vs
Expeditors International（EXPD）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是Expeditors International的2.2倍（$6.2B vs $2.9B），联合太平洋净利率更高（27.4% vs 7.0%，领先20.3%），联合太平洋同比增速更快（3.2% vs -3.3%），联合太平洋自由现金流更多（$631.0M vs $270.3M），过去两年Expeditors International的营收复合增速更高（13.8% vs 1.7%）
美国财富500强物流服务企业，总部位于华盛顿州贝尔维尤，依托覆盖六大洲100余个国家超340个网点的全球网络及统一集成的技术系统，为客户提供高度优化的定制化供应链解决方案。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
EXPD vs UNP — 直观对比
营收规模更大
UNP
是对方的2.2倍
$2.9B
营收增速更快
UNP
高出6.5%
-3.3%
净利率更高
UNP
高出20.3%
7.0%
自由现金流更多
UNP
多$360.7M
$270.3M
两年增速更快
EXPD
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.9B | $6.2B |
| 净利润 | $200.7M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 8.8% | 39.5% |
| 净利率 | 7.0% | 27.4% |
| 营收同比 | -3.3% | 3.2% |
| 净利润同比 | -14.9% | 4.6% |
| 每股收益（稀释后） | $1.50 | $2.87 |
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EXPDUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $2.9B | $6.1B | ||
| Q3 25 | $2.9B | $6.2B | ||
| Q2 25 | $2.7B | $6.2B | ||
| Q1 25 | $2.7B | $6.0B | ||
| Q4 24 | $3.0B | $6.1B | ||
| Q3 24 | $3.0B | $6.1B | ||
| Q2 24 | $2.4B | $6.0B |
净利润EXPDUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $200.7M | $1.8B | ||
| Q3 25 | $222.3M | $1.8B | ||
| Q2 25 | $183.6M | $1.9B | ||
| Q1 25 | $203.8M | $1.6B | ||
| Q4 24 | $235.9M | $1.8B | ||
| Q3 24 | $229.6M | $1.7B | ||
| Q2 24 | $175.5M | $1.7B |
营业利润率EXPDUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 8.8% | 39.5% | ||
| Q3 25 | 10.0% | 40.8% | ||
| Q2 25 | 9.3% | 41.0% | ||
| Q1 25 | 10.0% | 39.3% | ||
| Q4 24 | 10.2% | 41.3% | ||
| Q3 24 | 10.1% | 39.7% | ||
| Q2 24 | 9.2% | 40.0% |
净利率EXPDUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 7.0% | 30.4% | ||
| Q3 25 | 7.7% | 28.6% | ||
| Q2 25 | 6.9% | 30.5% | ||
| Q1 25 | 7.6% | 27.0% | ||
| Q4 24 | 8.0% | 28.8% | ||
| Q3 24 | 7.7% | 27.4% | ||
| Q2 24 | 7.2% | 27.9% |
每股收益（稀释后）EXPDUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.50 | $3.12 | ||
| Q3 25 | $1.64 | $3.01 | ||
| Q2 25 | $1.34 | $3.15 | ||
| Q1 25 | $1.47 | $2.70 | ||
| Q4 24 | $1.68 | $2.91 | ||
| Q3 24 | $1.63 | $2.75 | ||
| Q2 24 | $1.24 | $2.74 |
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 | $1.3B | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.4B | — |
| 总资产 | $4.9B | $69.6B |
| 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EXPDUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $1.2B | $808.0M | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.3B | $947.0M | ||
| Q2 24 | $1.3B | $1.1B |
总债务EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $18.5B | ||
| Q3 25 | $2.3B | $17.3B | ||
| Q2 25 | $2.2B | $16.3B | ||
| Q1 25 | $2.3B | $16.0B | ||
| Q4 24 | $2.2B | $16.9B | ||
| Q3 24 | $2.4B | $16.6B | ||
| Q2 24 | $2.2B | $16.5B |
总资产EXPDUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $4.9B | $69.7B | ||
| Q3 25 | $4.8B | $68.6B | ||
| Q2 25 | $4.8B | $68.6B | ||
| Q1 25 | $4.8B | $68.5B | ||
| Q4 24 | $4.8B | $67.7B | ||
| Q3 24 | $5.2B | $67.6B | ||
| Q2 24 | $4.8B | $67.8B |
负债/权益比EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $283.3M | — |
| 自由现金流经营现金流 - 资本支出 | $270.3M | $631.0M |
| 自由现金流率自由现金流/营收 | 9.5% | 10.1% |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | 1.41× | — |
| 过去12个月自由现金流最近4个季度 | $953.4M | $4.8B |
8季度趋势，按日历期对齐
经营现金流EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | $283.3M | $2.2B | ||
| Q3 25 | $201.4M | $2.5B | ||
| Q2 25 | $179.2M | $2.3B | ||
| Q1 25 | $342.6M | $2.2B | ||
| Q4 24 | $249.7M | $2.7B | ||
| Q3 24 | $90.0M | $2.7B | ||
| Q2 24 | $126.8M | $1.9B |
自由现金流EXPDUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $270.3M | $1.2B | ||
| Q3 25 | $190.3M | $1.6B | ||
| Q2 25 | $163.3M | $1.4B | ||
| Q1 25 | $329.5M | $1.3B | ||
| Q4 24 | $239.7M | $1.7B | ||
| Q3 24 | $77.7M | $1.8B | ||
| Q2 24 | $118.8M | $1.0B |
自由现金流率EXPDUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 9.5% | 20.1% | ||
| Q3 25 | 6.6% | 25.2% | ||
| Q2 25 | 6.2% | 22.7% | ||
| Q1 25 | 12.4% | 21.6% | ||
| Q4 24 | 8.1% | 28.4% | ||
| Q3 24 | 2.6% | 29.9% | ||
| Q2 24 | 4.9% | 16.8% |
资本支出强度EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 16.4% | ||
| Q3 25 | 0.4% | 15.2% | ||
| Q2 25 | 0.6% | 15.2% | ||
| Q1 25 | 0.5% | 15.0% | ||
| Q4 24 | 0.3% | 15.1% | ||
| Q3 24 | 0.4% | 13.6% | ||
| Q2 24 | 0.3% | 15.0% |
现金转化率EXPDUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.41× | 1.20× | ||
| Q3 25 | 0.91× | 1.41× | ||
| Q2 25 | 0.98× | 1.24× | ||
| Q1 25 | 1.68× | 1.36× | ||
| Q4 24 | 1.06× | 1.51× | ||
| Q3 24 | 0.39× | 1.59× | ||
| Q2 24 | 0.72× | 1.14× |
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
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
