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CDW Corporation（CDW）与亿客行集团（EXPE）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是亿客行集团的1.6倍（$5.5B vs $3.5B），亿客行集团同比增速更快（18.7% vs 6.3%），过去两年CDW Corporation的营收复合增速更高（6.3% vs -0.2%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
亿客行集团是总部位于美国西雅图的在线旅游服务商，旗下旅行预订平台Expedia于1996年由微软推出。用户可通过其官方网站及移动应用预订机票、酒店、租车、邮轮、特色活动及度假短租等产品，为全球消费者提供便捷的一站式旅行服务解决方案。
CDW vs EXPE — 直观对比
营收规模更大
CDW
是对方的1.6倍
$3.5B
营收增速更快
EXPE
高出12.4%
6.3%
两年增速更快
CDW
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $3.5B |
| 净利润 | — | $205.0M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 11.8% |
| 净利率 | — | 5.8% |
| 营收同比 | 6.3% | 18.7% |
| 净利润同比 | — | 202.5% |
| 每股收益（稀释后） | $2.13 | $1.56 |
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CDWEXPE
| Q1 26 | — | $3.5B | ||
| Q4 25 | $5.5B | $3.5B | ||
| Q3 25 | $5.7B | $4.4B | ||
| Q2 25 | $6.0B | $3.8B | ||
| Q1 25 | $5.2B | $3.0B | ||
| Q4 24 | $5.2B | $3.2B | ||
| Q3 24 | $5.5B | $4.1B | ||
| Q2 24 | $5.4B | $3.6B |
净利润CDWEXPE
| Q1 26 | — | $205.0M | ||
| Q4 25 | — | $205.0M | ||
| Q3 25 | $291.0M | $959.0M | ||
| Q2 25 | $271.2M | $330.0M | ||
| Q1 25 | $224.9M | $-200.0M | ||
| Q4 24 | — | $299.0M | ||
| Q3 24 | $316.4M | $684.0M | ||
| Q2 24 | $281.1M | $386.0M |
毛利率CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — |
营业利润率CDWEXPE
| Q1 26 | — | 11.8% | ||
| Q4 25 | 7.8% | 11.8% | ||
| Q3 25 | 7.7% | 23.5% | ||
| Q2 25 | 7.0% | 12.8% | ||
| Q1 25 | 7.0% | -2.3% | ||
| Q4 24 | 7.9% | 6.8% | ||
| Q3 24 | 8.7% | 18.8% | ||
| Q2 24 | 8.0% | 12.7% |
净利率CDWEXPE
| Q1 26 | — | 5.8% | ||
| Q4 25 | — | 5.8% | ||
| Q3 25 | 5.1% | 21.7% | ||
| Q2 25 | 4.5% | 8.7% | ||
| Q1 25 | 4.3% | -6.7% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | 5.7% | 16.8% | ||
| Q2 24 | 5.2% | 10.8% |
每股收益（稀释后）CDWEXPE
| Q1 26 | — | $1.56 | ||
| Q4 25 | $2.13 | $1.56 | ||
| Q3 25 | $2.21 | $7.33 | ||
| Q2 25 | $2.05 | $2.48 | ||
| Q1 25 | $1.69 | $-1.56 | ||
| Q4 24 | $1.97 | $2.10 | ||
| Q3 24 | $2.34 | $5.04 | ||
| Q2 24 | $2.07 | $2.80 |
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 | $618.7M | $5.7B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.6B | $1.3B |
| 总资产 | $16.0B | $24.5B |
| 负债/权益比越低杠杆越低 | — | 4.80× |
8季度趋势，按日历期对齐
现金及短期投资CDWEXPE
| Q1 26 | — | $5.7B | ||
| Q4 25 | $618.7M | $5.7B | ||
| Q3 25 | $452.9M | $6.2B | ||
| Q2 25 | $481.0M | $6.7B | ||
| Q1 25 | $688.1M | $6.1B | ||
| Q4 24 | $717.7M | $4.5B | ||
| Q3 24 | $1.2B | $4.9B | ||
| Q2 24 | $665.3M | $6.3B |
总债务CDWEXPE
| Q1 26 | — | $6.2B | ||
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.2B | ||
| Q2 25 | — | $6.2B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $6.3B | ||
| Q2 24 | — | $6.3B |
股东权益CDWEXPE
| Q1 26 | — | $1.3B | ||
| Q4 25 | $2.6B | $1.3B | ||
| Q3 25 | $2.5B | $1.3B | ||
| Q2 25 | $2.5B | $836.0M | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.2B | $889.0M |
总资产CDWEXPE
| Q1 26 | — | $24.5B | ||
| Q4 25 | $16.0B | $24.5B | ||
| Q3 25 | $15.2B | $25.1B | ||
| Q2 25 | $15.3B | $27.0B | ||
| Q1 25 | $15.0B | $26.1B | ||
| Q4 24 | $14.7B | $22.4B | ||
| Q3 24 | $14.4B | $23.4B | ||
| Q2 24 | $13.6B | $25.9B |
负债/权益比CDWEXPE
| Q1 26 | — | 4.80× | ||
| Q4 25 | — | 4.80× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | 7.43× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 4.02× | ||
| Q3 24 | — | 4.74× | ||
| Q2 24 | — | 7.04× |
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 | $433.8M | — |
| 自由现金流经营现金流 - 资本支出 | $395.9M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | $433.8M | $304.0M | ||
| Q3 25 | $328.3M | $-497.0M | ||
| Q2 25 | $155.9M | $1.1B | ||
| Q1 25 | $287.2M | $3.0B | ||
| Q4 24 | $345.3M | $198.0M | ||
| Q3 24 | $342.1M | $-1.5B | ||
| Q2 24 | $149.9M | $1.5B |
自由现金流CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | $395.9M | $119.0M | ||
| Q3 25 | $298.5M | $-686.0M | ||
| Q2 25 | $133.4M | $921.0M | ||
| Q1 25 | $260.3M | $2.8B | ||
| Q4 24 | $316.7M | $7.0M | ||
| Q3 24 | $308.5M | $-1.7B | ||
| Q2 24 | $119.0M | $1.3B |
自由现金流率CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | 7.2% | 3.4% | ||
| Q3 25 | 5.2% | -15.5% | ||
| Q2 25 | 2.2% | 24.3% | ||
| Q1 25 | 5.0% | 92.2% | ||
| Q4 24 | 6.1% | 0.2% | ||
| Q3 24 | 5.6% | -41.6% | ||
| Q2 24 | 2.2% | 36.7% |
资本支出强度CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 5.2% | ||
| Q3 25 | 0.5% | 4.3% | ||
| Q2 25 | 0.4% | 5.3% | ||
| Q1 25 | 0.5% | 6.6% | ||
| Q4 24 | 0.6% | 6.0% | ||
| Q3 24 | 0.6% | 4.8% | ||
| Q2 24 | 0.6% | 5.5% |
现金转化率CDWEXPE
| Q1 26 | — | — | ||
| Q4 25 | — | 1.48× | ||
| Q3 25 | 1.13× | -0.52× | ||
| Q2 25 | 0.57× | 3.40× | ||
| Q1 25 | 1.28× | — | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | 1.08× | -2.18× | ||
| Q2 24 | 0.53× | 3.89× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
