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百度（BIDU）与标普全球（VG）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标普全球的1.1倍（$5.0B vs $4.4B），标普全球净利率更高（26.8% vs 6.0%，领先20.8%），标普全球同比增速更快（191.7% vs 14.0%），过去两年标普全球的营收复合增速更高（77.3% vs 7.5%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
BIDU vs VG — 直观对比
营收规模更大
BIDU
是对方的1.1倍
$4.4B
营收增速更快
VG
高出177.7%
14.0%
净利率更高
VG
高出20.8%
6.0%
两年增速更快
VG
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.0B | $4.4B |
| 净利润 | $300.0M | $1.2B |
| 毛利率 | 41.0% | — |
| 营业利润率 | 4.1% | 38.7% |
| 净利率 | 6.0% | 26.8% |
| 营收同比 | 14.0% | 191.7% |
| 净利润同比 | -47.1% | 20.3% |
| 每股收益（稀释后） | $0.53 | $0.41 |
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BIDUVG
| Q4 25 | $5.0B | $4.4B | ||
| Q3 25 | $4.4B | $3.3B | ||
| Q2 25 | $4.6B | $3.1B | ||
| Q1 25 | $4.5B | $2.9B | ||
| Q4 24 | $4.4B | $1.5B | ||
| Q3 24 | $4.8B | $926.0M | ||
| Q2 24 | $4.7B | $1.1B | ||
| Q1 24 | $4.4B | $1.4B |
净利润BIDUVG
| Q4 25 | $300.0M | $1.2B | ||
| Q3 25 | $-1.6B | $550.0M | ||
| Q2 25 | $1.0B | $475.0M | ||
| Q1 25 | $1.1B | $517.0M | ||
| Q4 24 | $567.0M | $990.0M | ||
| Q3 24 | $1.1B | $-294.0M | ||
| Q2 24 | $768.0M | $352.0M | ||
| Q1 24 | $811.0M | $698.0M |
毛利率BIDUVG
| Q4 25 | 41.0% | — | ||
| Q3 25 | 41.2% | — | ||
| Q2 25 | 43.9% | — | ||
| Q1 25 | 46.1% | — | ||
| Q4 24 | 49.9% | — | ||
| Q3 24 | 51.1% | — | ||
| Q2 24 | 51.7% | — | ||
| Q1 24 | 51.5% | — |
营业利润率BIDUVG
| Q4 25 | 4.1% | 38.7% | ||
| Q3 25 | -48.4% | 39.7% | ||
| Q2 25 | 10.0% | 33.5% | ||
| Q1 25 | 13.9% | 37.3% | ||
| Q4 24 | 11.1% | 39.0% | ||
| Q3 24 | 17.6% | 20.4% | ||
| Q2 24 | 17.5% | 32.8% | ||
| Q1 24 | 17.4% | 43.6% |
净利率BIDUVG
| Q4 25 | 6.0% | 26.8% | ||
| Q3 25 | -36.3% | 16.5% | ||
| Q2 25 | 22.2% | 15.3% | ||
| Q1 25 | 24.1% | 17.9% | ||
| Q4 24 | 12.8% | 65.0% | ||
| Q3 24 | 23.2% | -31.7% | ||
| Q2 24 | 16.4% | 31.8% | ||
| Q1 24 | 18.6% | 49.4% |
每股收益（稀释后）BIDUVG
| Q4 25 | $0.53 | $0.41 | ||
| Q3 25 | $-4.76 | $0.16 | ||
| Q2 25 | $2.84 | $0.14 | ||
| Q1 25 | $2.98 | $0.15 | ||
| Q4 24 | $1.95 | $0.35 | ||
| Q3 24 | $3.08 | $-0.15 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | $2.07 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | $5.9B | $34.2B |
| 股东权益账面价值 | $38.1B | $6.7B |
| 总资产 | $64.2B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.16× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资BIDUVG
| Q4 25 | $16.5B | $2.4B | ||
| Q3 25 | $17.5B | $1.9B | ||
| Q2 25 | $17.3B | $2.2B | ||
| Q1 25 | $19.5B | $3.6B | ||
| Q4 24 | $17.5B | $3.6B | ||
| Q3 24 | $18.9B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务BIDUVG
| Q4 25 | $5.9B | $34.2B | ||
| Q3 25 | $2.5B | $32.6B | ||
| Q2 25 | $2.4B | $30.0B | ||
| Q1 25 | $2.3B | $29.3B | ||
| Q4 24 | $4.9B | $29.3B | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BIDUVG
| Q4 25 | $38.1B | $6.7B | ||
| Q3 25 | $38.6B | $5.7B | ||
| Q2 25 | $39.8B | $5.3B | ||
| Q1 25 | $38.6B | $4.9B | ||
| Q4 24 | $36.1B | $2.9B | ||
| Q3 24 | $38.5B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总资产BIDUVG
| Q4 25 | $64.2B | $53.4B | ||
| Q3 25 | $62.4B | $50.1B | ||
| Q2 25 | $62.9B | $46.5B | ||
| Q1 25 | $62.6B | $45.1B | ||
| Q4 24 | $58.6B | $43.5B | ||
| Q3 24 | $59.5B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
负债/权益比BIDUVG
| Q4 25 | 0.16× | 5.07× | ||
| Q3 25 | 0.07× | 5.73× | ||
| Q2 25 | 0.06× | 5.69× | ||
| Q1 25 | 0.06× | 6.01× | ||
| Q4 24 | 0.14× | 10.11× | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.5B |
| 自由现金流率自由现金流/营收 | — | -34.1% |
| 资本支出强度资本支出/营收 | — | 81.6% |
| 现金转化率经营现金流/净利润 | 5.08× | 1.77× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流BIDUVG
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $-6.3B | $1.5B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | — | $638.0M |
自由现金流BIDUVG
| Q4 25 | — | $-1.5B | ||
| Q3 25 | — | $-1.4B | ||
| Q2 25 | — | $-1.5B | ||
| Q1 25 | — | $-2.4B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-2.4B |
自由现金流率BIDUVG
| Q4 25 | — | -34.1% | ||
| Q3 25 | — | -42.4% | ||
| Q2 25 | — | -49.1% | ||
| Q1 25 | — | -81.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -167.3% |
资本支出强度BIDUVG
| Q4 25 | — | 81.6% | ||
| Q3 25 | — | 98.9% | ||
| Q2 25 | — | 96.1% | ||
| Q1 25 | — | 119.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 212.4% |
现金转化率BIDUVG
| Q4 25 | 5.08× | 1.77× | ||
| Q3 25 | — | 3.42× | ||
| Q2 25 | -6.26× | 3.07× | ||
| Q1 25 | — | 2.15× | ||
| Q4 24 | 7.12× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 6.88× | — | ||
| Q1 24 | — | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
