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哈里伯顿（HAL）与华纳兄弟探索（WBD）财务数据对比。点击上方公司名可切换其他公司
华纳兄弟探索的季度营收约是哈里伯顿的1.8倍（$9.5B vs $5.4B），哈里伯顿净利率更高（8.6% vs -2.7%，领先11.3%），哈里伯顿同比增速更快（-4.5% vs -5.7%），华纳兄弟探索自由现金流更多（$1.4B vs $123.0M），过去两年华纳兄弟探索的营收复合增速更高（-2.5% vs -3.8%）
哈里伯顿是源自美国的跨国企业，为全球第二大油田服务提供商，承接了全球绝大多数水力压裂作业项目。公司在美国注册，设有休斯敦与迪拜双总部，业务覆盖全球主要油气开采市场。
华纳兄弟探索是一家总部位于美国纽约的跨国大众传媒与娱乐集团，于2022年4月8日由AT&T拆分出的华纳媒体与原探索公司合并成立，旗下拥有丰富的影视内容、流媒体平台及纪实娱乐IP资源，业务覆盖全球多个国家和地区。
HAL vs WBD — 直观对比
营收规模更大
WBD
是对方的1.8倍
$5.4B
营收增速更快
HAL
高出1.1%
-5.7%
净利率更高
HAL
高出11.3%
-2.7%
自由现金流更多
WBD
多$1.3B
$123.0M
两年增速更快
WBD
近两年复合增速
-3.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.4B | $9.5B |
| 净利润 | $464.0M | $-252.0M |
| 毛利率 | — | — |
| 营业利润率 | 12.6% | 3.7% |
| 净利率 | 8.6% | -2.7% |
| 营收同比 | -4.5% | -5.7% |
| 净利润同比 | -21.2% | 49.0% |
| 每股收益（稀释后） | $0.55 | $-0.10 |
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HALWBD
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.7B | $9.5B | ||
| Q3 25 | $5.6B | $9.0B | ||
| Q2 25 | $5.5B | $9.8B | ||
| Q1 25 | $5.4B | $9.0B | ||
| Q4 24 | $5.6B | $10.0B | ||
| Q3 24 | $5.7B | $9.6B | ||
| Q2 24 | $5.8B | $9.7B |
净利润HALWBD
| Q1 26 | $464.0M | — | ||
| Q4 25 | $589.0M | $-252.0M | ||
| Q3 25 | $18.0M | $-148.0M | ||
| Q2 25 | $472.0M | $1.6B | ||
| Q1 25 | $204.0M | $-453.0M | ||
| Q4 24 | $615.0M | $-494.0M | ||
| Q3 24 | $571.0M | $135.0M | ||
| Q2 24 | $709.0M | $-10.0B |
营业利润率HALWBD
| Q1 26 | 12.6% | — | ||
| Q4 25 | 13.2% | 3.7% | ||
| Q3 25 | 6.4% | 6.8% | ||
| Q2 25 | 13.2% | -1.9% | ||
| Q1 25 | 8.0% | -0.4% | ||
| Q4 24 | 16.6% | 1.6% | ||
| Q3 24 | 15.3% | 2.9% | ||
| Q2 24 | 17.7% | -105.1% |
净利率HALWBD
| Q1 26 | 8.6% | — | ||
| Q4 25 | 10.4% | -2.7% | ||
| Q3 25 | 0.3% | -1.6% | ||
| Q2 25 | 8.6% | 16.1% | ||
| Q1 25 | 3.8% | -5.0% | ||
| Q4 24 | 11.0% | -4.9% | ||
| Q3 24 | 10.0% | 1.4% | ||
| Q2 24 | 12.2% | -102.8% |
每股收益（稀释后）HALWBD
| Q1 26 | $0.55 | — | ||
| Q4 25 | — | $-0.10 | ||
| Q3 25 | $0.02 | $-0.06 | ||
| Q2 25 | $0.55 | $0.63 | ||
| Q1 25 | $0.24 | $-0.18 | ||
| Q4 24 | — | $-0.20 | ||
| Q3 24 | $650000.00 | $0.05 | ||
| Q2 24 | $800000.00 | $-4.07 |
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 | $2.0M | $4.6B |
| 总债务越低越好 | $7.2M | $32.4B |
| 股东权益账面价值 | $10.8M | $35.9B |
| 总资产 | $25.1M | $100.1B |
| 负债/权益比越低杠杆越低 | 0.66× | 0.90× |
8季度趋势，按日历期对齐
现金及短期投资HALWBD
| Q1 26 | $2.0M | — | ||
| Q4 25 | $2.2B | $4.6B | ||
| Q3 25 | $2.0B | $4.3B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | $2.6B | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.6B |
总债务HALWBD
| Q1 26 | $7.2M | — | ||
| Q4 25 | $7.2B | $32.4B | ||
| Q3 25 | $7.2B | $33.4B | ||
| Q2 25 | $7.2B | $34.4B | ||
| Q1 25 | $7.2B | $34.6B | ||
| Q4 24 | $7.2B | $36.8B | ||
| Q3 24 | $7.6B | $37.2B | ||
| Q2 24 | $7.6B | $37.3B |
股东权益HALWBD
| Q1 26 | $10.8M | — | ||
| Q4 25 | $10.5B | $35.9B | ||
| Q3 25 | $10.2B | $36.0B | ||
| Q2 25 | $10.5B | $36.0B | ||
| Q1 25 | $10.4B | $33.8B | ||
| Q4 24 | $10.5B | $34.0B | ||
| Q3 24 | $10.3B | $35.1B | ||
| Q2 24 | $10.0B | $34.3B |
总资产HALWBD
| Q1 26 | $25.1M | — | ||
| Q4 25 | $25.0B | $100.1B | ||
| Q3 25 | $25.2B | $100.5B | ||
| Q2 25 | $25.4B | $101.7B | ||
| Q1 25 | $25.2B | $101.7B | ||
| Q4 24 | $25.6B | $104.6B | ||
| Q3 24 | $25.3B | $106.3B | ||
| Q2 24 | $25.2B | $108.0B |
负债/权益比HALWBD
| Q1 26 | 0.66× | — | ||
| Q4 25 | 0.68× | 0.90× | ||
| Q3 25 | 0.70× | 0.93× | ||
| Q2 25 | 0.68× | 0.95× | ||
| Q1 25 | 0.69× | 1.02× | ||
| Q4 24 | 0.68× | 1.08× | ||
| Q3 24 | 0.74× | 1.06× | ||
| Q2 24 | 0.76× | 1.09× |
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 | — | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $123.0M | $1.4B |
| 自由现金流率自由现金流/营收 | 2.3% | 14.6% |
| 资本支出强度资本支出/营收 | 3.6% | 4.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.7B | $3.1B |
8季度趋势，按日历期对齐
经营现金流HALWBD
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $488.0M | $979.0M | ||
| Q2 25 | $896.0M | $983.0M | ||
| Q1 25 | $377.0M | $553.0M | ||
| Q4 24 | $1.5B | $2.7B | ||
| Q3 24 | $841.0M | $847.0M | ||
| Q2 24 | $1.1B | $1.2B |
自由现金流HALWBD
| Q1 26 | $123.0M | — | ||
| Q4 25 | $828.0M | $1.4B | ||
| Q3 25 | $227.0M | $701.0M | ||
| Q2 25 | $542.0M | $702.0M | ||
| Q1 25 | $75.0M | $302.0M | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $502.0M | $632.0M | ||
| Q2 24 | $734.0M | $976.0M |
自由现金流率HALWBD
| Q1 26 | 2.3% | — | ||
| Q4 25 | 14.6% | 14.6% | ||
| Q3 25 | 4.1% | 7.8% | ||
| Q2 25 | 9.8% | 7.2% | ||
| Q1 25 | 1.4% | 3.4% | ||
| Q4 24 | 18.4% | 24.2% | ||
| Q3 24 | 8.8% | 6.6% | ||
| Q2 24 | 12.6% | 10.0% |
资本支出强度HALWBD
| Q1 26 | 3.6% | — | ||
| Q4 25 | 6.0% | 4.5% | ||
| Q3 25 | 4.7% | 3.1% | ||
| Q2 25 | 6.4% | 2.9% | ||
| Q1 25 | 5.6% | 2.8% | ||
| Q4 24 | 7.6% | 2.9% | ||
| Q3 24 | 6.0% | 2.2% | ||
| Q2 24 | 5.9% | 2.6% |
现金转化率HALWBD
| Q1 26 | — | — | ||
| Q4 25 | 1.98× | — | ||
| Q3 25 | 27.11× | — | ||
| Q2 25 | 1.90× | 0.62× | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.47× | 6.27× | ||
| Q2 24 | 1.52× | — |
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
HAL
| Completion and Production | $3.0B | 56% |
| Middle East/Asia | $1.3B | 24% |
| Europe/Africa/CIS | $858.0M | 16% |
| Other | $210.0M | 4% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
