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高盛（GS）与美国联合航空（UAL）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美国联合航空的1.2倍（$17.2B vs $14.6B），高盛净利率更高（32.7% vs 4.8%，领先27.9%），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 -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
GS vs UAL — 直观对比
营收规模更大
GS
是对方的1.2倍
$14.6B
营收增速更快
GS
高出8.0%
10.6%
净利率更高
GS
高出27.9%
4.8%
两年增速更快
GS
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $17.2B | $14.6B |
| 净利润 | $5.6B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 39.5% | 6.8% |
| 净利率 | 32.7% | 4.8% |
| 营收同比 | 18.6% | 10.6% |
| 净利润同比 | 18.8% | 769.4% |
| 每股收益（稀释后） | — | $2.14 |
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GSUAL
| Q1 26 | $17.2B | $14.6B | ||
| Q4 25 | $13.5B | $15.4B | ||
| Q3 25 | $15.2B | $15.2B | ||
| Q2 25 | $14.6B | $15.2B | ||
| Q1 25 | $15.1B | $13.2B | ||
| Q4 24 | — | $14.7B | ||
| Q3 24 | $12.7B | $14.8B | ||
| Q2 24 | $12.7B | $15.0B |
净利润GSUAL
| Q1 26 | $5.6B | $699.0M | ||
| Q4 25 | $4.6B | $1.0B | ||
| Q3 25 | $4.1B | $949.0M | ||
| Q2 25 | $3.7B | $973.0M | ||
| Q1 25 | $4.7B | $387.0M | ||
| Q4 24 | — | $985.0M | ||
| Q3 24 | $3.0B | $965.0M | ||
| Q2 24 | $3.0B | $1.3B |
营业利润率GSUAL
| Q1 26 | 39.5% | 6.8% | ||
| Q4 25 | 43.5% | 9.0% | ||
| Q3 25 | 35.5% | 9.2% | ||
| Q2 25 | 34.0% | 8.7% | ||
| Q1 25 | 37.5% | 4.6% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 31.4% | 10.5% | ||
| Q2 24 | 30.8% | 12.9% |
净利率GSUAL
| Q1 26 | 32.7% | 4.8% | ||
| Q4 25 | 34.3% | 6.8% | ||
| Q3 25 | 27.0% | 6.2% | ||
| Q2 25 | 25.5% | 6.4% | ||
| Q1 25 | 31.5% | 2.9% | ||
| Q4 24 | — | 6.7% | ||
| Q3 24 | 23.5% | 6.5% | ||
| Q2 24 | 23.9% | 8.8% |
每股收益（稀释后）GSUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $14.04 | $3.17 | ||
| Q3 25 | $12.25 | $2.90 | ||
| Q2 25 | $10.91 | $2.97 | ||
| Q1 25 | $14.12 | $1.16 | ||
| Q4 24 | — | $2.97 | ||
| Q3 24 | $8.40 | $2.90 | ||
| Q2 24 | $8.62 | $3.96 |
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 | $179.0B | $14.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $123.0B | $15.9B |
| 总资产 | $2062.0B | $80.9B |
| 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GSUAL
| Q1 26 | $179.0B | $14.2B | ||
| Q4 25 | $164.3B | $12.2B | ||
| Q3 25 | $169.6B | $13.3B | ||
| Q2 25 | $153.0B | $15.6B | ||
| Q1 25 | $167.4B | $15.3B | ||
| Q4 24 | — | $14.5B | ||
| Q3 24 | $154.7B | $14.2B | ||
| Q2 24 | $206.3B | $15.2B |
总债务GSUAL
| Q1 26 | — | — | ||
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益GSUAL
| Q1 26 | $123.0B | $15.9B | ||
| Q4 25 | $125.0B | $15.3B | ||
| Q3 25 | $124.4B | $14.3B | ||
| Q2 25 | $124.1B | $13.4B | ||
| Q1 25 | $124.3B | $12.6B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $121.2B | $11.4B | ||
| Q2 24 | $119.5B | $10.5B |
总资产GSUAL
| Q1 26 | $2062.0B | $80.9B | ||
| Q4 25 | $1809.3B | $76.4B | ||
| Q3 25 | $1808.0B | $76.3B | ||
| Q2 25 | $1785.0B | $77.2B | ||
| Q1 25 | $1766.2B | $76.1B | ||
| Q4 24 | — | $74.1B | ||
| Q3 24 | $1728.1B | $72.6B | ||
| Q2 24 | $1653.3B | $73.3B |
负债/权益比GSUAL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| 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 | — | $4.8B |
| 自由现金流经营现金流 - 资本支出 | — | $2.0B |
| 自由现金流率自由现金流/营收 | — | 13.9% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | — | 6.87× |
| 过去12个月自由现金流最近4个季度 | — | $2.1B |
8季度趋势，按日历期对齐
经营现金流GSUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $-16.3B | $1.3B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $5.7B | $2.2B | ||
| Q1 25 | $-37.2B | $3.7B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $2.9B |
自由现金流GSUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-16.8B | $-604.0M | ||
| Q3 25 | $2.1B | $-246.0M | ||
| Q2 25 | $5.2B | $930.0M | ||
| Q1 25 | $-37.7B | $2.5B | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $88.0M | ||
| Q2 24 | — | $1.7B |
自由现金流率GSUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | -124.9% | -3.9% | ||
| Q3 25 | 14.0% | -1.6% | ||
| Q2 25 | 35.6% | 6.1% | ||
| Q1 25 | -250.5% | 18.7% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 11.4% |
资本支出强度GSUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 3.9% | 12.3% | ||
| Q3 25 | 3.7% | 9.6% | ||
| Q2 25 | 3.3% | 8.4% | ||
| Q1 25 | 3.3% | 9.3% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 9.5% | ||
| Q2 24 | — | 7.8% |
现金转化率GSUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | -3.53× | 1.23× | ||
| Q3 25 | 0.65× | 1.28× | ||
| Q2 25 | 1.52× | 2.28× | ||
| Q1 25 | -7.86× | 9.59× | ||
| Q4 24 | — | 2.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
