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贝莱德（BLK）与西南航空（LUV）财务数据对比。点击上方公司名可切换其他公司
西南航空的季度营收约是贝莱德的1.0倍（$7.2B vs $7.0B），贝莱德净利率更高（16.1% vs 3.1%，领先13.0%），过去两年贝莱德的营收复合增速更高（24.5% vs -0.7%）
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。
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
BLK vs LUV — 直观对比
营收规模更大
LUV
是对方的1.0倍
$7.0B
净利率更高
BLK
高出13.0%
3.1%
两年增速更快
BLK
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $7.2B |
| 净利润 | $1.1B | $227.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.7% | — |
| 净利率 | 16.1% | 3.1% |
| 营收同比 | — | 12.8% |
| 净利润同比 | — | 252.3% |
| 每股收益（稀释后） | $7.05 | $0.45 |
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BLKLUV
| Q1 26 | — | $7.2B | ||
| Q4 25 | $7.0B | $7.4B | ||
| Q3 25 | $6.5B | $6.9B | ||
| Q2 25 | $5.4B | $7.2B | ||
| Q1 25 | $5.3B | $6.4B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | $5.2B | $6.9B | ||
| Q2 24 | $4.8B | $7.4B |
净利润BLKLUV
| Q1 26 | — | $227.0M | ||
| Q4 25 | $1.1B | $323.0M | ||
| Q3 25 | $1.3B | $54.0M | ||
| Q2 25 | $1.6B | $213.0M | ||
| Q1 25 | $1.5B | $-149.0M | ||
| Q4 24 | — | $262.0M | ||
| Q3 24 | $1.6B | $67.0M | ||
| Q2 24 | $1.5B | $367.0M |
营业利润率BLKLUV
| Q1 26 | — | — | ||
| Q4 25 | 23.7% | 5.3% | ||
| Q3 25 | 30.0% | 0.5% | ||
| Q2 25 | 31.9% | 3.1% | ||
| Q1 25 | 32.2% | -3.5% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 38.6% | 0.6% | ||
| Q2 24 | 37.5% | 5.4% |
净利率BLKLUV
| Q1 26 | — | 3.1% | ||
| Q4 25 | 16.1% | 4.3% | ||
| Q3 25 | 20.3% | 0.8% | ||
| Q2 25 | 29.4% | 2.9% | ||
| Q1 25 | 28.6% | -2.3% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 31.4% | 1.0% | ||
| Q2 24 | 31.1% | 5.0% |
每股收益（稀释后）BLKLUV
| Q1 26 | — | $0.45 | ||
| Q4 25 | $7.05 | $0.56 | ||
| Q3 25 | $8.43 | $0.10 | ||
| Q2 25 | $10.19 | $0.39 | ||
| Q1 25 | $9.64 | $-0.26 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $10.90 | $0.11 | ||
| Q2 24 | $9.99 | $0.58 |
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 | $3.3B |
| 总债务越低越好 | $12.8B | $5.4B |
| 股东权益账面价值 | $55.9B | $6.9B |
| 总资产 | $170.0B | $20.4B |
| 负债/权益比越低杠杆越低 | 0.23× | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资BLKLUV
| Q1 26 | — | $3.3B | ||
| Q4 25 | $11.5B | $3.2B | ||
| Q3 25 | $10.0B | $3.0B | ||
| Q2 25 | $9.5B | $3.8B | ||
| Q1 25 | $7.7B | $8.3B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | $14.0B | $9.4B | ||
| Q2 24 | — | $10.0B |
总债务BLKLUV
| Q1 26 | — | $5.4B | ||
| Q4 25 | $12.8B | $4.6B | ||
| Q3 25 | $12.8B | $4.1B | ||
| Q2 25 | $12.8B | $4.1B | ||
| Q1 25 | $12.3B | $4.1B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $12.4B | $5.1B | ||
| Q2 24 | — | $5.1B |
股东权益BLKLUV
| Q1 26 | — | $6.9B | ||
| Q4 25 | $55.9B | $8.0B | ||
| Q3 25 | $55.5B | $7.8B | ||
| Q2 25 | $49.1B | $8.0B | ||
| Q1 25 | $48.0B | $9.4B | ||
| Q4 24 | — | $10.3B | ||
| Q3 24 | $41.2B | $10.4B | ||
| Q2 24 | $40.3B | $10.5B |
总资产BLKLUV
| Q1 26 | — | $20.4B | ||
| Q4 25 | $170.0B | $29.1B | ||
| Q3 25 | $162.7B | $28.3B | ||
| Q2 25 | $146.5B | $28.7B | ||
| Q1 25 | $141.9B | $33.2B | ||
| Q4 24 | — | $33.8B | ||
| Q3 24 | $132.8B | $34.8B | ||
| Q2 24 | — | $35.6B |
负债/权益比BLKLUV
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.23× | 0.57× | ||
| Q3 25 | 0.23× | 0.52× | ||
| Q2 25 | 0.26× | 0.51× | ||
| Q1 25 | 0.26× | 0.44× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | 0.30× | 0.49× | ||
| Q2 24 | — | 0.48× |
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 | $1.4B |
| 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% | 8.7% |
| 现金转化率经营现金流/净利润 | 2.02× | 6.25× |
| 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BLKLUV
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.3B | $294.0M | ||
| Q3 25 | $1.4B | $287.0M | ||
| Q2 25 | $1.4B | $401.0M | ||
| Q1 25 | $-1.1B | $860.0M | ||
| Q4 24 | — | $476.0M | ||
| Q3 24 | — | $113.0M | ||
| Q2 24 | — | $-23.0M |
自由现金流BLKLUV
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $-565.0M | ||
| Q3 25 | $1.3B | $-391.0M | ||
| Q2 25 | $1.3B | $-234.0M | ||
| Q1 25 | $-1.2B | $359.0M | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | — | $-404.0M | ||
| Q2 24 | — | $-517.0M |
自由现金流率BLKLUV
| Q1 26 | — | — | ||
| Q4 25 | 30.6% | -7.6% | ||
| Q3 25 | 20.5% | -5.6% | ||
| Q2 25 | 23.5% | -3.2% | ||
| Q1 25 | -22.9% | 5.6% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | -5.9% | ||
| Q2 24 | — | -7.0% |
资本支出强度BLKLUV
| Q1 26 | — | 8.7% | ||
| Q4 25 | 1.9% | 11.5% | ||
| Q3 25 | 1.2% | 9.8% | ||
| Q2 25 | 1.6% | 8.8% | ||
| Q1 25 | 1.5% | 7.8% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | — | 7.5% | ||
| Q2 24 | — | 6.7% |
现金转化率BLKLUV
| Q1 26 | — | 6.25× | ||
| Q4 25 | 2.02× | 0.91× | ||
| Q3 25 | 1.07× | 5.31× | ||
| Q2 25 | 0.86× | 1.88× | ||
| Q1 25 | -0.75× | — | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | — | -0.06× |
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% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
