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谷歌（GOOGL）与国际商业机器公司（IBM）财务数据对比。点击上方公司名可切换其他公司
谷歌的季度营收约是国际商业机器公司的7.2倍（$113.8B vs $15.9B），谷歌净利率更高（30.3% vs 7.6%，领先22.6%），谷歌同比增速更快（18.0% vs 9.5%），谷歌自由现金流更多（$24.6B vs $2.2B），过去两年谷歌的营收复合增速更高（18.9% vs 0.5%）
Alphabet Inc.是谷歌的母公司，业务覆盖美洲、欧洲、亚太、中东、非洲等全球主要区域，下设谷歌服务、谷歌云、创新投项三大业务板块。谷歌服务板块涵盖广告、安卓系统、Chrome、硬件、搜索、YouTube、邮箱、云盘、地图等多款产品，同时提供应用及数字内容售卖相关服务。
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
GOOGL vs IBM — 直观对比
营收规模更大
GOOGL
是对方的7.2倍
$15.9B
营收增速更快
GOOGL
高出8.5%
9.5%
净利率更高
GOOGL
高出22.6%
7.6%
自由现金流更多
GOOGL
多$22.3B
$2.2B
两年增速更快
GOOGL
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $113.8B | $15.9B |
| 净利润 | $34.5B | $1.2B |
| 毛利率 | 59.8% | 56.2% |
| 营业利润率 | 31.6% | — |
| 净利率 | 30.3% | 7.6% |
| 营收同比 | 18.0% | 9.5% |
| 净利润同比 | 29.8% | 15.3% |
| 每股收益（稀释后） | $2.82 | $1.28 |
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GOOGLIBM
| Q1 26 | — | $15.9B | ||
| Q4 25 | $113.8B | $19.7B | ||
| Q3 25 | $102.3B | $16.3B | ||
| Q2 25 | $96.4B | $17.0B | ||
| Q1 25 | $90.2B | $14.5B | ||
| Q4 24 | $96.5B | $17.6B | ||
| Q3 24 | $88.3B | $15.0B | ||
| Q2 24 | $84.7B | $15.8B |
净利润GOOGLIBM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $34.5B | $5.6B | ||
| Q3 25 | $35.0B | $1.7B | ||
| Q2 25 | $28.2B | $2.2B | ||
| Q1 25 | $34.5B | $1.1B | ||
| Q4 24 | $26.5B | $2.9B | ||
| Q3 24 | $26.3B | $-330.0M | ||
| Q2 24 | $23.6B | $1.8B |
毛利率GOOGLIBM
| Q1 26 | — | 56.2% | ||
| Q4 25 | 59.8% | 60.6% | ||
| Q3 25 | 59.6% | 57.3% | ||
| Q2 25 | 59.5% | 58.8% | ||
| Q1 25 | 59.7% | 55.2% | ||
| Q4 24 | 57.9% | 59.5% | ||
| Q3 24 | 58.7% | 56.3% | ||
| Q2 24 | 58.1% | 56.8% |
营业利润率GOOGLIBM
| Q1 26 | — | — | ||
| Q4 25 | 31.6% | 21.0% | ||
| Q3 25 | 30.5% | 14.9% | ||
| Q2 25 | 32.4% | 15.3% | ||
| Q1 25 | 33.9% | 8.0% | ||
| Q4 24 | 32.1% | 18.8% | ||
| Q3 24 | 32.3% | -5.4% | ||
| Q2 24 | 32.4% | 14.1% |
净利率GOOGLIBM
| Q1 26 | — | 7.6% | ||
| Q4 25 | 30.3% | 28.4% | ||
| Q3 25 | 34.2% | 10.7% | ||
| Q2 25 | 29.2% | 12.9% | ||
| Q1 25 | 38.3% | 7.3% | ||
| Q4 24 | 27.5% | 16.6% | ||
| Q3 24 | 29.8% | -2.2% | ||
| Q2 24 | 27.9% | 11.6% |
每股收益（稀释后）GOOGLIBM
| Q1 26 | — | $1.28 | ||
| Q4 25 | $2.82 | $5.90 | ||
| Q3 25 | $2.87 | $1.84 | ||
| Q2 25 | $2.31 | $2.31 | ||
| Q1 25 | $2.81 | $1.12 | ||
| Q4 24 | $2.14 | $3.11 | ||
| Q3 24 | $2.12 | $-0.36 | ||
| Q2 24 | $1.89 | $1.96 |
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 | $126.8B | $10.8B |
| 总债务越低越好 | $49.1B | $66.4B |
| 股东权益账面价值 | $415.3B | $33.1B |
| 总资产 | $595.3B | $156.2B |
| 负债/权益比越低杠杆越低 | 0.12× | 2.01× |
8季度趋势，按日历期对齐
现金及短期投资GOOGLIBM
| Q1 26 | — | $10.8B | ||
| Q4 25 | $126.8B | $13.6B | ||
| Q3 25 | $98.5B | $11.6B | ||
| Q2 25 | $95.1B | $11.9B | ||
| Q1 25 | $95.3B | $11.0B | ||
| Q4 24 | $95.7B | $13.9B | ||
| Q3 24 | $93.2B | $13.2B | ||
| Q2 24 | $100.7B | $12.2B |
总债务GOOGLIBM
| Q1 26 | — | $66.4B | ||
| Q4 25 | $49.1B | $54.8B | ||
| Q3 25 | — | $55.2B | ||
| Q2 25 | — | $55.2B | ||
| Q1 25 | $10.9B | $56.4B | ||
| Q4 24 | $10.9B | $49.9B | ||
| Q3 24 | $12.3B | $53.0B | ||
| Q2 24 | $13.2B | $52.9B |
股东权益GOOGLIBM
| Q1 26 | — | $33.1B | ||
| Q4 25 | $415.3B | $32.6B | ||
| Q3 25 | $386.9B | $27.9B | ||
| Q2 25 | $362.9B | $27.5B | ||
| Q1 25 | $345.3B | $26.9B | ||
| Q4 24 | $325.1B | $27.3B | ||
| Q3 24 | $314.1B | $24.4B | ||
| Q2 24 | $300.8B | $24.0B |
总资产GOOGLIBM
| Q1 26 | — | $156.2B | ||
| Q4 25 | $595.3B | $151.9B | ||
| Q3 25 | $536.5B | $146.3B | ||
| Q2 25 | $502.1B | $148.6B | ||
| Q1 25 | $475.4B | $145.7B | ||
| Q4 24 | $450.3B | $137.2B | ||
| Q3 24 | $430.3B | $134.3B | ||
| Q2 24 | $414.8B | $133.8B |
负债/权益比GOOGLIBM
| Q1 26 | — | 2.01× | ||
| Q4 25 | 0.12× | 1.68× | ||
| Q3 25 | — | 1.98× | ||
| Q2 25 | — | 2.01× | ||
| Q1 25 | 0.03× | 2.10× | ||
| Q4 24 | 0.03× | 1.83× | ||
| Q3 24 | 0.04× | 2.17× | ||
| Q2 24 | 0.04× | 2.20× |
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 | $52.4B | $5.2B |
| 自由现金流经营现金流 - 资本支出 | $24.6B | $2.2B |
| 自由现金流率自由现金流/营收 | 21.6% | 13.9% |
| 资本支出强度资本支出/营收 | 24.5% | 2.4% |
| 现金转化率经营现金流/净利润 | 1.52× | 4.25× |
| 过去12个月自由现金流最近4个季度 | $73.3B | $10.2B |
8季度趋势，按日历期对齐
经营现金流GOOGLIBM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $52.4B | $4.0B | ||
| Q3 25 | $48.4B | $3.1B | ||
| Q2 25 | $27.7B | $1.7B | ||
| Q1 25 | $36.1B | $4.4B | ||
| Q4 24 | $39.1B | $4.3B | ||
| Q3 24 | $30.7B | $2.9B | ||
| Q2 24 | $26.6B | $2.1B |
自由现金流GOOGLIBM
| Q1 26 | — | $2.2B | ||
| Q4 25 | $24.6B | $3.7B | ||
| Q3 25 | $24.5B | $2.8B | ||
| Q2 25 | $5.3B | $1.5B | ||
| Q1 25 | $19.0B | $4.1B | ||
| Q4 24 | $24.8B | $4.0B | ||
| Q3 24 | $17.6B | $2.6B | ||
| Q2 24 | $13.5B | $1.8B |
自由现金流率GOOGLIBM
| Q1 26 | — | 13.9% | ||
| Q4 25 | 21.6% | 18.6% | ||
| Q3 25 | 23.9% | 17.3% | ||
| Q2 25 | 5.5% | 8.8% | ||
| Q1 25 | 21.0% | 28.4% | ||
| Q4 24 | 25.7% | 22.9% | ||
| Q3 24 | 20.0% | 17.3% | ||
| Q2 24 | 15.9% | 11.7% |
资本支出强度GOOGLIBM
| Q1 26 | — | 2.4% | ||
| Q4 25 | 24.5% | 1.9% | ||
| Q3 25 | 23.4% | 1.6% | ||
| Q2 25 | 23.3% | 1.2% | ||
| Q1 25 | 19.1% | 1.7% | ||
| Q4 24 | 14.8% | 1.7% | ||
| Q3 24 | 14.8% | 1.9% | ||
| Q2 24 | 15.6% | 1.4% |
现金转化率GOOGLIBM
| Q1 26 | — | 4.25× | ||
| Q4 25 | 1.52× | 0.72× | ||
| Q3 25 | 1.38× | 1.77× | ||
| Q2 25 | 0.98× | 0.78× | ||
| Q1 25 | 1.05× | 4.14× | ||
| Q4 24 | 1.47× | 1.49× | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.13× | 1.13× |
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
GOOGL
| Google Search | $63.1B | 55% |
| Google Cloud | $17.7B | 16% |
| Subscriptions & Devices | $13.6B | 12% |
| YouTube | $11.4B | 10% |
| Google Network | $7.8B | 7% |
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
