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高盛（GS）与T-Mobile US（TMUS）财务数据对比。点击上方公司名可切换其他公司
T-Mobile US的季度营收约是高盛的1.3倍（$23.1B vs $17.2B），高盛净利率更高（32.7% vs 10.8%，领先21.8%），高盛同比增速更快（18.6% vs 10.6%），过去两年高盛的营收复合增速更高（10.1% vs 8.1%）
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。
T-Mobile US是总部位于美国华盛顿州贝尔维尤的无线网络运营商，多数股权由德国电信巨头德国电信持有，为美国第二大无线通信服务商，截至2025年9月30日其用户规模达1.4亿，面向个人及商业客户提供高速移动通信等相关服务。
GS vs TMUS — 直观对比
营收规模更大
TMUS
是对方的1.3倍
$17.2B
营收增速更快
GS
高出8.0%
10.6%
净利率更高
GS
高出21.8%
10.8%
两年增速更快
GS
近两年复合增速
8.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $17.2B | $23.1B |
| 净利润 | $5.6B | $2.5B |
| 毛利率 | — | — |
| 营业利润率 | 39.5% | 20.8% |
| 净利率 | 32.7% | 10.8% |
| 营收同比 | 18.6% | 10.6% |
| 净利润同比 | 18.8% | -15.2% |
| 每股收益（稀释后） | — | $2.27 |
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GSTMUS
| Q1 26 | $17.2B | $23.1B | ||
| Q4 25 | $13.5B | $24.3B | ||
| Q3 25 | $15.2B | $22.0B | ||
| Q2 25 | $14.6B | $21.1B | ||
| Q1 25 | $15.1B | $20.9B | ||
| Q4 24 | — | $21.9B | ||
| Q3 24 | $12.7B | $20.2B | ||
| Q2 24 | $12.7B | $19.8B |
净利润GSTMUS
| Q1 26 | $5.6B | $2.5B | ||
| Q4 25 | $4.6B | $2.1B | ||
| Q3 25 | $4.1B | $2.7B | ||
| Q2 25 | $3.7B | $3.2B | ||
| Q1 25 | $4.7B | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $3.0B | $3.1B | ||
| Q2 24 | $3.0B | $2.9B |
营业利润率GSTMUS
| Q1 26 | 39.5% | 20.8% | ||
| Q4 25 | 43.5% | 15.4% | ||
| Q3 25 | 35.5% | 20.6% | ||
| Q2 25 | 34.0% | 24.7% | ||
| Q1 25 | 37.5% | 23.0% | ||
| Q4 24 | — | 21.0% | ||
| Q3 24 | 31.4% | 23.8% | ||
| Q2 24 | 30.8% | 23.4% |
净利率GSTMUS
| Q1 26 | 32.7% | 10.8% | ||
| Q4 25 | 34.3% | 8.6% | ||
| Q3 25 | 27.0% | 12.4% | ||
| Q2 25 | 25.5% | 15.2% | ||
| Q1 25 | 31.5% | 14.1% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 23.5% | 15.2% | ||
| Q2 24 | 23.9% | 14.8% |
每股收益（稀释后）GSTMUS
| Q1 26 | — | $2.27 | ||
| Q4 25 | $14.04 | $1.89 | ||
| Q3 25 | $12.25 | $2.41 | ||
| Q2 25 | $10.91 | $2.84 | ||
| Q1 25 | $14.12 | $2.58 | ||
| Q4 24 | — | $2.56 | ||
| Q3 24 | $8.40 | $2.61 | ||
| Q2 24 | $8.62 | $2.49 |
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 | $179.0B | $3.5B |
| 总债务越低越好 | — | $86.0B |
| 股东权益账面价值 | $123.0B | $55.9B |
| 总资产 | $2062.0B | $214.7B |
| 负债/权益比越低杠杆越低 | — | 1.54× |
8季度趋势，按日历期对齐
现金及短期投资GSTMUS
| Q1 26 | $179.0B | $3.5B | ||
| Q4 25 | $164.3B | $5.6B | ||
| Q3 25 | $169.6B | $3.3B | ||
| Q2 25 | $153.0B | $10.3B | ||
| Q1 25 | $167.4B | $12.0B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $154.7B | $9.8B | ||
| Q2 24 | $206.3B | $6.4B |
总债务GSTMUS
| Q1 26 | — | $86.0B | ||
| Q4 25 | — | $86.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $78.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益GSTMUS
| Q1 26 | $123.0B | $55.9B | ||
| Q4 25 | $125.0B | $59.2B | ||
| Q3 25 | $124.4B | $60.5B | ||
| Q2 25 | $124.1B | $61.1B | ||
| Q1 25 | $124.3B | $61.1B | ||
| Q4 24 | — | $61.7B | ||
| Q3 24 | $121.2B | $64.3B | ||
| Q2 24 | $119.5B | $62.6B |
总资产GSTMUS
| Q1 26 | $2062.0B | $214.7B | ||
| Q4 25 | $1809.3B | $219.2B | ||
| Q3 25 | $1808.0B | $217.2B | ||
| Q2 25 | $1785.0B | $212.6B | ||
| Q1 25 | $1766.2B | $214.6B | ||
| Q4 24 | — | $208.0B | ||
| Q3 24 | $1728.1B | $210.7B | ||
| Q2 24 | $1653.3B | $208.6B |
负债/权益比GSTMUS
| Q1 26 | — | 1.54× | ||
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $7.2B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | — | 2.88× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流GSTMUS
| Q1 26 | — | $7.2B | ||
| Q4 25 | $-16.3B | $6.7B | ||
| Q3 25 | $2.7B | $7.5B | ||
| Q2 25 | $5.7B | $7.0B | ||
| Q1 25 | $-37.2B | $6.8B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.5B |
自由现金流GSTMUS
| Q1 26 | — | — | ||
| Q4 25 | $-16.8B | $4.2B | ||
| Q3 25 | $2.1B | $4.8B | ||
| Q2 25 | $5.2B | $4.6B | ||
| Q1 25 | $-37.7B | $4.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.5B |
自由现金流率GSTMUS
| Q1 26 | — | — | ||
| Q4 25 | -124.9% | 17.2% | ||
| Q3 25 | 14.0% | 21.9% | ||
| Q2 25 | 35.6% | 21.7% | ||
| Q1 25 | -250.5% | 21.0% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 17.6% |
资本支出强度GSTMUS
| Q1 26 | — | 0.0% | ||
| Q4 25 | 3.9% | 10.1% | ||
| Q3 25 | 3.7% | 12.0% | ||
| Q2 25 | 3.3% | 11.3% | ||
| Q1 25 | 3.3% | 11.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 10.3% |
现金转化率GSTMUS
| Q1 26 | — | 2.88× | ||
| Q4 25 | -3.53× | 3.16× | ||
| Q3 25 | 0.65× | 2.75× | ||
| Q2 25 | 1.52× | 2.17× | ||
| Q1 25 | -7.86× | 2.32× | ||
| Q4 24 | — | 1.86× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | — | 1.89× |
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
| Management and other fees | $3.1B | 18% |
| FICC intermediation | $2.9B | 17% |
| Equities intermediation | $2.7B | 16% |
| Equities financing | $2.6B | 15% |
| Advisory | $1.5B | 9% |
| FICC financing | $1.1B | 6% |
| Other | $972.0M | 6% |
| Debt underwriting | $811.0M | 5% |
| Private banking and lending | $638.0M | 4% |
| Equity underwriting | $535.0M | 3% |
| Incentive fees | $183.0M | 1% |
| Investments | $180.0M | 1% |
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
