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西南航空（LUV）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
西南航空的季度营收约是麦当劳的1.0倍（$7.2B vs $7.0B），麦当劳净利率更高（30.9% vs 3.1%，领先27.7%），西南航空同比增速更快（12.8% vs 9.7%），过去两年麦当劳的营收复合增速更高（6.6% vs -0.7%）
西南航空是美国知名低成本航空公司，总部位于得克萨斯州达拉斯市洛夫菲尔德片区。截至2024年，按客运量计算其为北美第四大航空公司，旗下机队全部采用波音737机型，运营航线覆盖美国42个州、华盛顿哥伦比亚特区的100余个目的地。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
LUV vs MCD — 直观对比
营收规模更大
LUV
是对方的1.0倍
$7.0B
营收增速更快
LUV
高出3.1%
9.7%
净利率更高
MCD
高出27.7%
3.1%
两年增速更快
MCD
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $7.0B |
| 净利润 | $227.0M | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | — | 45.0% |
| 净利率 | 3.1% | 30.9% |
| 营收同比 | 12.8% | 9.7% |
| 净利润同比 | 252.3% | 7.3% |
| 每股收益（稀释后） | $0.45 | $3.03 |
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LUVMCD
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $7.0B | ||
| Q3 25 | $6.9B | $7.1B | ||
| Q2 25 | $7.2B | $6.8B | ||
| Q1 25 | $6.4B | $6.0B | ||
| Q4 24 | $6.9B | $6.4B | ||
| Q3 24 | $6.9B | $6.9B | ||
| Q2 24 | $7.4B | $6.5B |
净利润LUVMCD
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $2.2B | ||
| Q3 25 | $54.0M | $2.3B | ||
| Q2 25 | $213.0M | $2.3B | ||
| Q1 25 | $-149.0M | $1.9B | ||
| Q4 24 | $262.0M | $2.0B | ||
| Q3 24 | $67.0M | $2.3B | ||
| Q2 24 | $367.0M | $2.0B |
毛利率LUVMCD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% |
营业利润率LUVMCD
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 45.0% | ||
| Q3 25 | 0.5% | 47.4% | ||
| Q2 25 | 3.1% | 47.2% | ||
| Q1 25 | -3.5% | 44.5% | ||
| Q4 24 | 4.0% | 44.9% | ||
| Q3 24 | 0.6% | 46.4% | ||
| Q2 24 | 5.4% | 45.0% |
净利率LUVMCD
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 30.9% | ||
| Q3 25 | 0.8% | 32.2% | ||
| Q2 25 | 2.9% | 32.9% | ||
| Q1 25 | -2.3% | 31.4% | ||
| Q4 24 | 3.8% | 31.6% | ||
| Q3 24 | 1.0% | 32.8% | ||
| Q2 24 | 5.0% | 31.2% |
每股收益（稀释后）LUVMCD
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $3.03 | ||
| Q3 25 | $0.10 | $3.18 | ||
| Q2 25 | $0.39 | $3.14 | ||
| Q1 25 | $-0.26 | $2.60 | ||
| Q4 24 | $0.46 | $2.80 | ||
| Q3 24 | $0.11 | $3.13 | ||
| Q2 24 | $0.58 | $2.80 |
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 | $3.3B | $774.0M |
| 总债务越低越好 | $5.4B | $40.0B |
| 股东权益账面价值 | $6.9B | $-1.8B |
| 总资产 | $20.4B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.78× | — |
8季度趋势，按日历期对齐
现金及短期投资LUVMCD
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $774.0M | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $3.8B | $1.9B | ||
| Q1 25 | $8.3B | $1.2B | ||
| Q4 24 | $8.7B | $1.1B | ||
| Q3 24 | $9.4B | $1.2B | ||
| Q2 24 | $10.0B | $792.0M |
总债务LUVMCD
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $40.0B | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $5.1B | $38.4B | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — |
股东权益LUVMCD
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $-1.8B | ||
| Q3 25 | $7.8B | $-2.2B | ||
| Q2 25 | $8.0B | $-2.8B | ||
| Q1 25 | $9.4B | $-3.5B | ||
| Q4 24 | $10.3B | $-3.8B | ||
| Q3 24 | $10.4B | $-5.2B | ||
| Q2 24 | $10.5B | $-4.8B |
总资产LUVMCD
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $59.5B | ||
| Q3 25 | $28.3B | $60.6B | ||
| Q2 25 | $28.7B | $59.6B | ||
| Q1 25 | $33.2B | $56.3B | ||
| Q4 24 | $33.8B | $55.2B | ||
| Q3 24 | $34.8B | $56.2B | ||
| Q2 24 | $35.6B | $53.8B |
负债/权益比LUVMCD
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.52× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.44× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.49× | — | ||
| Q2 24 | 0.48× | — |
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 | $1.4B | $2.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.6B |
| 自由现金流率自由现金流/营收 | — | 23.4% |
| 资本支出强度资本支出/营收 | 8.7% | 15.1% |
| 现金转化率经营现金流/净利润 | 6.25× | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $7.2B |
8季度趋势，按日历期对齐
经营现金流LUVMCD
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $2.7B | ||
| Q3 25 | $287.0M | $3.4B | ||
| Q2 25 | $401.0M | $2.0B | ||
| Q1 25 | $860.0M | $2.4B | ||
| Q4 24 | $476.0M | $2.6B | ||
| Q3 24 | $113.0M | $2.7B | ||
| Q2 24 | $-23.0M | $1.7B |
自由现金流LUVMCD
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $1.6B | ||
| Q3 25 | $-391.0M | $2.4B | ||
| Q2 25 | $-234.0M | $1.3B | ||
| Q1 25 | $359.0M | $1.9B | ||
| Q4 24 | $16.0M | $1.8B | ||
| Q3 24 | $-404.0M | $1.9B | ||
| Q2 24 | $-517.0M | $1.1B |
自由现金流率LUVMCD
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 23.4% | ||
| Q3 25 | -5.6% | 34.1% | ||
| Q2 25 | -3.2% | 18.3% | ||
| Q1 25 | 5.6% | 31.5% | ||
| Q4 24 | 0.2% | 28.6% | ||
| Q3 24 | -5.9% | 28.3% | ||
| Q2 24 | -7.0% | 16.3% |
资本支出强度LUVMCD
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 15.1% | ||
| Q3 25 | 9.8% | 14.3% | ||
| Q2 25 | 8.8% | 10.9% | ||
| Q1 25 | 7.8% | 9.3% | ||
| Q4 24 | 6.6% | 12.6% | ||
| Q3 24 | 7.5% | 11.6% | ||
| Q2 24 | 6.7% | 9.7% |
现金转化率LUVMCD
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.25× | ||
| Q3 25 | 5.31× | 1.50× | ||
| Q2 25 | 1.88× | 0.89× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | 1.82× | 1.30× | ||
| Q3 24 | 1.69× | 1.21× | ||
| Q2 24 | -0.06× | 0.84× |
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
LUV
| Passenger | $6.6B | 91% |
| Other | $614.0M | 8% |
| Freight | $44.0M | 1% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
