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芝商所（CME）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是芝商所的5.8倍（$10.9B vs $1.9B），维萨净利率更高（53.7% vs 0.1%，领先53.6%），维萨同比增速更快（14.6% vs 14.5%），过去两年维萨的营收复合增速更高（11.5% 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。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
CME vs V — 直观对比
营收规模更大
V
是对方的5.8倍
$1.9B
营收增速更快
V
高出0.1%
14.5%
净利率更高
V
高出53.6%
0.1%
两年增速更快
V
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $10.9B |
| 净利润 | $1.2M | $5.9B |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 61.8% |
| 净利率 | 0.1% | 53.7% |
| 营收同比 | 14.5% | 14.6% |
| 净利润同比 | 20.7% | 14.3% |
| 每股收益（稀释后） | — | — |
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CMEV
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $10.9B | ||
| Q3 25 | $1.5B | $10.7B | ||
| Q2 25 | $1.7B | $10.2B | ||
| Q1 25 | $1.6B | $9.6B | ||
| Q4 24 | $1.5B | $9.5B | ||
| Q3 24 | $1.6B | $9.6B | ||
| Q2 24 | $1.5B | $8.9B |
净利润CMEV
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $5.9B | ||
| Q3 25 | $908.0M | $5.1B | ||
| Q2 25 | $1.0B | $5.3B | ||
| Q1 25 | $956.2M | $4.6B | ||
| Q4 24 | $874.6M | $5.1B | ||
| Q3 24 | $912.8M | $5.3B | ||
| Q2 24 | $883.2M | $4.9B |
营业利润率CMEV
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 61.8% | ||
| Q3 25 | 63.3% | 57.3% | ||
| Q2 25 | 66.7% | 60.7% | ||
| Q1 25 | 67.5% | 56.6% | ||
| Q4 24 | 62.1% | 65.6% | ||
| Q3 24 | 64.6% | 66.0% | ||
| Q2 24 | 65.3% | 66.7% |
净利率CMEV
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 53.7% | ||
| Q3 25 | 59.1% | 47.5% | ||
| Q2 25 | 60.6% | 51.8% | ||
| Q1 25 | 58.2% | 47.7% | ||
| Q4 24 | 57.3% | 53.8% | ||
| Q3 24 | 57.6% | 55.3% | ||
| Q2 24 | 57.6% | 54.7% |
每股收益（稀释后）CMEV
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.49 | — | ||
| Q2 25 | $2.81 | — | ||
| Q1 25 | $2.62 | — | ||
| Q4 24 | $2.40 | — | ||
| Q3 24 | $2.50 | — | ||
| Q2 24 | $2.42 | — |
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 | $14.8B |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | — | $38.8B |
| 总资产 | $202.0B | $96.8B |
| 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CMEV
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $14.8B | ||
| Q3 25 | $2.6B | $17.2B | ||
| Q2 25 | $2.1B | $17.1B | ||
| Q1 25 | $1.5B | $11.7B | ||
| Q4 24 | $3.0B | $12.4B | ||
| Q3 24 | $2.4B | $12.0B | ||
| Q2 24 | $1.9B | $12.9B |
总债务CMEV
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CMEV
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $38.8B | ||
| Q3 25 | $28.2B | $37.9B | ||
| Q2 25 | $27.7B | $38.7B | ||
| Q1 25 | $27.0B | $38.0B | ||
| Q4 24 | $26.5B | $38.3B | ||
| Q3 24 | $28.2B | $39.1B | ||
| Q2 24 | $27.6B | $39.7B |
总资产CMEV
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $96.8B | ||
| Q3 25 | $187.1B | $99.6B | ||
| Q2 25 | $179.9B | $100.0B | ||
| Q1 25 | $157.8B | $92.9B | ||
| Q4 24 | $137.4B | $91.9B | ||
| Q3 24 | $137.8B | $94.5B | ||
| Q2 24 | $123.4B | $91.0B |
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 | — | $6.8B |
| 自由现金流经营现金流 - 资本支出 | — | $6.4B |
| 自由现金流率自由现金流/营收 | — | 58.7% |
| 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 | — | 1.16× |
| 过去12个月自由现金流最近4个季度 | — | $22.9B |
8季度趋势，按日历期对齐
经营现金流CMEV
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $6.8B | ||
| Q3 25 | $968.1M | $6.2B | ||
| Q2 25 | $1.1B | $6.7B | ||
| Q1 25 | $1.1B | $4.7B | ||
| Q4 24 | $1.0B | $5.4B | ||
| Q3 24 | $1.0B | $6.7B | ||
| Q2 24 | $776.9M | $5.1B |
自由现金流CMEV
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $6.4B | ||
| Q3 25 | $949.7M | $5.8B | ||
| Q2 25 | $1.0B | $6.3B | ||
| Q1 25 | $1.1B | $4.4B | ||
| Q4 24 | $991.7M | $5.1B | ||
| Q3 24 | $973.2M | $6.4B | ||
| Q2 24 | $758.7M | $4.7B |
自由现金流率CMEV
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 58.7% | ||
| Q3 25 | 61.8% | 54.5% | ||
| Q2 25 | 61.5% | 62.0% | ||
| Q1 25 | 67.1% | 45.5% | ||
| Q4 24 | 65.0% | 53.1% | ||
| Q3 24 | 61.4% | 66.1% | ||
| Q2 24 | 49.5% | 53.2% |
资本支出强度CMEV
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 3.5% | ||
| Q3 25 | 1.2% | 3.6% | ||
| Q2 25 | 1.1% | 4.1% | ||
| Q1 25 | 0.9% | 3.4% | ||
| Q4 24 | 1.7% | 3.6% | ||
| Q3 24 | 1.9% | 3.2% | ||
| Q2 24 | 1.2% | 4.5% |
现金转化率CMEV
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.16× | ||
| Q3 25 | 1.07× | 1.23× | ||
| Q2 25 | 1.03× | 1.28× | ||
| Q1 25 | 1.17× | 1.03× | ||
| Q4 24 | 1.16× | 1.05× | ||
| Q3 24 | 1.10× | 1.25× | ||
| Q2 24 | 0.88× | 1.05× |
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
V
| Data Processing Revenues | $5.5B | 51% |
| International Transaction Revenues | $3.7B | 34% |
| Service Other | $1.2B | 11% |
| Other | $491.0M | 5% |
