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思科（CSCO）与派拓网络（PANW）财务数据对比。点击上方公司名可切换其他公司
思科的季度营收约是派拓网络的5.9倍（$15.3B vs $2.6B），思科净利率更高（20.7% vs 16.7%，领先4.0%），派拓网络同比增速更快（14.9% vs 9.7%），思科自由现金流更多（$1.5B vs $384.0M），过去两年派拓网络的营收复合增速更高（14.3% vs 9.9%）
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。
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
CSCO vs PANW — 直观对比
营收规模更大
CSCO
是对方的5.9倍
$2.6B
营收增速更快
PANW
高出5.2%
9.7%
净利率更高
CSCO
高出4.0%
16.7%
自由现金流更多
CSCO
多$1.2B
$384.0M
两年增速更快
PANW
近两年复合增速
9.9%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.3B | $2.6B |
| 净利润 | $3.2B | $432.0M |
| 毛利率 | 65.0% | 73.6% |
| 营业利润率 | 24.6% | 15.3% |
| 净利率 | 20.7% | 16.7% |
| 营收同比 | 9.7% | 14.9% |
| 净利润同比 | 30.8% | 61.6% |
| 每股收益（稀释后） | $0.80 | $0.61 |
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CSCOPANW
| Q1 26 | $15.3B | $2.6B | ||
| Q4 25 | $14.9B | $2.5B | ||
| Q3 25 | $14.7B | $2.5B | ||
| Q2 25 | $14.1B | $2.3B | ||
| Q1 25 | $14.0B | $2.3B | ||
| Q4 24 | $13.8B | $2.1B | ||
| Q3 24 | $13.6B | $2.2B | ||
| Q2 24 | $12.7B | $2.0B |
净利润CSCOPANW
| Q1 26 | $3.2B | $432.0M | ||
| Q4 25 | $2.9B | $334.0M | ||
| Q3 25 | $2.5B | $253.8M | ||
| Q2 25 | $2.5B | $262.1M | ||
| Q1 25 | $2.4B | $267.3M | ||
| Q4 24 | $2.7B | $350.7M | ||
| Q3 24 | $2.2B | $357.7M | ||
| Q2 24 | $1.9B | $278.8M |
毛利率CSCOPANW
| Q1 26 | 65.0% | 73.6% | ||
| Q4 25 | 65.5% | 74.2% | ||
| Q3 25 | 63.2% | 73.2% | ||
| Q2 25 | 65.6% | 72.9% | ||
| Q1 25 | 65.1% | 73.5% | ||
| Q4 24 | 65.9% | 74.1% | ||
| Q3 24 | 64.4% | 73.8% | ||
| Q2 24 | 65.1% | 74.1% |
营业利润率CSCOPANW
| Q1 26 | 24.6% | 15.3% | ||
| Q4 25 | 22.6% | 12.5% | ||
| Q3 25 | 21.0% | 19.6% | ||
| Q2 25 | 22.6% | 9.6% | ||
| Q1 25 | 22.3% | 10.6% | ||
| Q4 24 | 17.0% | 13.4% | ||
| Q3 24 | 19.2% | 10.9% | ||
| Q2 24 | 17.2% | 8.9% |
净利率CSCOPANW
| Q1 26 | 20.7% | 16.7% | ||
| Q4 25 | 19.2% | 13.5% | ||
| Q3 25 | 17.4% | 10.0% | ||
| Q2 25 | 17.6% | 11.5% | ||
| Q1 25 | 17.4% | 11.8% | ||
| Q4 24 | 19.6% | 16.4% | ||
| Q3 24 | 15.8% | 16.3% | ||
| Q2 24 | 14.8% | 14.0% |
每股收益（稀释后）CSCOPANW
| Q1 26 | $0.80 | $0.61 | ||
| Q4 25 | $0.72 | $0.47 | ||
| Q3 25 | $0.64 | $-0.14 | ||
| Q2 25 | $0.62 | $0.37 | ||
| Q1 25 | $0.61 | $0.38 | ||
| Q4 24 | $0.68 | $0.99 | ||
| Q3 24 | $0.54 | $1.04 | ||
| Q2 24 | $0.46 | $0.79 |
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 | $4.5B |
| 总债务越低越好 | $24.6B | — |
| 股东权益账面价值 | $47.7B | $9.4B |
| 总资产 | $123.4B | $25.0B |
| 负债/权益比越低杠杆越低 | 0.52× | — |
8季度趋势，按日历期对齐
现金及短期投资CSCOPANW
| Q1 26 | $15.8B | $4.5B | ||
| Q4 25 | $15.7B | $4.2B | ||
| Q3 25 | $16.1B | $2.9B | ||
| Q2 25 | $15.6B | $3.3B | ||
| Q1 25 | $16.9B | $3.2B | ||
| Q4 24 | $18.7B | $3.4B | ||
| Q3 24 | $17.9B | $2.6B | ||
| Q2 24 | $18.8B | $2.9B |
总债务CSCOPANW
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | — | ||
| Q3 25 | $24.6B | — | ||
| Q2 25 | $25.1B | — | ||
| Q1 25 | $20.1B | — | ||
| Q4 24 | $20.1B | — | ||
| Q3 24 | $20.1B | — | ||
| Q2 24 | $20.1B | — |
股东权益CSCOPANW
| Q1 26 | $47.7B | $9.4B | ||
| Q4 25 | $46.9B | $8.7B | ||
| Q3 25 | $46.8B | $7.8B | ||
| Q2 25 | $45.9B | $7.2B | ||
| Q1 25 | $45.5B | $6.4B | ||
| Q4 24 | $45.3B | $5.9B | ||
| Q3 24 | $45.5B | $5.2B | ||
| Q2 24 | $45.8B | $4.5B |
总资产CSCOPANW
| Q1 26 | $123.4B | $25.0B | ||
| Q4 25 | $121.1B | $23.5B | ||
| Q3 25 | $122.3B | $23.6B | ||
| Q2 25 | $119.8B | $22.0B | ||
| Q1 25 | $121.4B | $21.0B | ||
| Q4 24 | $123.3B | $20.4B | ||
| Q3 24 | $124.4B | $20.0B | ||
| Q2 24 | $123.0B | $17.9B |
负债/权益比CSCOPANW
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.44× | — |
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 | $554.0M |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $384.0M |
| 自由现金流率自由现金流/营收 | 10.0% | 14.8% |
| 资本支出强度资本支出/营收 | 1.8% | 6.6% |
| 现金转化率经营现金流/净利润 | 0.57× | 1.28× |
| 过去12个月自由现金流最近4个季度 | $12.2B | $3.6B |
8季度趋势，按日历期对齐
经营现金流CSCOPANW
| Q1 26 | $1.8B | $554.0M | ||
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $4.2B | $1.0B | ||
| Q2 25 | $4.1B | $628.7M | ||
| Q1 25 | $2.2B | $556.9M | ||
| Q4 24 | $3.7B | $1.5B | ||
| Q3 24 | $3.7B | $512.7M | ||
| Q2 24 | $4.0B | $528.9M |
自由现金流CSCOPANW
| Q1 26 | $1.5B | $384.0M | ||
| Q4 25 | $2.9B | $1.7B | ||
| Q3 25 | $4.0B | $934.5M | ||
| Q2 25 | $3.8B | $560.4M | ||
| Q1 25 | $2.0B | $509.4M | ||
| Q4 24 | $3.4B | $1.5B | ||
| Q3 24 | $3.5B | $465.3M | ||
| Q2 24 | $3.8B | $491.5M |
自由现金流率CSCOPANW
| Q1 26 | 10.0% | 14.8% | ||
| Q4 25 | 19.4% | 68.2% | ||
| Q3 25 | 27.4% | 36.8% | ||
| Q2 25 | 26.8% | 24.5% | ||
| Q1 25 | 14.5% | 22.6% | ||
| Q4 24 | 24.9% | 68.5% | ||
| Q3 24 | 25.9% | 21.3% | ||
| Q2 24 | 29.9% | 24.8% |
资本支出强度CSCOPANW
| Q1 26 | 1.8% | 6.6% | ||
| Q4 25 | 2.2% | 3.4% | ||
| Q3 25 | 1.5% | 3.4% | ||
| Q2 25 | 1.8% | 3.0% | ||
| Q1 25 | 1.5% | 2.1% | ||
| Q4 24 | 1.6% | 2.1% | ||
| Q3 24 | 1.5% | 2.2% | ||
| Q2 24 | 1.3% | 1.9% |
现金转化率CSCOPANW
| Q1 26 | 0.57× | 1.28× | ||
| Q4 25 | 1.12× | 5.30× | ||
| Q3 25 | 1.66× | 4.02× | ||
| Q2 25 | 1.63× | 2.40× | ||
| Q1 25 | 0.92× | 2.08× | ||
| Q4 24 | 1.35× | 4.30× | ||
| Q3 24 | 1.73× | 1.43× | ||
| Q2 24 | 2.11× | 1.90× |
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% |
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
