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美国运通（AXP）与WESCO INTERNATIONAL INC（WCC）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WESCO INTERNATIONAL INC的1.8倍（$10.9B vs $6.1B），美国运通净利率更高（22.5% vs 2.6%，领先19.9%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs 9.9%），美国运通自由现金流更多（$2.3B vs $27.5M），过去两年美国运通的营收复合增速更高（8.2% vs 6.5%）
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。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
AXP vs WCC — 直观对比
营收规模更大
AXP
是对方的1.8倍
$6.1B
营收增速更快
WCC
高出0.4%
9.9%
净利率更高
AXP
高出19.9%
2.6%
自由现金流更多
AXP
多$2.3B
$27.5M
两年增速更快
AXP
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $6.1B |
| 净利润 | $2.5B | $159.8M |
| 毛利率 | — | 21.2% |
| 营业利润率 | 28.2% | 5.3% |
| 净利率 | 22.5% | 2.6% |
| 营收同比 | 9.9% | 10.3% |
| 净利润同比 | 13.5% | -3.4% |
| 每股收益（稀释后） | $3.52 | $3.33 |
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AXPWCC
| Q4 25 | $10.9B | $6.1B | ||
| Q3 25 | $10.4B | $6.2B | ||
| Q2 25 | $10.3B | $5.9B | ||
| Q1 25 | $9.6B | $5.3B | ||
| Q4 24 | $10.0B | $5.5B | ||
| Q3 24 | $9.7B | $5.5B | ||
| Q2 24 | $9.8B | $5.5B | ||
| Q1 24 | $9.3B | $5.3B |
净利润AXPWCC
| Q4 25 | $2.5B | $159.8M | ||
| Q3 25 | $2.9B | $187.5M | ||
| Q2 25 | $2.9B | $174.5M | ||
| Q1 25 | $2.6B | $118.4M | ||
| Q4 24 | $2.2B | $165.4M | ||
| Q3 24 | $2.5B | $204.3M | ||
| Q2 24 | $3.0B | $232.1M | ||
| Q1 24 | $2.4B | $115.8M |
毛利率AXPWCC
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.3% |
营业利润率AXPWCC
| Q4 25 | 28.2% | 5.3% | ||
| Q3 25 | 36.7% | 5.6% | ||
| Q2 25 | 34.4% | 5.5% | ||
| Q1 25 | 34.6% | 4.5% | ||
| Q4 24 | 27.7% | 5.5% | ||
| Q3 24 | 33.0% | 6.1% | ||
| Q2 24 | 38.6% | 5.9% | ||
| Q1 24 | 33.7% | 4.9% |
净利率AXPWCC
| Q4 25 | 22.5% | 2.6% | ||
| Q3 25 | 27.9% | 3.0% | ||
| Q2 25 | 28.0% | 3.0% | ||
| Q1 25 | 26.8% | 2.2% | ||
| Q4 24 | 21.8% | 3.0% | ||
| Q3 24 | 25.8% | 3.7% | ||
| Q2 24 | 30.7% | 4.2% | ||
| Q1 24 | 26.1% | 2.2% |
每股收益（稀释后）AXPWCC
| Q4 25 | $3.52 | $3.33 | ||
| Q3 25 | $4.14 | $3.79 | ||
| Q2 25 | $4.08 | $3.83 | ||
| Q1 25 | $3.64 | $2.10 | ||
| Q4 24 | $3.04 | $3.01 | ||
| Q3 24 | $3.49 | $3.81 | ||
| Q2 24 | $4.15 | $4.28 | ||
| Q1 24 | $3.33 | $1.95 |
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 | $5.0B |
| 总资产 | $300.1B | $16.5B |
| 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AXPWCC
| 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AXPWCC
| 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AXPWCC
| Q4 25 | $33.5B | $5.0B | ||
| Q3 25 | $32.4B | $4.8B | ||
| Q2 25 | $32.3B | $4.8B | ||
| Q1 25 | $31.2B | $5.0B | ||
| Q4 24 | $30.3B | $5.0B | ||
| Q3 24 | $29.7B | $5.0B | ||
| Q2 24 | $29.5B | $4.9B | ||
| Q1 24 | $28.8B | $5.0B |
总资产AXPWCC
| Q4 25 | $300.1B | $16.5B | ||
| Q3 25 | $297.6B | $16.6B | ||
| Q2 25 | $295.6B | $16.2B | ||
| Q1 25 | $282.2B | $15.5B | ||
| Q4 24 | $271.5B | $15.1B | ||
| Q3 24 | $271.0B | $15.3B | ||
| Q2 24 | $272.2B | $15.1B | ||
| Q1 24 | $269.3B | $15.5B |
负债/权益比AXPWCC
| 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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $27.5M |
| 自由现金流率自由现金流/营收 | 21.4% | 0.5% |
| 资本支出强度资本支出/营收 | 6.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.25× | 0.45× |
| 过去12个月自由现金流最近4个季度 | $16.0B | $25.2M |
8季度趋势，按日历期对齐
经营现金流AXPWCC
| Q4 25 | $3.1B | $71.9M | ||
| Q3 25 | $6.2B | $-82.7M | ||
| Q2 25 | $4.4B | $107.8M | ||
| Q1 25 | $4.8B | $28.0M | ||
| Q4 24 | $5.8B | $276.6M | ||
| Q3 24 | $-1.8B | $302.1M | ||
| Q2 24 | $4.5B | $-223.8M | ||
| Q1 24 | $5.6B | $746.3M |
自由现金流AXPWCC
| Q4 25 | $2.3B | $27.5M | ||
| Q3 25 | $5.6B | $-95.9M | ||
| Q2 25 | $3.7B | $86.0M | ||
| Q1 25 | $4.3B | $7.6M | ||
| Q4 24 | $5.3B | $252.3M | ||
| Q3 24 | $-2.3B | $272.9M | ||
| Q2 24 | $4.0B | $-244.6M | ||
| Q1 24 | $5.2B | $725.9M |
自由现金流率AXPWCC
| Q4 25 | 21.4% | 0.5% | ||
| Q3 25 | 53.6% | -1.5% | ||
| Q2 25 | 36.3% | 1.5% | ||
| Q1 25 | 45.0% | 0.1% | ||
| Q4 24 | 53.1% | 4.6% | ||
| Q3 24 | -23.3% | 5.0% | ||
| Q2 24 | 40.4% | -4.5% | ||
| Q1 24 | 55.2% | 13.6% |
资本支出强度AXPWCC
| Q4 25 | 6.6% | 0.7% | ||
| Q3 25 | 6.3% | 0.2% | ||
| Q2 25 | 6.0% | 0.4% | ||
| Q1 25 | 4.5% | 0.4% | ||
| Q4 24 | 5.0% | 0.4% | ||
| Q3 24 | 4.7% | 0.5% | ||
| Q2 24 | 5.8% | 0.4% | ||
| Q1 24 | 4.2% | 0.4% |
现金转化率AXPWCC
| Q4 25 | 1.25× | 0.45× | ||
| Q3 25 | 2.15× | -0.44× | ||
| Q2 25 | 1.51× | 0.62× | ||
| Q1 25 | 1.84× | 0.24× | ||
| Q4 24 | 2.66× | 1.67× | ||
| Q3 24 | -0.72× | 1.48× | ||
| Q2 24 | 1.50× | -0.96× | ||
| Q1 24 | 2.28× | 6.44× |
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% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
