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芝商所（CME）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
芝商所的季度营收约是Coinbase的1.1倍（$1.9B vs $1.8B），芝商所净利率更高（0.1% vs -37.4%，领先37.5%），芝商所同比增速更快（14.5% vs -21.6%），过去两年芝商所的营收复合增速更高（10.8% vs 4.3%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
Coinbase是美国知名加密货币交易所，2012年由布莱恩·阿姆斯特朗与弗雷德·埃尔萨姆联合创立。截至2024年，平台拥有超1亿用户，业务覆盖100多个国家，是美国最大加密货币交易所、全球最大比特币托管机构，托管总资产近5160亿美元，持有约12%的流通比特币及11%的质押以太币。
CME vs COIN — 直观对比
营收规模更大
CME
是对方的1.1倍
$1.8B
营收增速更快
CME
高出36.1%
-21.6%
净利率更高
CME
高出37.5%
-37.4%
两年增速更快
CME
近两年复合增速
4.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.8B |
| 净利润 | $1.2M | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 15.4% |
| 净利率 | 0.1% | -37.4% |
| 营收同比 | 14.5% | -21.6% |
| 净利润同比 | 20.7% | -151.6% |
| 每股收益（稀释后） | — | $-2.43 |
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CMECOIN
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $1.8B | ||
| Q3 25 | $1.5B | $1.9B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.4B |
净利润CMECOIN
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $-666.7M | ||
| Q3 25 | $908.0M | $432.6M | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $956.2M | $65.6M | ||
| Q4 24 | $874.6M | $1.3B | ||
| Q3 24 | $912.8M | $75.5M | ||
| Q2 24 | $883.2M | $36.1M |
营业利润率CMECOIN
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 15.4% | ||
| Q3 25 | 63.3% | 25.7% | ||
| Q2 25 | 66.7% | -1.6% | ||
| Q1 25 | 67.5% | 34.7% | ||
| Q4 24 | 62.1% | 45.5% | ||
| Q3 24 | 64.6% | 14.1% | ||
| Q2 24 | 65.3% | 23.7% |
净利率CMECOIN
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | -37.4% | ||
| Q3 25 | 59.1% | 23.1% | ||
| Q2 25 | 60.6% | 95.4% | ||
| Q1 25 | 58.2% | 3.2% | ||
| Q4 24 | 57.3% | 56.8% | ||
| Q3 24 | 57.6% | 6.3% | ||
| Q2 24 | 57.6% | 2.5% |
每股收益（稀释后）CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $-2.43 | ||
| Q3 25 | $2.49 | $1.50 | ||
| Q2 25 | $2.81 | $5.14 | ||
| Q1 25 | $2.62 | $0.24 | ||
| Q4 24 | $2.40 | $4.66 | ||
| Q3 24 | $2.50 | $0.28 | ||
| Q2 24 | $2.42 | $0.14 |
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 | $2.4B | $11.6B |
| 总债务越低越好 | $3.4B | $7.2B |
| 股东权益账面价值 | — | $14.8B |
| 总资产 | $202.0B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资CMECOIN
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $11.6B | ||
| Q3 25 | $2.6B | $9.8B | ||
| Q2 25 | $2.1B | $7.5B | ||
| Q1 25 | $1.5B | $8.1B | ||
| Q4 24 | $3.0B | $8.5B | ||
| Q3 24 | $2.4B | $7.7B | ||
| Q2 24 | $1.9B | $7.2B |
总债务CMECOIN
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.2B |
股东权益CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $14.8B | ||
| Q3 25 | $28.2B | $16.0B | ||
| Q2 25 | $27.7B | $12.1B | ||
| Q1 25 | $27.0B | $10.5B | ||
| Q4 24 | $26.5B | $10.3B | ||
| Q3 24 | $28.2B | $8.7B | ||
| Q2 24 | $27.6B | $8.4B |
总资产CMECOIN
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $29.7B | ||
| Q3 25 | $187.1B | $31.4B | ||
| Q2 25 | $179.9B | $23.5B | ||
| Q1 25 | $157.8B | $21.7B | ||
| Q4 24 | $137.4B | $22.5B | ||
| Q3 24 | $137.8B | $290.6B | ||
| Q2 24 | $123.4B | $287.0B |
负债/权益比CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.51× |
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 | — | $3.1B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $3.1B | ||
| Q3 25 | $968.1M | $-784.5M | ||
| Q2 25 | $1.1B | $328.5M | ||
| Q1 25 | $1.1B | $-182.7M | ||
| Q4 24 | $1.0B | $964.6M | ||
| Q3 24 | $1.0B | $696.5M | ||
| Q2 24 | $776.9M | $484.2M |
自由现金流CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $949.7M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $991.7M | — | ||
| Q3 24 | $973.2M | — | ||
| Q2 24 | $758.7M | — |
自由现金流率CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | — | ||
| Q3 25 | 61.8% | — | ||
| Q2 25 | 61.5% | — | ||
| Q1 25 | 67.1% | — | ||
| Q4 24 | 65.0% | — | ||
| Q3 24 | 61.4% | — | ||
| Q2 24 | 49.5% | — |
资本支出强度CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 1.2% | — |
现金转化率CMECOIN
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | — | ||
| Q3 25 | 1.07× | -1.81× | ||
| Q2 25 | 1.03× | 0.23× | ||
| Q1 25 | 1.17× | -2.79× | ||
| Q4 24 | 1.16× | 0.75× | ||
| Q3 24 | 1.10× | 9.23× | ||
| Q2 24 | 0.88× | 13.39× |
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
CME
暂无分部数据
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
