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Salesforce（CRM）与达美航空（DAL）财务数据对比。点击上方公司名可切换其他公司
达美航空的季度营收约是Salesforce的1.6倍（$16.0B vs $10.3B），达美航空同比增速更快（14.0% vs 8.6%），过去两年Salesforce的营收复合增速更高（5.1% vs -2.0%）
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
达美航空是美国头部航空公司，总部位于佐治亚州亚特兰大，共设有9个航空枢纽，其中哈兹菲尔德-杰克逊亚特兰大国际机场是其客运量、出发班次最高的枢纽。旗下区域子公司及合作运营商以“达美连接”品牌运营，每日执飞超5400个航班，航线覆盖六大洲52个国家的325个目的地。
CRM vs DAL — 直观对比
营收规模更大
DAL
是对方的1.6倍
$10.3B
营收增速更快
DAL
高出5.4%
8.6%
两年增速更快
CRM
近两年复合增速
-2.0%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $16.0B |
| 净利润 | $2.1B | — |
| 毛利率 | 78.0% | — |
| 营业利润率 | 21.3% | 9.2% |
| 净利率 | 20.3% | — |
| 营收同比 | 8.6% | 14.0% |
| 净利润同比 | 36.6% | — |
| 每股收益（稀释后） | $2.19 | $1.85 |
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CRMDAL
| Q1 26 | — | $16.0B | ||
| Q4 25 | $10.3B | $16.0B | ||
| Q3 25 | $10.2B | $16.7B | ||
| Q2 25 | $9.8B | $16.6B | ||
| Q1 25 | $10.0B | $14.0B | ||
| Q4 24 | $9.4B | $15.6B | ||
| Q3 24 | $9.3B | $15.7B | ||
| Q2 24 | $9.1B | $16.7B |
净利润CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.7B | $240.0M | ||
| Q4 24 | $1.5B | $843.0M | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B |
毛利率CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | 78.0% | — | ||
| Q3 25 | 78.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 77.8% | — | ||
| Q4 24 | 77.7% | — | ||
| Q3 24 | 76.8% | — | ||
| Q2 24 | 76.3% | — |
营业利润率CRMDAL
| Q1 26 | — | 9.2% | ||
| Q4 25 | 21.3% | 9.2% | ||
| Q3 25 | 22.8% | 10.1% | ||
| Q2 25 | 19.8% | 12.6% | ||
| Q1 25 | 18.2% | 4.1% | ||
| Q4 24 | 20.0% | 11.0% | ||
| Q3 24 | 19.1% | 8.9% | ||
| Q2 24 | 18.7% | 13.6% |
净利率CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | 20.3% | 7.6% | ||
| Q3 25 | 18.4% | 8.5% | ||
| Q2 25 | 15.7% | 12.8% | ||
| Q1 25 | 17.1% | 1.7% | ||
| Q4 24 | 16.2% | 5.4% | ||
| Q3 24 | 15.3% | 8.1% | ||
| Q2 24 | 16.8% | 7.8% |
每股收益（稀释后）CRMDAL
| Q1 26 | — | $1.85 | ||
| Q4 25 | $2.19 | $1.85 | ||
| Q3 25 | $1.96 | $2.17 | ||
| Q2 25 | $1.59 | $3.27 | ||
| Q1 25 | $1.75 | $0.37 | ||
| Q4 24 | $1.58 | $1.29 | ||
| Q3 24 | $1.47 | $1.97 | ||
| Q2 24 | $1.56 | $2.01 |
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 | $9.0B | $4.3B |
| 总债务越低越好 | $8.4B | $12.5B |
| 股东权益账面价值 | $60.0B | $20.9B |
| 总资产 | $95.1B | $81.3B |
| 负债/权益比越低杠杆越低 | 0.14× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资CRMDAL
| Q1 26 | — | $4.3B | ||
| Q4 25 | $9.0B | $4.3B | ||
| Q3 25 | $10.4B | $3.8B | ||
| Q2 25 | $10.9B | $3.3B | ||
| Q1 25 | $8.8B | $3.7B | ||
| Q4 24 | $8.0B | $3.1B | ||
| Q3 24 | $7.7B | $4.0B | ||
| Q2 24 | $10.0B | $4.2B |
总债务CRMDAL
| Q1 26 | — | $12.5B | ||
| Q4 25 | $8.4B | $12.5B | ||
| Q3 25 | $8.4B | $12.8B | ||
| Q2 25 | $8.4B | $12.8B | ||
| Q1 25 | $8.4B | $12.9B | ||
| Q4 24 | $8.4B | $14.0B | ||
| Q3 24 | $8.4B | $14.4B | ||
| Q2 24 | $9.4B | $15.0B |
股东权益CRMDAL
| Q1 26 | — | $20.9B | ||
| Q4 25 | $60.0B | $20.9B | ||
| Q3 25 | $61.3B | $18.8B | ||
| Q2 25 | $60.7B | $17.4B | ||
| Q1 25 | $61.2B | $15.4B | ||
| Q4 24 | $58.5B | $15.3B | ||
| Q3 24 | $57.6B | $13.6B | ||
| Q2 24 | $59.7B | $12.4B |
总资产CRMDAL
| Q1 26 | — | $81.3B | ||
| Q4 25 | $95.1B | $81.3B | ||
| Q3 25 | $97.6B | $79.6B | ||
| Q2 25 | $98.6B | $78.4B | ||
| Q1 25 | $102.9B | $77.3B | ||
| Q4 24 | $91.4B | $75.4B | ||
| Q3 24 | $92.2B | $75.4B | ||
| Q2 24 | $96.2B | $75.2B |
负债/权益比CRMDAL
| Q1 26 | — | 0.60× | ||
| Q4 25 | 0.14× | 0.60× | ||
| Q3 25 | 0.14× | 0.68× | ||
| Q2 25 | 0.14× | 0.74× | ||
| Q1 25 | 0.14× | 0.83× | ||
| Q4 24 | 0.14× | 0.92× | ||
| Q3 24 | 0.15× | 1.05× | ||
| Q2 24 | 0.16× | 1.21× |
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 | $2.3B | — |
| 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 | 21.2% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.11× | — |
| 过去12个月自由现金流最近4个季度 | $12.9B | — |
8季度趋势，按日历期对齐
经营现金流CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.3B | ||
| Q3 25 | $740.0M | $1.8B | ||
| Q2 25 | $6.5B | $1.9B | ||
| Q1 25 | $4.0B | $2.4B | ||
| Q4 24 | $2.0B | $1.9B | ||
| Q3 24 | $892.0M | $1.3B | ||
| Q2 24 | $6.2B | $2.4B |
自由现金流CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $1.4B | ||
| Q3 25 | $605.0M | $687.0M | ||
| Q2 25 | $6.3B | $648.0M | ||
| Q1 25 | $3.8B | $1.2B | ||
| Q4 24 | $1.8B | $583.0M | ||
| Q3 24 | $755.0M | $-54.0M | ||
| Q2 24 | $6.1B | $1.1B |
自由现金流率CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | 21.2% | 8.5% | ||
| Q3 25 | 5.9% | 4.1% | ||
| Q2 25 | 64.1% | 3.9% | ||
| Q1 25 | 38.2% | 8.2% | ||
| Q4 24 | 18.8% | 3.7% | ||
| Q3 24 | 8.1% | -0.3% | ||
| Q2 24 | 66.6% | 6.8% |
资本支出强度CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 5.7% | ||
| Q3 25 | 1.3% | 7.0% | ||
| Q2 25 | 1.8% | 7.3% | ||
| Q1 25 | 1.5% | 8.7% | ||
| Q4 24 | 2.2% | 8.4% | ||
| Q3 24 | 1.5% | 8.5% | ||
| Q2 24 | 1.8% | 7.9% |
现金转化率CRMDAL
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 1.86× | ||
| Q3 25 | 0.39× | 1.30× | ||
| Q2 25 | 4.20× | 0.87× | ||
| Q1 25 | 2.32× | 9.91× | ||
| Q4 24 | 1.30× | 2.25× | ||
| Q3 24 | 0.62× | 1.00× | ||
| Q2 24 | 4.08× | 1.88× |
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
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
DAL
| Passenger Air Traffic | $10.8B | 67% |
| Product And Service Other Refinery | $1.7B | 10% |
| Product And Service Other Loyalty Program | $1.2B | 8% |
| Passenger Loyalty Travel Awards | $1.0B | 6% |
| Passenger Travel Related Services | $506.0M | 3% |
| Product And Service Other Ancillary Businesses | $380.0M | 2% |
| Cargo And Freight | $226.0M | 1% |
| Product And Service Other Miscellaneous | $71.0M | 0% |
