vs
美国艺电（EA）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是美国艺电的2.1倍（$4.0B vs $1.9B），网易净利率更高（31.0% vs 4.6%，领先26.4%），过去两年网易的营收复合增速更高（9.7% vs 3.4%）
美国艺电（EA）是总部位于美国加利福尼亚州雷德伍德城的电子游戏企业，1982年5月由前苹果员工特里普·霍金斯创立。作为早期家用电脑游戏行业的先驱，公司将旗下游戏设计师与程序员称作“软件艺术家”，是全球知名的游戏厂商。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
EA vs NTES — 直观对比
营收规模更大
NTES
是对方的2.1倍
$1.9B
净利率更高
NTES
高出26.4%
4.6%
两年增速更快
NTES
近两年复合增速
3.4%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $4.0B |
| 净利润 | $88.0M | $1.2B |
| 毛利率 | 73.8% | 64.1% |
| 营业利润率 | 6.7% | 28.3% |
| 净利率 | 4.6% | 31.0% |
| 营收同比 | 1.0% | — |
| 净利润同比 | -70.0% | — |
| 每股收益（稀释后） | $0.35 | — |
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EANTES
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $4.0B | ||
| Q2 25 | $1.7B | $3.9B | ||
| Q1 25 | $1.9B | $4.0B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | $3.7B | ||
| Q2 24 | $1.7B | $3.5B | ||
| Q1 24 | $1.8B | $3.7B |
净利润EANTES
| Q4 25 | $88.0M | — | ||
| Q3 25 | $137.0M | $1.2B | ||
| Q2 25 | $201.0M | $1.3B | ||
| Q1 25 | $254.0M | $1.5B | ||
| Q4 24 | $293.0M | — | ||
| Q3 24 | $294.0M | $955.7M | ||
| Q2 24 | $280.0M | $939.6M | ||
| Q1 24 | $182.0M | $1.1B |
毛利率EANTES
| Q4 25 | 73.8% | — | ||
| Q3 25 | 75.9% | 64.1% | ||
| Q2 25 | 83.3% | 64.7% | ||
| Q1 25 | 80.6% | 64.1% | ||
| Q4 24 | 75.8% | — | ||
| Q3 24 | 77.5% | 62.9% | ||
| Q2 24 | 84.2% | 62.9% | ||
| Q1 24 | 79.9% | 63.4% |
营业利润率EANTES
| Q4 25 | 6.7% | — | ||
| Q3 25 | 10.9% | 28.3% | ||
| Q2 25 | 16.2% | 32.5% | ||
| Q1 25 | 20.8% | 36.2% | ||
| Q4 24 | 20.0% | — | ||
| Q3 24 | 19.0% | 27.3% | ||
| Q2 24 | 21.9% | 27.4% | ||
| Q1 24 | 13.2% | 28.4% |
净利率EANTES
| Q4 25 | 4.6% | — | ||
| Q3 25 | 7.4% | 31.0% | ||
| Q2 25 | 12.0% | 32.6% | ||
| Q1 25 | 13.4% | 36.6% | ||
| Q4 24 | 15.6% | — | ||
| Q3 24 | 14.5% | 25.6% | ||
| Q2 24 | 16.9% | 26.8% | ||
| Q1 24 | 10.2% | 29.1% |
每股收益（稀释后）EANTES
| Q4 25 | $0.35 | — | ||
| Q3 25 | $0.54 | — | ||
| Q2 25 | $0.79 | — | ||
| Q1 25 | $0.99 | — | ||
| Q4 24 | $1.11 | — | ||
| Q3 24 | $1.11 | — | ||
| Q2 24 | $1.04 | — | ||
| Q1 24 | $0.67 | — |
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 | $2.8B | $31.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.2B | $160.8B |
| 总资产 | $13.3B | $214.5B |
| 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EANTES
| Q4 25 | $2.8B | — | ||
| Q3 25 | $1.1B | $31.3B | ||
| Q2 25 | $1.5B | $54.4B | ||
| Q1 25 | $2.1B | $41.7B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.2B | $20.2B | ||
| Q2 24 | $2.4B | $19.0B | ||
| Q1 24 | $2.9B | $43.0B |
股东权益EANTES
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.0B | $160.8B | ||
| Q2 25 | $6.1B | $154.0B | ||
| Q1 25 | $6.4B | $147.8B | ||
| Q4 24 | $7.4B | — | ||
| Q3 24 | $7.4B | $135.6B | ||
| Q2 24 | $7.4B | $134.2B | ||
| Q1 24 | $7.5B | $130.5B |
总资产EANTES
| Q4 25 | $13.3B | — | ||
| Q3 25 | $11.9B | $214.5B | ||
| Q2 25 | $11.7B | $208.5B | ||
| Q1 25 | $12.4B | $200.9B | ||
| Q4 24 | $13.5B | — | ||
| Q3 24 | $13.1B | $184.9B | ||
| Q2 24 | $12.7B | $183.3B | ||
| Q1 24 | $13.4B | $195.1B |
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 | $1.8B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | — | $1.8B |
| 自由现金流率自由现金流/营收 | — | 44.7% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 20.75× | 1.47× |
| 过去12个月自由现金流最近4个季度 | — | $6.3B |
8季度趋势，按日历期对齐
经营现金流EANTES
| Q4 25 | $1.8B | — | ||
| Q3 25 | $130.0M | $1.8B | ||
| Q2 25 | $17.0M | $1.5B | ||
| Q1 25 | $549.0M | $1.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $234.0M | $1.5B | ||
| Q2 24 | $120.0M | $898.8M | ||
| Q1 24 | $580.0M | $1.3B |
自由现金流EANTES
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B |
自由现金流率EANTES
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% |
资本支出强度EANTES
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% |
现金转化率EANTES
| Q4 25 | 20.75× | — | ||
| Q3 25 | 0.95× | 1.47× | ||
| Q2 25 | 0.08× | 1.20× | ||
| Q1 25 | 2.16× | 1.15× | ||
| Q4 24 | 4.01× | — | ||
| Q3 24 | 0.80× | 1.58× | ||
| Q2 24 | 0.43× | 0.96× | ||
| Q1 24 | 3.19× | 1.22× |
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
EA
| Live Services And Other Net Revenue | $1.3B | 67% |
| PC And Other Net Revenue | $465.0M | 24% |
| Packaged Goods Net Revenue | $86.0M | 5% |
| Other | $56.0M | 3% |
| Estimated Service Offering Period | $25.0M | 1% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
