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GLOBAL PARTNERS LP（GLP）与ICAHN ENTERPRISES L.P.（IEP）财务数据对比。点击上方公司名可切换其他公司
ICAHN ENTERPRISES L.P.的季度营收约是GLOBAL PARTNERS LP的1.2倍（$2.7B vs $2.2B），GLOBAL PARTNERS LP净利率更高（1.1% vs 0.0%，领先1.1%），GLOBAL PARTNERS LP同比增速更快（7.0% vs 5.4%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-496.0M），过去两年ICAHN ENTERPRISES L.P.的营收复合增速更高（4.5% vs 0.2%）
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
伊坎企业有限合伙企业是美国上市的 Master 有限合伙企业与多元化集团，总部位于佛罗里达州阳光岛海滩的弥尔顿大厦。公司投资布局覆盖能源、汽车、食品包装、金属、房地产、家居时尚等多个领域，由知名投资人卡尔·伊坎控股，其持股比例达86%。
GLP vs IEP — 直观对比
营收规模更大
IEP
是对方的1.2倍
$2.2B
营收增速更快
GLP
高出1.6%
5.4%
净利率更高
GLP
高出1.1%
0.0%
自由现金流更多
GLP
多$558.2M
$-496.0M
两年增速更快
IEP
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.7B |
| 净利润 | $25.1M | $1.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 0.6% |
| 净利率 | 1.1% | 0.0% |
| 营收同比 | 7.0% | 5.4% |
| 净利润同比 | 5.0% | 101.0% |
| 每股收益（稀释后） | — | — |
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GLPIEP
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.2B | $2.7B | ||
| Q2 25 | $2.1B | $2.4B | ||
| Q1 25 | $2.2B | $1.9B | ||
| Q4 24 | $2.1B | $2.6B | ||
| Q3 24 | $2.1B | $2.8B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | $2.2B | $2.5B |
净利润GLPIEP
| Q4 25 | $25.1M | $1.0M | ||
| Q3 25 | $29.0M | $287.0M | ||
| Q2 25 | $25.2M | $-165.0M | ||
| Q1 25 | $18.7M | $-422.0M | ||
| Q4 24 | $23.9M | $-98.0M | ||
| Q3 24 | $45.9M | $22.0M | ||
| Q2 24 | $46.1M | $-331.0M | ||
| Q1 24 | $-5.6M | $-38.0M |
毛利率GLPIEP
| Q4 25 | 11.9% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 9.8% | — |
营业利润率GLPIEP
| Q4 25 | 2.6% | 0.6% | ||
| Q3 25 | 2.7% | 19.7% | ||
| Q2 25 | 2.9% | -10.4% | ||
| Q1 25 | 2.6% | -35.0% | ||
| Q4 24 | 2.8% | -5.2% | ||
| Q3 24 | 3.9% | 2.4% | ||
| Q2 24 | 3.7% | -21.9% | ||
| Q1 24 | 1.2% | -0.8% |
净利率GLPIEP
| Q4 25 | 1.1% | 0.0% | ||
| Q3 25 | 1.3% | 10.5% | ||
| Q2 25 | 1.2% | -7.0% | ||
| Q1 25 | 0.9% | -22.6% | ||
| Q4 24 | 1.2% | -3.8% | ||
| Q3 24 | 2.1% | 0.8% | ||
| Q2 24 | 2.0% | -15.0% | ||
| Q1 24 | -0.3% | -1.5% |
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 | — | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | — |
| 总资产 | $3.9B | $14.2B |
| 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GLPIEP
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.5B |
总资产GLPIEP
| Q4 25 | $3.9B | $14.2B | ||
| Q3 25 | $3.7B | $14.8B | ||
| Q2 25 | $3.8B | $14.8B | ||
| Q1 25 | $3.8B | $15.5B | ||
| Q4 24 | $3.8B | $16.3B | ||
| Q3 24 | $3.7B | $17.4B | ||
| Q2 24 | $3.8B | $18.0B | ||
| Q1 24 | $3.5B | $20.1B |
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 | $101.0M | $-421.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-496.0M |
| 自由现金流率自由现金流/营收 | 2.8% | -18.4% |
| 资本支出强度资本支出/营收 | 1.8% | 2.8% |
| 现金转化率经营现金流/净利润 | 4.03× | -421.00× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $-654.0M |
8季度趋势，按日历期对齐
经营现金流GLPIEP
| Q4 25 | $101.0M | $-421.0M | ||
| Q3 25 | $19.0M | $15.0M | ||
| Q2 25 | $216.3M | $275.0M | ||
| Q1 25 | $-51.6M | $-182.0M | ||
| Q4 24 | $67.2M | $244.0M | ||
| Q3 24 | $122.7M | $-54.0M | ||
| Q2 24 | $24.3M | $893.0M | ||
| Q1 24 | $-182.7M | $-251.0M |
自由现金流GLPIEP
| Q4 25 | $62.2M | $-496.0M | ||
| Q3 25 | $-678.0K | $-67.0M | ||
| Q2 25 | $201.3M | $179.0M | ||
| Q1 25 | $-69.5M | $-270.0M | ||
| Q4 24 | $20.4M | $156.0M | ||
| Q3 24 | $98.4M | $-112.0M | ||
| Q2 24 | $8.7M | $827.0M | ||
| Q1 24 | $-199.3M | $-319.0M |
自由现金流率GLPIEP
| Q4 25 | 2.8% | -18.4% | ||
| Q3 25 | -0.0% | -2.5% | ||
| Q2 25 | 9.7% | 7.6% | ||
| Q1 25 | -3.2% | -14.5% | ||
| Q4 24 | 1.0% | 6.1% | ||
| Q3 24 | 4.6% | -4.0% | ||
| Q2 24 | 0.4% | 37.6% | ||
| Q1 24 | -9.0% | -12.9% |
资本支出强度GLPIEP
| Q4 25 | 1.8% | 2.8% | ||
| Q3 25 | 0.9% | 3.0% | ||
| Q2 25 | 0.7% | 4.1% | ||
| Q1 25 | 0.8% | 4.7% | ||
| Q4 24 | 2.3% | 3.4% | ||
| Q3 24 | 1.1% | 2.1% | ||
| Q2 24 | 0.7% | 3.0% | ||
| Q1 24 | 0.8% | 2.8% |
现金转化率GLPIEP
| Q4 25 | 4.03× | -421.00× | ||
| Q3 25 | 0.66× | 0.05× | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | -2.45× | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | — | — |
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
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
IEP
| Public Utilities Inventory Petroleum Products | $1.6B | 61% |
| Other | $381.0M | 14% |
| Automotive Services | $345.0M | 13% |
| Nitrogen Fertilizer Products | $131.0M | 5% |
| Food Packaging Segment | $82.0M | 3% |
| Home Fashion Segment | $45.0M | 2% |
| Renewable Products | $32.0M | 1% |
| Pharma Segment | $23.0M | 1% |
| Holding Company | $11.0M | 0% |
