2 24 | $4.5B | $1.9B |
自由现金流AXPUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $5.6B | $1.6B | ||
| Q2 25 | $3.7B | $1.4B | ||
| Q1 25 | $4.3B | $1.3B | ||
| Q4 24 | $5.3B | $1.7B | ||
| Q3 24 | $-2.3B | $1.8B | ||
| Q2 24 | $4.0B | $1.0B |
自由现金流率AXPUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 21.4% | 20.1% | ||
| Q3 25 | 53.6% | 25.2% | ||
| Q2 25 | 36.3% | 22.7% | ||
| Q1 25 | 45.0% | 21.6% | ||
| Q4 24 | 53.1% | 28.4% | ||
| Q3 24 | -23.3% | 29.9% | ||
| Q2 24 | 40.4% | 16.8% |
资本支出强度AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 16.4% | ||
| Q3 25 | 6.3% | 15.2% | ||
| Q2 25 | 6.0% | 15.2% | ||
| Q1 25 | 4.5% | 15.0% | ||
| Q4 24 | 5.0% | 15.1% | ||
| Q3 24 | 4.7% | 13.6% | ||
| Q2 24 | 5.8% | 15.0% |
现金转化率AXPUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 1.20× | ||
| Q3 25 | 2.15× | 1.41× | ||
| Q2 25 | 1.51× | 1.24× | ||
| Q1 25 | 1.84× | 1.36× | ||
| Q4 24 | 2.66× | 1.51× | ||
| Q3 24 | -0.72× | 1.59× | ||
| Q2 24 | 1.50× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
