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芝商所（CME）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是芝商所的4.6倍（$8.7B vs $1.9B），贝宝净利率更高（16.6% vs 0.1%，领先16.5%），芝商所同比增速更快（14.5% vs 3.7%），过去两年芝商所的营收复合增速更高（10.8% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
CME vs PYPL — 直观对比
营收规模更大
PYPL
是对方的4.6倍
$1.9B
营收增速更快
CME
高出10.8%
3.7%
净利率更高
PYPL
高出16.5%
0.1%
两年增速更快
CME
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $8.7B |
| 净利润 | $1.2M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 17.4% |
| 净利率 | 0.1% | 16.6% |
| 营收同比 | 14.5% | 3.7% |
| 净利润同比 | 20.7% | 28.2% |
| 每股收益（稀释后） | — | $1.53 |
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CMEPYPL
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $8.7B | ||
| Q3 25 | $1.5B | $8.4B | ||
| Q2 25 | $1.7B | $8.3B | ||
| Q1 25 | $1.6B | $7.8B | ||
| Q4 24 | $1.5B | $8.4B | ||
| Q3 24 | $1.6B | $7.8B | ||
| Q2 24 | $1.5B | $7.9B |
净利润CMEPYPL
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $908.0M | $1.2B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $956.2M | $1.3B | ||
| Q4 24 | $874.6M | $1.1B | ||
| Q3 24 | $912.8M | $1.0B | ||
| Q2 24 | $883.2M | $1.1B |
营业利润率CMEPYPL
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 17.4% | ||
| Q3 25 | 63.3% | 18.1% | ||
| Q2 25 | 66.7% | 18.1% | ||
| Q1 25 | 67.5% | 19.6% | ||
| Q4 24 | 62.1% | 17.2% | ||
| Q3 24 | 64.6% | 17.7% | ||
| Q2 24 | 65.3% | 16.8% |
净利率CMEPYPL
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 16.6% | ||
| Q3 25 | 59.1% | 14.8% | ||
| Q2 25 | 60.6% | 15.2% | ||
| Q1 25 | 58.2% | 16.5% | ||
| Q4 24 | 57.3% | 13.4% | ||
| Q3 24 | 57.6% | 12.9% | ||
| Q2 24 | 57.6% | 14.3% |
每股收益（稀释后）CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $1.53 | ||
| Q3 25 | $2.49 | $1.30 | ||
| Q2 25 | $2.81 | $1.29 | ||
| Q1 25 | $2.62 | $1.29 | ||
| Q4 24 | $2.40 | $1.09 | ||
| Q3 24 | $2.50 | $0.99 | ||
| Q2 24 | $2.42 | $1.08 |
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 | $10.4B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $20.3B |
| 总资产 | $202.0B | $80.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CMEPYPL
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $10.4B | ||
| Q3 25 | $2.6B | $10.8B | ||
| Q2 25 | $2.1B | $10.0B | ||
| Q1 25 | $1.5B | $11.2B | ||
| Q4 24 | $3.0B | $10.8B | ||
| Q3 24 | $2.4B | $11.9B | ||
| Q2 24 | $1.9B | $13.6B |
总债务CMEPYPL
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $20.3B | ||
| Q3 25 | $28.2B | $20.2B | ||
| Q2 25 | $27.7B | $20.2B | ||
| Q1 25 | $27.0B | $20.3B | ||
| Q4 24 | $26.5B | $20.4B | ||
| Q3 24 | $28.2B | $20.2B | ||
| Q2 24 | $27.6B | $20.6B |
总资产CMEPYPL
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $80.2B | ||
| Q3 25 | $187.1B | $79.8B | ||
| Q2 25 | $179.9B | $79.8B | ||
| Q1 25 | $157.8B | $81.3B | ||
| Q4 24 | $137.4B | $81.6B | ||
| Q3 24 | $137.8B | $83.5B | ||
| Q2 24 | $123.4B | $84.0B |
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 | — | $2.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 25.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.66× |
| 过去12个月自由现金流最近4个季度 | — | $5.6B |
8季度趋势，按日历期对齐
经营现金流CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.4B | ||
| Q3 25 | $968.1M | $2.0B | ||
| Q2 25 | $1.1B | $898.0M | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $776.9M | $1.5B |
自由现金流CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $2.2B | ||
| Q3 25 | $949.7M | $1.7B | ||
| Q2 25 | $1.0B | $692.0M | ||
| Q1 25 | $1.1B | $964.0M | ||
| Q4 24 | $991.7M | $2.2B | ||
| Q3 24 | $973.2M | $1.4B | ||
| Q2 24 | $758.7M | $1.4B |
自由现金流率CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 25.2% | ||
| Q3 25 | 61.8% | 20.4% | ||
| Q2 25 | 61.5% | 8.3% | ||
| Q1 25 | 67.1% | 12.4% | ||
| Q4 24 | 65.0% | 26.2% | ||
| Q3 24 | 61.4% | 18.4% | ||
| Q2 24 | 49.5% | 17.3% |
资本支出强度CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 2.2% | ||
| Q3 25 | 1.2% | 3.0% | ||
| Q2 25 | 1.1% | 2.5% | ||
| Q1 25 | 0.9% | 2.5% | ||
| Q4 24 | 1.7% | 2.4% | ||
| Q3 24 | 1.9% | 2.2% | ||
| Q2 24 | 1.2% | 2.0% |
现金转化率CMEPYPL
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.66× | ||
| Q3 25 | 1.07× | 1.58× | ||
| Q2 25 | 1.03× | 0.71× | ||
| Q1 25 | 1.17× | 0.90× | ||
| Q4 24 | 1.16× | 2.14× | ||
| Q3 24 | 1.10× | 1.60× | ||
| Q2 24 | 0.88× | 1.35× |
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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
