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芝商所（CME）与LPL Financial Holdings Inc.（LPLA）财务数据对比。点击上方公司名可切换其他公司
LPL Financial Holdings Inc.的季度营收约是芝商所的2.6倍（$4.9B vs $1.9B）。LPL Financial Holdings Inc.净利率更高（6.1% vs 0.1%，领先6.0%）。LPL Financial Holdings Inc.同比增速更快（40.4% vs 14.5%）。过去两年LPL Financial Holdings Inc.的营收复合增速更高（32.0% vs 10.8%）
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。
LPL Financial Holdings Inc.成立于1989年，是美国规模最大的独立经纪自营商。截至2021年，公司拥有超17500名财务顾问，咨询及经纪类资产规模超1万亿美元，2023财年总营收约103亿美元，在波士顿、福特米尔、奥斯汀、圣迭戈设有核心办事处，是FINRA和SIPC成员。
CME vs LPLA — 直观对比
营收规模更大
LPLA
是对方的2.6倍
$1.9B
营收增速更快
LPLA
高出26.0%
14.5%
净利率更高
LPLA
高出6.0%
0.1%
两年增速更快
LPLA
近两年复合增速
10.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $4.9B |
| 净利润 | $1.2M | $300.7M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 8.1% |
| 净利率 | 0.1% | 6.1% |
| 营收同比 | 14.5% | 40.4% |
| 净利润同比 | 20.7% | 11.1% |
| 每股收益（稀释后） | — | $3.65 |
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CMELPLA
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $4.9B | ||
| Q3 25 | $1.5B | $4.6B | ||
| Q2 25 | $1.7B | $3.8B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.5B | $3.5B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.5B | $2.9B |
净利润CMELPLA
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $300.7M | ||
| Q3 25 | $908.0M | $-29.5M | ||
| Q2 25 | $1.0B | $273.2M | ||
| Q1 25 | $956.2M | $318.6M | ||
| Q4 24 | $874.6M | $270.7M | ||
| Q3 24 | $912.8M | $255.3M | ||
| Q2 24 | $883.2M | $243.8M |
营业利润率CMELPLA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 8.1% | ||
| Q3 25 | 63.3% | -0.7% | ||
| Q2 25 | 66.7% | 9.6% | ||
| Q1 25 | 67.5% | 11.4% | ||
| Q4 24 | 62.1% | 9.7% | ||
| Q3 24 | 64.6% | 11.2% | ||
| Q2 24 | 65.3% | 11.3% |
净利率CMELPLA
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 6.1% | ||
| Q3 25 | 59.1% | -0.6% | ||
| Q2 25 | 60.6% | 7.1% | ||
| Q1 25 | 58.2% | 8.7% | ||
| Q4 24 | 57.3% | 7.7% | ||
| Q3 24 | 57.6% | 8.2% | ||
| Q2 24 | 57.6% | 8.3% |
每股收益（稀释后）CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $3.65 | ||
| Q3 25 | $2.49 | $-0.37 | ||
| Q2 25 | $2.81 | $3.40 | ||
| Q1 25 | $2.62 | $4.24 | ||
| Q4 24 | $2.40 | $3.58 | ||
| Q3 24 | $2.50 | $3.39 | ||
| Q2 24 | $2.42 | $3.23 |
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 | $1.1B |
| 总债务越低越好 | $3.4B | $7.3B |
| 股东权益账面价值 | — | $5.3B |
| 总资产 | $202.0B | $18.5B |
| 负债/权益比越低杠杆越低 | — | 1.36× |
8季度趋势，按日历期对齐
现金及短期投资CMELPLA
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $1.1B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.1B | $4.3B | ||
| Q1 25 | $1.5B | $1.4B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $1.9B | $1.4B |
总债务CMELPLA
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $7.3B | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | — | $7.2B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B |
股东权益CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $5.3B | ||
| Q3 25 | $28.2B | $5.0B | ||
| Q2 25 | $27.7B | $5.1B | ||
| Q1 25 | $27.0B | $3.1B | ||
| Q4 24 | $26.5B | $2.9B | ||
| Q3 24 | $28.2B | $2.8B | ||
| Q2 24 | $27.6B | $2.5B |
总资产CMELPLA
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $18.5B | ||
| Q3 25 | $187.1B | $18.0B | ||
| Q2 25 | $179.9B | $17.5B | ||
| Q1 25 | $157.8B | $14.0B | ||
| Q4 24 | $137.4B | $13.3B | ||
| Q3 24 | $137.8B | $11.9B | ||
| Q2 24 | $123.4B | $11.5B |
负债/权益比CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | — | 1.36× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 1.87× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.77× |
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 | — | $785.0M |
| 自由现金流经营现金流 - 资本支出 | — | $613.3M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 3.5% |
| 现金转化率经营现金流/净利润 | — | 2.61× |
| 过去12个月自由现金流最近4个季度 | — | $-981.8M |
8季度趋势，按日历期对齐
经营现金流CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $785.0M | ||
| Q3 25 | $968.1M | $-1.7B | ||
| Q2 25 | $1.1B | $193.3M | ||
| Q1 25 | $1.1B | $339.8M | ||
| Q4 24 | $1.0B | $-178.8M | ||
| Q3 24 | $1.0B | $209.3M | ||
| Q2 24 | $776.9M | $-178.9M |
自由现金流CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $613.3M | ||
| Q3 25 | $949.7M | $-1.9B | ||
| Q2 25 | $1.0B | $56.3M | ||
| Q1 25 | $1.1B | $220.3M | ||
| Q4 24 | $991.7M | $-344.3M | ||
| Q3 24 | $973.2M | $62.3M | ||
| Q2 24 | $758.7M | $-307.8M |
自由现金流率CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 12.4% | ||
| Q3 25 | 61.8% | -41.1% | ||
| Q2 25 | 61.5% | 1.5% | ||
| Q1 25 | 67.1% | 6.0% | ||
| Q4 24 | 65.0% | -9.8% | ||
| Q3 24 | 61.4% | 2.0% | ||
| Q2 24 | 49.5% | -10.5% |
资本支出强度CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 3.5% | ||
| Q3 25 | 1.2% | 3.1% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 0.9% | 3.3% | ||
| Q4 24 | 1.7% | 4.7% | ||
| Q3 24 | 1.9% | 4.7% | ||
| Q2 24 | 1.2% | 4.4% |
现金转化率CMELPLA
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 2.61× | ||
| Q3 25 | 1.07× | — | ||
| Q2 25 | 1.03× | 0.71× | ||
| Q1 25 | 1.17× | 1.07× | ||
| Q4 24 | 1.16× | -0.66× | ||
| Q3 24 | 1.10× | 0.82× | ||
| Q2 24 | 0.88× | -0.73× |
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
LPLA
| Other | $2.6B | 53% |
| Transferred At Point In Time | $721.1M | 15% |
| Annuities | $720.5M | 15% |
| Transferred Over Time | $510.7M | 10% |
| Mutual Fund | $271.1M | 5% |
| Other Investment | $110.2M | 2% |
