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达美航空（DAL）与高通（QCOM）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高通的1.5倍（$16.0B vs $10.6B），达美航空同比增速更快（14.0% vs -3.5%），过去两年高通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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
DAL vs QCOM — 直观对比
营收规模更大
DAL
是对方的1.5倍
$10.6B
营收增速更快
DAL
高出17.4%
-3.5%
两年增速更快
QCOM
近两年复合增速
-2.0%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $16.0B | $10.6B |
| 净利润 | — | $7.4B |
| 毛利率 | — | 53.8% |
| 营业利润率 | 9.2% | 21.8% |
| 净利率 | — | 69.5% |
| 营收同比 | 14.0% | -3.5% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.85 | $6.88 |
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DALQCOM
| Q1 26 | $16.0B | $10.6B | ||
| Q4 25 | $16.0B | $12.3B | ||
| Q3 25 | $16.7B | $11.3B | ||
| Q2 25 | $16.6B | $10.4B | ||
| Q1 25 | $14.0B | $11.0B | ||
| Q4 24 | $15.6B | $11.7B | ||
| Q3 24 | $15.7B | $10.2B | ||
| Q2 24 | $16.7B | $9.4B |
净利润DALQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $1.2B | $3.0B | ||
| Q3 25 | $1.4B | $-3.1B | ||
| Q2 25 | $2.1B | $2.7B | ||
| Q1 25 | $240.0M | $2.8B | ||
| Q4 24 | $843.0M | $3.2B | ||
| Q3 24 | $1.3B | $2.9B | ||
| Q2 24 | $1.3B | $2.1B |
毛利率DALQCOM
| Q1 26 | — | 53.8% | ||
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% |
营业利润率DALQCOM
| Q1 26 | 9.2% | 21.8% | ||
| Q4 25 | 9.2% | 27.5% | ||
| Q3 25 | 10.1% | 25.9% | ||
| Q2 25 | 12.6% | 26.6% | ||
| Q1 25 | 4.1% | 28.4% | ||
| Q4 24 | 11.0% | 30.5% | ||
| Q3 24 | 8.9% | 25.2% | ||
| Q2 24 | 13.6% | 23.6% |
净利率DALQCOM
| Q1 26 | — | 69.5% | ||
| Q4 25 | 7.6% | 24.5% | ||
| Q3 25 | 8.5% | -27.7% | ||
| Q2 25 | 12.8% | 25.7% | ||
| Q1 25 | 1.7% | 25.6% | ||
| Q4 24 | 5.4% | 27.3% | ||
| Q3 24 | 8.1% | 28.5% | ||
| Q2 24 | 7.8% | 22.7% |
每股收益（稀释后）DALQCOM
| Q1 26 | $1.85 | $6.88 | ||
| Q4 25 | $1.85 | $2.78 | ||
| Q3 25 | $2.17 | $-2.77 | ||
| Q2 25 | $3.27 | $2.43 | ||
| Q1 25 | $0.37 | $2.52 | ||
| Q4 24 | $1.29 | $2.83 | ||
| Q3 24 | $1.97 | $2.57 | ||
| Q2 24 | $2.01 | $1.88 |
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 | $5.4B |
| 总债务越低越好 | $12.5B | $15.3B |
| 股东权益账面价值 | $20.9B | $27.3B |
| 总资产 | $81.3B | $57.1B |
| 负债/权益比越低杠杆越低 | 0.60× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资DALQCOM
| Q1 26 | $4.3B | $5.4B | ||
| Q4 25 | $4.3B | $11.8B | ||
| Q3 25 | $3.8B | $10.2B | ||
| Q2 25 | $3.3B | $10.0B | ||
| Q1 25 | $3.7B | $13.8B | ||
| Q4 24 | $3.1B | $14.3B | ||
| Q3 24 | $4.0B | $13.3B | ||
| Q2 24 | $4.2B | $13.0B |
总债务DALQCOM
| Q1 26 | $12.5B | $15.3B | ||
| Q4 25 | $12.5B | $14.8B | ||
| Q3 25 | $12.8B | $14.8B | ||
| Q2 25 | $12.8B | $14.8B | ||
| Q1 25 | $12.9B | $13.3B | ||
| Q4 24 | $14.0B | $13.2B | ||
| Q3 24 | $14.4B | $13.3B | ||
| Q2 24 | $15.0B | $13.2B |
股东权益DALQCOM
| Q1 26 | $20.9B | $27.3B | ||
| Q4 25 | $20.9B | $23.1B | ||
| Q3 25 | $18.8B | $21.2B | ||
| Q2 25 | $17.4B | $27.2B | ||
| Q1 25 | $15.4B | $27.7B | ||
| Q4 24 | $15.3B | $26.9B | ||
| Q3 24 | $13.6B | $26.3B | ||
| Q2 24 | $12.4B | $24.7B |
总资产DALQCOM
| Q1 26 | $81.3B | $57.1B | ||
| Q4 25 | $81.3B | $53.0B | ||
| Q3 25 | $79.6B | $50.1B | ||
| Q2 25 | $78.4B | $54.9B | ||
| Q1 25 | $77.3B | $55.4B | ||
| Q4 24 | $75.4B | $55.6B | ||
| Q3 24 | $75.4B | $55.2B | ||
| Q2 24 | $75.2B | $52.7B |
负债/权益比DALQCOM
| Q1 26 | 0.60× | 0.56× | ||
| Q4 25 | 0.60× | 0.64× | ||
| Q3 25 | 0.68× | 0.70× | ||
| Q2 25 | 0.74× | 0.54× | ||
| Q1 25 | 0.83× | 0.48× | ||
| Q4 24 | 0.92× | 0.49× | ||
| Q3 24 | 1.05× | 0.51× | ||
| Q2 24 | 1.21× | 0.53× |
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 | — | $7.4B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 10.2% |
| 现金转化率经营现金流/净利润 | — | 1.01× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DALQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $2.3B | $5.0B | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | $2.4B | $2.6B | ||
| Q4 24 | $1.9B | $4.6B | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | $2.4B | $3.1B |
自由现金流DALQCOM
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $4.4B | ||
| Q3 25 | $687.0M | $3.6B | ||
| Q2 25 | $648.0M | $2.6B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $583.0M | $4.3B | ||
| Q3 24 | $-54.0M | $2.4B | ||
| Q2 24 | $1.1B | $2.7B |
自由现金流率DALQCOM
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | 36.0% | ||
| Q3 25 | 4.1% | 31.8% | ||
| Q2 25 | 3.9% | 24.9% | ||
| Q1 25 | 8.2% | 21.3% | ||
| Q4 24 | 3.7% | 36.9% | ||
| Q3 24 | -0.3% | 23.3% | ||
| Q2 24 | 6.8% | 28.4% |
资本支出强度DALQCOM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 5.7% | 4.5% | ||
| Q3 25 | 7.0% | 3.6% | ||
| Q2 25 | 7.3% | 2.8% | ||
| Q1 25 | 8.7% | 1.9% | ||
| Q4 24 | 8.4% | 2.4% | ||
| Q3 24 | 8.5% | 2.5% | ||
| Q2 24 | 7.9% | 4.1% |
现金转化率DALQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | 1.86× | 1.65× | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 0.87× | 1.08× | ||
| Q1 25 | 9.91× | 0.91× | ||
| Q4 24 | 2.25× | 1.44× | ||
| Q3 24 | 1.00× | 0.91× | ||
| Q2 24 | 1.88× | 1.43× |
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% |
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
