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思科（CSCO）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
国际商业机器公司的季度营收约是思科的1.0倍（$15.9B vs $15.3B），思科净利率更高（20.7% vs 7.6%，领先13.0%），思科同比增速更快（9.7% vs 9.5%），国际商业机器公司自由现金流更多（$2.2B vs $1.5B），过去两年思科的营收复合增速更高（9.9% vs 0.5%）
思科是总部位于美国加利福尼亚州圣何塞的跨国数字通信科技集团，专注于研发、生产及销售网络硬件、软件、通信设备等各类高科技产品，同时提供配套高端技术服务，为全球各领域客户提供可靠的数字化通信相关解决方案。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
CSCO vs IBM — 直观对比
营收规模更大
IBM
是对方的1.0倍
$15.3B
营收增速更快
CSCO
高出0.2%
9.5%
净利率更高
CSCO
高出13.0%
7.6%
自由现金流更多
IBM
多$681.0M
$1.5B
两年增速更快
CSCO
近两年复合增速
0.5%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.3B | $15.9B |
| 净利润 | $3.2B | $1.2B |
| 毛利率 | 65.0% | 56.2% |
| 营业利润率 | 24.6% | — |
| 净利率 | 20.7% | 7.6% |
| 营收同比 | 9.7% | 9.5% |
| 净利润同比 | 30.8% | 15.3% |
| 每股收益（稀释后） | $0.80 | $1.28 |
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CSCOIBM
| Q1 26 | $15.3B | $15.9B | ||
| Q4 25 | $14.9B | $19.7B | ||
| Q3 25 | $14.7B | $16.3B | ||
| Q2 25 | $14.1B | $17.0B | ||
| Q1 25 | $14.0B | $14.5B | ||
| Q4 24 | $13.8B | $17.6B | ||
| Q3 24 | $13.6B | $15.0B | ||
| Q2 24 | $12.7B | $15.8B |
净利润CSCOIBM
| Q1 26 | $3.2B | $1.2B | ||
| Q4 25 | $2.9B | $5.6B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.4B | $1.1B | ||
| Q4 24 | $2.7B | $2.9B | ||
| Q3 24 | $2.2B | $-330.0M | ||
| Q2 24 | $1.9B | $1.8B |
毛利率CSCOIBM
| Q1 26 | 65.0% | 56.2% | ||
| Q4 25 | 65.5% | 60.6% | ||
| Q3 25 | 63.2% | 57.3% | ||
| Q2 25 | 65.6% | 58.8% | ||
| Q1 25 | 65.1% | 55.2% | ||
| Q4 24 | 65.9% | 59.5% | ||
| Q3 24 | 64.4% | 56.3% | ||
| Q2 24 | 65.1% | 56.8% |
营业利润率CSCOIBM
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | 21.0% | ||
| Q3 25 | 21.0% | 14.9% | ||
| Q2 25 | 22.6% | 15.3% | ||
| Q1 25 | 22.3% | 8.0% | ||
| Q4 24 | 17.0% | 18.8% | ||
| Q3 24 | 19.2% | -5.4% | ||
| Q2 24 | 17.2% | 14.1% |
净利率CSCOIBM
| Q1 26 | 20.7% | 7.6% | ||
| Q4 25 | 19.2% | 28.4% | ||
| Q3 25 | 17.4% | 10.7% | ||
| Q2 25 | 17.6% | 12.9% | ||
| Q1 25 | 17.4% | 7.3% | ||
| Q4 24 | 19.6% | 16.6% | ||
| Q3 24 | 15.8% | -2.2% | ||
| Q2 24 | 14.8% | 11.6% |
每股收益（稀释后）CSCOIBM
| Q1 26 | $0.80 | $1.28 | ||
| Q4 25 | $0.72 | $5.90 | ||
| Q3 25 | $0.64 | $1.84 | ||
| Q2 25 | $0.62 | $2.31 | ||
| Q1 25 | $0.61 | $1.12 | ||
| Q4 24 | $0.68 | $3.11 | ||
| Q3 24 | $0.54 | $-0.36 | ||
| Q2 24 | $0.46 | $1.96 |
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 | $15.8B | $10.8B |
| 总债务越低越好 | $24.6B | $66.4B |
| 股东权益账面价值 | $47.7B | $33.1B |
| 总资产 | $123.4B | $156.2B |
| 负债/权益比越低杠杆越低 | 0.52× | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资CSCOIBM
| Q1 26 | $15.8B | $10.8B | ||
| Q4 25 | $15.7B | $13.6B | ||
| Q3 25 | $16.1B | $11.6B | ||
| Q2 25 | $15.6B | $11.9B | ||
| Q1 25 | $16.9B | $11.0B | ||
| Q4 24 | $18.7B | $13.9B | ||
| Q3 24 | $17.9B | $13.2B | ||
| Q2 24 | $18.8B | $12.2B |
总债务CSCOIBM
| Q1 26 | $24.6B | $66.4B | ||
| Q4 25 | $24.6B | $54.8B | ||
| Q3 25 | $24.6B | $55.2B | ||
| Q2 25 | $25.1B | $55.2B | ||
| Q1 25 | $20.1B | $56.4B | ||
| Q4 24 | $20.1B | $49.9B | ||
| Q3 24 | $20.1B | $53.0B | ||
| Q2 24 | $20.1B | $52.9B |
股东权益CSCOIBM
| Q1 26 | $47.7B | $33.1B | ||
| Q4 25 | $46.9B | $32.6B | ||
| Q3 25 | $46.8B | $27.9B | ||
| Q2 25 | $45.9B | $27.5B | ||
| Q1 25 | $45.5B | $26.9B | ||
| Q4 24 | $45.3B | $27.3B | ||
| Q3 24 | $45.5B | $24.4B | ||
| Q2 24 | $45.8B | $24.0B |
总资产CSCOIBM
| Q1 26 | $123.4B | $156.2B | ||
| Q4 25 | $121.1B | $151.9B | ||
| Q3 25 | $122.3B | $146.3B | ||
| Q2 25 | $119.8B | $148.6B | ||
| Q1 25 | $121.4B | $145.7B | ||
| Q4 24 | $123.3B | $137.2B | ||
| Q3 24 | $124.4B | $134.3B | ||
| Q2 24 | $123.0B | $133.8B |
负债/权益比CSCOIBM
| Q1 26 | 0.52× | 2.01× | ||
| Q4 25 | 0.53× | 1.68× | ||
| Q3 25 | 0.53× | 1.98× | ||
| Q2 25 | 0.55× | 2.01× | ||
| Q1 25 | 0.44× | 2.10× | ||
| Q4 24 | 0.44× | 1.83× | ||
| Q3 24 | 0.44× | 2.17× | ||
| Q2 24 | 0.44× | 2.20× |
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 | $1.8B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $2.2B |
| 自由现金流率自由现金流/营收 | 10.0% | 13.9% |
| 资本支出强度资本支出/营收 | 1.8% | 2.4% |
| 现金转化率经营现金流/净利润 | 0.57× | 4.25× |
| 过去12个月自由现金流最近4个季度 | $12.2B | $10.2B |
8季度趋势，按日历期对齐
经营现金流CSCOIBM
| Q1 26 | $1.8B | $5.2B | ||
| Q4 25 | $3.2B | $4.0B | ||
| Q3 25 | $4.2B | $3.1B | ||
| Q2 25 | $4.1B | $1.7B | ||
| Q1 25 | $2.2B | $4.4B | ||
| Q4 24 | $3.7B | $4.3B | ||
| Q3 24 | $3.7B | $2.9B | ||
| Q2 24 | $4.0B | $2.1B |
自由现金流CSCOIBM
| Q1 26 | $1.5B | $2.2B | ||
| Q4 25 | $2.9B | $3.7B | ||
| Q3 25 | $4.0B | $2.8B | ||
| Q2 25 | $3.8B | $1.5B | ||
| Q1 25 | $2.0B | $4.1B | ||
| Q4 24 | $3.4B | $4.0B | ||
| Q3 24 | $3.5B | $2.6B | ||
| Q2 24 | $3.8B | $1.8B |
自由现金流率CSCOIBM
| Q1 26 | 10.0% | 13.9% | ||
| Q4 25 | 19.4% | 18.6% | ||
| Q3 25 | 27.4% | 17.3% | ||
| Q2 25 | 26.8% | 8.8% | ||
| Q1 25 | 14.5% | 28.4% | ||
| Q4 24 | 24.9% | 22.9% | ||
| Q3 24 | 25.9% | 17.3% | ||
| Q2 24 | 29.9% | 11.7% |
资本支出强度CSCOIBM
| Q1 26 | 1.8% | 2.4% | ||
| Q4 25 | 2.2% | 1.9% | ||
| Q3 25 | 1.5% | 1.6% | ||
| Q2 25 | 1.8% | 1.2% | ||
| Q1 25 | 1.5% | 1.7% | ||
| Q4 24 | 1.6% | 1.7% | ||
| Q3 24 | 1.5% | 1.9% | ||
| Q2 24 | 1.3% | 1.4% |
现金转化率CSCOIBM
| Q1 26 | 0.57× | 4.25× | ||
| Q4 25 | 1.12× | 0.72× | ||
| Q3 25 | 1.66× | 1.77× | ||
| Q2 25 | 1.63× | 0.78× | ||
| Q1 25 | 0.92× | 4.14× | ||
| Q4 24 | 1.35× | 1.49× | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 2.11× | 1.13× |
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
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 2% |
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
