vs
高盛（GS）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
高盛的季度营收约是麦当劳的1.9倍（$13.5B vs $7.0B），高盛净利率更高（34.3% vs 30.9%，领先3.4%），麦当劳自由现金流更多（$1.6B vs $-16.8B）
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
GS vs MCD — 直观对比
营收规模更大
GS
是对方的1.9倍
$7.0B
净利率更高
GS
高出3.4%
30.9%
自由现金流更多
MCD
多$18.4B
$-16.8B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $13.5B | $7.0B |
| 净利润 | $4.6B | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 43.5% | 45.0% |
| 净利率 | 34.3% | 30.9% |
| 营收同比 | — | 9.7% |
| 净利润同比 | — | 7.3% |
| 每股收益（稀释后） | $14.04 | $3.03 |
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GSMCD
| Q4 25 | $13.5B | $7.0B | ||
| Q3 25 | $15.2B | $7.1B | ||
| Q2 25 | $14.6B | $6.8B | ||
| Q1 25 | $15.1B | $6.0B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $12.7B | $6.9B | ||
| Q2 24 | $12.7B | $6.5B | ||
| Q1 24 | $14.2B | $6.2B |
净利润GSMCD
| Q4 25 | $4.6B | $2.2B | ||
| Q3 25 | $4.1B | $2.3B | ||
| Q2 25 | $3.7B | $2.3B | ||
| Q1 25 | $4.7B | $1.9B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $3.0B | $2.3B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $4.1B | $1.9B |
毛利率GSMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率GSMCD
| Q4 25 | 43.5% | 45.0% | ||
| Q3 25 | 35.5% | 47.4% | ||
| Q2 25 | 34.0% | 47.2% | ||
| Q1 25 | 37.5% | 44.5% | ||
| Q4 24 | — | 44.9% | ||
| Q3 24 | 31.4% | 46.4% | ||
| Q2 24 | 30.8% | 45.0% | ||
| Q1 24 | 36.8% | 44.4% |
净利率GSMCD
| Q4 25 | 34.3% | 30.9% | ||
| Q3 25 | 27.0% | 32.2% | ||
| Q2 25 | 25.5% | 32.9% | ||
| Q1 25 | 31.5% | 31.4% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | 23.5% | 32.8% | ||
| Q2 24 | 23.9% | 31.2% | ||
| Q1 24 | 29.1% | 31.3% |
每股收益（稀释后）GSMCD
| Q4 25 | $14.04 | $3.03 | ||
| Q3 25 | $12.25 | $3.18 | ||
| Q2 25 | $10.91 | $3.14 | ||
| Q1 25 | $14.12 | $2.60 | ||
| Q4 24 | — | $2.80 | ||
| Q3 24 | $8.40 | $3.13 | ||
| Q2 24 | $8.62 | $2.80 | ||
| Q1 24 | $11.58 | $2.66 |
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 | $164.3B | $774.0M |
| 总债务越低越好 | — | $40.0B |
| 股东权益账面价值 | $125.0B | $-1.8B |
| 总资产 | $1809.3B | $59.5B |
| 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GSMCD
| Q4 25 | $164.3B | $774.0M | ||
| Q3 25 | $169.6B | $2.4B | ||
| Q2 25 | $153.0B | $1.9B | ||
| Q1 25 | $167.4B | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $154.7B | $1.2B | ||
| Q2 24 | $206.3B | $792.0M | ||
| Q1 24 | $209.4B | $838.0M |
总债务GSMCD
| Q4 25 | — | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GSMCD
| Q4 25 | $125.0B | $-1.8B | ||
| Q3 25 | $124.4B | $-2.2B | ||
| Q2 25 | $124.1B | $-2.8B | ||
| Q1 25 | $124.3B | $-3.5B | ||
| Q4 24 | — | $-3.8B | ||
| Q3 24 | $121.2B | $-5.2B | ||
| Q2 24 | $119.5B | $-4.8B | ||
| Q1 24 | $118.5B | $-4.8B |
总资产GSMCD
| Q4 25 | $1809.3B | $59.5B | ||
| Q3 25 | $1808.0B | $60.6B | ||
| Q2 25 | $1785.0B | $59.6B | ||
| Q1 25 | $1766.2B | $56.3B | ||
| Q4 24 | — | $55.2B | ||
| Q3 24 | $1728.1B | $56.2B | ||
| Q2 24 | $1653.3B | $53.8B | ||
| Q1 24 | $1698.4B | $53.5B |
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 | $-16.3B | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $-16.8B | $1.6B |
| 自由现金流率自由现金流/营收 | -124.9% | 23.4% |
| 资本支出强度资本支出/营收 | 3.9% | 15.1% |
| 现金转化率经营现金流/净利润 | -3.53× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $-47.2B | $7.2B |
8季度趋势，按日历期对齐
经营现金流GSMCD
| Q4 25 | $-16.3B | $2.7B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $5.7B | $2.0B | ||
| Q1 25 | $-37.2B | $2.4B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | $-28.0B | $2.4B |
自由现金流GSMCD
| Q4 25 | $-16.8B | $1.6B | ||
| Q3 25 | $2.1B | $2.4B | ||
| Q2 25 | $5.2B | $1.3B | ||
| Q1 25 | $-37.7B | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $-28.5B | $1.8B |
自由现金流率GSMCD
| Q4 25 | -124.9% | 23.4% | ||
| Q3 25 | 14.0% | 34.1% | ||
| Q2 25 | 35.6% | 18.3% | ||
| Q1 25 | -250.5% | 31.5% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | — | 28.3% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | -200.8% | 29.9% |
资本支出强度GSMCD
| Q4 25 | 3.9% | 15.1% | ||
| Q3 25 | 3.7% | 14.3% | ||
| Q2 25 | 3.3% | 10.9% | ||
| Q1 25 | 3.3% | 9.3% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | 3.5% | 8.9% |
现金转化率GSMCD
| Q4 25 | -3.53× | 1.25× | ||
| Q3 25 | 0.65× | 1.50× | ||
| Q2 25 | 1.52× | 0.89× | ||
| Q1 25 | -7.86× | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 0.84× | ||
| Q1 24 | -6.79× | 1.24× |
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
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
