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哔哩哔哩（BILI）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是哔哩哔哩的1.2倍（$1.5B vs $1.3B），哔哩哔哩净利率更高（6.0% vs -3.1%，领先9.1%），哔哩哔哩同比增速更快（26.2% vs -11.9%），过去两年哔哩哔哩的营收复合增速更高（27.3% vs 26.8%）
哔哩哔哩（常被网友称为“B站”）是总部位于上海的中国知名在线视频平台，用户可在平台上传、观看各类视频内容，还能发送实时弹幕与其他观众互动，是国内深受年轻群体喜爱的文化社区。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
BILI vs RXO — 直观对比
营收规模更大
RXO
是对方的1.2倍
$1.3B
营收增速更快
BILI
高出38.0%
-11.9%
净利率更高
BILI
高出9.1%
-3.1%
两年增速更快
BILI
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.5B |
| 净利润 | $75.7M | $-46.0M |
| 毛利率 | 37.0% | — |
| 营业利润率 | 5.8% | -2.9% |
| 净利率 | 6.0% | -3.1% |
| 营收同比 | 26.2% | -11.9% |
| 净利润同比 | 143.0% | -84.0% |
| 每股收益（稀释后） | $1.14 | $-0.28 |
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BILIRXO
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $965.1M | $1.4B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.0B | $1.0B | ||
| Q2 24 | $843.1M | $930.0M | ||
| Q1 24 | $784.5M | $913.0M |
净利润BILIRXO
| Q4 25 | $75.7M | $-46.0M | ||
| Q3 25 | $65.9M | $-14.0M | ||
| Q2 25 | $30.5M | $-9.0M | ||
| Q1 25 | $-1.5M | $-31.0M | ||
| Q4 24 | $-176.0M | $-25.0M | ||
| Q3 24 | $11.4M | $-243.0M | ||
| Q2 24 | $83.7M | $-7.0M | ||
| Q1 24 | $-105.9M | $-15.0M |
毛利率BILIRXO
| Q4 25 | 37.0% | — | ||
| Q3 25 | 36.7% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 36.3% | — | ||
| Q4 24 | 36.2% | — | ||
| Q3 24 | 34.9% | — | ||
| Q2 24 | 29.9% | — | ||
| Q1 24 | 28.3% | — |
营业利润率BILIRXO
| Q4 25 | 5.8% | -2.9% | ||
| Q3 25 | 4.6% | -0.5% | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 0.2% | -2.1% | ||
| Q4 24 | -16.0% | -1.4% | ||
| Q3 24 | 0.9% | -1.9% | ||
| Q2 24 | 9.5% | — | ||
| Q1 24 | -14.5% | -1.3% |
净利率BILIRXO
| Q4 25 | 6.0% | -3.1% | ||
| Q3 25 | 6.1% | -1.0% | ||
| Q2 25 | 3.0% | -0.6% | ||
| Q1 25 | -0.2% | -2.2% | ||
| Q4 24 | -17.5% | -1.5% | ||
| Q3 24 | 1.1% | -23.4% | ||
| Q2 24 | 9.9% | -0.8% | ||
| Q1 24 | -13.5% | -1.6% |
每股收益（稀释后）BILIRXO
| Q4 25 | $1.14 | $-0.28 | ||
| Q3 25 | $1.05 | $-0.08 | ||
| Q2 25 | $0.51 | $-0.05 | ||
| Q1 25 | $0.00 | $-0.18 | ||
| Q4 24 | $0.21 | $-0.17 | ||
| Q3 24 | $-0.03 | $-1.81 | ||
| Q2 24 | $-0.20 | $-0.06 | ||
| Q1 24 | $-1.80 | $-0.13 |
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 | $2.7B | $17.0M |
| 总债务越低越好 | $1.4B | $387.0M |
| 股东权益账面价值 | $2.2B | $1.5B |
| 总资产 | $5.9B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.62× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资BILIRXO
| Q4 25 | $2.7B | $17.0M | ||
| Q3 25 | $2.4B | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | $1.9B | $16.0M | ||
| Q4 24 | $1.8B | $35.0M | ||
| Q3 24 | $11.7B | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | $1.1B | $7.0M |
总债务BILIRXO
| Q4 25 | $1.4B | $387.0M | ||
| Q3 25 | $1.4B | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | $700.3M | $387.0M | ||
| Q4 24 | $662.5M | $351.0M | ||
| Q3 24 | $4.3B | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | $684.5M | $351.0M |
股东权益BILIRXO
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | $2.0B | $1.6B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $13.7B | $1.7B | ||
| Q2 24 | — | $579.0M | ||
| Q1 24 | $1.9B | $582.0M |
总资产BILIRXO
| Q4 25 | $5.9B | $3.3B | ||
| Q3 25 | $5.6B | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $4.6B | $3.3B | ||
| Q4 24 | $4.5B | $3.4B | ||
| Q3 24 | $32.0B | $3.4B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $4.2B | $1.8B |
负债/权益比BILIRXO
| Q4 25 | 0.62× | 0.25× | ||
| Q3 25 | 0.65× | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | 0.35× | 0.24× | ||
| Q4 24 | 0.34× | 0.22× | ||
| Q3 24 | 0.31× | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | 0.36× | 0.60× |
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 | $263.1M | $7.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-9.0M |
| 自由现金流率自由现金流/营收 | — | -0.6% |
| 资本支出强度资本支出/营收 | — | 1.1% |
| 现金转化率经营现金流/净利润 | 3.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $-8.0M |
8季度趋势，按日历期对齐
经营现金流BILIRXO
| Q4 25 | $263.1M | $7.0M | ||
| Q3 25 | $283.2M | $23.0M | ||
| Q2 25 | $277.7M | $23.0M | ||
| Q1 25 | $179.4M | $-2.0M | ||
| Q4 24 | $191.9M | $-7.0M | ||
| Q3 24 | $2.2B | $-7.0M | ||
| Q2 24 | — | $-5.0M | ||
| Q1 24 | $88.3M | $7.0M |
自由现金流BILIRXO
| Q4 25 | — | $-9.0M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | $174.5M | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | — | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流率BILIRXO
| Q4 25 | — | -0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | 18.1% | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | — | -0.4% |
资本支出强度BILIRXO
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | 0.5% | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.2% |
现金转化率BILIRXO
| Q4 25 | 3.47× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 9.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 195.23× | — | ||
| Q2 24 | — | — | ||
| 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
BILI
| Value-added services (VAS) | $466.4M | 37% |
| Advertising | $435.0M | 34% |
| Mobile games | $220.3M | 17% |
| Other | $80.8M | 6% |
| IP derivatives and others | $68.2M | 5% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
