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Salesforce（CRM）与Snowflake Inc.（SNOW）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Snowflake Inc.的8.5倍（$10.3B vs $1.2B），Salesforce净利率更高（20.3% vs -24.2%，领先44.6%），Snowflake Inc.同比增速更快（28.7% vs 8.6%），Salesforce自由现金流更多（$2.2B vs $113.6M），过去两年Snowflake Inc.的营收复合增速更高（25.1% 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。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
CRM vs SNOW — 直观对比
营收规模更大
CRM
是对方的8.5倍
$1.2B
营收增速更快
SNOW
高出20.1%
8.6%
净利率更高
CRM
高出44.6%
-24.2%
自由现金流更多
CRM
多$2.1B
$113.6M
两年增速更快
SNOW
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $1.2B |
| 净利润 | $2.1B | $-294.0M |
| 毛利率 | 78.0% | 67.8% |
| 营业利润率 | 21.3% | -27.2% |
| 净利率 | 20.3% | -24.2% |
| 营收同比 | 8.6% | 28.7% |
| 净利润同比 | 36.6% | 9.4% |
| 每股收益（稀释后） | $2.19 | $-0.87 |
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CRMSNOW
| Q4 25 | $10.3B | $1.2B | ||
| Q3 25 | $10.2B | $1.1B | ||
| Q2 25 | $9.8B | $1.0B | ||
| Q1 25 | $10.0B | $986.8M | ||
| Q4 24 | $9.4B | $942.1M | ||
| Q3 24 | $9.3B | $868.8M | ||
| Q2 24 | $9.1B | $828.7M | ||
| Q1 24 | $9.3B | $774.7M |
净利润CRMSNOW
| Q4 25 | $2.1B | $-294.0M | ||
| Q3 25 | $1.9B | $-298.0M | ||
| Q2 25 | $1.5B | $-430.1M | ||
| Q1 25 | $1.7B | $-327.5M | ||
| Q4 24 | $1.5B | $-324.3M | ||
| Q3 24 | $1.4B | $-316.9M | ||
| Q2 24 | $1.5B | $-317.0M | ||
| Q1 24 | $1.4B | $-169.4M |
毛利率CRMSNOW
| Q4 25 | 78.0% | 67.8% | ||
| Q3 25 | 78.1% | 67.5% | ||
| Q2 25 | 77.0% | 66.5% | ||
| Q1 25 | 77.8% | 66.2% | ||
| Q4 24 | 77.7% | 65.9% | ||
| Q3 24 | 76.8% | 66.8% | ||
| Q2 24 | 76.3% | 67.1% | ||
| Q1 24 | 76.9% | 68.8% |
营业利润率CRMSNOW
| Q4 25 | 21.3% | -27.2% | ||
| Q3 25 | 22.8% | -29.7% | ||
| Q2 25 | 19.8% | -42.9% | ||
| Q1 25 | 18.2% | -39.2% | ||
| Q4 24 | 20.0% | -38.8% | ||
| Q3 24 | 19.1% | -40.9% | ||
| Q2 24 | 18.7% | -42.1% | ||
| Q1 24 | 17.5% | -35.6% |
净利率CRMSNOW
| Q4 25 | 20.3% | -24.2% | ||
| Q3 25 | 18.4% | -26.0% | ||
| Q2 25 | 15.7% | -41.3% | ||
| Q1 25 | 17.1% | -33.2% | ||
| Q4 24 | 16.2% | -34.4% | ||
| Q3 24 | 15.3% | -36.5% | ||
| Q2 24 | 16.8% | -38.3% | ||
| Q1 24 | 15.6% | -21.9% |
每股收益（稀释后）CRMSNOW
| Q4 25 | $2.19 | $-0.87 | ||
| Q3 25 | $1.96 | $-0.89 | ||
| Q2 25 | $1.59 | $-1.29 | ||
| Q1 25 | $1.75 | $-0.98 | ||
| Q4 24 | $1.58 | $-0.98 | ||
| Q3 24 | $1.47 | $-0.95 | ||
| Q2 24 | $1.56 | $-0.95 | ||
| Q1 24 | $1.47 | $-0.51 |
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 | $1.9B |
| 总债务越低越好 | $8.4B | — |
| 股东权益账面价值 | $60.0B | $2.1B |
| 总资产 | $95.1B | $8.2B |
| 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CRMSNOW
| Q4 25 | $9.0B | $1.9B | ||
| Q3 25 | $10.4B | $1.9B | ||
| Q2 25 | $10.9B | $2.2B | ||
| Q1 25 | $8.8B | $2.6B | ||
| Q4 24 | $8.0B | $2.1B | ||
| Q3 24 | $7.7B | $1.3B | ||
| Q2 24 | $10.0B | $1.3B | ||
| Q1 24 | $8.5B | $1.8B |
总债务CRMSNOW
| 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 | — | ||
| Q1 24 | $9.4B | — |
股东权益CRMSNOW
| Q4 25 | $60.0B | $2.1B | ||
| Q3 25 | $61.3B | $2.4B | ||
| Q2 25 | $60.7B | $2.4B | ||
| Q1 25 | $61.2B | $3.0B | ||
| Q4 24 | $58.5B | $2.9B | ||
| Q3 24 | $57.6B | $4.1B | ||
| Q2 24 | $59.7B | $4.6B | ||
| Q1 24 | $59.6B | $5.2B |
总资产CRMSNOW
| Q4 25 | $95.1B | $8.2B | ||
| Q3 25 | $97.6B | $8.2B | ||
| Q2 25 | $98.6B | $8.2B | ||
| Q1 25 | $102.9B | $9.0B | ||
| Q4 24 | $91.4B | $8.2B | ||
| Q3 24 | $92.2B | $6.9B | ||
| Q2 24 | $96.2B | $7.3B | ||
| Q1 24 | $99.8B | $8.2B |
负债/权益比CRMSNOW
| 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× | — | ||
| Q1 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 | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $113.6M |
| 自由现金流率自由现金流/营收 | 21.2% | 9.4% |
| 资本支出强度资本支出/营收 | 1.4% | 2.0% |
| 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 | $776.7M |
8季度趋势，按日历期对齐
经营现金流CRMSNOW
| Q4 25 | $2.3B | $137.5M | ||
| Q3 25 | $740.0M | $74.9M | ||
| Q2 25 | $6.5B | $228.4M | ||
| Q1 25 | $4.0B | $432.7M | ||
| Q4 24 | $2.0B | $101.7M | ||
| Q3 24 | $892.0M | $69.9M | ||
| Q2 24 | $6.2B | $355.5M | ||
| Q1 24 | $3.4B | $344.6M |
自由现金流CRMSNOW
| Q4 25 | $2.2B | $113.6M | ||
| Q3 25 | $605.0M | $58.2M | ||
| Q2 25 | $6.3B | $183.4M | ||
| Q1 25 | $3.8B | $421.4M | ||
| Q4 24 | $1.8B | $88.3M | ||
| Q3 24 | $755.0M | $64.8M | ||
| Q2 24 | $6.1B | $338.9M | ||
| Q1 24 | $3.3B | $331.5M |
自由现金流率CRMSNOW
| Q4 25 | 21.2% | 9.4% | ||
| Q3 25 | 5.9% | 5.1% | ||
| Q2 25 | 64.1% | 17.6% | ||
| Q1 25 | 38.2% | 42.7% | ||
| Q4 24 | 18.8% | 9.4% | ||
| Q3 24 | 8.1% | 7.5% | ||
| Q2 24 | 66.6% | 40.9% | ||
| Q1 24 | 35.1% | 42.8% |
资本支出强度CRMSNOW
| Q4 25 | 1.4% | 2.0% | ||
| Q3 25 | 1.3% | 1.5% | ||
| Q2 25 | 1.8% | 4.3% | ||
| Q1 25 | 1.5% | 1.1% | ||
| Q4 24 | 2.2% | 1.4% | ||
| Q3 24 | 1.5% | 0.6% | ||
| Q2 24 | 1.8% | 2.0% | ||
| Q1 24 | 1.6% | 1.7% |
现金转化率CRMSNOW
| Q4 25 | 1.11× | — | ||
| Q3 25 | 0.39× | — | ||
| Q2 25 | 4.20× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 4.08× | — | ||
| Q1 24 | 2.35× | — |
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
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
