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Lumen Technologies, Inc.（LUMN）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是Lumen Technologies, Inc.的1.4倍（$3.8B vs $2.7B），ServiceNow净利率更高（12.4% vs -0.1%，领先12.5%），ServiceNow同比增速更快（2.8% vs -11.0%），ServiceNow自由现金流更多（$1.7B vs $-1.1B），过去两年ServiceNow的营收复合增速更高（19.8% vs -5.3%）
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
LUMN vs NOW — 直观对比
营收规模更大
NOW
是对方的1.4倍
$2.7B
营收增速更快
NOW
高出13.7%
-11.0%
净利率更高
NOW
高出12.5%
-0.1%
自由现金流更多
NOW
多$2.7B
$-1.1B
两年增速更快
NOW
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $3.8B |
| 净利润 | $-2.0M | $469.0M |
| 毛利率 | 40.7% | 75.1% |
| 营业利润率 | -7.3% | 13.3% |
| 净利率 | -0.1% | 12.4% |
| 营收同比 | -11.0% | 2.8% |
| 净利润同比 | -102.4% | -53.7% |
| 每股收益（稀释后） | $-0.01 | $1.04 |
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LUMNNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.8B | $3.4B | ||
| Q2 25 | $2.9B | $3.2B | ||
| Q1 25 | $2.9B | $3.1B | ||
| Q4 24 | $3.1B | $3.0B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $3.0B | $2.6B |
净利润LUMNNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $-2.0M | $401.0M | ||
| Q3 25 | $-621.0M | $502.0M | ||
| Q2 25 | $-915.0M | $385.0M | ||
| Q1 25 | $-201.0M | $460.0M | ||
| Q4 24 | $85.0M | $384.0M | ||
| Q3 24 | $-148.0M | $432.0M | ||
| Q2 24 | $-49.0M | $262.0M |
毛利率LUMNNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 40.7% | 76.6% | ||
| Q3 25 | 39.4% | 77.3% | ||
| Q2 25 | 43.4% | 77.5% | ||
| Q1 25 | 42.0% | 78.9% | ||
| Q4 24 | 44.7% | 78.7% | ||
| Q3 24 | 43.0% | 79.1% | ||
| Q2 24 | 45.2% | 79.0% |
营业利润率LUMNNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | -7.3% | 12.4% | ||
| Q3 25 | -4.1% | 16.8% | ||
| Q2 25 | -21.0% | 11.1% | ||
| Q1 25 | 3.7% | 14.6% | ||
| Q4 24 | 5.0% | 12.6% | ||
| Q3 24 | 4.2% | 14.9% | ||
| Q2 24 | 4.5% | 9.1% |
净利率LUMNNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | -0.1% | 11.2% | ||
| Q3 25 | -22.1% | 14.7% | ||
| Q2 25 | -31.9% | 12.0% | ||
| Q1 25 | -6.9% | 14.9% | ||
| Q4 24 | 2.8% | 13.0% | ||
| Q3 24 | -5.0% | 15.4% | ||
| Q2 24 | -1.6% | 10.0% |
每股收益（稀释后）LUMNNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | $-0.01 | $-4.77 | ||
| Q3 25 | $-0.62 | $2.40 | ||
| Q2 25 | $-0.92 | $1.84 | ||
| Q1 25 | $-0.20 | $2.20 | ||
| Q4 24 | $0.08 | $1.84 | ||
| Q3 24 | $-0.15 | $2.07 | ||
| Q2 24 | $-0.05 | $1.26 |
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 | $1.0B | $2.7B |
| 总债务越低越好 | $17.4B | — |
| 股东权益账面价值 | $-1.1B | $11.7B |
| 总资产 | $34.3B | $24.4B |
| 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LUMNNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.0B | $3.7B | ||
| Q3 25 | $2.4B | $2.7B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.9B | $3.4B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $2.6B | $1.9B | ||
| Q2 24 | $1.5B | $2.2B |
总债务LUMNNOW
| Q1 26 | — | — | ||
| Q4 25 | $17.4B | — | ||
| Q3 25 | $17.6B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $17.3B | — | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.4B | — |
股东权益LUMNNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | $-1.1B | $13.0B | ||
| Q3 25 | $-1.2B | $11.3B | ||
| Q2 25 | $-595.0M | $10.9B | ||
| Q1 25 | $289.0M | $10.1B | ||
| Q4 24 | $464.0M | $9.6B | ||
| Q3 24 | $342.0M | $9.3B | ||
| Q2 24 | $466.0M | $8.7B |
总资产LUMNNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $34.3B | $26.0B | ||
| Q3 25 | $34.3B | $21.8B | ||
| Q2 25 | $33.0B | $22.1B | ||
| Q1 25 | $33.5B | $21.0B | ||
| Q4 24 | $33.5B | $20.4B | ||
| Q3 24 | $34.0B | $18.4B | ||
| Q2 24 | $32.9B | $18.2B |
负债/权益比LUMNNOW
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 59.98× | — | ||
| Q4 24 | 37.70× | — | ||
| Q3 24 | 53.05× | — | ||
| Q2 24 | 39.51× | — |
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 | $562.0M | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $1.7B |
| 自由现金流率自由现金流/营收 | -39.4% | 44.2% |
| 资本支出强度资本支出/营收 | 59.9% | — |
| 现金转化率经营现金流/净利润 | — | 3.56× |
| 过去12个月自由现金流最近4个季度 | $371.0M | $4.8B |
8季度趋势，按日历期对齐
经营现金流LUMNNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $562.0M | $2.2B | ||
| Q3 25 | $2.5B | $813.0M | ||
| Q2 25 | $570.0M | $716.0M | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $688.0M | $1.6B | ||
| Q3 24 | $2.0B | $671.0M | ||
| Q2 24 | $511.0M | $620.0M |
自由现金流LUMNNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $-1.1B | $2.0B | ||
| Q3 25 | $1.5B | $578.0M | ||
| Q2 25 | $-321.0M | $526.0M | ||
| Q1 25 | $304.0M | $1.5B | ||
| Q4 24 | $-227.0M | $1.4B | ||
| Q3 24 | $1.2B | $469.0M | ||
| Q2 24 | $-242.0M | $358.0M |
自由现金流率LUMNNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | -39.4% | 56.1% | ||
| Q3 25 | 52.4% | 17.0% | ||
| Q2 25 | -11.2% | 16.4% | ||
| Q1 25 | 10.4% | 47.7% | ||
| Q4 24 | -7.4% | 46.7% | ||
| Q3 24 | 39.8% | 16.8% | ||
| Q2 24 | -8.0% | 13.6% |
资本支出强度LUMNNOW
| Q1 26 | — | — | ||
| Q4 25 | 59.9% | 6.7% | ||
| Q3 25 | 37.1% | 6.9% | ||
| Q2 25 | 31.1% | 5.9% | ||
| Q1 25 | 27.2% | 6.6% | ||
| Q4 24 | 29.7% | 8.6% | ||
| Q3 24 | 28.6% | 7.2% | ||
| Q2 24 | 25.0% | 10.0% |
现金转化率LUMNNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 3.65× | ||
| Q4 24 | 8.09× | 4.26× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 2.37× |
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
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
