vs
高盛（GS）与高通（QCOM）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高通的1.1倍（$13.5B vs $12.3B），高盛净利率更高（34.3% vs 24.5%，领先9.8%），高通自由现金流更多（$4.4B 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
GS vs QCOM — 直观对比
营收规模更大
GS
是对方的1.1倍
$12.3B
净利率更高
GS
高出9.8%
24.5%
自由现金流更多
QCOM
多$21.2B
$-16.8B
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $13.5B | $12.3B |
| 净利润 | $4.6B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 43.5% | 27.5% |
| 净利率 | 34.3% | 24.5% |
| 营收同比 | — | 5.0% |
| 净利润同比 | — | -5.5% |
| 每股收益（稀释后） | $14.04 | $2.78 |
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GSQCOM
| Q4 25 | $13.5B | $12.3B | ||
| Q3 25 | $15.2B | $11.3B | ||
| Q2 25 | $14.6B | $10.4B | ||
| Q1 25 | $15.1B | $11.0B | ||
| Q4 24 | — | $11.7B | ||
| Q3 24 | $12.7B | $10.2B | ||
| Q2 24 | $12.7B | $9.4B | ||
| Q1 24 | $14.2B | $9.4B |
净利润GSQCOM
| Q4 25 | $4.6B | $3.0B | ||
| Q3 25 | $4.1B | $-3.1B | ||
| Q2 25 | $3.7B | $2.7B | ||
| Q1 25 | $4.7B | $2.8B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $3.0B | $2.9B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $4.1B | $2.3B |
毛利率GSQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率GSQCOM
| Q4 25 | 43.5% | 27.5% | ||
| Q3 25 | 35.5% | 25.9% | ||
| Q2 25 | 34.0% | 26.6% | ||
| Q1 25 | 37.5% | 28.4% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | 31.4% | 25.2% | ||
| Q2 24 | 30.8% | 23.6% | ||
| Q1 24 | 36.8% | 24.9% |
净利率GSQCOM
| Q4 25 | 34.3% | 24.5% | ||
| Q3 25 | 27.0% | -27.7% | ||
| Q2 25 | 25.5% | 25.7% | ||
| Q1 25 | 31.5% | 25.6% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | 23.5% | 28.5% | ||
| Q2 24 | 23.9% | 22.7% | ||
| Q1 24 | 29.1% | 24.8% |
每股收益（稀释后）GSQCOM
| Q4 25 | $14.04 | $2.78 | ||
| Q3 25 | $12.25 | $-2.77 | ||
| Q2 25 | $10.91 | $2.43 | ||
| Q1 25 | $14.12 | $2.52 | ||
| Q4 24 | — | $2.83 | ||
| Q3 24 | $8.40 | $2.57 | ||
| Q2 24 | $8.62 | $1.88 | ||
| Q1 24 | $11.58 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | — | $14.8B |
| 股东权益账面价值 | $125.0B | $23.1B |
| 总资产 | $1809.3B | $53.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资GSQCOM
| Q4 25 | $164.3B | $11.8B | ||
| Q3 25 | $169.6B | $10.2B | ||
| Q2 25 | $153.0B | $10.0B | ||
| Q1 25 | $167.4B | $13.8B | ||
| Q4 24 | — | $14.3B | ||
| Q3 24 | $154.7B | $13.3B | ||
| Q2 24 | $206.3B | $13.0B | ||
| Q1 24 | $209.4B | $13.9B |
总债务GSQCOM
| Q4 25 | — | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | — | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益GSQCOM
| Q4 25 | $125.0B | $23.1B | ||
| Q3 25 | $124.4B | $21.2B | ||
| Q2 25 | $124.1B | $27.2B | ||
| Q1 25 | $124.3B | $27.7B | ||
| Q4 24 | — | $26.9B | ||
| Q3 24 | $121.2B | $26.3B | ||
| Q2 24 | $119.5B | $24.7B | ||
| Q1 24 | $118.5B | $24.5B |
总资产GSQCOM
| Q4 25 | $1809.3B | $53.0B | ||
| Q3 25 | $1808.0B | $50.1B | ||
| Q2 25 | $1785.0B | $54.9B | ||
| Q1 25 | $1766.2B | $55.4B | ||
| Q4 24 | — | $55.6B | ||
| Q3 24 | $1728.1B | $55.2B | ||
| Q2 24 | $1653.3B | $52.7B | ||
| Q1 24 | $1698.4B | $53.2B |
负债/权益比GSQCOM
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $-16.8B | $4.4B |
| 自由现金流率自由现金流/营收 | -124.9% | 36.0% |
| 资本支出强度资本支出/营收 | 3.9% | 4.5% |
| 现金转化率经营现金流/净利润 | -3.53× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $-47.2B | $12.9B |
8季度趋势，按日历期对齐
经营现金流GSQCOM
| Q4 25 | $-16.3B | $5.0B | ||
| Q3 25 | $2.7B | $4.0B | ||
| Q2 25 | $5.7B | $2.9B | ||
| Q1 25 | $-37.2B | $2.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $-28.0B | $3.6B |
自由现金流GSQCOM
| Q4 25 | $-16.8B | $4.4B | ||
| Q3 25 | $2.1B | $3.6B | ||
| Q2 25 | $5.2B | $2.6B | ||
| Q1 25 | $-37.7B | $2.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $-28.5B | $3.4B |
自由现金流率GSQCOM
| Q4 25 | -124.9% | 36.0% | ||
| Q3 25 | 14.0% | 31.8% | ||
| Q2 25 | 35.6% | 24.9% | ||
| Q1 25 | -250.5% | 21.3% | ||
| Q4 24 | — | 36.9% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | -200.8% | 35.9% |
资本支出强度GSQCOM
| Q4 25 | 3.9% | 4.5% | ||
| Q3 25 | 3.7% | 3.6% | ||
| Q2 25 | 3.3% | 2.8% | ||
| Q1 25 | 3.3% | 1.9% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.5% | ||
| Q2 24 | — | 4.1% | ||
| Q1 24 | 3.5% | 2.0% |
现金转化率GSQCOM
| Q4 25 | -3.53× | 1.65× | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 1.52× | 1.08× | ||
| Q1 25 | -7.86× | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.43× | ||
| Q1 24 | -6.79× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
