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雪佛龙（CVX）与Oneok（OKE）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Oneok的5.1倍（$45.8B vs $9.1B）。Oneok净利率更高（10.8% vs 6.0%，领先4.7%）。Oneok同比增速更快（29.5% vs -5.3%）。雪佛龙自由现金流更多（$5.5B vs $576.0M）。过去两年Oneok的营收复合增速更高（37.7% 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。
ONEOK是美国油气中游领域运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及储存服务，位列财富500强及标普500指数成分股。公司前身为1906年成立的俄克拉荷马天然气公司，1980年正式更名为ONEOK。
CVX vs OKE — 直观对比
营收规模更大
CVX
是对方的5.1倍
$9.1B
营收增速更快
OKE
高出34.8%
-5.3%
净利率更高
OKE
高出4.7%
6.0%
自由现金流更多
CVX
多$4.9B
$576.0M
两年增速更快
OKE
近两年复合增速
-0.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $45.8B | $9.1B |
| 净利润 | $2.8B | $977.0M |
| 毛利率 | 44.6% | 29.4% |
| 营业利润率 | 10.0% | 16.9% |
| 净利率 | 6.0% | 10.8% |
| 营收同比 | -5.3% | 29.5% |
| 净利润同比 | -14.5% | 5.9% |
| 每股收益（稀释后） | $1.36 | $1.55 |
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CVXOKE
| Q4 25 | $45.8B | $9.1B | ||
| Q3 25 | $48.2B | $8.6B | ||
| Q2 25 | $44.4B | $7.9B | ||
| Q1 25 | $46.1B | $8.0B | ||
| Q4 24 | $48.3B | $7.0B | ||
| Q3 24 | $48.9B | $5.0B | ||
| Q2 24 | $49.6B | $4.9B | ||
| Q1 24 | $46.6B | $4.8B |
净利润CVXOKE
| Q4 25 | $2.8B | $977.0M | ||
| Q3 25 | $3.5B | $939.0M | ||
| Q2 25 | $2.5B | $841.0M | ||
| Q1 25 | $3.5B | $636.0M | ||
| Q4 24 | $3.2B | $923.0M | ||
| Q3 24 | $4.5B | $693.0M | ||
| Q2 24 | $4.4B | $780.0M | ||
| Q1 24 | $5.5B | $639.0M |
毛利率CVXOKE
| Q4 25 | 44.6% | 29.4% | ||
| Q3 25 | 43.1% | 30.9% | ||
| Q2 25 | 39.5% | 32.0% | ||
| Q1 25 | 37.9% | 29.7% | ||
| Q4 24 | 37.6% | 35.8% | ||
| Q3 24 | 37.8% | 39.7% | ||
| Q2 24 | 37.7% | 40.9% | ||
| Q1 24 | 40.4% | 39.4% |
营业利润率CVXOKE
| Q4 25 | 10.0% | 16.9% | ||
| Q3 25 | 11.2% | 18.0% | ||
| Q2 25 | 9.3% | 18.1% | ||
| Q1 25 | 12.1% | 15.2% | ||
| Q4 24 | 12.5% | 22.4% | ||
| Q3 24 | 13.3% | 22.5% | ||
| Q2 24 | 14.2% | 25.1% | ||
| Q1 24 | 17.0% | 22.3% |
净利率CVXOKE
| Q4 25 | 6.0% | 10.8% | ||
| Q3 25 | 7.3% | 10.9% | ||
| Q2 25 | 5.6% | 10.7% | ||
| Q1 25 | 7.6% | 7.9% | ||
| Q4 24 | 6.7% | 13.2% | ||
| Q3 24 | 9.2% | 13.8% | ||
| Q2 24 | 8.9% | 15.9% | ||
| Q1 24 | 11.8% | 13.4% |
每股收益（稀释后）CVXOKE
| Q4 25 | $1.36 | $1.55 | ||
| Q3 25 | $1.82 | $1.49 | ||
| Q2 25 | $1.45 | $1.34 | ||
| Q1 25 | $2.00 | $1.04 | ||
| Q4 24 | $1.84 | $1.57 | ||
| Q3 24 | $2.48 | $1.18 | ||
| Q2 24 | $2.43 | $1.33 | ||
| Q1 24 | $2.97 | $1.09 |
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 | — | $78.0M |
| 总债务越低越好 | $39.8B | — |
| 股东权益账面价值 | $186.4B | $22.5B |
| 总资产 | $324.0B | $66.6B |
| 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CVXOKE
| Q4 25 | — | $78.0M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $97.0M | ||
| Q1 25 | — | $141.0M | ||
| Q4 24 | — | $733.0M | ||
| Q3 24 | — | $579.0M | ||
| Q2 24 | $4.0B | $36.0M | ||
| Q1 24 | $6.3B | $65.0M |
总债务CVXOKE
| Q4 25 | $39.8B | — | ||
| Q3 25 | — | $33.7B | ||
| Q2 25 | — | $31.3B | ||
| Q1 25 | — | $31.8B | ||
| Q4 24 | $20.1B | $32.1B | ||
| Q3 24 | — | $28.1B | ||
| Q2 24 | — | $21.7B | ||
| Q1 24 | — | $21.7B |
股东权益CVXOKE
| Q4 25 | $186.4B | $22.5B | ||
| Q3 25 | $189.8B | $22.1B | ||
| Q2 25 | $146.4B | $21.8B | ||
| Q1 25 | $149.2B | $21.4B | ||
| Q4 24 | $152.3B | $17.0B | ||
| Q3 24 | $156.2B | $16.9B | ||
| Q2 24 | $159.2B | $16.7B | ||
| Q1 24 | $160.6B | $16.4B |
总资产CVXOKE
| Q4 25 | $324.0B | $66.6B | ||
| Q3 25 | $326.5B | $66.6B | ||
| Q2 25 | $250.8B | $64.5B | ||
| Q1 25 | $256.4B | $64.3B | ||
| Q4 24 | $256.9B | $64.1B | ||
| Q3 24 | $259.2B | $51.0B | ||
| Q2 24 | $260.6B | $44.5B | ||
| Q1 24 | $261.7B | $44.4B |
负债/权益比CVXOKE
| Q4 25 | 0.21× | — | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | 1.43× | ||
| Q1 25 | — | 1.49× | ||
| Q4 24 | 0.13× | 1.88× | ||
| Q3 24 | — | 1.66× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 1.32× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $5.5B | $576.0M |
| 自由现金流率自由现金流/营收 | 12.1% | 6.4% |
| 资本支出强度资本支出/营收 | 11.5% | 10.7% |
| 现金转化率经营现金流/净利润 | 3.89× | 1.58× |
| 过去12个月自由现金流最近4个季度 | $16.6B | $2.4B |
8季度趋势，按日历期对齐
经营现金流CVXOKE
| Q4 25 | $10.8B | $1.5B | ||
| Q3 25 | $9.4B | $1.6B | ||
| Q2 25 | $8.6B | $1.5B | ||
| Q1 25 | $5.2B | $904.0M | ||
| Q4 24 | $8.7B | $1.6B | ||
| Q3 24 | $9.7B | $1.3B | ||
| Q2 24 | $6.3B | $1.4B | ||
| Q1 24 | $6.8B | $596.0M |
自由现金流CVXOKE
| Q4 25 | $5.5B | $576.0M | ||
| Q3 25 | $4.9B | $820.0M | ||
| Q2 25 | $4.9B | $776.0M | ||
| Q1 25 | $1.3B | $275.0M | ||
| Q4 24 | $4.4B | $1.0B | ||
| Q3 24 | $5.6B | $783.0M | ||
| Q2 24 | $2.3B | $951.0M | ||
| Q1 24 | $2.7B | $84.0M |
自由现金流率CVXOKE
| Q4 25 | 12.1% | 6.4% | ||
| Q3 25 | 10.3% | 9.5% | ||
| Q2 25 | 11.0% | 9.8% | ||
| Q1 25 | 2.7% | 3.4% | ||
| Q4 24 | 9.0% | 15.0% | ||
| Q3 24 | 11.5% | 15.6% | ||
| Q2 24 | 4.7% | 19.4% | ||
| Q1 24 | 5.9% | 1.8% |
资本支出强度CVXOKE
| Q4 25 | 11.5% | 10.7% | ||
| Q3 25 | 9.2% | 9.3% | ||
| Q2 25 | 8.4% | 9.5% | ||
| Q1 25 | 8.5% | 7.8% | ||
| Q4 24 | 9.0% | 8.0% | ||
| Q3 24 | 8.3% | 9.3% | ||
| Q2 24 | 8.0% | 9.8% | ||
| Q1 24 | 8.8% | 10.7% |
现金转化率CVXOKE
| Q4 25 | 3.89× | 1.58× | ||
| Q3 25 | 2.65× | 1.73× | ||
| Q2 25 | 3.44× | 1.81× | ||
| Q1 25 | 1.48× | 1.42× | ||
| Q4 24 | 2.68× | 1.75× | ||
| Q3 24 | 2.16× | 1.81× | ||
| Q2 24 | 1.42× | 1.83× | ||
| Q1 24 | 1.24× | 0.93× |
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% |
OKE
| Natural Gas Liquids | $4.0B | 44% |
| Natural Gas Gathering And Processing | $1.8B | 20% |
| Services | $1.2B | 14% |
| Liquids Commodity | $979.0M | 11% |
| Wholly Owned Interstate Natural Gas Pipelines | $527.0M | 6% |
| Exchange Services And Natural Gas Gathering And Processing Revenue | $365.0M | 4% |
| Transportationand Storage Revenue | $108.0M | 1% |
| Other | $12.0M | 0% |
