vs
思科（CSCO）与美国联合航空（UAL）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美国联合航空的1.1倍（$15.3B vs $14.6B），思科净利率更高（20.7% vs 4.8%，领先15.9%），美国联合航空同比增速更快（10.6% vs 9.7%），美国联合航空自由现金流更多（$2.0B vs $1.5B），过去两年思科的营收复合增速更高（9.9% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
CSCO vs UAL — 直观对比
营收规模更大
CSCO
是对方的1.1倍
$14.6B
营收增速更快
UAL
高出0.9%
9.7%
净利率更高
CSCO
高出15.9%
4.8%
自由现金流更多
UAL
多$487.0M
$1.5B
两年增速更快
CSCO
近两年复合增速
-1.3%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.3B | $14.6B |
| 净利润 | $3.2B | $699.0M |
| 毛利率 | 65.0% | — |
| 营业利润率 | 24.6% | 6.8% |
| 净利率 | 20.7% | 4.8% |
| 营收同比 | 9.7% | 10.6% |
| 净利润同比 | 30.8% | 80.6% |
| 每股收益（稀释后） | $0.80 | $2.14 |
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CSCOUAL
| Q1 26 | $15.3B | $14.6B | ||
| Q4 25 | $14.9B | $15.4B | ||
| Q3 25 | $14.7B | $15.2B | ||
| Q2 25 | $14.1B | $15.2B | ||
| Q1 25 | $14.0B | $13.2B | ||
| Q4 24 | $13.8B | $14.7B | ||
| Q3 24 | $13.6B | $14.8B | ||
| Q2 24 | $12.7B | $15.0B |
净利润CSCOUAL
| Q1 26 | $3.2B | $699.0M | ||
| Q4 25 | $2.9B | $1.0B | ||
| Q3 25 | $2.5B | $949.0M | ||
| Q2 25 | $2.5B | $973.0M | ||
| Q1 25 | $2.4B | $387.0M | ||
| Q4 24 | $2.7B | $985.0M | ||
| Q3 24 | $2.2B | $965.0M | ||
| Q2 24 | $1.9B | $1.3B |
毛利率CSCOUAL
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 63.2% | — | ||
| Q2 25 | 65.6% | — | ||
| Q1 25 | 65.1% | — | ||
| Q4 24 | 65.9% | — | ||
| Q3 24 | 64.4% | — | ||
| Q2 24 | 65.1% | — |
营业利润率CSCOUAL
| Q1 26 | 24.6% | 6.8% | ||
| Q4 25 | 22.6% | 9.0% | ||
| Q3 25 | 21.0% | 9.2% | ||
| Q2 25 | 22.6% | 8.7% | ||
| Q1 25 | 22.3% | 4.6% | ||
| Q4 24 | 17.0% | 10.2% | ||
| Q3 24 | 19.2% | 10.5% | ||
| Q2 24 | 17.2% | 12.9% |
净利率CSCOUAL
| Q1 26 | 20.7% | 4.8% | ||
| Q4 25 | 19.2% | 6.8% | ||
| Q3 25 | 17.4% | 6.2% | ||
| Q2 25 | 17.6% | 6.4% | ||
| Q1 25 | 17.4% | 2.9% | ||
| Q4 24 | 19.6% | 6.7% | ||
| Q3 24 | 15.8% | 6.5% | ||
| Q2 24 | 14.8% | 8.8% |
每股收益（稀释后）CSCOUAL
| Q1 26 | $0.80 | $2.14 | ||
| Q4 25 | $0.72 | $3.17 | ||
| Q3 25 | $0.64 | $2.90 | ||
| Q2 25 | $0.62 | $2.97 | ||
| Q1 25 | $0.61 | $1.16 | ||
| Q4 24 | $0.68 | $2.97 | ||
| Q3 24 | $0.54 | $2.90 | ||
| Q2 24 | $0.46 | $3.96 |
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 | $14.2B |
| 总债务越低越好 | $24.6B | — |
| 股东权益账面价值 | $47.7B | $15.9B |
| 总资产 | $123.4B | $80.9B |
| 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CSCOUAL
| Q1 26 | $15.8B | $14.2B | ||
| Q4 25 | $15.7B | $12.2B | ||
| Q3 25 | $16.1B | $13.3B | ||
| Q2 25 | $15.6B | $15.6B | ||
| Q1 25 | $16.9B | $15.3B | ||
| Q4 24 | $18.7B | $14.5B | ||
| Q3 24 | $17.9B | $14.2B | ||
| Q2 24 | $18.8B | $15.2B |
总债务CSCOUAL
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | $20.6B | ||
| Q3 25 | $24.6B | $20.8B | ||
| Q2 25 | $25.1B | $20.9B | ||
| Q1 25 | $20.1B | $24.4B | ||
| Q4 24 | $20.1B | $25.2B | ||
| Q3 24 | $20.1B | — | ||
| Q2 24 | $20.1B | — |
股东权益CSCOUAL
| Q1 26 | $47.7B | $15.9B | ||
| Q4 25 | $46.9B | $15.3B | ||
| Q3 25 | $46.8B | $14.3B | ||
| Q2 25 | $45.9B | $13.4B | ||
| Q1 25 | $45.5B | $12.6B | ||
| Q4 24 | $45.3B | $12.7B | ||
| Q3 24 | $45.5B | $11.4B | ||
| Q2 24 | $45.8B | $10.5B |
总资产CSCOUAL
| Q1 26 | $123.4B | $80.9B | ||
| Q4 25 | $121.1B | $76.4B | ||
| Q3 25 | $122.3B | $76.3B | ||
| Q2 25 | $119.8B | $77.2B | ||
| Q1 25 | $121.4B | $76.1B | ||
| Q4 24 | $123.3B | $74.1B | ||
| Q3 24 | $124.4B | $72.6B | ||
| Q2 24 | $123.0B | $73.3B |
负债/权益比CSCOUAL
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | 1.35× | ||
| Q3 25 | 0.53× | 1.45× | ||
| Q2 25 | 0.55× | 1.56× | ||
| Q1 25 | 0.44× | 1.93× | ||
| Q4 24 | 0.44× | 1.99× | ||
| 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 | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $2.0B |
| 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% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.57× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $12.2B | $2.1B |
8季度趋势，按日历期对齐
经营现金流CSCOUAL
| Q1 26 | $1.8B | $4.8B | ||
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $4.2B | $1.2B | ||
| Q2 25 | $4.1B | $2.2B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | $3.7B | $2.2B | ||
| Q3 24 | $3.7B | $1.5B | ||
| Q2 24 | $4.0B | $2.9B |
自由现金流CSCOUAL
| Q1 26 | $1.5B | $2.0B | ||
| Q4 25 | $2.9B | $-604.0M | ||
| Q3 25 | $4.0B | $-246.0M | ||
| Q2 25 | $3.8B | $930.0M | ||
| Q1 25 | $2.0B | $2.5B | ||
| Q4 24 | $3.4B | $549.0M | ||
| Q3 24 | $3.5B | $88.0M | ||
| Q2 24 | $3.8B | $1.7B |
自由现金流率CSCOUAL
| Q1 26 | 10.0% | 13.9% | ||
| Q4 25 | 19.4% | -3.9% | ||
| Q3 25 | 27.4% | -1.6% | ||
| Q2 25 | 26.8% | 6.1% | ||
| Q1 25 | 14.5% | 18.7% | ||
| Q4 24 | 24.9% | 3.7% | ||
| Q3 24 | 25.9% | 0.6% | ||
| Q2 24 | 29.9% | 11.4% |
资本支出强度CSCOUAL
| Q1 26 | 1.8% | 13.9% | ||
| Q4 25 | 2.2% | 12.3% | ||
| Q3 25 | 1.5% | 9.6% | ||
| Q2 25 | 1.8% | 8.4% | ||
| Q1 25 | 1.5% | 9.3% | ||
| Q4 24 | 1.6% | 11.4% | ||
| Q3 24 | 1.5% | 9.5% | ||
| Q2 24 | 1.3% | 7.8% |
现金转化率CSCOUAL
| Q1 26 | 0.57× | 6.87× | ||
| Q4 25 | 1.12× | 1.23× | ||
| Q3 25 | 1.66× | 1.28× | ||
| Q2 25 | 1.63× | 2.28× | ||
| Q1 25 | 0.92× | 9.59× | ||
| Q4 24 | 1.35× | 2.26× | ||
| Q3 24 | 1.73× | 1.55× | ||
| Q2 24 | 2.11× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
