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京东（JD）与英伟达（NVDA）财务数据对比。点击上方公司名可切换其他公司
英伟达的季度营收约是京东的1.3倍（$68.1B vs $53.9B），英伟达净利率更高（63.1% vs -0.1%，领先63.2%），英伟达同比增速更快（73.2% vs 12.2%），英伟达自由现金流更多（$34.9B vs $2.7B），过去两年英伟达的营收复合增速更高（61.7% vs 26.8%）
京东是总部位于北京的中国知名电商企业，前身为360buy。2024年营收超1588亿美元，是中国收入规模最大的零售商，位列《财富》世界500强第47位。作为国内两大头部B2C线上零售商之一，与阿里巴巴旗下天猫直接竞争，业务覆盖零售、科技、物流、医疗健康、工业、地产管理等多个领域。
英伟达是总部位于美国加利福尼亚州圣克拉拉的科技企业，1993年由黄仁勋、克里斯·马拉科夫斯基、柯蒂斯·普里姆联合创立。公司主营图形处理器（GPU）、系统级芯片（SoC）及应用程序接口（API）产品，覆盖数据科学、高性能计算、游戏、移动与车载应用等领域，是全球知名的头部科技企业之一。
JD vs NVDA — 直观对比
营收规模更大
NVDA
是对方的1.3倍
$53.9B
营收增速更快
NVDA
高出61.0%
12.2%
净利率更高
NVDA
高出63.2%
-0.1%
自由现金流更多
NVDA
多$32.2B
$2.7B
两年增速更快
NVDA
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $53.9B | $68.1B |
| 净利润 | $-78.0M | $43.0B |
| 毛利率 | 14.6% | 75.0% |
| 营业利润率 | -1.5% | 65.0% |
| 净利率 | -0.1% | 63.1% |
| 营收同比 | 12.2% | 73.2% |
| 净利润同比 | -105.0% | 94.5% |
| 每股收益（稀释后） | $-0.15 | $1.76 |
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JDNVDA
| Q1 26 | — | $68.1B | ||
| Q4 25 | $53.9B | $57.0B | ||
| Q3 25 | $42.0B | $46.7B | ||
| Q2 25 | $49.8B | $44.1B | ||
| Q1 25 | $41.5B | $39.3B | ||
| Q4 24 | $48.0B | $35.1B | ||
| Q3 24 | $37.1B | $30.0B | ||
| Q2 24 | $40.1B | $26.0B |
净利润JDNVDA
| Q1 26 | — | $43.0B | ||
| Q4 25 | $-78.0M | $31.9B | ||
| Q3 25 | $896.0M | $26.4B | ||
| Q2 25 | $937.0M | $18.8B | ||
| Q1 25 | $1.6B | $22.1B | ||
| Q4 24 | $1.6B | $19.3B | ||
| Q3 24 | $1.8B | $16.6B | ||
| Q2 24 | $1.9B | $14.9B |
毛利率JDNVDA
| Q1 26 | — | 75.0% | ||
| Q4 25 | 14.6% | 73.4% | ||
| Q3 25 | 16.9% | 72.4% | ||
| Q2 25 | 15.9% | 60.5% | ||
| Q1 25 | 15.9% | 73.0% | ||
| Q4 24 | 15.2% | 74.6% | ||
| Q3 24 | 17.3% | 75.1% | ||
| Q2 24 | 15.8% | 78.4% |
营业利润率JDNVDA
| Q1 26 | — | 65.0% | ||
| Q4 25 | -1.5% | 63.2% | ||
| Q3 25 | -0.4% | 60.8% | ||
| Q2 25 | -0.2% | 49.1% | ||
| Q1 25 | 3.5% | 61.1% | ||
| Q4 24 | 2.6% | 62.3% | ||
| Q3 24 | 4.6% | 62.1% | ||
| Q2 24 | 3.6% | 64.9% |
净利率JDNVDA
| Q1 26 | — | 63.1% | ||
| Q4 25 | -0.1% | 56.0% | ||
| Q3 25 | 2.1% | 56.5% | ||
| Q2 25 | 1.9% | 42.6% | ||
| Q1 25 | 3.7% | 56.2% | ||
| Q4 24 | 3.3% | 55.0% | ||
| Q3 24 | 4.9% | 55.3% | ||
| Q2 24 | 4.7% | 57.1% |
每股收益（稀释后）JDNVDA
| Q1 26 | — | $1.76 | ||
| Q4 25 | $-0.15 | $1.30 | ||
| Q3 25 | $0.24 | $1.08 | ||
| Q2 25 | $0.29 | $0.76 | ||
| Q1 25 | $0.50 | $-4.49 | ||
| Q4 24 | $0.44 | $0.78 | ||
| Q3 24 | $0.55 | $0.67 | ||
| Q2 24 | $0.56 | $5.98 |
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 | $30.5B | $10.6B |
| 总债务越低越好 | $41.7B | $8.5B |
| 股东权益账面价值 | $32.2B | $157.3B |
| 总资产 | $99.4B | $206.8B |
| 负债/权益比越低杠杆越低 | 1.30× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资JDNVDA
| Q1 26 | — | $10.6B | ||
| Q4 25 | $30.5B | $60.6B | ||
| Q3 25 | $27.9B | $56.8B | ||
| Q2 25 | $29.9B | $53.7B | ||
| Q1 25 | $26.8B | $43.2B | ||
| Q4 24 | $32.1B | $38.5B | ||
| Q3 24 | $27.2B | $34.8B | ||
| Q2 24 | $27.8B | $31.4B |
总债务JDNVDA
| Q1 26 | — | $8.5B | ||
| Q4 25 | $41.7B | $8.5B | ||
| Q3 25 | $8.4B | $8.5B | ||
| Q2 25 | $7.9B | $8.5B | ||
| Q1 25 | $7.8B | $8.5B | ||
| Q4 24 | $31.7B | $8.5B | ||
| Q3 24 | $7.7B | $8.5B | ||
| Q2 24 | $7.8B | $9.7B |
股东权益JDNVDA
| Q1 26 | — | $157.3B | ||
| Q4 25 | $32.2B | $118.9B | ||
| Q3 25 | $42.8B | $100.1B | ||
| Q2 25 | $41.5B | $83.8B | ||
| Q1 25 | $42.5B | $79.3B | ||
| Q4 24 | $32.8B | $65.9B | ||
| Q3 24 | $42.2B | $58.2B | ||
| Q2 24 | $39.5B | $49.1B |
总资产JDNVDA
| Q1 26 | — | $206.8B | ||
| Q4 25 | $99.4B | $161.1B | ||
| Q3 25 | $100.2B | $140.7B | ||
| Q2 25 | $98.7B | $125.3B | ||
| Q1 25 | $93.4B | $111.6B | ||
| Q4 24 | $95.7B | $96.0B | ||
| Q3 24 | $91.7B | $85.2B | ||
| Q2 24 | $89.7B | $77.1B |
负债/权益比JDNVDA
| Q1 26 | — | 0.05× | ||
| Q4 25 | 1.30× | 0.07× | ||
| Q3 25 | 0.20× | 0.08× | ||
| Q2 25 | 0.19× | 0.10× | ||
| Q1 25 | 0.18× | 0.11× | ||
| Q4 24 | 0.97× | 0.13× | ||
| Q3 24 | 0.18× | 0.15× | ||
| Q2 24 | 0.20× | 0.20× |
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 | $3.0B | $36.2B |
| 自由现金流经营现金流 - 资本支出 | $2.7B | $34.9B |
| 自由现金流率自由现金流/营收 | 5.0% | 51.2% |
| 资本支出强度资本支出/营收 | 0.5% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 0.84× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $96.7B |
8季度趋势，按日历期对齐
经营现金流JDNVDA
| Q1 26 | — | $36.2B | ||
| Q4 25 | $3.0B | $23.8B | ||
| Q3 25 | $-1.1B | $15.4B | ||
| Q2 25 | $3.4B | $27.4B | ||
| Q1 25 | $-2.5B | $16.6B | ||
| Q4 24 | $3.4B | $17.6B | ||
| Q3 24 | $-886.0M | $14.5B | ||
| Q2 24 | $7.0B | $15.3B |
自由现金流JDNVDA
| Q1 26 | — | $34.9B | ||
| Q4 25 | $2.7B | $22.1B | ||
| Q3 25 | $-1.1B | $13.5B | ||
| Q2 25 | $3.3B | $26.2B | ||
| Q1 25 | $-2.6B | $15.6B | ||
| Q4 24 | $3.3B | $16.8B | ||
| Q3 24 | $-1.4B | $13.5B | ||
| Q2 24 | $6.8B | $15.0B |
自由现金流率JDNVDA
| Q1 26 | — | 51.2% | ||
| Q4 25 | 5.0% | 38.8% | ||
| Q3 25 | -2.7% | 28.8% | ||
| Q2 25 | 6.5% | 59.4% | ||
| Q1 25 | -6.4% | 39.5% | ||
| Q4 24 | 6.9% | 47.9% | ||
| Q3 24 | -3.7% | 45.0% | ||
| Q2 24 | 16.9% | 57.5% |
资本支出强度JDNVDA
| Q1 26 | — | 1.9% | ||
| Q4 25 | 0.5% | 2.9% | ||
| Q3 25 | 0.0% | 4.1% | ||
| Q2 25 | 0.3% | 2.8% | ||
| Q1 25 | 0.3% | 2.7% | ||
| Q4 24 | 0.2% | 2.3% | ||
| Q3 24 | 1.3% | 3.3% | ||
| Q2 24 | 0.5% | 1.4% |
现金转化率JDNVDA
| Q1 26 | — | 0.84× | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | -1.26× | 0.58× | ||
| Q2 25 | 3.64× | 1.46× | ||
| Q1 25 | -1.62× | 0.75× | ||
| Q4 24 | 2.18× | 0.91× | ||
| Q3 24 | -0.48× | 0.87× | ||
| Q2 24 | 3.73× | 1.03× |
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
JD
| JD Retail | $43.2B | 80% |
| JD Logistics | $9.1B | 17% |
| New Businesses | $2.0B | 4% |
NVDA
| Compute | $51.3B | 75% |
| Networking | $11.0B | 16% |
| Gaming | $3.7B | 5% |
| Professional Visualization | $1.3B | 2% |
| Automotive | $604.0M | 1% |
| OEM And Other | $161.0M | 0% |
| Inventory Purchase Obligations In Excess Of Projections | $31.0M | 0% |
