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西南航空（LUV）与Norfolk Southern（NSC）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Norfolk Southern的2.4倍（$7.2B vs $3.0B），Norfolk Southern净利率更高（21.7% vs 3.1%，领先18.5%），西南航空同比增速更快（12.8% vs -1.7%），过去两年Norfolk Southern的营收复合增速更高（-0.5% 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。
诺福克南方铁路是美国一级货运铁路运营商，总部位于亚特兰大，1982年由诺福克西部铁路与南方铁路合并组建。公司运营线路总长19420英里（约31250公里），覆盖美国东部22个州及华盛顿哥伦比亚特区，同时拥有加拿大太平洋堪萨斯城铁路奥尔巴尼至蒙特利尔线路的通行使用权。
LUV vs NSC — 直观对比
营收规模更大
LUV
是对方的2.4倍
$3.0B
营收增速更快
LUV
高出14.4%
-1.7%
净利率更高
NSC
高出18.5%
3.1%
两年增速更快
NSC
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $3.0B |
| 净利润 | $227.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 31.5% |
| 净利率 | 3.1% | 21.7% |
| 营收同比 | 12.8% | -1.7% |
| 净利润同比 | 252.3% | -12.1% |
| 每股收益（稀释后） | $0.45 | $2.87 |
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LUVNSC
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $3.0B | ||
| Q3 25 | $6.9B | $3.1B | ||
| Q2 25 | $7.2B | $3.1B | ||
| Q1 25 | $6.4B | $3.0B | ||
| Q4 24 | $6.9B | $3.0B | ||
| Q3 24 | $6.9B | $3.1B | ||
| Q2 24 | $7.4B | $3.0B |
净利润LUVNSC
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $644.0M | ||
| Q3 25 | $54.0M | $711.0M | ||
| Q2 25 | $213.0M | $768.0M | ||
| Q1 25 | $-149.0M | $750.0M | ||
| Q4 24 | $262.0M | $733.0M | ||
| Q3 24 | $67.0M | $1.1B | ||
| Q2 24 | $367.0M | $737.0M |
营业利润率LUVNSC
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 31.5% | ||
| Q3 25 | 0.5% | 35.4% | ||
| Q2 25 | 3.1% | 37.8% | ||
| Q1 25 | -3.5% | 38.3% | ||
| Q4 24 | 4.0% | 37.4% | ||
| Q3 24 | 0.6% | 52.3% | ||
| Q2 24 | 5.4% | 37.2% |
净利率LUVNSC
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 21.7% | ||
| Q3 25 | 0.8% | 22.9% | ||
| Q2 25 | 2.9% | 24.7% | ||
| Q1 25 | -2.3% | 25.1% | ||
| Q4 24 | 3.8% | 24.2% | ||
| Q3 24 | 1.0% | 36.0% | ||
| Q2 24 | 5.0% | 24.2% |
每股收益（稀释后）LUVNSC
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $2.87 | ||
| Q3 25 | $0.10 | $3.16 | ||
| Q2 25 | $0.39 | $3.41 | ||
| Q1 25 | $-0.26 | $3.31 | ||
| Q4 24 | $0.46 | $3.24 | ||
| Q3 24 | $0.11 | $4.85 | ||
| Q2 24 | $0.58 | $3.25 |
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 | $1.5B |
| 总债务越低越好 | $5.4B | $16.5B |
| 股东权益账面价值 | $6.9B | $15.5B |
| 总资产 | $20.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.78× | 1.06× |
8季度趋势，按日历期对齐
现金及短期投资LUVNSC
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.0B | $1.4B | ||
| Q2 25 | $3.8B | $1.3B | ||
| Q1 25 | $8.3B | $1.0B | ||
| Q4 24 | $8.7B | $1.6B | ||
| Q3 24 | $9.4B | $975.0M | ||
| Q2 24 | $10.0B | $659.0M |
总债务LUVNSC
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $16.5B | ||
| Q3 25 | $4.1B | $16.5B | ||
| Q2 25 | $4.1B | $16.5B | ||
| Q1 25 | $4.1B | $16.7B | ||
| Q4 24 | $5.1B | $16.7B | ||
| Q3 24 | $5.1B | $16.6B | ||
| Q2 24 | $5.1B | $16.9B |
股东权益LUVNSC
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $15.5B | ||
| Q3 25 | $7.8B | $15.1B | ||
| Q2 25 | $8.0B | $14.8B | ||
| Q1 25 | $9.4B | $14.5B | ||
| Q4 24 | $10.3B | $14.3B | ||
| Q3 24 | $10.4B | $13.8B | ||
| Q2 24 | $10.5B | $13.0B |
总资产LUVNSC
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $45.2B | ||
| Q3 25 | $28.3B | $44.6B | ||
| Q2 25 | $28.7B | $44.2B | ||
| Q1 25 | $33.2B | $43.8B | ||
| Q4 24 | $33.8B | $43.7B | ||
| Q3 24 | $34.8B | $43.3B | ||
| Q2 24 | $35.6B | $42.6B |
负债/权益比LUVNSC
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 1.06× | ||
| Q3 25 | 0.52× | 1.09× | ||
| Q2 25 | 0.51× | 1.11× | ||
| Q1 25 | 0.44× | 1.15× | ||
| Q4 24 | 0.49× | 1.16× | ||
| Q3 24 | 0.49× | 1.21× | ||
| Q2 24 | 0.48× | 1.30× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $334.0M |
| 自由现金流率自由现金流/营收 | — | 11.2% |
| 资本支出强度资本支出/营收 | 8.7% | 24.5% |
| 现金转化率经营现金流/净利润 | 6.25× | 1.65× |
| 过去12个月自由现金流最近4个季度 | — | $2.2B |
8季度趋势，按日历期对齐
经营现金流LUVNSC
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $1.1B | ||
| Q3 25 | $287.0M | $1.3B | ||
| Q2 25 | $401.0M | $1.1B | ||
| Q1 25 | $860.0M | $950.0M | ||
| Q4 24 | $476.0M | $951.0M | ||
| Q3 24 | $113.0M | $1.2B | ||
| Q2 24 | $-23.0M | $1.0B |
自由现金流LUVNSC
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $334.0M | ||
| Q3 25 | $-391.0M | $720.0M | ||
| Q2 25 | $-234.0M | $602.0M | ||
| Q1 25 | $359.0M | $501.0M | ||
| Q4 24 | $16.0M | $276.0M | ||
| Q3 24 | $-404.0M | $645.0M | ||
| Q2 24 | $-517.0M | $468.0M |
自由现金流率LUVNSC
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 11.2% | ||
| Q3 25 | -5.6% | 23.2% | ||
| Q2 25 | -3.2% | 19.4% | ||
| Q1 25 | 5.6% | 16.7% | ||
| Q4 24 | 0.2% | 9.1% | ||
| Q3 24 | -5.9% | 21.1% | ||
| Q2 24 | -7.0% | 15.4% |
资本支出强度LUVNSC
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 24.5% | ||
| Q3 25 | 9.8% | 17.8% | ||
| Q2 25 | 8.8% | 15.3% | ||
| Q1 25 | 7.8% | 15.0% | ||
| Q4 24 | 6.6% | 22.3% | ||
| Q3 24 | 7.5% | 19.0% | ||
| Q2 24 | 6.7% | 18.7% |
现金转化率LUVNSC
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.65× | ||
| Q3 25 | 5.31× | 1.79× | ||
| Q2 25 | 1.88× | 1.40× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 1.82× | 1.30× | ||
| Q3 24 | 1.69× | 1.12× | ||
| Q2 24 | -0.06× | 1.41× |
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% |
NSC
| Railway Operating Revenues Market Group Merchandise | $1.9B | 63% |
| Metals And Construction | $404.0M | 14% |
| Railway Operating Revenues Market Group Coal | $347.0M | 12% |
| Automotive | $293.0M | 10% |
