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华特迪士尼（DIS）与高盛（GS）财务数据对比。点击上方公司名可切换其他公司
华特迪士尼的季度营收约是高盛的1.9倍（$26.0B vs $13.5B），高盛净利率更高（34.3% vs 9.2%，领先25.1%），华特迪士尼自由现金流更多（$-2.3B vs $-16.8B）
华特迪士尼是总部位于美国加利福尼亚州伯班克的跨国大众传媒及娱乐综合集团，1923年10月16日由华特·迪士尼与罗伊·奥利弗·迪士尼兄弟以动画工作室名义创立，后数度更名，于1986年正式采用现名，在全球娱乐产业拥有极高影响力。
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
DIS vs GS — 直观对比
营收规模更大
DIS
是对方的1.9倍
$13.5B
净利率更高
GS
高出25.1%
9.2%
自由现金流更多
DIS
多$14.5B
$-16.8B
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $26.0B | $13.5B |
| 净利润 | $2.4B | $4.6B |
| 毛利率 | — | — |
| 营业利润率 | 17.7% | 43.5% |
| 净利率 | 9.2% | 34.3% |
| 营收同比 | 5.2% | — |
| 净利润同比 | -6.0% | — |
| 每股收益（稀释后） | $1.34 | $14.04 |
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DISGS
| Q4 25 | $26.0B | $13.5B | ||
| Q3 25 | $22.5B | $15.2B | ||
| Q2 25 | $23.6B | $14.6B | ||
| Q1 25 | $23.6B | $15.1B | ||
| Q4 24 | $24.7B | — | ||
| Q3 24 | $22.6B | $12.7B | ||
| Q2 24 | $23.2B | $12.7B | ||
| Q1 24 | $22.1B | $14.2B |
净利润DISGS
| Q4 25 | $2.4B | $4.6B | ||
| Q3 25 | $1.3B | $4.1B | ||
| Q2 25 | $5.3B | $3.7B | ||
| Q1 25 | $3.3B | $4.7B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $460.0M | $3.0B | ||
| Q2 24 | $2.6B | $3.0B | ||
| Q1 24 | $-20.0M | $4.1B |
营业利润率DISGS
| Q4 25 | 17.7% | 43.5% | ||
| Q3 25 | 15.5% | 35.5% | ||
| Q2 25 | 19.3% | 34.0% | ||
| Q1 25 | 18.8% | 37.5% | ||
| Q4 24 | 20.5% | — | ||
| Q3 24 | 16.2% | 31.4% | ||
| Q2 24 | 18.2% | 30.8% | ||
| Q1 24 | 17.4% | 36.8% |
净利率DISGS
| Q4 25 | 9.2% | 34.3% | ||
| Q3 25 | 5.8% | 27.0% | ||
| Q2 25 | 22.2% | 25.5% | ||
| Q1 25 | 13.9% | 31.5% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 2.0% | 23.5% | ||
| Q2 24 | 11.3% | 23.9% | ||
| Q1 24 | -0.1% | 29.1% |
每股收益（稀释后）DISGS
| Q4 25 | $1.34 | $14.04 | ||
| Q3 25 | $0.72 | $12.25 | ||
| Q2 25 | $2.92 | $10.91 | ||
| Q1 25 | $1.81 | $14.12 | ||
| Q4 24 | $1.40 | — | ||
| Q3 24 | $0.26 | $8.40 | ||
| Q2 24 | $1.43 | $8.62 | ||
| Q1 24 | $-0.01 | $11.58 |
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 | $5.7B | $164.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $108.5B | $125.0B |
| 总资产 | $202.1B | $1809.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DISGS
| Q4 25 | $5.7B | $164.3B | ||
| Q3 25 | $5.7B | $169.6B | ||
| Q2 25 | $5.4B | $153.0B | ||
| Q1 25 | $5.9B | $167.4B | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $6.0B | $154.7B | ||
| Q2 24 | $6.0B | $206.3B | ||
| Q1 24 | $6.6B | $209.4B |
总债务DISGS
| Q4 25 | — | — | ||
| Q3 25 | $42.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $45.8B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DISGS
| Q4 25 | $108.5B | $125.0B | ||
| Q3 25 | $109.9B | $124.4B | ||
| Q2 25 | $109.1B | $124.1B | ||
| Q1 25 | $104.3B | $124.3B | ||
| Q4 24 | $101.9B | — | ||
| Q3 24 | $100.7B | $121.2B | ||
| Q2 24 | $100.6B | $119.5B | ||
| Q1 24 | $99.3B | $118.5B |
总资产DISGS
| Q4 25 | $202.1B | $1809.3B | ||
| Q3 25 | $197.5B | $1808.0B | ||
| Q2 25 | $196.6B | $1785.0B | ||
| Q1 25 | $195.8B | $1766.2B | ||
| Q4 24 | $197.0B | — | ||
| Q3 24 | $196.2B | $1728.1B | ||
| Q2 24 | $197.8B | $1653.3B | ||
| Q1 24 | $195.1B | $1698.4B |
负债/权益比DISGS
| Q4 25 | — | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.45× | — | ||
| 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 | $735.0M | $-16.3B |
| 自由现金流经营现金流 - 资本支出 | $-2.3B | $-16.8B |
| 自由现金流率自由现金流/营收 | -8.8% | -124.9% |
| 资本支出强度资本支出/营收 | 11.6% | 3.9% |
| 现金转化率经营现金流/净利润 | 0.31× | -3.53× |
| 过去12个月自由现金流最近4个季度 | $7.1B | $-47.2B |
8季度趋势，按日历期对齐
经营现金流DISGS
| Q4 25 | $735.0M | $-16.3B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $3.7B | $5.7B | ||
| Q1 25 | $6.8B | $-37.2B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $3.7B | $-28.0B |
自由现金流DISGS
| Q4 25 | $-2.3B | $-16.8B | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $1.9B | $5.2B | ||
| Q1 25 | $4.9B | $-37.7B | ||
| Q4 24 | $739.0M | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $2.4B | $-28.5B |
自由现金流率DISGS
| Q4 25 | -8.8% | -124.9% | ||
| Q3 25 | 11.4% | 14.0% | ||
| Q2 25 | 8.0% | 35.6% | ||
| Q1 25 | 20.7% | -250.5% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 5.3% | — | ||
| Q1 24 | 10.9% | -200.8% |
资本支出强度DISGS
| Q4 25 | 11.6% | 3.9% | ||
| Q3 25 | 8.5% | 3.7% | ||
| Q2 25 | 7.5% | 3.3% | ||
| Q1 25 | 7.9% | 3.3% | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 5.7% | 3.5% |
现金转化率DISGS
| Q4 25 | 0.31× | -3.53× | ||
| Q3 25 | 3.41× | 0.65× | ||
| Q2 25 | 0.70× | 1.52× | ||
| Q1 25 | 2.06× | -7.86× | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 12.00× | — | ||
| Q2 24 | 0.99× | — | ||
| Q1 24 | — | -6.79× |
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
DIS
| Subscription And Affiliate Fees | $7.3B | 28% |
| Sports Segment | $4.9B | 19% |
| Sports Third Party | $4.5B | 17% |
| Products | $2.8B | 11% |
| Resortandvacations | $2.4B | 9% |
| Content Sales | $1.9B | 7% |
| Advertising | $1.8B | 7% |
| Other Revenue | $455.0M | 2% |
| License | $193.0M | 1% |
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
