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Salesforce（CRM）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
Salesforce的季度营收约是ServiceNow的2.7倍（$10.3B vs $3.8B），Salesforce净利率更高（20.3% vs 12.4%，领先7.9%），Salesforce同比增速更快（8.6% vs 2.8%），Salesforce自由现金流更多（$2.2B vs $1.7B），过去两年ServiceNow的营收复合增速更高（19.8% vs 5.1%）
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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
CRM vs NOW — 直观对比
营收规模更大
CRM
是对方的2.7倍
$3.8B
营收增速更快
CRM
高出5.8%
2.8%
净利率更高
CRM
高出7.9%
12.4%
自由现金流更多
CRM
多$512.0M
$1.7B
两年增速更快
NOW
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $3.8B |
| 净利润 | $2.1B | $469.0M |
| 毛利率 | 78.0% | 75.1% |
| 营业利润率 | 21.3% | 13.3% |
| 净利率 | 20.3% | 12.4% |
| 营收同比 | 8.6% | 2.8% |
| 净利润同比 | 36.6% | -53.7% |
| 每股收益（稀释后） | $2.19 | $1.04 |
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CRMNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $10.3B | $3.6B | ||
| Q3 25 | $10.2B | $3.4B | ||
| Q2 25 | $9.8B | $3.2B | ||
| Q1 25 | $10.0B | $3.1B | ||
| Q4 24 | $9.4B | $3.0B | ||
| Q3 24 | $9.3B | $2.8B | ||
| Q2 24 | $9.1B | $2.6B |
净利润CRMNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $2.1B | $401.0M | ||
| Q3 25 | $1.9B | $502.0M | ||
| Q2 25 | $1.5B | $385.0M | ||
| Q1 25 | $1.7B | $460.0M | ||
| Q4 24 | $1.5B | $384.0M | ||
| Q3 24 | $1.4B | $432.0M | ||
| Q2 24 | $1.5B | $262.0M |
毛利率CRMNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 78.0% | 76.6% | ||
| Q3 25 | 78.1% | 77.3% | ||
| Q2 25 | 77.0% | 77.5% | ||
| Q1 25 | 77.8% | 78.9% | ||
| Q4 24 | 77.7% | 78.7% | ||
| Q3 24 | 76.8% | 79.1% | ||
| Q2 24 | 76.3% | 79.0% |
营业利润率CRMNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 21.3% | 12.4% | ||
| Q3 25 | 22.8% | 16.8% | ||
| Q2 25 | 19.8% | 11.1% | ||
| Q1 25 | 18.2% | 14.6% | ||
| Q4 24 | 20.0% | 12.6% | ||
| Q3 24 | 19.1% | 14.9% | ||
| Q2 24 | 18.7% | 9.1% |
净利率CRMNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 20.3% | 11.2% | ||
| Q3 25 | 18.4% | 14.7% | ||
| Q2 25 | 15.7% | 12.0% | ||
| Q1 25 | 17.1% | 14.9% | ||
| Q4 24 | 16.2% | 13.0% | ||
| Q3 24 | 15.3% | 15.4% | ||
| Q2 24 | 16.8% | 10.0% |
每股收益（稀释后）CRMNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $2.19 | $-4.77 | ||
| Q3 25 | $1.96 | $2.40 | ||
| Q2 25 | $1.59 | $1.84 | ||
| Q1 25 | $1.75 | $2.20 | ||
| Q4 24 | $1.58 | $1.84 | ||
| Q3 24 | $1.47 | $2.07 | ||
| Q2 24 | $1.56 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | $8.4B | — |
| 股东权益账面价值 | $60.0B | $11.7B |
| 总资产 | $95.1B | $24.4B |
| 负债/权益比越低杠杆越低 | 0.14× | — |
8季度趋势，按日历期对齐
现金及短期投资CRMNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $9.0B | $3.7B | ||
| Q3 25 | $10.4B | $2.7B | ||
| Q2 25 | $10.9B | $3.1B | ||
| Q1 25 | $8.8B | $3.4B | ||
| Q4 24 | $8.0B | $2.3B | ||
| Q3 24 | $7.7B | $1.9B | ||
| Q2 24 | $10.0B | $2.2B |
总债务CRMNOW
| Q1 26 | — | — | ||
| Q4 25 | $8.4B | — | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $8.4B | — | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.4B | — | ||
| Q2 24 | $9.4B | — |
股东权益CRMNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $60.0B | $13.0B | ||
| Q3 25 | $61.3B | $11.3B | ||
| Q2 25 | $60.7B | $10.9B | ||
| Q1 25 | $61.2B | $10.1B | ||
| Q4 24 | $58.5B | $9.6B | ||
| Q3 24 | $57.6B | $9.3B | ||
| Q2 24 | $59.7B | $8.7B |
总资产CRMNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $95.1B | $26.0B | ||
| Q3 25 | $97.6B | $21.8B | ||
| Q2 25 | $98.6B | $22.1B | ||
| Q1 25 | $102.9B | $21.0B | ||
| Q4 24 | $91.4B | $20.4B | ||
| Q3 24 | $92.2B | $18.4B | ||
| Q2 24 | $96.2B | $18.2B |
负债/权益比CRMNOW
| Q1 26 | — | — | ||
| Q4 25 | 0.14× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.15× | — | ||
| Q2 24 | 0.16× | — |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $1.7B |
| 自由现金流率自由现金流/营收 | 21.2% | 44.2% |
| 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× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $4.8B |
8季度趋势，按日历期对齐
经营现金流CRMNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $740.0M | $813.0M | ||
| Q2 25 | $6.5B | $716.0M | ||
| Q1 25 | $4.0B | $1.7B | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $892.0M | $671.0M | ||
| Q2 24 | $6.2B | $620.0M |
自由现金流CRMNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $605.0M | $578.0M | ||
| Q2 25 | $6.3B | $526.0M | ||
| Q1 25 | $3.8B | $1.5B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $755.0M | $469.0M | ||
| Q2 24 | $6.1B | $358.0M |
自由现金流率CRMNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 21.2% | 56.1% | ||
| Q3 25 | 5.9% | 17.0% | ||
| Q2 25 | 64.1% | 16.4% | ||
| Q1 25 | 38.2% | 47.7% | ||
| Q4 24 | 18.8% | 46.7% | ||
| Q3 24 | 8.1% | 16.8% | ||
| Q2 24 | 66.6% | 13.6% |
资本支出强度CRMNOW
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 6.7% | ||
| Q3 25 | 1.3% | 6.9% | ||
| Q2 25 | 1.8% | 5.9% | ||
| Q1 25 | 1.5% | 6.6% | ||
| Q4 24 | 2.2% | 8.6% | ||
| Q3 24 | 1.5% | 7.2% | ||
| Q2 24 | 1.8% | 10.0% |
现金转化率CRMNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 1.11× | 5.58× | ||
| Q3 25 | 0.39× | 1.62× | ||
| Q2 25 | 4.20× | 1.86× | ||
| Q1 25 | 2.32× | 3.65× | ||
| Q4 24 | 1.30× | 4.26× | ||
| Q3 24 | 0.62× | 1.55× | ||
| Q2 24 | 4.08× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
