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百度（BIDU）与CoreWeave, Inc.（CRWV）财务数据对比。点击上方公司名可切换其他公司
百度的季度营收约是CoreWeave, Inc.的3.2倍（$5.0B vs $1.6B），百度净利率更高（6.0% vs -28.7%，领先34.7%）
百度是中国头部跨国科技企业，深耕互联网服务与人工智能赛道，在中国搜索引擎市场占据主导地位。旗下拥有百度APP、百度百科、百度贴吧等多元产品矩阵，同时运营视频平台爱奇艺，可为海量用户提供覆盖多场景的优质数字服务。
CoreWeave是总部位于美国新泽西州利文斯顿的人工智能云计算企业，专注为AI开发者及各行业企业客户提供云侧图形处理器（GPU）算力基础设施，同时自主研发芯片管理相关软件。
BIDU vs CRWV — 直观对比
营收规模更大
BIDU
是对方的3.2倍
$1.6B
净利率更高
BIDU
高出34.7%
-28.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.0B | $1.6B |
| 净利润 | $300.0M | $-451.7M |
| 毛利率 | 41.0% | 67.6% |
| 营业利润率 | 4.1% | -5.7% |
| 净利率 | 6.0% | -28.7% |
| 营收同比 | 14.0% | — |
| 净利润同比 | -47.1% | — |
| 每股收益（稀释后） | $0.53 | $-0.50 |
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BIDUCRWV
| Q4 25 | $5.0B | $1.6B | ||
| Q3 25 | $4.4B | $1.4B | ||
| Q2 25 | $4.6B | $1.2B | ||
| Q1 25 | $4.5B | $981.6M | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.8B | $583.9M | ||
| Q2 24 | $4.7B | $395.4M | ||
| Q1 24 | $4.4B | — |
净利润BIDUCRWV
| Q4 25 | $300.0M | $-451.7M | ||
| Q3 25 | $-1.6B | $-110.1M | ||
| Q2 25 | $1.0B | $-290.5M | ||
| Q1 25 | $1.1B | $-314.6M | ||
| Q4 24 | $567.0M | — | ||
| Q3 24 | $1.1B | $-359.8M | ||
| Q2 24 | $768.0M | $-323.0M | ||
| Q1 24 | $811.0M | — |
毛利率BIDUCRWV
| Q4 25 | 41.0% | 67.6% | ||
| Q3 25 | 41.2% | 73.0% | ||
| Q2 25 | 43.9% | 74.2% | ||
| Q1 25 | 46.1% | 73.3% | ||
| Q4 24 | 49.9% | — | ||
| Q3 24 | 51.1% | 75.5% | ||
| Q2 24 | 51.7% | 72.5% | ||
| Q1 24 | 51.5% | — |
营业利润率BIDUCRWV
| Q4 25 | 4.1% | -5.7% | ||
| Q3 25 | -48.4% | 3.8% | ||
| Q2 25 | 10.0% | 1.6% | ||
| Q1 25 | 13.9% | -2.8% | ||
| Q4 24 | 11.1% | — | ||
| Q3 24 | 17.6% | 20.1% | ||
| Q2 24 | 17.5% | 19.7% | ||
| Q1 24 | 17.4% | — |
净利率BIDUCRWV
| Q4 25 | 6.0% | -28.7% | ||
| Q3 25 | -36.3% | -8.1% | ||
| Q2 25 | 22.2% | -24.0% | ||
| Q1 25 | 24.1% | -32.1% | ||
| Q4 24 | 12.8% | — | ||
| Q3 24 | 23.2% | -61.6% | ||
| Q2 24 | 16.4% | -81.7% | ||
| Q1 24 | 18.6% | — |
每股收益（稀释后）BIDUCRWV
| Q4 25 | $0.53 | $-0.50 | ||
| Q3 25 | $-4.76 | $-0.22 | ||
| Q2 25 | $2.84 | $-0.60 | ||
| Q1 25 | $2.98 | $-1.49 | ||
| Q4 24 | $1.95 | — | ||
| Q3 24 | $3.08 | $-1.82 | ||
| Q2 24 | — | $-1.62 | ||
| Q1 24 | $2.07 | — |
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 | $16.5B | $3.2B |
| 总债务越低越好 | $5.9B | $21.4B |
| 股东权益账面价值 | $38.1B | $3.3B |
| 总资产 | $64.2B | $49.3B |
| 负债/权益比越低杠杆越低 | 0.16× | 6.41× |
8季度趋势，按日历期对齐
现金及短期投资BIDUCRWV
| Q4 25 | $16.5B | $3.2B | ||
| Q3 25 | $17.5B | $1.9B | ||
| Q2 25 | $17.3B | $1.2B | ||
| Q1 25 | $19.5B | $1.3B | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.9B | $1.4B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | — |
总债务BIDUCRWV
| Q4 25 | $5.9B | $21.4B | ||
| Q3 25 | $2.5B | $14.0B | ||
| Q2 25 | $2.4B | $11.1B | ||
| Q1 25 | $2.3B | $8.7B | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BIDUCRWV
| Q4 25 | $38.1B | $3.3B | ||
| Q3 25 | $38.6B | $3.9B | ||
| Q2 25 | $39.8B | $2.7B | ||
| Q1 25 | $38.6B | $1.9B | ||
| Q4 24 | $36.1B | — | ||
| Q3 24 | $38.5B | $-344.0M | ||
| Q2 24 | — | $-1.0B | ||
| Q1 24 | — | — |
总资产BIDUCRWV
| Q4 25 | $64.2B | $49.3B | ||
| Q3 25 | $62.4B | $32.9B | ||
| Q2 25 | $62.9B | $26.2B | ||
| Q1 25 | $62.6B | $21.9B | ||
| Q4 24 | $58.6B | — | ||
| Q3 24 | $59.5B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
负债/权益比BIDUCRWV
| Q4 25 | 0.16× | 6.41× | ||
| Q3 25 | 0.07× | 3.62× | ||
| Q2 25 | 0.06× | 4.16× | ||
| Q1 25 | 0.06× | 4.57× | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.5B | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $-2.5B |
| 自由现金流率自由现金流/营收 | — | -159.1% |
| 资本支出强度资本支出/营收 | — | 258.3% |
| 现金转化率经营现金流/净利润 | 5.08× | — |
| 过去12个月自由现金流最近4个季度 | — | $-7.3B |
8季度趋势，按日历期对齐
经营现金流BIDUCRWV
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $-6.3B | $-251.3M | ||
| Q1 25 | — | $61.2M | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | — | — |
自由现金流BIDUCRWV
| Q4 25 | — | $-2.5B | ||
| Q3 25 | — | $-699.8M | ||
| Q2 25 | — | $-2.7B | ||
| Q1 25 | — | $-1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率BIDUCRWV
| Q4 25 | — | -159.1% | ||
| Q3 25 | — | -51.3% | ||
| Q2 25 | — | -223.0% | ||
| Q1 25 | — | -137.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度BIDUCRWV
| Q4 25 | — | 258.3% | ||
| Q3 25 | — | 175.1% | ||
| Q2 25 | — | 202.3% | ||
| Q1 25 | — | 143.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率BIDUCRWV
| Q4 25 | 5.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -6.26× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 7.12× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.88× | — | ||
| Q1 24 | — | — |
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
BIDU
| Legacy Business | $1.8B | 35% |
| Baidu Core AI-powered Business | $1.6B | 32% |
| Other | $1.3B | 26% |
| Others | $357.5M | 7% |
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
