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洲际交易所（ICE）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是洲际交易所的2.0倍（$6.3B vs $3.1B），洲际交易所净利率更高（27.1% vs 1.9%，领先25.2%），洲际交易所同比增速更快（3.7% vs 3.6%），洲际交易所自由现金流更多（$1.1B vs $579.8M），过去两年洲际交易所的营收复合增速更高（5.9% vs 2.4%）
洲际交易所（ICE）是2000年成立的美国跨国金融服务企业，运营全球金融交易所与清算所，提供抵押技术、数据及上市服务，位列财富500强、标普500及罗素1000指数成分股，旗下拥有金融及大宗商品市场交易所，运营12家受监管的交易场所，业务覆盖美加欧等多地期货市场。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
ICE vs XYZ — 直观对比
营收规模更大
XYZ
是对方的2.0倍
$3.1B
营收增速更快
ICE
高出0.1%
3.6%
净利率更高
ICE
高出25.2%
1.9%
自由现金流更多
ICE
多$529.2M
$579.8M
两年增速更快
ICE
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $6.3B |
| 净利润 | $851.0M | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 39.4% | 7.8% |
| 净利率 | 27.1% | 1.9% |
| 营收同比 | 3.7% | 3.6% |
| 净利润同比 | 21.9% | -94.1% |
| 每股收益（稀释后） | $1.49 | $0.19 |
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ICEXYZ
| Q4 25 | $3.1B | $6.3B | ||
| Q3 25 | $3.0B | $6.1B | ||
| Q2 25 | $3.3B | $6.1B | ||
| Q1 25 | $3.2B | $5.8B | ||
| Q4 24 | $3.0B | $6.0B | ||
| Q3 24 | $3.0B | $6.0B | ||
| Q2 24 | $2.9B | $6.2B | ||
| Q1 24 | $2.8B | $6.0B |
净利润ICEXYZ
| Q4 25 | $851.0M | $115.8M | ||
| Q3 25 | $816.0M | $461.5M | ||
| Q2 25 | $851.0M | $538.5M | ||
| Q1 25 | $797.0M | $189.9M | ||
| Q4 24 | $698.0M | $1.9B | ||
| Q3 24 | $657.0M | $283.8M | ||
| Q2 24 | $632.0M | $195.3M | ||
| Q1 24 | $767.0M | $472.0M |
毛利率ICEXYZ
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
营业利润率ICEXYZ
| Q4 25 | 39.4% | 7.8% | ||
| Q3 25 | 39.0% | 6.7% | ||
| Q2 25 | 39.8% | 8.0% | ||
| Q1 25 | 37.8% | 5.7% | ||
| Q4 24 | 35.5% | 0.2% | ||
| Q3 24 | 36.4% | 5.4% | ||
| Q2 24 | 36.8% | 5.0% | ||
| Q1 24 | 38.0% | 4.2% |
净利率ICEXYZ
| Q4 25 | 27.1% | 1.9% | ||
| Q3 25 | 27.1% | 7.5% | ||
| Q2 25 | 26.1% | 8.9% | ||
| Q1 25 | 24.7% | 3.3% | ||
| Q4 24 | 23.0% | 32.3% | ||
| Q3 24 | 21.7% | 4.7% | ||
| Q2 24 | 21.8% | 3.2% | ||
| Q1 24 | 27.4% | 7.9% |
每股收益（稀释后）ICEXYZ
| Q4 25 | $1.49 | $0.19 | ||
| Q3 25 | $1.42 | $0.74 | ||
| Q2 25 | $1.48 | $0.87 | ||
| Q1 25 | $1.38 | $0.30 | ||
| Q4 24 | $1.21 | $3.06 | ||
| Q3 24 | $1.14 | $0.45 | ||
| Q2 24 | $1.10 | $0.31 | ||
| Q1 24 | $1.33 | $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 | $837.0M | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $28.9B | $22.2B |
| 总资产 | $136.9B | $39.5B |
| 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ICEXYZ
| Q4 25 | $837.0M | $6.6B | ||
| Q3 25 | $850.0M | $8.3B | ||
| Q2 25 | $1.0B | $6.4B | ||
| Q1 25 | $783.0M | $7.1B | ||
| Q4 24 | $844.0M | $8.1B | ||
| Q3 24 | $755.0M | $8.3B | ||
| Q2 24 | $885.0M | $7.8B | ||
| Q1 24 | $863.0M | $5.8B |
总债务ICEXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
股东权益ICEXYZ
| Q4 25 | $28.9B | $22.2B | ||
| Q3 25 | $28.6B | $22.5B | ||
| Q2 25 | $28.4B | $22.2B | ||
| Q1 25 | $28.0B | $21.5B | ||
| Q4 24 | $27.6B | $21.3B | ||
| Q3 24 | $27.2B | $19.9B | ||
| Q2 24 | $26.7B | $19.3B | ||
| Q1 24 | $26.2B | $19.0B |
总资产ICEXYZ
| Q4 25 | $136.9B | $39.5B | ||
| Q3 25 | $140.9B | $39.2B | ||
| Q2 25 | $144.2B | $36.9B | ||
| Q1 25 | $142.9B | $36.4B | ||
| Q4 24 | $139.4B | $36.8B | ||
| Q3 24 | $135.2B | $36.4B | ||
| Q2 24 | $137.7B | $37.5B | ||
| Q1 24 | $131.4B | $35.6B |
负债/权益比ICEXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $1.3B | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $579.8M |
| 自由现金流率自由现金流/营收 | 35.3% | 9.3% |
| 资本支出强度资本支出/营收 | 5.3% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.50× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $4.3B | $2.4B |
8季度趋势，按日历期对齐
经营现金流ICEXYZ
| Q4 25 | $1.3B | $621.0M | ||
| Q3 25 | $915.0M | $1.5B | ||
| Q2 25 | $1.5B | $374.3M | ||
| Q1 25 | $966.0M | $133.3M | ||
| Q4 24 | $1.5B | $13.8M | ||
| Q3 24 | $898.0M | $684.8M | ||
| Q2 24 | $1.2B | $519.4M | ||
| Q1 24 | $1.0B | $489.4M |
自由现金流ICEXYZ
| Q4 25 | $1.1B | $579.8M | ||
| Q3 25 | $853.0M | $1.4B | ||
| Q2 25 | $1.4B | $343.0M | ||
| Q1 25 | $881.0M | $101.5M | ||
| Q4 24 | $1.3B | $-13.2M | ||
| Q3 24 | $819.0M | $628.2M | ||
| Q2 24 | $1.1B | $481.0M | ||
| Q1 24 | $951.0M | $457.4M |
自由现金流率ICEXYZ
| Q4 25 | 35.3% | 9.3% | ||
| Q3 25 | 28.4% | 22.9% | ||
| Q2 25 | 44.3% | 5.7% | ||
| Q1 25 | 27.3% | 1.8% | ||
| Q4 24 | 43.3% | -0.2% | ||
| Q3 24 | 27.0% | 10.5% | ||
| Q2 24 | 38.7% | 7.8% | ||
| Q1 24 | 34.0% | 7.7% |
资本支出强度ICEXYZ
| Q4 25 | 5.3% | 0.7% | ||
| Q3 25 | 2.1% | 0.8% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 2.6% | 0.6% | ||
| Q4 24 | 6.4% | 0.4% | ||
| Q3 24 | 2.6% | 0.9% | ||
| Q2 24 | 2.6% | 0.6% | ||
| Q1 24 | 2.1% | 0.5% |
现金转化率ICEXYZ
| Q4 25 | 1.50× | 5.36× | ||
| Q3 25 | 1.12× | 3.14× | ||
| Q2 25 | 1.77× | 0.70× | ||
| Q1 25 | 1.21× | 0.70× | ||
| Q4 24 | 2.16× | 0.01× | ||
| Q3 24 | 1.37× | 2.41× | ||
| Q2 24 | 1.89× | 2.66× | ||
| Q1 24 | 1.32× | 1.04× |
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
ICE
| Other | $1.9B | 60% |
| Fixed Income Data And Analytics | $318.0M | 10% |
| Exchange Data | $266.0M | 8% |
| Origination Technology | $188.0M | 6% |
| Financial Futures And Options | $155.0M | 5% |
| Listings | $125.0M | 4% |
| OT Cand Other Transactions | $97.0M | 3% |
| Closing Solutions | $60.0M | 2% |
| Fixed Income Execution | $29.0M | 1% |
| Product And Service Net Interest Income | $26.0M | 1% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
