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达美航空（DAL）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
达美航空的季度营收约是贝宝的1.8倍（$16.0B vs $8.7B），达美航空同比增速更快（14.0% vs 3.7%），过去两年贝宝的营收复合增速更高（6.2% vs -2.0%）
达美航空是美国头部航空公司，总部位于佐治亚州亚特兰大，共设有9个航空枢纽，其中哈兹菲尔德-杰克逊亚特兰大国际机场是其客运量、出发班次最高的枢纽。旗下区域子公司及合作运营商以“达美连接”品牌运营，每日执飞超5400个航班，航线覆盖六大洲52个国家的325个目的地。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
DAL vs PYPL — 直观对比
营收规模更大
DAL
是对方的1.8倍
$8.7B
营收增速更快
DAL
高出10.3%
3.7%
两年增速更快
PYPL
近两年复合增速
-2.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $16.0B | $8.7B |
| 净利润 | — | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 9.2% | 17.4% |
| 净利率 | — | 16.6% |
| 营收同比 | 14.0% | 3.7% |
| 净利润同比 | — | 28.2% |
| 每股收益（稀释后） | $1.85 | $1.53 |
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DALPYPL
| Q1 26 | $16.0B | — | ||
| Q4 25 | $16.0B | $8.7B | ||
| Q3 25 | $16.7B | $8.4B | ||
| Q2 25 | $16.6B | $8.3B | ||
| Q1 25 | $14.0B | $7.8B | ||
| Q4 24 | $15.6B | $8.4B | ||
| Q3 24 | $15.7B | $7.8B | ||
| Q2 24 | $16.7B | $7.9B |
净利润DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $240.0M | $1.3B | ||
| Q4 24 | $843.0M | $1.1B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | $1.3B | $1.1B |
营业利润率DALPYPL
| Q1 26 | 9.2% | — | ||
| Q4 25 | 9.2% | 17.4% | ||
| Q3 25 | 10.1% | 18.1% | ||
| Q2 25 | 12.6% | 18.1% | ||
| Q1 25 | 4.1% | 19.6% | ||
| Q4 24 | 11.0% | 17.2% | ||
| Q3 24 | 8.9% | 17.7% | ||
| Q2 24 | 13.6% | 16.8% |
净利率DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 16.6% | ||
| Q3 25 | 8.5% | 14.8% | ||
| Q2 25 | 12.8% | 15.2% | ||
| Q1 25 | 1.7% | 16.5% | ||
| Q4 24 | 5.4% | 13.4% | ||
| Q3 24 | 8.1% | 12.9% | ||
| Q2 24 | 7.8% | 14.3% |
每股收益（稀释后）DALPYPL
| Q1 26 | $1.85 | — | ||
| Q4 25 | $1.85 | $1.53 | ||
| Q3 25 | $2.17 | $1.30 | ||
| Q2 25 | $3.27 | $1.29 | ||
| Q1 25 | $0.37 | $1.29 | ||
| Q4 24 | $1.29 | $1.09 | ||
| Q3 24 | $1.97 | $0.99 | ||
| Q2 24 | $2.01 | $1.08 |
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 | $4.3B | $10.4B |
| 总债务越低越好 | $12.5B | — |
| 股东权益账面价值 | $20.9B | $20.3B |
| 总资产 | $81.3B | $80.2B |
| 负债/权益比越低杠杆越低 | 0.60× | — |
8季度趋势，按日历期对齐
现金及短期投资DALPYPL
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.3B | $10.4B | ||
| Q3 25 | $3.8B | $10.8B | ||
| Q2 25 | $3.3B | $10.0B | ||
| Q1 25 | $3.7B | $11.2B | ||
| Q4 24 | $3.1B | $10.8B | ||
| Q3 24 | $4.0B | $11.9B | ||
| Q2 24 | $4.2B | $13.6B |
总债务DALPYPL
| Q1 26 | $12.5B | — | ||
| Q4 25 | $12.5B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.8B | — | ||
| Q1 25 | $12.9B | — | ||
| Q4 24 | $14.0B | — | ||
| Q3 24 | $14.4B | — | ||
| Q2 24 | $15.0B | — |
股东权益DALPYPL
| Q1 26 | $20.9B | — | ||
| Q4 25 | $20.9B | $20.3B | ||
| Q3 25 | $18.8B | $20.2B | ||
| Q2 25 | $17.4B | $20.2B | ||
| Q1 25 | $15.4B | $20.3B | ||
| Q4 24 | $15.3B | $20.4B | ||
| Q3 24 | $13.6B | $20.2B | ||
| Q2 24 | $12.4B | $20.6B |
总资产DALPYPL
| Q1 26 | $81.3B | — | ||
| Q4 25 | $81.3B | $80.2B | ||
| Q3 25 | $79.6B | $79.8B | ||
| Q2 25 | $78.4B | $79.8B | ||
| Q1 25 | $77.3B | $81.3B | ||
| Q4 24 | $75.4B | $81.6B | ||
| Q3 24 | $75.4B | $83.5B | ||
| Q2 24 | $75.2B | $84.0B |
负债/权益比DALPYPL
| Q1 26 | 0.60× | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.68× | — | ||
| Q2 25 | 0.74× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | 1.05× | — | ||
| Q2 24 | 1.21× | — |
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 | — | $2.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 25.2% |
| 资本支出强度资本支出/营收 | — | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.66× |
| 过去12个月自由现金流最近4个季度 | — | $5.6B |
8季度趋势，按日历期对齐
经营现金流DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $2.4B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.9B | $898.0M | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $1.9B | $2.4B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | $2.4B | $1.5B |
自由现金流DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $687.0M | $1.7B | ||
| Q2 25 | $648.0M | $692.0M | ||
| Q1 25 | $1.2B | $964.0M | ||
| Q4 24 | $583.0M | $2.2B | ||
| Q3 24 | $-54.0M | $1.4B | ||
| Q2 24 | $1.1B | $1.4B |
自由现金流率DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | 25.2% | ||
| Q3 25 | 4.1% | 20.4% | ||
| Q2 25 | 3.9% | 8.3% | ||
| Q1 25 | 8.2% | 12.4% | ||
| Q4 24 | 3.7% | 26.2% | ||
| Q3 24 | -0.3% | 18.4% | ||
| Q2 24 | 6.8% | 17.3% |
资本支出强度DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | 5.7% | 2.2% | ||
| Q3 25 | 7.0% | 3.0% | ||
| Q2 25 | 7.3% | 2.5% | ||
| Q1 25 | 8.7% | 2.5% | ||
| Q4 24 | 8.4% | 2.4% | ||
| Q3 24 | 8.5% | 2.2% | ||
| Q2 24 | 7.9% | 2.0% |
现金转化率DALPYPL
| Q1 26 | — | — | ||
| Q4 25 | 1.86× | 1.66× | ||
| Q3 25 | 1.30× | 1.58× | ||
| Q2 25 | 0.87× | 0.71× | ||
| Q1 25 | 9.91× | 0.90× | ||
| Q4 24 | 2.25× | 2.14× | ||
| Q3 24 | 1.00× | 1.60× | ||
| Q2 24 | 1.88× | 1.35× |
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
DAL
| Passenger Air Traffic | $10.8B | 67% |
| Product And Service Other Refinery | $1.7B | 10% |
| Product And Service Other Loyalty Program | $1.2B | 8% |
| Passenger Loyalty Travel Awards | $1.0B | 6% |
| Passenger Travel Related Services | $506.0M | 3% |
| Product And Service Other Ancillary Businesses | $380.0M | 2% |
| Cargo And Freight | $226.0M | 1% |
| Product And Service Other Miscellaneous | $71.0M | 0% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
