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阿里巴巴集团控股有限公司（BABA）与康卡斯特（CMCSA）财务数据对比。点击上方公司名可切换其他公司
阿里巴巴集团控股有限公司的季度营收约是康卡斯特的1.2倍（$38.8B vs $31.5B），康卡斯特净利率更高（6.9% vs 5.8%，领先1.2%）
阿里巴巴集团控股有限公司是1999年6月28日于浙江杭州创立的中国跨国科技企业，核心业务覆盖电商、零售、互联网及科技领域，运营面向中国及全球市场的C2C、B2C、B2B交易平台，同时提供本地生活服务、数字媒体娱乐、物流、云计算等多元服务，服务全球海量消费者与企业客户。
康卡斯特是美国跨国大众传媒、电信及娱乐综合集团，总部位于费城康卡斯特中心，旗下NBC环球、纽约业务及其他核心资产总部设于纽约曼哈顿中城洛克菲勒广场30号，2023年位列福布斯全球企业2000强第51位，是全球传媒娱乐领域的头部企业。
BABA vs CMCSA — 直观对比
营收规模更大
BABA
是对方的1.2倍
$31.5B
净利率更高
CMCSA
高出1.2%
5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $31.5B |
| 净利润 | $2.2B | $2.2B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 13.1% |
| 净利率 | 5.8% | 6.9% |
| 营收同比 | — | 5.3% |
| 净利润同比 | — | -35.6% |
| 每股收益（稀释后） | $6.64 | $0.60 |
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BABACMCSA
| Q1 26 | — | $31.5B | ||
| Q4 25 | $38.8B | $32.3B | ||
| Q3 25 | $34.2B | $31.2B | ||
| Q2 25 | $32.6B | $30.3B | ||
| Q1 25 | — | $29.9B | ||
| Q4 24 | $38.7B | $31.9B | ||
| Q3 24 | — | $32.1B | ||
| Q2 24 | — | $29.7B |
净利润BABACMCSA
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.2B | $2.2B | ||
| Q3 25 | $2.9B | $3.3B | ||
| Q2 25 | $1.7B | $11.1B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $6.8B | $4.8B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.9B |
毛利率BABACMCSA
| Q1 26 | — | — | ||
| Q4 25 | 40.2% | — | ||
| Q3 25 | 39.2% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 42.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率BABACMCSA
| Q1 26 | — | 13.1% | ||
| Q4 25 | 6.6% | 10.8% | ||
| Q3 25 | 2.2% | 17.7% | ||
| Q2 25 | 12.0% | 19.8% | ||
| Q1 25 | — | 18.9% | ||
| Q4 24 | 14.7% | 15.6% | ||
| Q3 24 | — | 18.3% | ||
| Q2 24 | — | 22.3% |
净利率BABACMCSA
| Q1 26 | — | 6.9% | ||
| Q4 25 | 5.8% | 6.7% | ||
| Q3 25 | 8.5% | 10.7% | ||
| Q2 25 | 5.3% | 36.7% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | 17.5% | 15.0% | ||
| Q3 24 | — | 11.3% | ||
| Q2 24 | — | 13.2% |
每股收益（稀释后）BABACMCSA
| Q1 26 | — | $0.60 | ||
| Q4 25 | $6.64 | $0.62 | ||
| Q3 25 | $8.72 | $0.90 | ||
| Q2 25 | $5.20 | $2.98 | ||
| Q1 25 | — | $0.89 | ||
| Q4 24 | $20.40 | $1.23 | ||
| Q3 24 | — | $0.94 | ||
| Q2 24 | — | $1.00 |
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 | $18.3B | $9.5B |
| 总债务越低越好 | — | $5.4B |
| 股东权益账面价值 | $148.7B | $88.3B |
| 总资产 | $268.6B | $260.0B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资BABACMCSA
| Q1 26 | — | $9.5B | ||
| Q4 25 | $18.3B | $9.5B | ||
| Q3 25 | $19.0B | $9.3B | ||
| Q2 25 | $20.0B | $9.7B | ||
| Q1 25 | — | $8.6B | ||
| Q4 24 | $22.3B | $7.3B | ||
| Q3 24 | — | $8.9B | ||
| Q2 24 | — | $6.2B |
总债务BABACMCSA
| Q1 26 | — | $5.4B | ||
| Q4 25 | — | $93.0B | ||
| Q3 25 | — | $93.2B | ||
| Q2 25 | — | $95.8B | ||
| Q1 25 | — | $92.3B | ||
| Q4 24 | — | $94.2B | ||
| Q3 24 | — | $98.8B | ||
| Q2 24 | — | $97.1B |
股东权益BABACMCSA
| Q1 26 | — | $88.3B | ||
| Q4 25 | $148.7B | $96.9B | ||
| Q3 25 | $145.0B | $97.1B | ||
| Q2 25 | $139.2B | $96.9B | ||
| Q1 25 | — | $86.6B | ||
| Q4 24 | $137.2B | $85.6B | ||
| Q3 24 | — | $85.8B | ||
| Q2 24 | — | $83.2B |
总资产BABACMCSA
| Q1 26 | — | $260.0B | ||
| Q4 25 | $268.6B | $272.6B | ||
| Q3 25 | $264.6B | $273.0B | ||
| Q2 25 | $248.6B | $273.9B | ||
| Q1 25 | — | $267.8B | ||
| Q4 24 | $254.1B | $266.2B | ||
| Q3 24 | — | $269.9B | ||
| Q2 24 | — | $262.6B |
负债/权益比BABACMCSA
| Q1 26 | — | 0.06× | ||
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.99× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | 1.10× | ||
| Q3 24 | — | 1.15× | ||
| Q2 24 | — | 1.17× |
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 | $5.2B | $6.9B |
| 自由现金流经营现金流 - 资本支出 | — | $3.9B |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 7.5% |
| 现金转化率经营现金流/净利润 | 2.31× | 3.17× |
| 过去12个月自由现金流最近4个季度 | — | $19.8B |
8季度趋势，按日历期对齐
经营现金流BABACMCSA
| Q1 26 | — | $6.9B | ||
| Q4 25 | $5.2B | $8.8B | ||
| Q3 25 | $1.4B | $8.7B | ||
| Q2 25 | $3.8B | $7.8B | ||
| Q1 25 | — | $8.3B | ||
| Q4 24 | $9.7B | $8.1B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $4.7B |
自由现金流BABACMCSA
| Q1 26 | — | $3.9B | ||
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $2.0B |
自由现金流率BABACMCSA
| Q1 26 | — | 12.4% | ||
| Q4 25 | — | 15.8% | ||
| Q3 25 | — | 18.0% | ||
| Q2 25 | — | 16.9% | ||
| Q1 25 | — | 20.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 12.8% | ||
| Q2 24 | — | 6.7% |
资本支出强度BABACMCSA
| Q1 26 | — | 7.5% | ||
| Q4 25 | — | 11.6% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | — | 8.8% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 9.2% |
现金转化率BABACMCSA
| Q1 26 | — | 3.17× | ||
| Q4 25 | 2.31× | 4.08× | ||
| Q3 25 | 0.49× | 2.61× | ||
| Q2 25 | 2.19× | 0.70× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | 1.43× | 1.69× | ||
| Q3 24 | — | 1.93× | ||
| Q2 24 | — | 1.20× |
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
BABA
| Alibaba China E-commerce Group | $22.8B | 59% |
| All others | $9.6B | 25% |
| Cloud Intelligence Group | $6.2B | 16% |
CMCSA
| Connectivity & Platforms | $20.0B | 63% |
| Content & Experiences | $11.9B | 38% |
