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阿里巴巴集团控股有限公司（BABA）与T-Mobile US（TMUS）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T-Mobile US的1.7倍（$38.8B vs $23.1B），T-Mobile US净利率更高（10.8% vs 5.8%，领先5.1%）
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。
T-Mobile US是总部位于美国华盛顿州贝尔维尤的无线网络运营商，多数股权由德国电信巨头德国电信持有，为美国第二大无线通信服务商，截至2025年9月30日其用户规模达1.4亿，面向个人及商业客户提供高速移动通信等相关服务。
BABA vs TMUS — 直观对比
营收规模更大
BABA
是对方的1.7倍
$23.1B
净利率更高
TMUS
高出5.1%
5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $38.8B | $23.1B |
| 净利润 | $2.2B | $2.5B |
| 毛利率 | 40.2% | — |
| 营业利润率 | 6.6% | 20.8% |
| 净利率 | 5.8% | 10.8% |
| 营收同比 | — | 10.6% |
| 净利润同比 | — | -15.2% |
| 每股收益（稀释后） | $6.64 | $2.27 |
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BABATMUS
| Q1 26 | — | $23.1B | ||
| Q4 25 | $38.8B | $24.3B | ||
| Q3 25 | $34.2B | $22.0B | ||
| Q2 25 | $32.6B | $21.1B | ||
| Q1 25 | — | $20.9B | ||
| Q4 24 | $38.7B | $21.9B | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.8B |
净利润BABATMUS
| Q1 26 | — | $2.5B | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.9B | $2.7B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $6.8B | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $2.9B |
毛利率BABATMUS
| 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BABATMUS
| Q1 26 | — | 20.8% | ||
| Q4 25 | 6.6% | 15.4% | ||
| Q3 25 | 2.2% | 20.6% | ||
| Q2 25 | 12.0% | 24.7% | ||
| Q1 25 | — | 23.0% | ||
| Q4 24 | 14.7% | 21.0% | ||
| Q3 24 | — | 23.8% | ||
| Q2 24 | — | 23.4% |
净利率BABATMUS
| Q1 26 | — | 10.8% | ||
| Q4 25 | 5.8% | 8.6% | ||
| Q3 25 | 8.5% | 12.4% | ||
| Q2 25 | 5.3% | 15.2% | ||
| Q1 25 | — | 14.1% | ||
| Q4 24 | 17.5% | 13.6% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | 14.8% |
每股收益（稀释后）BABATMUS
| Q1 26 | — | $2.27 | ||
| Q4 25 | $6.64 | $1.89 | ||
| Q3 25 | $8.72 | $2.41 | ||
| Q2 25 | $5.20 | $2.84 | ||
| Q1 25 | — | $2.58 | ||
| Q4 24 | $20.40 | $2.56 | ||
| Q3 24 | — | $2.61 | ||
| Q2 24 | — | $2.49 |
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 | $3.5B |
| 总债务越低越好 | — | $86.0B |
| 股东权益账面价值 | $148.7B | $55.9B |
| 总资产 | $268.6B | $214.7B |
| 负债/权益比越低杠杆越低 | — | 1.54× |
8季度趋势，按日历期对齐
现金及短期投资BABATMUS
| Q1 26 | — | $3.5B | ||
| Q4 25 | $18.3B | $5.6B | ||
| Q3 25 | $19.0B | $3.3B | ||
| Q2 25 | $20.0B | $10.3B | ||
| Q1 25 | — | $12.0B | ||
| Q4 24 | $22.3B | $5.4B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $6.4B |
总债务BABATMUS
| Q1 26 | — | $86.0B | ||
| Q4 25 | — | $86.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $78.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益BABATMUS
| Q1 26 | — | $55.9B | ||
| Q4 25 | $148.7B | $59.2B | ||
| Q3 25 | $145.0B | $60.5B | ||
| Q2 25 | $139.2B | $61.1B | ||
| Q1 25 | — | $61.1B | ||
| Q4 24 | $137.2B | $61.7B | ||
| Q3 24 | — | $64.3B | ||
| Q2 24 | — | $62.6B |
总资产BABATMUS
| Q1 26 | — | $214.7B | ||
| Q4 25 | $268.6B | $219.2B | ||
| Q3 25 | $264.6B | $217.2B | ||
| Q2 25 | $248.6B | $212.6B | ||
| Q1 25 | — | $214.6B | ||
| Q4 24 | $254.1B | $208.0B | ||
| Q3 24 | — | $210.7B | ||
| Q2 24 | — | $208.6B |
负债/权益比BABATMUS
| Q1 26 | — | 1.54× | ||
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $7.2B |
| 自由现金流经营现金流 - 资本支出 | — | $4.6B |
| 自由现金流率自由现金流/营收 | — | 19.9% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 2.31× | 2.88× |
| 过去12个月自由现金流最近4个季度 | — | $18.2B |
8季度趋势，按日历期对齐
经营现金流BABATMUS
| Q1 26 | — | $7.2B | ||
| Q4 25 | $5.2B | $6.7B | ||
| Q3 25 | $1.4B | $7.5B | ||
| Q2 25 | $3.8B | $7.0B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | $9.7B | $5.5B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.5B |
自由现金流BABATMUS
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.5B |
自由现金流率BABATMUS
| Q1 26 | — | 19.9% | ||
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 17.6% |
资本支出强度BABATMUS
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 10.1% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 11.3% | ||
| Q1 25 | — | 11.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 10.3% |
现金转化率BABATMUS
| Q1 26 | — | 2.88× | ||
| Q4 25 | 2.31× | 3.16× | ||
| Q3 25 | 0.49× | 2.75× | ||
| Q2 25 | 2.19× | 2.17× | ||
| Q1 25 | — | 2.32× | ||
| Q4 24 | 1.43× | 1.86× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | — | 1.89× |
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% |
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
