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西南航空（LUV）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是西南航空的1.2倍（$8.7B vs $7.2B），贝宝净利率更高（16.6% vs 3.1%，领先13.4%），西南航空同比增速更快（12.8% vs 3.7%），过去两年贝宝的营收复合增速更高（6.2% 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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
LUV vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.2倍
$7.2B
营收增速更快
LUV
高出9.1%
3.7%
净利率更高
PYPL
高出13.4%
3.1%
两年增速更快
PYPL
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $8.7B |
| 净利润 | $227.0M | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | — | 17.4% |
| 净利率 | 3.1% | 16.6% |
| 营收同比 | 12.8% | 3.7% |
| 净利润同比 | 252.3% | 28.2% |
| 每股收益（稀释后） | $0.45 | $1.53 |
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LUVPYPL
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $8.7B | ||
| Q3 25 | $6.9B | $8.4B | ||
| Q2 25 | $7.2B | $8.3B | ||
| Q1 25 | $6.4B | $7.8B | ||
| Q4 24 | $6.9B | $8.4B | ||
| Q3 24 | $6.9B | $7.8B | ||
| Q2 24 | $7.4B | $7.9B |
净利润LUVPYPL
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $1.4B | ||
| Q3 25 | $54.0M | $1.2B | ||
| Q2 25 | $213.0M | $1.3B | ||
| Q1 25 | $-149.0M | $1.3B | ||
| Q4 24 | $262.0M | $1.1B | ||
| Q3 24 | $67.0M | $1.0B | ||
| Q2 24 | $367.0M | $1.1B |
营业利润率LUVPYPL
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 17.4% | ||
| Q3 25 | 0.5% | 18.1% | ||
| Q2 25 | 3.1% | 18.1% | ||
| Q1 25 | -3.5% | 19.6% | ||
| Q4 24 | 4.0% | 17.2% | ||
| Q3 24 | 0.6% | 17.7% | ||
| Q2 24 | 5.4% | 16.8% |
净利率LUVPYPL
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 16.6% | ||
| Q3 25 | 0.8% | 14.8% | ||
| Q2 25 | 2.9% | 15.2% | ||
| Q1 25 | -2.3% | 16.5% | ||
| Q4 24 | 3.8% | 13.4% | ||
| Q3 24 | 1.0% | 12.9% | ||
| Q2 24 | 5.0% | 14.3% |
每股收益（稀释后）LUVPYPL
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $1.53 | ||
| Q3 25 | $0.10 | $1.30 | ||
| Q2 25 | $0.39 | $1.29 | ||
| Q1 25 | $-0.26 | $1.29 | ||
| Q4 24 | $0.46 | $1.09 | ||
| Q3 24 | $0.11 | $0.99 | ||
| Q2 24 | $0.58 | $1.08 |
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 | $10.4B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $6.9B | $20.3B |
| 总资产 | $20.4B | $80.2B |
| 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LUVPYPL
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $10.4B | ||
| Q3 25 | $3.0B | $10.8B | ||
| Q2 25 | $3.8B | $10.0B | ||
| Q1 25 | $8.3B | $11.2B | ||
| Q4 24 | $8.7B | $10.8B | ||
| Q3 24 | $9.4B | $11.9B | ||
| Q2 24 | $10.0B | $13.6B |
总债务LUVPYPL
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.1B | — | ||
| Q2 25 | $4.1B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $5.1B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.1B | — |
股东权益LUVPYPL
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $20.3B | ||
| Q3 25 | $7.8B | $20.2B | ||
| Q2 25 | $8.0B | $20.2B | ||
| Q1 25 | $9.4B | $20.3B | ||
| Q4 24 | $10.3B | $20.4B | ||
| Q3 24 | $10.4B | $20.2B | ||
| Q2 24 | $10.5B | $20.6B |
总资产LUVPYPL
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $80.2B | ||
| Q3 25 | $28.3B | $79.8B | ||
| Q2 25 | $28.7B | $79.8B | ||
| Q1 25 | $33.2B | $81.3B | ||
| Q4 24 | $33.8B | $81.6B | ||
| Q3 24 | $34.8B | $83.5B | ||
| Q2 24 | $35.6B | $84.0B |
负债/权益比LUVPYPL
| 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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | — | $2.2B |
| 自由现金流率自由现金流/营收 | — | 25.2% |
| 资本支出强度资本支出/营收 | 8.7% | 2.2% |
| 现金转化率经营现金流/净利润 | 6.25× | 1.66× |
| 过去12个月自由现金流最近4个季度 | — | $5.6B |
8季度趋势，按日历期对齐
经营现金流LUVPYPL
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $2.4B | ||
| Q3 25 | $287.0M | $2.0B | ||
| Q2 25 | $401.0M | $898.0M | ||
| Q1 25 | $860.0M | $1.2B | ||
| Q4 24 | $476.0M | $2.4B | ||
| Q3 24 | $113.0M | $1.6B | ||
| Q2 24 | $-23.0M | $1.5B |
自由现金流LUVPYPL
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $2.2B | ||
| Q3 25 | $-391.0M | $1.7B | ||
| Q2 25 | $-234.0M | $692.0M | ||
| Q1 25 | $359.0M | $964.0M | ||
| Q4 24 | $16.0M | $2.2B | ||
| Q3 24 | $-404.0M | $1.4B | ||
| Q2 24 | $-517.0M | $1.4B |
自由现金流率LUVPYPL
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 25.2% | ||
| Q3 25 | -5.6% | 20.4% | ||
| Q2 25 | -3.2% | 8.3% | ||
| Q1 25 | 5.6% | 12.4% | ||
| Q4 24 | 0.2% | 26.2% | ||
| Q3 24 | -5.9% | 18.4% | ||
| Q2 24 | -7.0% | 17.3% |
资本支出强度LUVPYPL
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 2.2% | ||
| Q3 25 | 9.8% | 3.0% | ||
| Q2 25 | 8.8% | 2.5% | ||
| Q1 25 | 7.8% | 2.5% | ||
| Q4 24 | 6.6% | 2.4% | ||
| Q3 24 | 7.5% | 2.2% | ||
| Q2 24 | 6.7% | 2.0% |
现金转化率LUVPYPL
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.66× | ||
| Q3 25 | 5.31× | 1.58× | ||
| Q2 25 | 1.88× | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 1.82× | 2.14× | ||
| Q3 24 | 1.69× | 1.60× | ||
| Q2 24 | -0.06× | 1.35× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
