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GLOBAL PARTNERS LP（GLP）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
GLOBAL PARTNERS LP的季度营收约是RXO, Inc.的1.5倍（$2.2B vs $1.5B），GLOBAL PARTNERS LP净利率更高（1.1% vs -3.1%，领先4.3%），GLOBAL PARTNERS LP同比增速更快（7.0% vs -11.9%），GLOBAL PARTNERS LP自由现金流更多（$62.2M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
GLP vs RXO — 直观对比
营收规模更大
GLP
是对方的1.5倍
$1.5B
营收增速更快
GLP
高出18.9%
-11.9%
净利率更高
GLP
高出4.3%
-3.1%
自由现金流更多
GLP
多$71.2M
$-9.0M
两年增速更快
RXO
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.5B |
| 净利润 | $25.1M | $-46.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | -2.9% |
| 净利率 | 1.1% | -3.1% |
| 营收同比 | 7.0% | -11.9% |
| 净利润同比 | 5.0% | -84.0% |
| 每股收益（稀释后） | — | $-0.28 |
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GLPRXO
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | $1.4B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.2B | $1.4B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.1B | $1.0B | ||
| Q2 24 | $2.3B | $930.0M | ||
| Q1 24 | $2.2B | $913.0M |
净利润GLPRXO
| Q4 25 | $25.1M | $-46.0M | ||
| Q3 25 | $29.0M | $-14.0M | ||
| Q2 25 | $25.2M | $-9.0M | ||
| Q1 25 | $18.7M | $-31.0M | ||
| Q4 24 | $23.9M | $-25.0M | ||
| Q3 24 | $45.9M | $-243.0M | ||
| Q2 24 | $46.1M | $-7.0M | ||
| Q1 24 | $-5.6M | $-15.0M |
毛利率GLPRXO
| 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GLPRXO
| Q4 25 | 2.6% | -2.9% | ||
| Q3 25 | 2.7% | -0.5% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.6% | -2.1% | ||
| Q4 24 | 2.8% | -1.4% | ||
| Q3 24 | 3.9% | -1.9% | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 1.2% | -1.3% |
净利率GLPRXO
| Q4 25 | 1.1% | -3.1% | ||
| Q3 25 | 1.3% | -1.0% | ||
| Q2 25 | 1.2% | -0.6% | ||
| Q1 25 | 0.9% | -2.2% | ||
| Q4 24 | 1.2% | -1.5% | ||
| Q3 24 | 2.1% | -23.4% | ||
| Q2 24 | 2.0% | -0.8% | ||
| Q1 24 | -0.3% | -1.6% |
每股收益（稀释后）GLPRXO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | — | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $3.9B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资GLPRXO
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $7.0M |
总债务GLPRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益GLPRXO
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $579.0M | ||
| Q1 24 | — | $582.0M |
总资产GLPRXO
| Q4 25 | $3.9B | $3.3B | ||
| Q3 25 | $3.7B | $3.2B | ||
| Q2 25 | $3.8B | $3.2B | ||
| Q1 25 | $3.8B | $3.3B | ||
| Q4 24 | $3.8B | $3.4B | ||
| Q3 24 | $3.7B | $3.4B | ||
| Q2 24 | $3.8B | $1.8B | ||
| Q1 24 | $3.5B | $1.8B |
负债/权益比GLPRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $-9.0M |
| 自由现金流率自由现金流/营收 | 2.8% | -0.6% |
| 资本支出强度资本支出/营收 | 1.8% | 1.1% |
| 现金转化率经营现金流/净利润 | 4.03× | — |
| 过去12个月自由现金流最近4个季度 | $193.3M | $-8.0M |
8季度趋势，按日历期对齐
经营现金流GLPRXO
| Q4 25 | $101.0M | $7.0M | ||
| Q3 25 | $19.0M | $23.0M | ||
| Q2 25 | $216.3M | $23.0M | ||
| Q1 25 | $-51.6M | $-2.0M | ||
| Q4 24 | $67.2M | $-7.0M | ||
| Q3 24 | $122.7M | $-7.0M | ||
| Q2 24 | $24.3M | $-5.0M | ||
| Q1 24 | $-182.7M | $7.0M |
自由现金流GLPRXO
| Q4 25 | $62.2M | $-9.0M | ||
| Q3 25 | $-678.0K | $9.0M | ||
| Q2 25 | $201.3M | $9.0M | ||
| Q1 25 | $-69.5M | $-17.0M | ||
| Q4 24 | $20.4M | $-19.0M | ||
| Q3 24 | $98.4M | $-18.0M | ||
| Q2 24 | $8.7M | $-16.0M | ||
| Q1 24 | $-199.3M | $-4.0M |
自由现金流率GLPRXO
| Q4 25 | 2.8% | -0.6% | ||
| Q3 25 | -0.0% | 0.6% | ||
| Q2 25 | 9.7% | 0.6% | ||
| Q1 25 | -3.2% | -1.2% | ||
| Q4 24 | 1.0% | -1.1% | ||
| Q3 24 | 4.6% | -1.7% | ||
| Q2 24 | 0.4% | -1.7% | ||
| Q1 24 | -9.0% | -0.4% |
资本支出强度GLPRXO
| Q4 25 | 1.8% | 1.1% | ||
| Q3 25 | 0.9% | 1.0% | ||
| Q2 25 | 0.7% | 1.0% | ||
| Q1 25 | 0.8% | 1.0% | ||
| Q4 24 | 2.3% | 0.7% | ||
| Q3 24 | 1.1% | 1.1% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 0.8% | 1.2% |
现金转化率GLPRXO
| Q4 25 | 4.03× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 8.58× | — | ||
| Q1 25 | -2.76× | — | ||
| Q4 24 | 2.82× | — | ||
| Q3 24 | 2.67× | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
