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西南航空（LUV）与SHOPIFY INC.（SHOP）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SHOPIFY INC.的2.0倍（$7.2B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 3.1%，领先17.1%），SHOPIFY INC.同比增速更快（30.6% vs 12.8%），过去两年SHOPIFY INC.的营收复合增速更高（40.5% 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。
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
LUV vs SHOP — 直观对比
营收规模更大
LUV
是对方的2.0倍
$3.7B
营收增速更快
SHOP
高出17.8%
12.8%
净利率更高
SHOP
高出17.1%
3.1%
两年增速更快
SHOP
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $3.7B |
| 净利润 | $227.0M | $743.0M |
| 毛利率 | — | 46.1% |
| 营业利润率 | — | 17.2% |
| 净利率 | 3.1% | 20.2% |
| 营收同比 | 12.8% | 30.6% |
| 净利润同比 | 252.3% | -42.5% |
| 每股收益（稀释后） | $0.45 | $0.58 |
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LUVSHOP
| Q1 26 | $7.2B | — | ||
| Q4 25 | $7.4B | $3.7B | ||
| Q3 25 | $6.9B | $2.8B | ||
| Q2 25 | $7.2B | $2.7B | ||
| Q1 25 | $6.4B | $2.4B | ||
| Q4 24 | $6.9B | $2.8B | ||
| Q3 24 | $6.9B | $2.2B | ||
| Q2 24 | $7.4B | $2.0B |
净利润LUVSHOP
| Q1 26 | $227.0M | — | ||
| Q4 25 | $323.0M | $743.0M | ||
| Q3 25 | $54.0M | $264.0M | ||
| Q2 25 | $213.0M | $906.0M | ||
| Q1 25 | $-149.0M | $-682.0M | ||
| Q4 24 | $262.0M | $1.3B | ||
| Q3 24 | $67.0M | $828.0M | ||
| Q2 24 | $367.0M | $171.0M |
毛利率LUVSHOP
| Q1 26 | — | — | ||
| Q4 25 | — | 46.1% | ||
| Q3 25 | — | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | — | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | — | 51.7% | ||
| Q2 24 | — | 51.1% |
营业利润率LUVSHOP
| Q1 26 | — | — | ||
| Q4 25 | 5.3% | 17.2% | ||
| Q3 25 | 0.5% | 12.1% | ||
| Q2 25 | 3.1% | 10.9% | ||
| Q1 25 | -3.5% | 8.6% | ||
| Q4 24 | 4.0% | 16.5% | ||
| Q3 24 | 0.6% | 13.1% | ||
| Q2 24 | 5.4% | 11.8% |
净利率LUVSHOP
| Q1 26 | 3.1% | — | ||
| Q4 25 | 4.3% | 20.2% | ||
| Q3 25 | 0.8% | 9.3% | ||
| Q2 25 | 2.9% | 33.8% | ||
| Q1 25 | -2.3% | -28.9% | ||
| Q4 24 | 3.8% | 46.0% | ||
| Q3 24 | 1.0% | 38.3% | ||
| Q2 24 | 5.0% | 8.4% |
每股收益（稀释后）LUVSHOP
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.56 | $0.58 | ||
| Q3 25 | $0.10 | $0.20 | ||
| Q2 25 | $0.39 | $0.69 | ||
| Q1 25 | $-0.26 | $-0.53 | ||
| Q4 24 | $0.46 | $0.99 | ||
| Q3 24 | $0.11 | $0.64 | ||
| Q2 24 | $0.58 | $0.13 |
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 | $5.8B |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $6.9B | $13.5B |
| 总资产 | $20.4B | $15.2B |
| 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LUVSHOP
| Q1 26 | $3.3B | — | ||
| Q4 25 | $3.2B | $5.8B | ||
| Q3 25 | $3.0B | $6.3B | ||
| Q2 25 | $3.8B | $5.8B | ||
| Q1 25 | $8.3B | $5.5B | ||
| Q4 24 | $8.7B | $5.5B | ||
| Q3 24 | $9.4B | — | ||
| Q2 24 | $10.0B | — |
总债务LUVSHOP
| 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LUVSHOP
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $13.5B | ||
| Q3 25 | $7.8B | $12.5B | ||
| Q2 25 | $8.0B | $12.1B | ||
| Q1 25 | $9.4B | $11.1B | ||
| Q4 24 | $10.3B | $11.6B | ||
| Q3 24 | $10.4B | $10.1B | ||
| Q2 24 | $10.5B | $9.2B |
总资产LUVSHOP
| Q1 26 | $20.4B | — | ||
| Q4 25 | $29.1B | $15.2B | ||
| Q3 25 | $28.3B | $15.0B | ||
| Q2 25 | $28.7B | $14.6B | ||
| Q1 25 | $33.2B | $13.4B | ||
| Q4 24 | $33.8B | $13.9B | ||
| Q3 24 | $34.8B | — | ||
| Q2 24 | $35.6B | — |
负债/权益比LUVSHOP
| 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 | $725.0M |
| 自由现金流经营现金流 - 资本支出 | — | $715.0M |
| 自由现金流率自由现金流/营收 | — | 19.5% |
| 资本支出强度资本支出/营收 | 8.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 6.25× | 0.98× |
| 过去12个月自由现金流最近4个季度 | — | $2.0B |
8季度趋势，按日历期对齐
经营现金流LUVSHOP
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $725.0M | ||
| Q3 25 | $287.0M | $513.0M | ||
| Q2 25 | $401.0M | $428.0M | ||
| Q1 25 | $860.0M | $367.0M | ||
| Q4 24 | $476.0M | $615.0M | ||
| Q3 24 | $113.0M | $423.0M | ||
| Q2 24 | $-23.0M | $340.0M |
自由现金流LUVSHOP
| Q1 26 | — | — | ||
| Q4 25 | $-565.0M | $715.0M | ||
| Q3 25 | $-391.0M | $507.0M | ||
| Q2 25 | $-234.0M | $422.0M | ||
| Q1 25 | $359.0M | $363.0M | ||
| Q4 24 | $16.0M | $611.0M | ||
| Q3 24 | $-404.0M | $421.0M | ||
| Q2 24 | $-517.0M | $333.0M |
自由现金流率LUVSHOP
| Q1 26 | — | — | ||
| Q4 25 | -7.6% | 19.5% | ||
| Q3 25 | -5.6% | 17.8% | ||
| Q2 25 | -3.2% | 15.7% | ||
| Q1 25 | 5.6% | 15.4% | ||
| Q4 24 | 0.2% | 21.7% | ||
| Q3 24 | -5.9% | 19.5% | ||
| Q2 24 | -7.0% | 16.3% |
资本支出强度LUVSHOP
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 0.3% | ||
| Q3 25 | 9.8% | 0.2% | ||
| Q2 25 | 8.8% | 0.2% | ||
| Q1 25 | 7.8% | 0.2% | ||
| Q4 24 | 6.6% | 0.1% | ||
| Q3 24 | 7.5% | 0.1% | ||
| Q2 24 | 6.7% | 0.3% |
现金转化率LUVSHOP
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 0.98× | ||
| Q3 25 | 5.31× | 1.94× | ||
| Q2 25 | 1.88× | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.82× | 0.48× | ||
| Q3 24 | 1.69× | 0.51× | ||
| Q2 24 | -0.06× | 1.99× |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
