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C.H. Robinson（CHRW）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是C.H. Robinson的1.6倍（$6.2B vs $3.9B），联合太平洋净利率更高（27.4% vs 3.5%，领先23.9%），联合太平洋同比增速更快（3.2% vs -6.5%），联合太平洋自由现金流更多（$631.0M vs $302.4M），过去两年联合太平洋的营收复合增速更高（1.7% 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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
CHRW vs UNP — 直观对比
营收规模更大
UNP
是对方的1.6倍
$3.9B
营收增速更快
UNP
高出9.7%
-6.5%
净利率更高
UNP
高出23.9%
3.5%
自由现金流更多
UNP
多$328.6M
$302.4M
两年增速更快
UNP
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $6.2B |
| 净利润 | $136.3M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | 39.5% |
| 净利率 | 3.5% | 27.4% |
| 营收同比 | -6.5% | 3.2% |
| 净利润同比 | -8.7% | 4.6% |
| 每股收益（稀释后） | $1.12 | $2.87 |
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CHRWUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.9B | $6.1B | ||
| Q3 25 | $4.1B | $6.2B | ||
| Q2 25 | $4.1B | $6.2B | ||
| Q1 25 | $4.0B | $6.0B | ||
| Q4 24 | $4.2B | $6.1B | ||
| Q3 24 | $4.6B | $6.1B | ||
| Q2 24 | $4.5B | $6.0B |
净利润CHRWUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $136.3M | $1.8B | ||
| Q3 25 | $163.0M | $1.8B | ||
| Q2 25 | $152.5M | $1.9B | ||
| Q1 25 | $135.3M | $1.6B | ||
| Q4 24 | $149.3M | $1.8B | ||
| Q3 24 | $97.2M | $1.7B | ||
| Q2 24 | $126.3M | $1.7B |
营业利润率CHRWUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 4.6% | 39.5% | ||
| Q3 25 | 5.3% | 40.8% | ||
| Q2 25 | 5.2% | 41.0% | ||
| Q1 25 | 4.4% | 39.3% | ||
| Q4 24 | 4.4% | 41.3% | ||
| Q3 24 | 3.9% | 39.7% | ||
| Q2 24 | 4.0% | 40.0% |
净利率CHRWUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 3.5% | 30.4% | ||
| Q3 25 | 3.9% | 28.6% | ||
| Q2 25 | 3.7% | 30.5% | ||
| Q1 25 | 3.3% | 27.0% | ||
| Q4 24 | 3.6% | 28.8% | ||
| Q3 24 | 2.1% | 27.4% | ||
| Q2 24 | 2.8% | 27.9% |
每股收益（稀释后）CHRWUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.12 | $3.12 | ||
| Q3 25 | $1.34 | $3.01 | ||
| Q2 25 | $1.26 | $3.15 | ||
| Q1 25 | $1.11 | $2.70 | ||
| Q4 24 | $1.23 | $2.91 | ||
| Q3 24 | $0.80 | $2.75 | ||
| Q2 24 | $1.05 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $1.8B | — |
| 总资产 | $5.1B | $69.6B |
| 负债/权益比越低杠杆越低 | 0.59× | — |
8季度趋势，按日历期对齐
现金及短期投资CHRWUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $160.9M | $1.3B | ||
| Q3 25 | $136.8M | $808.0M | ||
| Q2 25 | $156.0M | $1.1B | ||
| Q1 25 | $129.9M | $1.4B | ||
| Q4 24 | $145.8M | $1.0B | ||
| Q3 24 | $131.7M | $947.0M | ||
| Q2 24 | $113.2M | $1.1B |
总债务CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $30.3B | ||
| Q3 25 | $1.2B | $30.3B | ||
| Q2 25 | $1.4B | $30.3B | ||
| Q1 25 | $1.4B | $30.6B | ||
| Q4 24 | $1.4B | $29.8B | ||
| Q3 24 | $1.6B | $29.8B | ||
| Q2 24 | $1.6B | $31.2B |
股东权益CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $18.5B | ||
| Q3 25 | $1.9B | $17.3B | ||
| Q2 25 | $1.8B | $16.3B | ||
| Q1 25 | $1.7B | $16.0B | ||
| Q4 24 | $1.7B | $16.9B | ||
| Q3 24 | $1.6B | $16.6B | ||
| Q2 24 | $1.5B | $16.5B |
总资产CHRWUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $5.1B | $69.7B | ||
| Q3 25 | $5.2B | $68.6B | ||
| Q2 25 | $5.3B | $68.6B | ||
| Q1 25 | $5.2B | $68.5B | ||
| Q4 24 | $5.3B | $67.7B | ||
| Q3 24 | $5.6B | $67.6B | ||
| Q2 24 | $5.5B | $67.8B |
负债/权益比CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.59× | 1.64× | ||
| Q3 25 | 0.64× | 1.75× | ||
| Q2 25 | 0.76× | 1.86× | ||
| Q1 25 | 0.80× | 1.91× | ||
| Q4 24 | 0.80× | 1.76× | ||
| Q3 24 | 0.95× | 1.79× | ||
| Q2 24 | 1.07× | 1.89× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $302.4M | $631.0M |
| 自由现金流率自由现金流/营收 | 7.7% | 10.1% |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 2.24× | — |
| 过去12个月自由现金流最近4个季度 | $894.9M | $4.8B |
8季度趋势，按日历期对齐
经营现金流CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | $305.4M | $2.2B | ||
| Q3 25 | $275.4M | $2.5B | ||
| Q2 25 | $227.1M | $2.3B | ||
| Q1 25 | $106.5M | $2.2B | ||
| Q4 24 | $267.9M | $2.7B | ||
| Q3 24 | $108.1M | $2.7B | ||
| Q2 24 | $166.4M | $1.9B |
自由现金流CHRWUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $302.4M | $1.2B | ||
| Q3 25 | $269.5M | $1.6B | ||
| Q2 25 | $219.8M | $1.4B | ||
| Q1 25 | $103.2M | $1.3B | ||
| Q4 24 | $265.3M | $1.7B | ||
| Q3 24 | $103.3M | $1.8B | ||
| Q2 24 | $159.8M | $1.0B |
自由现金流率CHRWUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 7.7% | 20.1% | ||
| Q3 25 | 6.5% | 25.2% | ||
| Q2 25 | 5.3% | 22.7% | ||
| Q1 25 | 2.5% | 21.6% | ||
| Q4 24 | 6.3% | 28.4% | ||
| Q3 24 | 2.2% | 29.9% | ||
| Q2 24 | 3.6% | 16.8% |
资本支出强度CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 16.4% | ||
| Q3 25 | 0.1% | 15.2% | ||
| Q2 25 | 0.2% | 15.2% | ||
| Q1 25 | 0.1% | 15.0% | ||
| Q4 24 | 0.1% | 15.1% | ||
| Q3 24 | 0.1% | 13.6% | ||
| Q2 24 | 0.1% | 15.0% |
现金转化率CHRWUNP
| Q1 26 | — | — | ||
| Q4 25 | 2.24× | 1.20× | ||
| Q3 25 | 1.69× | 1.41× | ||
| Q2 25 | 1.49× | 1.24× | ||
| Q1 25 | 0.79× | 1.36× | ||
| Q4 24 | 1.79× | 1.51× | ||
| Q3 24 | 1.11× | 1.59× | ||
| Q2 24 | 1.32× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
