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波音（BA）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
波音的季度营收约是高通的1.8倍（$22.2B vs $12.3B），高通净利率更高（24.5% vs -0.0%，领先24.5%），波音同比增速更快（14.0% vs 5.0%），高通自由现金流更多（$4.4B vs $-1.5B），过去两年波音的营收复合增速更高（14.8% vs 14.2%）
波音公司是美国跨国航空航天企业，1916年成立，业务覆盖民用飞机、旋翼机、火箭、卫星、导弹的设计、制造与全球销售，同时提供租赁及产品配套支持服务。作为全球头部航空航天制造商，按2022年营收计为全球第四大国防承包商，也是美国按金额计算的最大出口企业。
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。
BA vs QCOM — 直观对比
营收规模更大
BA
是对方的1.8倍
$12.3B
营收增速更快
BA
高出9.0%
5.0%
净利率更高
QCOM
高出24.5%
-0.0%
自由现金流更多
QCOM
多$5.9B
$-1.5B
两年增速更快
BA
近两年复合增速
14.2%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $22.2B | $12.3B |
| 净利润 | $-7.0M | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 2.0% | 27.5% |
| 净利率 | -0.0% | 24.5% |
| 营收同比 | 14.0% | 5.0% |
| 净利润同比 | 77.4% | -5.5% |
| 每股收益（稀释后） | $-0.11 | $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BAQCOM
| Q1 26 | $22.2B | — | ||
| Q4 25 | $23.9B | $12.3B | ||
| Q3 25 | $23.3B | $11.3B | ||
| Q2 25 | $22.7B | $10.4B | ||
| Q1 25 | $19.5B | $11.0B | ||
| Q4 24 | $15.2B | $11.7B | ||
| Q3 24 | $17.8B | $10.2B | ||
| Q2 24 | $16.9B | $9.4B |
净利润BAQCOM
| Q1 26 | $-7.0M | — | ||
| Q4 25 | $8.2B | $3.0B | ||
| Q3 25 | $-5.3B | $-3.1B | ||
| Q2 25 | $-611.0M | $2.7B | ||
| Q1 25 | $-37.0M | $2.8B | ||
| Q4 24 | $-3.9B | $3.2B | ||
| Q3 24 | $-6.2B | $2.9B | ||
| Q2 24 | $-1.4B | $2.1B |
毛利率BAQCOM
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 54.6% | ||
| Q3 25 | -10.2% | 55.3% | ||
| Q2 25 | 10.7% | 55.6% | ||
| Q1 25 | 12.4% | 55.0% | ||
| Q4 24 | -10.4% | 55.8% | ||
| Q3 24 | -19.7% | 56.4% | ||
| Q2 24 | 7.3% | 55.6% |
营业利润率BAQCOM
| Q1 26 | 2.0% | — | ||
| Q4 25 | 36.7% | 27.5% | ||
| Q3 25 | -20.5% | 25.9% | ||
| Q2 25 | -0.8% | 26.6% | ||
| Q1 25 | 2.4% | 28.4% | ||
| Q4 24 | -24.7% | 30.5% | ||
| Q3 24 | -32.3% | 25.2% | ||
| Q2 24 | -6.5% | 23.6% |
净利率BAQCOM
| Q1 26 | -0.0% | — | ||
| Q4 25 | 34.3% | 24.5% | ||
| Q3 25 | -22.9% | -27.7% | ||
| Q2 25 | -2.7% | 25.7% | ||
| Q1 25 | -0.2% | 25.6% | ||
| Q4 24 | -25.4% | 27.3% | ||
| Q3 24 | -34.6% | 28.5% | ||
| Q2 24 | -8.5% | 22.7% |
每股收益（稀释后）BAQCOM
| Q1 26 | $-0.11 | — | ||
| Q4 25 | $10.70 | $2.78 | ||
| Q3 25 | $-7.14 | $-2.77 | ||
| Q2 25 | $-0.92 | $2.43 | ||
| Q1 25 | $-0.16 | $2.52 | ||
| Q4 24 | $-5.50 | $2.83 | ||
| Q3 24 | $-9.97 | $2.57 | ||
| Q2 24 | $-2.33 | $1.88 |
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 | $9.4B | $11.8B |
| 总债务越低越好 | $44.4B | $14.8B |
| 股东权益账面价值 | $6.0B | $23.1B |
| 总资产 | $164.8B | $53.0B |
| 负债/权益比越低杠杆越低 | 7.41× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资BAQCOM
| Q1 26 | $9.4B | — | ||
| Q4 25 | $29.4B | $11.8B | ||
| Q3 25 | $23.0B | $10.2B | ||
| Q2 25 | $23.0B | $10.0B | ||
| Q1 25 | $23.7B | $13.8B | ||
| Q4 24 | $26.3B | $14.3B | ||
| Q3 24 | $10.5B | $13.3B | ||
| Q2 24 | $12.6B | $13.0B |
总债务BAQCOM
| Q1 26 | $44.4B | — | ||
| Q4 25 | $45.6B | $14.8B | ||
| Q3 25 | $44.6B | $14.8B | ||
| Q2 25 | $44.6B | $14.8B | ||
| Q1 25 | $45.7B | $13.3B | ||
| Q4 24 | $52.6B | $13.2B | ||
| Q3 24 | $53.2B | $13.3B | ||
| Q2 24 | $53.2B | $13.2B |
股东权益BAQCOM
| Q1 26 | $6.0B | — | ||
| Q4 25 | $5.5B | $23.1B | ||
| Q3 25 | $-8.3B | $21.2B | ||
| Q2 25 | $-3.3B | $27.2B | ||
| Q1 25 | $-3.3B | $27.7B | ||
| Q4 24 | $-3.9B | $26.9B | ||
| Q3 24 | $-23.6B | $26.3B | ||
| Q2 24 | $-18.0B | $24.7B |
总资产BAQCOM
| Q1 26 | $164.8B | — | ||
| Q4 25 | $168.2B | $53.0B | ||
| Q3 25 | $150.0B | $50.1B | ||
| Q2 25 | $155.1B | $54.9B | ||
| Q1 25 | $156.5B | $55.4B | ||
| Q4 24 | $156.4B | $55.6B | ||
| Q3 24 | $137.7B | $55.2B | ||
| Q2 24 | $142.7B | $52.7B |
负债/权益比BAQCOM
| Q1 26 | 7.41× | — | ||
| Q4 25 | 8.37× | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× |
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 | — | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $-1.5B | $4.4B |
| 自由现金流率自由现金流/营收 | -6.5% | 36.0% |
| 资本支出强度资本支出/营收 | — | 4.5% |
| 现金转化率经营现金流/净利润 | — | 1.65× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $12.9B |
8季度趋势，按日历期对齐
经营现金流BAQCOM
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $5.0B | ||
| Q3 25 | $1.1B | $4.0B | ||
| Q2 25 | $227.0M | $2.9B | ||
| Q1 25 | $-1.6B | $2.6B | ||
| Q4 24 | $-3.5B | $4.6B | ||
| Q3 24 | $-1.3B | $2.6B | ||
| Q2 24 | $-3.9B | $3.1B |
自由现金流BAQCOM
| Q1 26 | $-1.5B | — | ||
| Q4 25 | $375.0M | $4.4B | ||
| Q3 25 | $238.0M | $3.6B | ||
| Q2 25 | $-200.0M | $2.6B | ||
| Q1 25 | $-2.3B | $2.3B | ||
| Q4 24 | $-4.1B | $4.3B | ||
| Q3 24 | $-2.0B | $2.4B | ||
| Q2 24 | $-4.3B | $2.7B |
自由现金流率BAQCOM
| Q1 26 | -6.5% | — | ||
| Q4 25 | 1.6% | 36.0% | ||
| Q3 25 | 1.0% | 31.8% | ||
| Q2 25 | -0.9% | 24.9% | ||
| Q1 25 | -11.7% | 21.3% | ||
| Q4 24 | -26.9% | 36.9% | ||
| Q3 24 | -11.0% | 23.3% | ||
| Q2 24 | -25.7% | 28.4% |
资本支出强度BAQCOM
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 4.5% | ||
| Q3 25 | 3.8% | 3.6% | ||
| Q2 25 | 1.9% | 2.8% | ||
| Q1 25 | 3.5% | 1.9% | ||
| Q4 24 | 4.3% | 2.4% | ||
| Q3 24 | 3.4% | 2.5% | ||
| Q2 24 | 2.4% | 4.1% |
现金转化率BAQCOM
| Q1 26 | — | — | ||
| Q4 25 | 0.16× | 1.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.43× |
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
BA
| Commercial Airplanes | $9.2B | 41% |
| Defense, Space & Security | $7.6B | 34% |
| Global Services | $5.4B | 24% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
