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惠普（HPQ）与可口可乐公司（KO）财务数据对比。点击上方公司名可切换其他公司
惠普的季度营收约是可口可乐公司的1.2倍（$14.6B vs $11.8B），可口可乐公司净利率更高（19.2% vs 5.4%，领先13.8%），惠普同比增速更快（4.2% vs 2.4%），可口可乐公司自由现金流更多（$2.9B vs $1.4B），过去两年惠普的营收复合增速更高（5.4% vs 2.3%）
惠普（HP）是美国知名跨国信息技术企业，1939年由比尔·休利特与戴维·帕卡德在加州帕洛阿尔托的一间车库中创立，后续成长为硅谷核心地带极具影响力的科技巨头，其倡导的“惠普之道”经营理念也在行业内广为流传。
可口可乐公司是1892年成立的美国跨国企业，总部位于佐治亚州亚特兰大。公司主营含可口可乐在内的软饮、各类非酒精饮料浓缩液、糖浆及酒精饮料的生产、销售与营销，股票在纽交所上市，是道琼斯工业平均指数、标普500及标普100指数成分股。
HPQ vs KO — 直观对比
营收规模更大
HPQ
是对方的1.2倍
$11.8B
营收增速更快
HPQ
高出1.7%
2.4%
净利率更高
KO
高出13.8%
5.4%
自由现金流更多
KO
多$1.4B
$1.4B
两年增速更快
HPQ
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $11.8B |
| 净利润 | $795.0M | $2.3B |
| 毛利率 | 20.2% | 60.0% |
| 营业利润率 | 6.6% | 15.6% |
| 净利率 | 5.4% | 19.2% |
| 营收同比 | 4.2% | 2.4% |
| 净利润同比 | -12.3% | 3.5% |
| 每股收益（稀释后） | $0.84 | $0.53 |
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HPQKO
| Q4 25 | $14.6B | $11.8B | ||
| Q3 25 | $13.9B | $12.5B | ||
| Q2 25 | $13.2B | $12.5B | ||
| Q1 25 | $13.5B | $11.1B | ||
| Q4 24 | $14.1B | $11.5B | ||
| Q3 24 | $13.5B | $11.9B | ||
| Q2 24 | $12.8B | $12.4B | ||
| Q1 24 | $13.2B | $11.3B |
净利润HPQKO
| Q4 25 | $795.0M | $2.3B | ||
| Q3 25 | $763.0M | $3.7B | ||
| Q2 25 | $406.0M | $3.8B | ||
| Q1 25 | $565.0M | $3.3B | ||
| Q4 24 | $906.0M | $2.2B | ||
| Q3 24 | $640.0M | $2.8B | ||
| Q2 24 | $607.0M | $2.4B | ||
| Q1 24 | $622.0M | $3.2B |
毛利率HPQKO
| Q4 25 | 20.2% | 60.0% | ||
| Q3 25 | 20.5% | 61.5% | ||
| Q2 25 | 20.7% | 62.4% | ||
| Q1 25 | 21.0% | 62.6% | ||
| Q4 24 | 21.4% | 60.0% | ||
| Q3 24 | 21.5% | 60.7% | ||
| Q2 24 | 23.6% | 61.1% | ||
| Q1 24 | 21.9% | 62.5% |
营业利润率HPQKO
| Q4 25 | 6.6% | 15.6% | ||
| Q3 25 | 5.1% | 32.0% | ||
| Q2 25 | 4.9% | 34.1% | ||
| Q1 25 | 6.3% | 32.9% | ||
| Q4 24 | 7.1% | 23.5% | ||
| Q3 24 | 7.0% | 21.2% | ||
| Q2 24 | 7.4% | 21.3% | ||
| Q1 24 | 7.1% | 18.9% |
净利率HPQKO
| Q4 25 | 5.4% | 19.2% | ||
| Q3 25 | 5.5% | 29.7% | ||
| Q2 25 | 3.1% | 30.4% | ||
| Q1 25 | 4.2% | 29.9% | ||
| Q4 24 | 6.4% | 19.0% | ||
| Q3 24 | 4.7% | 24.0% | ||
| Q2 24 | 4.7% | 19.5% | ||
| Q1 24 | 4.7% | 28.1% |
每股收益（稀释后）HPQKO
| Q4 25 | $0.84 | $0.53 | ||
| Q3 25 | $0.80 | $0.86 | ||
| Q2 25 | $0.42 | $0.88 | ||
| Q1 25 | $0.59 | $0.77 | ||
| Q4 24 | $0.93 | $0.50 | ||
| Q3 24 | $0.65 | $0.66 | ||
| Q2 24 | $0.61 | $0.56 | ||
| Q1 24 | $0.62 | $0.74 |
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 | $3.7B | $10.3B |
| 总债务越低越好 | $9.7B | $42.1B |
| 股东权益账面价值 | $-346.0M | $32.2B |
| 总资产 | $41.8B | $104.8B |
| 负债/权益比越低杠杆越低 | — | 1.31× |
8季度趋势，按日历期对齐
现金及短期投资HPQKO
| Q4 25 | $3.7B | $10.3B | ||
| Q3 25 | $2.9B | $12.7B | ||
| Q2 25 | $2.7B | $9.6B | ||
| Q1 25 | $2.9B | $8.4B | ||
| Q4 24 | $3.2B | $10.8B | ||
| Q3 24 | $2.8B | $13.9B | ||
| Q2 24 | $2.4B | $13.7B | ||
| Q1 24 | $2.3B | $10.4B |
总债务HPQKO
| Q4 25 | $9.7B | $42.1B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $45.0B | ||
| Q1 25 | — | $43.5B | ||
| Q4 24 | $9.7B | $42.4B | ||
| Q3 24 | — | $43.0B | ||
| Q2 24 | — | $38.1B | ||
| Q1 24 | — | $36.5B |
股东权益HPQKO
| Q4 25 | $-346.0M | $32.2B | ||
| Q3 25 | $-901.0M | $31.2B | ||
| Q2 25 | $-1.3B | $28.6B | ||
| Q1 25 | $-1.1B | $26.2B | ||
| Q4 24 | $-1.3B | $24.9B | ||
| Q3 24 | $-1.4B | $26.5B | ||
| Q2 24 | $-916.0M | $25.9B | ||
| Q1 24 | $-1.6B | $26.4B |
总资产HPQKO
| Q4 25 | $41.8B | $104.8B | ||
| Q3 25 | $39.9B | $106.0B | ||
| Q2 25 | $38.8B | $104.3B | ||
| Q1 25 | $38.9B | $101.7B | ||
| Q4 24 | $39.9B | $100.5B | ||
| Q3 24 | $38.1B | $106.3B | ||
| Q2 24 | $37.4B | $101.2B | ||
| Q1 24 | $35.8B | $99.4B |
负债/权益比HPQKO
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | 1.70× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.38× |
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 | $1.6B | $3.8B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $2.9B |
| 自由现金流率自由现金流/营收 | 9.7% | 24.3% |
| 资本支出强度资本支出/营收 | 1.3% | 7.5% |
| 现金转化率经营现金流/净利润 | 2.04× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $5.3B |
8季度趋势，按日历期对齐
经营现金流HPQKO
| Q4 25 | $1.6B | $3.8B | ||
| Q3 25 | $1.7B | $5.0B | ||
| Q2 25 | $38.0M | $3.8B | ||
| Q1 25 | $374.0M | $-5.2B | ||
| Q4 24 | $1.6B | $4.0B | ||
| Q3 24 | $1.4B | $-1.3B | ||
| Q2 24 | $581.0M | $3.6B | ||
| Q1 24 | $121.0M | $528.0M |
自由现金流HPQKO
| Q4 25 | $1.4B | $2.9B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | $-145.0M | $3.4B | ||
| Q1 25 | $72.0M | $-5.5B | ||
| Q4 24 | $1.5B | $3.1B | ||
| Q3 24 | $1.3B | $-1.7B | ||
| Q2 24 | $462.0M | $3.2B | ||
| Q1 24 | $-37.0M | $158.0M |
自由现金流率HPQKO
| Q4 25 | 9.7% | 24.3% | ||
| Q3 25 | 10.4% | 36.6% | ||
| Q2 25 | -1.1% | 26.9% | ||
| Q1 25 | 0.5% | -49.5% | ||
| Q4 24 | 10.5% | 27.3% | ||
| Q3 24 | 9.3% | -14.6% | ||
| Q2 24 | 3.6% | 25.6% | ||
| Q1 24 | -0.3% | 1.4% |
资本支出强度HPQKO
| Q4 25 | 1.3% | 7.5% | ||
| Q3 25 | 1.5% | 3.8% | ||
| Q2 25 | 1.4% | 3.5% | ||
| Q1 25 | 2.2% | 2.8% | ||
| Q4 24 | 1.1% | 7.0% | ||
| Q3 24 | 1.2% | 4.0% | ||
| Q2 24 | 0.9% | 3.4% | ||
| Q1 24 | 1.2% | 3.3% |
现金转化率HPQKO
| Q4 25 | 2.04× | 1.65× | ||
| Q3 25 | 2.18× | 1.36× | ||
| Q2 25 | 0.09× | 1.00× | ||
| Q1 25 | 0.66× | -1.56× | ||
| Q4 24 | 1.79× | 1.80× | ||
| Q3 24 | 2.23× | -0.44× | ||
| Q2 24 | 0.96× | 1.49× | ||
| Q1 24 | 0.19× | 0.17× |
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
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
KO
| Other | $7.0B | 59% |
| Finished Product Operations | $2.4B | 21% |
| Concentrate Operations | $2.4B | 20% |
