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C.H. Robinson（CHRW）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C.H. Robinson的1.9倍（$7.2B vs $3.9B），C.H. Robinson净利率更高（3.5% vs 3.1%，领先0.4%），西南航空同比增速更快（12.8% vs -6.5%），过去两年西南航空的营收复合增速更高（-0.7% vs -5.8%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs LUV — 直观对比
营收规模更大
LUV
是对方的1.9倍
$3.9B
营收增速更快
LUV
高出19.3%
-6.5%
净利率更高
CHRW
高出0.4%
3.1%
两年增速更快
LUV
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $7.2B |
| 净利润 | $136.3M | $227.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | — |
| 净利率 | 3.5% | 3.1% |
| 营收同比 | -6.5% | 12.8% |
| 净利润同比 | -8.7% | 252.3% |
| 每股收益（稀释后） | $1.12 | $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CHRWLUV
| Q1 26 | — | $7.2B | ||
| Q4 25 | $3.9B | $7.4B | ||
| Q3 25 | $4.1B | $6.9B | ||
| Q2 25 | $4.1B | $7.2B | ||
| Q1 25 | $4.0B | $6.4B | ||
| Q4 24 | $4.2B | $6.9B | ||
| Q3 24 | $4.6B | $6.9B | ||
| Q2 24 | $4.5B | $7.4B |
净利润CHRWLUV
| Q1 26 | — | $227.0M | ||
| Q4 25 | $136.3M | $323.0M | ||
| Q3 25 | $163.0M | $54.0M | ||
| Q2 25 | $152.5M | $213.0M | ||
| Q1 25 | $135.3M | $-149.0M | ||
| Q4 24 | $149.3M | $262.0M | ||
| Q3 24 | $97.2M | $67.0M | ||
| Q2 24 | $126.3M | $367.0M |
营业利润率CHRWLUV
| Q1 26 | — | — | ||
| Q4 25 | 4.6% | 5.3% | ||
| Q3 25 | 5.3% | 0.5% | ||
| Q2 25 | 5.2% | 3.1% | ||
| Q1 25 | 4.4% | -3.5% | ||
| Q4 24 | 4.4% | 4.0% | ||
| Q3 24 | 3.9% | 0.6% | ||
| Q2 24 | 4.0% | 5.4% |
净利率CHRWLUV
| Q1 26 | — | 3.1% | ||
| Q4 25 | 3.5% | 4.3% | ||
| Q3 25 | 3.9% | 0.8% | ||
| Q2 25 | 3.7% | 2.9% | ||
| Q1 25 | 3.3% | -2.3% | ||
| Q4 24 | 3.6% | 3.8% | ||
| Q3 24 | 2.1% | 1.0% | ||
| Q2 24 | 2.8% | 5.0% |
每股收益（稀释后）CHRWLUV
| Q1 26 | — | $0.45 | ||
| Q4 25 | $1.12 | $0.56 | ||
| Q3 25 | $1.34 | $0.10 | ||
| Q2 25 | $1.26 | $0.39 | ||
| Q1 25 | $1.11 | $-0.26 | ||
| Q4 24 | $1.23 | $0.46 | ||
| Q3 24 | $0.80 | $0.11 | ||
| Q2 24 | $1.05 | $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 | $160.9M | $3.3B |
| 总债务越低越好 | $1.1B | $5.4B |
| 股东权益账面价值 | $1.8B | $6.9B |
| 总资产 | $5.1B | $20.4B |
| 负债/权益比越低杠杆越低 | 0.59× | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资CHRWLUV
| Q1 26 | — | $3.3B | ||
| Q4 25 | $160.9M | $3.2B | ||
| Q3 25 | $136.8M | $3.0B | ||
| Q2 25 | $156.0M | $3.8B | ||
| Q1 25 | $129.9M | $8.3B | ||
| Q4 24 | $145.8M | $8.7B | ||
| Q3 24 | $131.7M | $9.4B | ||
| Q2 24 | $113.2M | $10.0B |
总债务CHRWLUV
| Q1 26 | — | $5.4B | ||
| Q4 25 | $1.1B | $4.6B | ||
| Q3 25 | $1.2B | $4.1B | ||
| Q2 25 | $1.4B | $4.1B | ||
| Q1 25 | $1.4B | $4.1B | ||
| Q4 24 | $1.4B | $5.1B | ||
| Q3 24 | $1.6B | $5.1B | ||
| Q2 24 | $1.6B | $5.1B |
股东权益CHRWLUV
| Q1 26 | — | $6.9B | ||
| Q4 25 | $1.8B | $8.0B | ||
| Q3 25 | $1.9B | $7.8B | ||
| Q2 25 | $1.8B | $8.0B | ||
| Q1 25 | $1.7B | $9.4B | ||
| Q4 24 | $1.7B | $10.3B | ||
| Q3 24 | $1.6B | $10.4B | ||
| Q2 24 | $1.5B | $10.5B |
总资产CHRWLUV
| Q1 26 | — | $20.4B | ||
| Q4 25 | $5.1B | $29.1B | ||
| Q3 25 | $5.2B | $28.3B | ||
| Q2 25 | $5.3B | $28.7B | ||
| Q1 25 | $5.2B | $33.2B | ||
| Q4 24 | $5.3B | $33.8B | ||
| Q3 24 | $5.6B | $34.8B | ||
| Q2 24 | $5.5B | $35.6B |
负债/权益比CHRWLUV
| Q1 26 | — | 0.78× | ||
| Q4 25 | 0.59× | 0.57× | ||
| Q3 25 | 0.64× | 0.52× | ||
| Q2 25 | 0.76× | 0.51× | ||
| Q1 25 | 0.80× | 0.44× | ||
| Q4 24 | 0.80× | 0.49× | ||
| Q3 24 | 0.95× | 0.49× | ||
| Q2 24 | 1.07× | 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 | $305.4M | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $302.4M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 0.1% | 8.7% |
| 现金转化率经营现金流/净利润 | 2.24× | 6.25× |
| 过去12个月自由现金流最近4个季度 | $894.9M | — |
8季度趋势，按日历期对齐
经营现金流CHRWLUV
| Q1 26 | — | $1.4B | ||
| Q4 25 | $305.4M | $294.0M | ||
| Q3 25 | $275.4M | $287.0M | ||
| Q2 25 | $227.1M | $401.0M | ||
| Q1 25 | $106.5M | $860.0M | ||
| Q4 24 | $267.9M | $476.0M | ||
| Q3 24 | $108.1M | $113.0M | ||
| Q2 24 | $166.4M | $-23.0M |
自由现金流CHRWLUV
| Q1 26 | — | — | ||
| Q4 25 | $302.4M | $-565.0M | ||
| Q3 25 | $269.5M | $-391.0M | ||
| Q2 25 | $219.8M | $-234.0M | ||
| Q1 25 | $103.2M | $359.0M | ||
| Q4 24 | $265.3M | $16.0M | ||
| Q3 24 | $103.3M | $-404.0M | ||
| Q2 24 | $159.8M | $-517.0M |
自由现金流率CHRWLUV
| Q1 26 | — | — | ||
| Q4 25 | 7.7% | -7.6% | ||
| Q3 25 | 6.5% | -5.6% | ||
| Q2 25 | 5.3% | -3.2% | ||
| Q1 25 | 2.5% | 5.6% | ||
| Q4 24 | 6.3% | 0.2% | ||
| Q3 24 | 2.2% | -5.9% | ||
| Q2 24 | 3.6% | -7.0% |
资本支出强度CHRWLUV
| Q1 26 | — | 8.7% | ||
| Q4 25 | 0.1% | 11.5% | ||
| Q3 25 | 0.1% | 9.8% | ||
| Q2 25 | 0.2% | 8.8% | ||
| Q1 25 | 0.1% | 7.8% | ||
| Q4 24 | 0.1% | 6.6% | ||
| Q3 24 | 0.1% | 7.5% | ||
| Q2 24 | 0.1% | 6.7% |
现金转化率CHRWLUV
| Q1 26 | — | 6.25× | ||
| Q4 25 | 2.24× | 0.91× | ||
| Q3 25 | 1.69× | 5.31× | ||
| Q2 25 | 1.49× | 1.88× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.79× | 1.82× | ||
| Q3 24 | 1.11× | 1.69× | ||
| Q2 24 | 1.32× | -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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
