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贝莱德（BLK）与芝商所（CME）财务数据对比。点击上方公司名可切换其他公司
贝莱德的季度营收约是芝商所的3.7倍（$7.0B vs $1.9B），贝莱德净利率更高（16.1% vs 0.1%，领先16.0%），过去两年贝莱德的营收复合增速更高（24.5% vs 10.8%）
贝莱德是美国跨国投资企业，成立于1988年，最初主打企业风险管理与固定收益机构资产管理业务，现为全球规模最大的资产管理机构，截至2025年管理资产规模达12.5万亿美元。公司总部位于纽约，在30个国家设有70个办事处，客户遍布全球100个国家。
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
BLK vs CME — 直观对比
营收规模更大
BLK
是对方的3.7倍
$1.9B
净利率更高
BLK
高出16.0%
0.1%
两年增速更快
BLK
近两年复合增速
10.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $1.9B |
| 净利润 | $1.1B | $1.2M |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | 0.1% |
| 净利率 | 16.1% | 0.1% |
| 营收同比 | — | 14.5% |
| 净利润同比 | — | 20.7% |
| 每股收益（稀释后） | $7.05 | — |
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BLKCME
| Q1 26 | — | $1.9B | ||
| Q4 25 | $7.0B | $1.6B | ||
| Q3 25 | $6.5B | $1.5B | ||
| Q2 25 | $5.4B | $1.7B | ||
| Q1 25 | $5.3B | $1.6B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $5.2B | $1.6B | ||
| Q2 24 | $4.8B | $1.5B |
净利润BLKCME
| Q1 26 | — | $1.2M | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.3B | $908.0M | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.5B | $956.2M | ||
| Q4 24 | — | $874.6M | ||
| Q3 24 | $1.6B | $912.8M | ||
| Q2 24 | $1.5B | $883.2M |
营业利润率BLKCME
| Q1 26 | — | 0.1% | ||
| Q4 25 | 23.7% | 61.8% | ||
| Q3 25 | 30.0% | 63.3% | ||
| Q2 25 | 31.9% | 66.7% | ||
| Q1 25 | 32.2% | 67.5% | ||
| Q4 24 | — | 62.1% | ||
| Q3 24 | 38.6% | 64.6% | ||
| Q2 24 | 37.5% | 65.3% |
净利率BLKCME
| Q1 26 | — | 0.1% | ||
| Q4 25 | 16.1% | 71.7% | ||
| Q3 25 | 20.3% | 59.1% | ||
| Q2 25 | 29.4% | 60.6% | ||
| Q1 25 | 28.6% | 58.2% | ||
| Q4 24 | — | 57.3% | ||
| Q3 24 | 31.4% | 57.6% | ||
| Q2 24 | 31.1% | 57.6% |
每股收益（稀释后）BLKCME
| Q1 26 | — | — | ||
| Q4 25 | $7.05 | $3.24 | ||
| Q3 25 | $8.43 | $2.49 | ||
| Q2 25 | $10.19 | $2.81 | ||
| Q1 25 | $9.64 | $2.62 | ||
| Q4 24 | — | $2.40 | ||
| Q3 24 | $10.90 | $2.50 | ||
| Q2 24 | $9.99 | $2.42 |
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 | $11.5B | $2.4B |
| 总债务越低越好 | $12.8B | $3.4B |
| 股东权益账面价值 | $55.9B | — |
| 总资产 | $170.0B | $202.0B |
| 负债/权益比越低杠杆越低 | 0.23× | — |
8季度趋势，按日历期对齐
现金及短期投资BLKCME
| Q1 26 | — | $2.4B | ||
| Q4 25 | $11.5B | $4.5B | ||
| Q3 25 | $10.0B | $2.6B | ||
| Q2 25 | $9.5B | $2.1B | ||
| Q1 25 | $7.7B | $1.5B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $14.0B | $2.4B | ||
| Q2 24 | — | $1.9B |
总债务BLKCME
| Q1 26 | — | $3.4B | ||
| Q4 25 | $12.8B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | — | — |
股东权益BLKCME
| Q1 26 | — | — | ||
| Q4 25 | $55.9B | $28.7B | ||
| Q3 25 | $55.5B | $28.2B | ||
| Q2 25 | $49.1B | $27.7B | ||
| Q1 25 | $48.0B | $27.0B | ||
| Q4 24 | — | $26.5B | ||
| Q3 24 | $41.2B | $28.2B | ||
| Q2 24 | $40.3B | $27.6B |
总资产BLKCME
| Q1 26 | — | $202.0B | ||
| Q4 25 | $170.0B | $198.4B | ||
| Q3 25 | $162.7B | $187.1B | ||
| Q2 25 | $146.5B | $179.9B | ||
| Q1 25 | $141.9B | $157.8B | ||
| Q4 24 | — | $137.4B | ||
| Q3 24 | $132.8B | $137.8B | ||
| Q2 24 | — | $123.4B |
负债/权益比BLKCME
| Q1 26 | — | — | ||
| Q4 25 | 0.23× | — | ||
| Q3 25 | 0.23× | — | ||
| Q2 25 | 0.26× | — | ||
| Q1 25 | 0.26× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.30× | — | ||
| 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 | $2.3B | — |
| 自由现金流经营现金流 - 资本支出 | $2.1B | — |
| 自由现金流率自由现金流/营收 | 30.6% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 2.02× | — |
| 过去12个月自由现金流最近4个季度 | $3.6B | — |
8季度趋势，按日历期对齐
经营现金流BLKCME
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $1.1B | ||
| Q3 25 | $1.4B | $968.1M | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $-1.1B | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $776.9M |
自由现金流BLKCME
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.3B | $949.7M | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $-1.2B | $1.1B | ||
| Q4 24 | — | $991.7M | ||
| Q3 24 | — | $973.2M | ||
| Q2 24 | — | $758.7M |
自由现金流率BLKCME
| Q1 26 | — | — | ||
| Q4 25 | 30.6% | 66.8% | ||
| Q3 25 | 20.5% | 61.8% | ||
| Q2 25 | 23.5% | 61.5% | ||
| Q1 25 | -22.9% | 67.1% | ||
| Q4 24 | — | 65.0% | ||
| Q3 24 | — | 61.4% | ||
| Q2 24 | — | 49.5% |
资本支出强度BLKCME
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 2.0% | ||
| Q3 25 | 1.2% | 1.2% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.5% | 0.9% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.2% |
现金转化率BLKCME
| Q1 26 | — | — | ||
| Q4 25 | 2.02× | 0.96× | ||
| Q3 25 | 1.07× | 1.07× | ||
| Q2 25 | 0.86× | 1.03× | ||
| Q1 25 | -0.75× | 1.17× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 0.88× |
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
BLK
| Investment Advice | $5.3B | 75% |
| Investment Performance | $754.0M | 11% |
| Technology Services And Subscription Revenue | $531.0M | 8% |
| Distribution And Shareholder Service | $359.0M | 5% |
| Service Other | $86.0M | 1% |
CME
暂无分部数据
