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国际商业机器公司（IBM）与甲骨文（ORCL）财务数据对比。点击上方公司名可切换其他公司
甲骨文的季度营收约是国际商业机器公司的1.0倍（$16.1B vs $15.9B），甲骨文净利率更高（38.2% vs 7.6%，领先30.6%），甲骨文同比增速更快（14.2% vs 9.5%），国际商业机器公司自由现金流更多（$2.2B vs $-10.0B），过去两年甲骨文的营收复合增速更高（10.0% vs 0.5%）
国际商业机器公司（IBM）是总部位于美国纽约阿蒙克的跨国科技企业，业务覆盖全球175个以上国家和地区，为道琼斯工业平均指数30只成分股之一。IBM拥有全球最大的工业研究体系，在十余个国家设有19家研究机构，1993至2021年连续29年蝉联美国年专利授权量首位。
甲骨文公司是全球知名的企业软件公司，主打数据库软件、企业级应用软件、云基础设施与云服务等业务，为全球各行业的企业提供数字化转型、数据管理与业务运营的技术解决方案，在全球企业级科技领域占据重要地位。
IBM vs ORCL — 直观对比
营收规模更大
ORCL
是对方的1.0倍
$15.9B
营收增速更快
ORCL
高出4.8%
9.5%
净利率更高
ORCL
高出30.6%
7.6%
自由现金流更多
IBM
多$12.2B
$-10.0B
两年增速更快
ORCL
近两年复合增速
0.5%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.9B | $16.1B |
| 净利润 | $1.2B | $6.1B |
| 毛利率 | 56.2% | — |
| 营业利润率 | — | 29.5% |
| 净利率 | 7.6% | 38.2% |
| 营收同比 | 9.5% | 14.2% |
| 净利润同比 | 15.3% | 94.7% |
| 每股收益（稀释后） | $1.28 | $2.10 |
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IBMORCL
| Q1 26 | $15.9B | — | ||
| Q4 25 | $19.7B | $16.1B | ||
| Q3 25 | $16.3B | $14.9B | ||
| Q2 25 | $17.0B | $15.9B | ||
| Q1 25 | $14.5B | $14.1B | ||
| Q4 24 | $17.6B | $14.1B | ||
| Q3 24 | $15.0B | $13.3B | ||
| Q2 24 | $15.8B | $14.3B |
净利润IBMORCL
| Q1 26 | $1.2B | — | ||
| Q4 25 | $5.6B | $6.1B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $2.2B | $3.4B | ||
| Q1 25 | $1.1B | $2.9B | ||
| Q4 24 | $2.9B | $3.2B | ||
| Q3 24 | $-330.0M | $2.9B | ||
| Q2 24 | $1.8B | $3.1B |
毛利率IBMORCL
| Q1 26 | 56.2% | — | ||
| Q4 25 | 60.6% | — | ||
| Q3 25 | 57.3% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 55.2% | — | ||
| Q4 24 | 59.5% | — | ||
| Q3 24 | 56.3% | — | ||
| Q2 24 | 56.8% | — |
营业利润率IBMORCL
| Q1 26 | — | — | ||
| Q4 25 | 21.0% | 29.5% | ||
| Q3 25 | 14.9% | 28.7% | ||
| Q2 25 | 15.3% | 32.1% | ||
| Q1 25 | 8.0% | 30.8% | ||
| Q4 24 | 18.8% | 30.0% | ||
| Q3 24 | -5.4% | 30.0% | ||
| Q2 24 | 14.1% | 32.8% |
净利率IBMORCL
| Q1 26 | 7.6% | — | ||
| Q4 25 | 28.4% | 38.2% | ||
| Q3 25 | 10.7% | 19.6% | ||
| Q2 25 | 12.9% | 21.5% | ||
| Q1 25 | 7.3% | 20.8% | ||
| Q4 24 | 16.6% | 22.4% | ||
| Q3 24 | -2.2% | 22.0% | ||
| Q2 24 | 11.6% | 22.0% |
每股收益（稀释后）IBMORCL
| Q1 26 | $1.28 | — | ||
| Q4 25 | $5.90 | $2.10 | ||
| Q3 25 | $1.84 | $1.01 | ||
| Q2 25 | $2.31 | $1.19 | ||
| Q1 25 | $1.12 | $1.02 | ||
| Q4 24 | $3.11 | $1.10 | ||
| Q3 24 | $-0.36 | $1.03 | ||
| Q2 24 | $1.96 | $1.11 |
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 | $10.8B | $19.2B |
| 总债务越低越好 | $66.4B | — |
| 股东权益账面价值 | $33.1B | $30.0B |
| 总资产 | $156.2B | $205.0B |
| 负债/权益比越低杠杆越低 | 2.01× | — |
8季度趋势，按日历期对齐
现金及短期投资IBMORCL
| Q1 26 | $10.8B | — | ||
| Q4 25 | $13.6B | $19.2B | ||
| Q3 25 | $11.6B | $10.4B | ||
| Q2 25 | $11.9B | $10.8B | ||
| Q1 25 | $11.0B | $17.4B | ||
| Q4 24 | $13.9B | $10.9B | ||
| Q3 24 | $13.2B | $10.6B | ||
| Q2 24 | $12.2B | $10.5B |
总债务IBMORCL
| Q1 26 | $66.4B | — | ||
| Q4 25 | $54.8B | — | ||
| Q3 25 | $55.2B | — | ||
| Q2 25 | $55.2B | — | ||
| Q1 25 | $56.4B | — | ||
| Q4 24 | $49.9B | — | ||
| Q3 24 | $53.0B | — | ||
| Q2 24 | $52.9B | — |
股东权益IBMORCL
| Q1 26 | $33.1B | — | ||
| Q4 25 | $32.6B | $30.0B | ||
| Q3 25 | $27.9B | $24.2B | ||
| Q2 25 | $27.5B | $20.5B | ||
| Q1 25 | $26.9B | $16.7B | ||
| Q4 24 | $27.3B | $13.7B | ||
| Q3 24 | $24.4B | $10.8B | ||
| Q2 24 | $24.0B | $8.7B |
总资产IBMORCL
| Q1 26 | $156.2B | — | ||
| Q4 25 | $151.9B | $205.0B | ||
| Q3 25 | $146.3B | $180.4B | ||
| Q2 25 | $148.6B | $168.4B | ||
| Q1 25 | $145.7B | $161.4B | ||
| Q4 24 | $137.2B | $148.5B | ||
| Q3 24 | $134.3B | $144.2B | ||
| Q2 24 | $133.8B | $141.0B |
负债/权益比IBMORCL
| Q1 26 | 2.01× | — | ||
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 2.01× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 2.20× | — |
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 | $5.2B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $-10.0B |
| 自由现金流率自由现金流/营收 | 13.9% | -62.1% |
| 资本支出强度资本支出/营收 | 2.4% | 74.9% |
| 现金转化率经营现金流/净利润 | 4.25× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $10.2B | $-13.2B |
8季度趋势，按日历期对齐
经营现金流IBMORCL
| Q1 26 | $5.2B | — | ||
| Q4 25 | $4.0B | $2.1B | ||
| Q3 25 | $3.1B | $8.1B | ||
| Q2 25 | $1.7B | $6.2B | ||
| Q1 25 | $4.4B | $5.9B | ||
| Q4 24 | $4.3B | $1.3B | ||
| Q3 24 | $2.9B | $7.4B | ||
| Q2 24 | $2.1B | $6.1B |
自由现金流IBMORCL
| Q1 26 | $2.2B | — | ||
| Q4 25 | $3.7B | $-10.0B | ||
| Q3 25 | $2.8B | $-362.0M | ||
| Q2 25 | $1.5B | $-2.9B | ||
| Q1 25 | $4.1B | $71.0M | ||
| Q4 24 | $4.0B | $-2.7B | ||
| Q3 24 | $2.6B | $5.1B | ||
| Q2 24 | $1.8B | $3.3B |
自由现金流率IBMORCL
| Q1 26 | 13.9% | — | ||
| Q4 25 | 18.6% | -62.1% | ||
| Q3 25 | 17.3% | -2.4% | ||
| Q2 25 | 8.8% | -18.4% | ||
| Q1 25 | 28.4% | 0.5% | ||
| Q4 24 | 22.9% | -19.0% | ||
| Q3 24 | 17.3% | 38.5% | ||
| Q2 24 | 11.7% | 23.0% |
资本支出强度IBMORCL
| Q1 26 | 2.4% | — | ||
| Q4 25 | 1.9% | 74.9% | ||
| Q3 25 | 1.6% | 57.0% | ||
| Q2 25 | 1.2% | 57.1% | ||
| Q1 25 | 1.7% | 41.5% | ||
| Q4 24 | 1.7% | 28.2% | ||
| Q3 24 | 1.9% | 17.3% | ||
| Q2 24 | 1.4% | 19.6% |
现金转化率IBMORCL
| Q1 26 | 4.25× | — | ||
| Q4 25 | 0.72× | 0.34× | ||
| Q3 25 | 1.77× | 2.78× | ||
| Q2 25 | 0.78× | 1.80× | ||
| Q1 25 | 4.14× | 2.02× | ||
| Q4 24 | 1.49× | 0.41× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | 1.13× | 1.93× |
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
IBM
| Software | $7.1B | 44% |
| Consulting | $5.3B | 33% |
| Infrastructure | $3.3B | 21% |
| Financing | $220.0M | 1% |
ORCL
| Software Support | $4.9B | 31% |
| Cloud Infrastructure | $4.1B | 25% |
| Cloud Applications | $3.9B | 24% |
| Services Business | $1.4B | 9% |
| Software License | $939.0M | 6% |
| Hardware Business | $776.0M | 5% |
