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摩根大通（JPM）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
摩根大通的季度营收约是美国合众银行的6.2倍（$45.8B vs $7.4B），摩根大通净利率更高（28.4% vs 27.8%，领先0.7%）
摩根大通是总部位于美国纽约、在特拉华州注册的跨国银行机构，为美国四大银行之首，截至2025年是全球市值最高的银行，被金融稳定委员会认定为系统重要性金融机构，业务覆盖全球各地，为各类客户提供综合金融服务。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
JPM vs USB — 直观对比
营收规模更大
JPM
是对方的6.2倍
$7.4B
净利率更高
JPM
高出0.7%
27.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $45.8B | $7.4B |
| 净利润 | $13.0B | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 37.5% | 34.4% |
| 净利率 | 28.4% | 27.8% |
| 营收同比 | — | 5.1% |
| 净利润同比 | — | 23.0% |
| 每股收益（稀释后） | $4.64 | $1.26 |
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JPMUSB
| Q4 25 | $45.8B | $7.4B | ||
| Q3 25 | $46.4B | $7.3B | ||
| Q2 25 | $44.9B | $7.0B | ||
| Q1 25 | $45.3B | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | $42.7B | $6.9B | ||
| Q2 24 | $50.2B | $6.9B | ||
| Q1 24 | $41.9B | $6.7B |
净利润JPMUSB
| Q4 25 | $13.0B | $2.0B | ||
| Q3 25 | $14.4B | $2.0B | ||
| Q2 25 | $15.0B | $1.8B | ||
| Q1 25 | $14.6B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $12.9B | $1.7B | ||
| Q2 24 | $18.1B | $1.6B | ||
| Q1 24 | $13.4B | $1.3B |
营业利润率JPMUSB
| Q4 25 | 37.5% | 34.4% | ||
| Q3 25 | 40.4% | 34.5% | ||
| Q2 25 | 40.7% | 32.7% | ||
| Q1 25 | 40.6% | 31.0% | ||
| Q4 24 | — | 30.1% | ||
| Q3 24 | 39.8% | 30.2% | ||
| Q2 24 | 46.7% | 29.9% | ||
| Q1 24 | 41.2% | 24.9% |
净利率JPMUSB
| Q4 25 | 28.4% | 27.8% | ||
| Q3 25 | 31.0% | 27.3% | ||
| Q2 25 | 33.4% | 25.9% | ||
| Q1 25 | 32.3% | 24.6% | ||
| Q4 24 | — | 23.7% | ||
| Q3 24 | 30.2% | 25.0% | ||
| Q2 24 | 36.2% | 23.3% | ||
| Q1 24 | 32.0% | 19.6% |
每股收益（稀释后）JPMUSB
| Q4 25 | $4.64 | $1.26 | ||
| Q3 25 | $5.07 | $1.22 | ||
| Q2 25 | $5.24 | $1.11 | ||
| Q1 25 | $5.07 | $1.03 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | $4.37 | $1.03 | ||
| Q2 24 | $6.12 | $0.97 | ||
| Q1 24 | $4.44 | $0.78 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $362.4B | $65.2B |
| 总资产 | $4424.9B | $692.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益JPMUSB
| Q4 25 | $362.4B | $65.2B | ||
| Q3 25 | $360.2B | $63.3B | ||
| Q2 25 | $356.9B | $61.4B | ||
| Q1 25 | $351.4B | $60.1B | ||
| Q4 24 | — | $58.6B | ||
| Q3 24 | $345.8B | $58.9B | ||
| Q2 24 | $340.6B | $56.4B | ||
| Q1 24 | $336.6B | $55.6B |
总资产JPMUSB
| Q4 25 | $4424.9B | $692.3B | ||
| Q3 25 | $4560.2B | $695.4B | ||
| Q2 25 | $4552.5B | $686.4B | ||
| Q1 25 | $4357.9B | $676.5B | ||
| Q4 24 | — | $678.3B | ||
| Q3 24 | $4210.0B | $686.5B | ||
| Q2 24 | $4143.0B | $680.1B | ||
| Q1 24 | $4090.7B | $683.6B |
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 | $119.7B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 9.19× | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流JPMUSB
| Q4 25 | $119.7B | $2.8B | ||
| Q3 25 | $-45.2B | $3.4B | ||
| Q2 25 | $29.5B | $2.0B | ||
| Q1 25 | $-251.8B | $-285.0M | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $972.0M | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $-154.2B | $2.7B |
现金转化率JPMUSB
| Q4 25 | 9.19× | 1.39× | ||
| Q3 25 | -3.14× | 1.69× | ||
| Q2 25 | 1.97× | 1.12× | ||
| Q1 25 | -17.20× | -0.17× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | — | 0.57× | ||
| Q2 24 | — | 1.79× | ||
| Q1 24 | -11.49× | 2.02× |
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
JPM
| Other | $19.7B | 43% |
| Commercial And Investment Bank | $19.4B | 42% |
| Assetand Wealth Management Segment | $6.5B | 14% |
| Consumer Community Banking | $188.0M | 0% |
USB
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