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雪佛龙（CVX）与GLOBAL PARTNERS LP（GLP）财务数据对比。点击上方公司名可切换其他公司
雪佛龙的季度营收约是GLOBAL PARTNERS LP的20.7倍（$45.8B vs $2.2B）。雪佛龙净利率更高（6.0% vs 1.1%，领先4.9%）。GLOBAL PARTNERS LP同比增速更快（7.0% vs -5.3%）。雪佛龙自由现金流更多（$5.5B vs $62.2M）。过去两年GLOBAL PARTNERS LP的营收复合增速更高（0.2% vs -0.9%）
雪佛龙是美国知名跨国能源企业，主营业务为石油和天然气相关业务，是标准石油拆分后的第二大直系子公司，前身为加利福尼亚标准石油公司，目前业务布局覆盖全球超过180个国家，在全球能源市场占据重要地位。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
CVX vs GLP — 直观对比
营收规模更大
CVX
是对方的20.7倍
$2.2B
营收增速更快
GLP
高出12.3%
-5.3%
净利率更高
CVX
高出4.9%
1.1%
自由现金流更多
CVX
多$5.5B
$62.2M
两年增速更快
GLP
近两年复合增速
-0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $45.8B | $2.2B |
| 净利润 | $2.8B | $25.1M |
| 毛利率 | 44.6% | 11.9% |
| 营业利润率 | 10.0% | 2.6% |
| 净利率 | 6.0% | 1.1% |
| 营收同比 | -5.3% | 7.0% |
| 净利润同比 | -14.5% | 5.0% |
| 每股收益（稀释后） | $1.36 | — |
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CVXGLP
| Q4 25 | $45.8B | $2.2B | ||
| Q3 25 | $48.2B | $2.2B | ||
| Q2 25 | $44.4B | $2.1B | ||
| Q1 25 | $46.1B | $2.2B | ||
| Q4 24 | $48.3B | $2.1B | ||
| Q3 24 | $48.9B | $2.1B | ||
| Q2 24 | $49.6B | $2.3B | ||
| Q1 24 | $46.6B | $2.2B |
净利润CVXGLP
| Q4 25 | $2.8B | $25.1M | ||
| Q3 25 | $3.5B | $29.0M | ||
| Q2 25 | $2.5B | $25.2M | ||
| Q1 25 | $3.5B | $18.7M | ||
| Q4 24 | $3.2B | $23.9M | ||
| Q3 24 | $4.5B | $45.9M | ||
| Q2 24 | $4.4B | $46.1M | ||
| Q1 24 | $5.5B | $-5.6M |
毛利率CVXGLP
| Q4 25 | 44.6% | 11.9% | ||
| Q3 25 | 43.1% | 12.1% | ||
| Q2 25 | 39.5% | 13.1% | ||
| Q1 25 | 37.9% | 11.7% | ||
| Q4 24 | 37.6% | 13.0% | ||
| Q3 24 | 37.8% | 13.4% | ||
| Q2 24 | 37.7% | 12.6% | ||
| Q1 24 | 40.4% | 9.8% |
营业利润率CVXGLP
| Q4 25 | 10.0% | 2.6% | ||
| Q3 25 | 11.2% | 2.7% | ||
| Q2 25 | 9.3% | 2.9% | ||
| Q1 25 | 12.1% | 2.6% | ||
| Q4 24 | 12.5% | 2.8% | ||
| Q3 24 | 13.3% | 3.9% | ||
| Q2 24 | 14.2% | 3.7% | ||
| Q1 24 | 17.0% | 1.2% |
净利率CVXGLP
| Q4 25 | 6.0% | 1.1% | ||
| Q3 25 | 7.3% | 1.3% | ||
| Q2 25 | 5.6% | 1.2% | ||
| Q1 25 | 7.6% | 0.9% | ||
| Q4 24 | 6.7% | 1.2% | ||
| Q3 24 | 9.2% | 2.1% | ||
| Q2 24 | 8.9% | 2.0% | ||
| Q1 24 | 11.8% | -0.3% |
每股收益（稀释后）CVXGLP
| Q4 25 | $1.36 | — | ||
| Q3 25 | $1.82 | — | ||
| Q2 25 | $1.45 | — | ||
| Q1 25 | $2.00 | — | ||
| Q4 24 | $1.84 | — | ||
| Q3 24 | $2.48 | — | ||
| Q2 24 | $2.43 | — | ||
| Q1 24 | $2.97 | — |
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 | — | — |
| 总债务越低越好 | $39.8B | — |
| 股东权益账面价值 | $186.4B | — |
| 总资产 | $324.0B | $3.9B |
| 负债/权益比越低杠杆越低 | 0.21× | — |
8季度趋势，按日历期对齐
现金及短期投资CVXGLP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $6.3B | — |
总债务CVXGLP
| Q4 25 | $39.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $20.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CVXGLP
| Q4 25 | $186.4B | — | ||
| Q3 25 | $189.8B | — | ||
| Q2 25 | $146.4B | — | ||
| Q1 25 | $149.2B | — | ||
| Q4 24 | $152.3B | — | ||
| Q3 24 | $156.2B | — | ||
| Q2 24 | $159.2B | — | ||
| Q1 24 | $160.6B | — |
总资产CVXGLP
| Q4 25 | $324.0B | $3.9B | ||
| Q3 25 | $326.5B | $3.7B | ||
| Q2 25 | $250.8B | $3.8B | ||
| Q1 25 | $256.4B | $3.8B | ||
| Q4 24 | $256.9B | $3.8B | ||
| Q3 24 | $259.2B | $3.7B | ||
| Q2 24 | $260.6B | $3.8B | ||
| Q1 24 | $261.7B | $3.5B |
负债/权益比CVXGLP
| Q4 25 | 0.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $10.8B | $101.0M |
| 自由现金流经营现金流 - 资本支出 | $5.5B | $62.2M |
| 自由现金流率自由现金流/营收 | 12.1% | 2.8% |
| 资本支出强度资本支出/营收 | 11.5% | 1.8% |
| 现金转化率经营现金流/净利润 | 3.89× | 4.03× |
| 过去12个月自由现金流最近4个季度 | $16.6B | $193.3M |
8季度趋势，按日历期对齐
经营现金流CVXGLP
| Q4 25 | $10.8B | $101.0M | ||
| Q3 25 | $9.4B | $19.0M | ||
| Q2 25 | $8.6B | $216.3M | ||
| Q1 25 | $5.2B | $-51.6M | ||
| Q4 24 | $8.7B | $67.2M | ||
| Q3 24 | $9.7B | $122.7M | ||
| Q2 24 | $6.3B | $24.3M | ||
| Q1 24 | $6.8B | $-182.7M |
自由现金流CVXGLP
| Q4 25 | $5.5B | $62.2M | ||
| Q3 25 | $4.9B | $-678.0K | ||
| Q2 25 | $4.9B | $201.3M | ||
| Q1 25 | $1.3B | $-69.5M | ||
| Q4 24 | $4.4B | $20.4M | ||
| Q3 24 | $5.6B | $98.4M | ||
| Q2 24 | $2.3B | $8.7M | ||
| Q1 24 | $2.7B | $-199.3M |
自由现金流率CVXGLP
| Q4 25 | 12.1% | 2.8% | ||
| Q3 25 | 10.3% | -0.0% | ||
| Q2 25 | 11.0% | 9.7% | ||
| Q1 25 | 2.7% | -3.2% | ||
| Q4 24 | 9.0% | 1.0% | ||
| Q3 24 | 11.5% | 4.6% | ||
| Q2 24 | 4.7% | 0.4% | ||
| Q1 24 | 5.9% | -9.0% |
资本支出强度CVXGLP
| Q4 25 | 11.5% | 1.8% | ||
| Q3 25 | 9.2% | 0.9% | ||
| Q2 25 | 8.4% | 0.7% | ||
| Q1 25 | 8.5% | 0.8% | ||
| Q4 24 | 9.0% | 2.3% | ||
| Q3 24 | 8.3% | 1.1% | ||
| Q2 24 | 8.0% | 0.7% | ||
| Q1 24 | 8.8% | 0.8% |
现金转化率CVXGLP
| Q4 25 | 3.89× | 4.03× | ||
| Q3 25 | 2.65× | 0.66× | ||
| Q2 25 | 3.44× | 8.58× | ||
| Q1 25 | 1.48× | -2.76× | ||
| Q4 24 | 2.68× | 2.82× | ||
| Q3 24 | 2.16× | 2.67× | ||
| Q2 24 | 1.42× | 0.53× | ||
| Q1 24 | 1.24× | — |
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
CVX
| Other | $17.5B | 38% |
| Downstream Segment | $16.8B | 37% |
| Upstream Segment | $11.5B | 25% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
