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Charter Communications（CHTR）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
Charter Communications的季度营收约是华纳兄弟探索的1.4倍（$13.6B vs $9.5B），Charter Communications净利率更高（8.6% vs -2.7%，领先11.2%），Charter Communications同比增速更快（-1.0% vs -5.7%），华纳兄弟探索自由现金流更多（$1.4B vs $1.4B），过去两年Charter Communications的营收复合增速更高（-0.3% vs -2.5%）
Charter Communications是美国知名电信与大众传媒企业，旗下服务统一使用Spectrum品牌运营，总部位于美国康涅狄格州斯坦福德市，主营业务涵盖宽带网络、有线电视、移动通信等领域，为美国家庭及商业客户提供各类综合通信与媒体服务。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
CHTR vs WBD — 直观对比
营收规模更大
CHTR
是对方的1.4倍
$9.5B
营收增速更快
CHTR
高出4.6%
-5.7%
净利率更高
CHTR
高出11.2%
-2.7%
自由现金流更多
WBD
多$11.0M
$1.4B
两年增速更快
CHTR
近两年复合增速
-2.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $13.6B | $9.5B |
| 净利润 | $1.2B | $-252.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.6% | 3.7% |
| 净利率 | 8.6% | -2.7% |
| 营收同比 | -1.0% | -5.7% |
| 净利润同比 | -4.4% | 49.0% |
| 每股收益（稀释后） | $9.17 | $-0.10 |
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CHTRWBD
| Q1 26 | $13.6B | — | ||
| Q4 25 | $13.6B | $9.5B | ||
| Q3 25 | $13.7B | $9.0B | ||
| Q2 25 | $13.8B | $9.8B | ||
| Q1 25 | $13.7B | $9.0B | ||
| Q4 24 | $13.9B | $10.0B | ||
| Q3 24 | $13.8B | $9.6B | ||
| Q2 24 | $13.7B | $9.7B |
净利润CHTRWBD
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.3B | $-252.0M | ||
| Q3 25 | $1.1B | $-148.0M | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $1.2B | $-453.0M | ||
| Q4 24 | $1.5B | $-494.0M | ||
| Q3 24 | $1.3B | $135.0M | ||
| Q2 24 | $1.2B | $-10.0B |
营业利润率CHTRWBD
| Q1 26 | 23.6% | — | ||
| Q4 25 | 24.0% | 3.7% | ||
| Q3 25 | 22.9% | 6.8% | ||
| Q2 25 | 23.8% | -1.9% | ||
| Q1 25 | 23.6% | -0.4% | ||
| Q4 24 | 24.3% | 1.6% | ||
| Q3 24 | 24.2% | 2.9% | ||
| Q2 24 | 23.8% | -105.1% |
净利率CHTRWBD
| Q1 26 | 8.6% | — | ||
| Q4 25 | 9.8% | -2.7% | ||
| Q3 25 | 8.3% | -1.6% | ||
| Q2 25 | 9.5% | 16.1% | ||
| Q1 25 | 8.9% | -5.0% | ||
| Q4 24 | 10.5% | -4.9% | ||
| Q3 24 | 9.3% | 1.4% | ||
| Q2 24 | 9.0% | -102.8% |
每股收益（稀释后）CHTRWBD
| Q1 26 | $9.17 | — | ||
| Q4 25 | $10.27 | $-0.10 | ||
| Q3 25 | $8.34 | $-0.06 | ||
| Q2 25 | $9.18 | $0.63 | ||
| Q1 25 | $8.42 | $-0.18 | ||
| Q4 24 | $10.11 | $-0.20 | ||
| Q3 24 | $8.82 | $0.05 | ||
| Q2 24 | $8.49 | $-4.07 |
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 | $517.0M | $4.6B |
| 总债务越低越好 | $94.4B | $32.4B |
| 股东权益账面价值 | $21.1B | $35.9B |
| 总资产 | $154.6B | $100.1B |
| 负债/权益比越低杠杆越低 | 4.48× | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资CHTRWBD
| Q1 26 | $517.0M | — | ||
| Q4 25 | $477.0M | $4.6B | ||
| Q3 25 | $464.0M | $4.3B | ||
| Q2 25 | $606.0M | $4.9B | ||
| Q1 25 | $796.0M | $3.9B | ||
| Q4 24 | $459.0M | $5.3B | ||
| Q3 24 | $721.0M | $3.3B | ||
| Q2 24 | $602.0M | $3.6B |
总债务CHTRWBD
| Q1 26 | $94.4B | — | ||
| Q4 25 | $94.8B | $32.4B | ||
| Q3 25 | $95.2B | $33.4B | ||
| Q2 25 | $94.4B | $34.4B | ||
| Q1 25 | $93.8B | $34.6B | ||
| Q4 24 | $93.9B | $36.8B | ||
| Q3 24 | $95.3B | $37.2B | ||
| Q2 24 | $96.7B | $37.3B |
股东权益CHTRWBD
| Q1 26 | $21.1B | — | ||
| Q4 25 | $16.1B | $35.9B | ||
| Q3 25 | $15.3B | $36.0B | ||
| Q2 25 | $16.2B | $36.0B | ||
| Q1 25 | $16.2B | $33.8B | ||
| Q4 24 | $15.6B | $34.0B | ||
| Q3 24 | $14.1B | $35.1B | ||
| Q2 24 | $12.9B | $34.3B |
总资产CHTRWBD
| Q1 26 | $154.6B | — | ||
| Q4 25 | $154.2B | $100.1B | ||
| Q3 25 | $152.8B | $100.5B | ||
| Q2 25 | $151.6B | $101.7B | ||
| Q1 25 | $151.0B | $101.7B | ||
| Q4 24 | $150.0B | $104.6B | ||
| Q3 24 | $149.4B | $106.3B | ||
| Q2 24 | $148.6B | $108.0B |
负债/权益比CHTRWBD
| Q1 26 | 4.48× | — | ||
| Q4 25 | 5.90× | 0.90× | ||
| Q3 25 | 6.20× | 0.93× | ||
| Q2 25 | 5.82× | 0.95× | ||
| Q1 25 | 5.77× | 1.02× | ||
| Q4 24 | 6.03× | 1.08× | ||
| Q3 24 | 6.76× | 1.06× | ||
| Q2 24 | 7.51× | 1.09× |
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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $1.4B |
| 自由现金流率自由现金流/营收 | 10.1% | 14.6% |
| 资本支出强度资本支出/营收 | 21.0% | 4.5% |
| 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 | $4.0B | $3.1B |
8季度趋势，按日历期对齐
经营现金流CHTRWBD
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $4.5B | $979.0M | ||
| Q2 25 | $3.6B | $983.0M | ||
| Q1 25 | $4.2B | $553.0M | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.9B | $847.0M | ||
| Q2 24 | $3.9B | $1.2B |
自由现金流CHTRWBD
| Q1 26 | $1.4B | — | ||
| Q4 25 | $426.0M | $1.4B | ||
| Q3 25 | $1.4B | $701.0M | ||
| Q2 25 | $726.0M | $702.0M | ||
| Q1 25 | $1.8B | $302.0M | ||
| Q4 24 | $398.0M | $2.4B | ||
| Q3 24 | $1.3B | $632.0M | ||
| Q2 24 | $1.0B | $976.0M |
自由现金流率CHTRWBD
| Q1 26 | 10.1% | — | ||
| Q4 25 | 3.1% | 14.6% | ||
| Q3 25 | 10.5% | 7.8% | ||
| Q2 25 | 5.3% | 7.2% | ||
| Q1 25 | 13.4% | 3.4% | ||
| Q4 24 | 2.9% | 24.2% | ||
| Q3 24 | 9.7% | 6.6% | ||
| Q2 24 | 7.3% | 10.0% |
资本支出强度CHTRWBD
| Q1 26 | 21.0% | — | ||
| Q4 25 | 24.5% | 4.5% | ||
| Q3 25 | 22.3% | 3.1% | ||
| Q2 25 | 20.9% | 2.9% | ||
| Q1 25 | 17.5% | 2.8% | ||
| Q4 24 | 22.0% | 2.9% | ||
| Q3 24 | 18.6% | 2.2% | ||
| Q2 24 | 20.8% | 2.6% |
现金转化率CHTRWBD
| Q1 26 | — | — | ||
| Q4 25 | 2.82× | — | ||
| Q3 25 | 3.94× | — | ||
| Q2 25 | 2.77× | 0.62× | ||
| Q1 25 | 3.48× | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 3.05× | 6.27× | ||
| Q2 24 | 3.13× | — |
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
CHTR
| Internet | $5.9B | 43% |
| Video | $3.3B | 24% |
| Small business | $1.1B | 8% |
| Mobile service | $1.1B | 8% |
| Other | $906.0M | 7% |
| Mid-market & large business | $749.0M | 6% |
| Advertising sales | $358.0M | 3% |
| Voice | $338.0M | 2% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
