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西南航空（LUV）与联合太平洋（UNP）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联合太平洋的1.2倍（$7.2B vs $6.2B），联合太平洋净利率更高（27.4% vs 3.1%，领先24.2%），西南航空同比增速更快（12.8% vs 3.2%），过去两年联合太平洋的营收复合增速更高（1.7% 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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
LUV vs UNP — 直观对比
营收规模更大
LUV
是对方的1.2倍
$6.2B
营收增速更快
LUV
高出9.6%
3.2%
净利率更高
UNP
高出24.2%
3.1%
两年增速更快
UNP
近两年复合增速
-0.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.2B | $6.2B |
| 净利润 | $227.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | — | 39.5% |
| 净利率 | 3.1% | 27.4% |
| 营收同比 | 12.8% | 3.2% |
| 净利润同比 | 252.3% | 4.6% |
| 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LUVUNP
| Q1 26 | $7.2B | $6.2B | ||
| Q4 25 | $7.4B | $6.1B | ||
| Q3 25 | $6.9B | $6.2B | ||
| Q2 25 | $7.2B | $6.2B | ||
| Q1 25 | $6.4B | $6.0B | ||
| Q4 24 | $6.9B | $6.1B | ||
| Q3 24 | $6.9B | $6.1B | ||
| Q2 24 | $7.4B | $6.0B |
净利润LUVUNP
| Q1 26 | $227.0M | $1.7B | ||
| Q4 25 | $323.0M | $1.8B | ||
| Q3 25 | $54.0M | $1.8B | ||
| Q2 25 | $213.0M | $1.9B | ||
| Q1 25 | $-149.0M | $1.6B | ||
| Q4 24 | $262.0M | $1.8B | ||
| Q3 24 | $67.0M | $1.7B | ||
| Q2 24 | $367.0M | $1.7B |
营业利润率LUVUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 5.3% | 39.5% | ||
| Q3 25 | 0.5% | 40.8% | ||
| Q2 25 | 3.1% | 41.0% | ||
| Q1 25 | -3.5% | 39.3% | ||
| Q4 24 | 4.0% | 41.3% | ||
| Q3 24 | 0.6% | 39.7% | ||
| Q2 24 | 5.4% | 40.0% |
净利率LUVUNP
| Q1 26 | 3.1% | 27.4% | ||
| Q4 25 | 4.3% | 30.4% | ||
| Q3 25 | 0.8% | 28.6% | ||
| Q2 25 | 2.9% | 30.5% | ||
| Q1 25 | -2.3% | 27.0% | ||
| Q4 24 | 3.8% | 28.8% | ||
| Q3 24 | 1.0% | 27.4% | ||
| Q2 24 | 5.0% | 27.9% |
每股收益（稀释后）LUVUNP
| Q1 26 | $0.45 | $2.87 | ||
| Q4 25 | $0.56 | $3.12 | ||
| Q3 25 | $0.10 | $3.01 | ||
| Q2 25 | $0.39 | $3.15 | ||
| Q1 25 | $-0.26 | $2.70 | ||
| Q4 24 | $0.46 | $2.91 | ||
| Q3 24 | $0.11 | $2.75 | ||
| Q2 24 | $0.58 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $5.4B | — |
| 股东权益账面价值 | $6.9B | — |
| 总资产 | $20.4B | $69.6B |
| 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LUVUNP
| Q1 26 | $3.3B | $735.0M | ||
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $3.0B | $808.0M | ||
| Q2 25 | $3.8B | $1.1B | ||
| Q1 25 | $8.3B | $1.4B | ||
| Q4 24 | $8.7B | $1.0B | ||
| Q3 24 | $9.4B | $947.0M | ||
| Q2 24 | $10.0B | $1.1B |
总债务LUVUNP
| Q1 26 | $5.4B | — | ||
| Q4 25 | $4.6B | $30.3B | ||
| Q3 25 | $4.1B | $30.3B | ||
| Q2 25 | $4.1B | $30.3B | ||
| Q1 25 | $4.1B | $30.6B | ||
| Q4 24 | $5.1B | $29.8B | ||
| Q3 24 | $5.1B | $29.8B | ||
| Q2 24 | $5.1B | $31.2B |
股东权益LUVUNP
| Q1 26 | $6.9B | — | ||
| Q4 25 | $8.0B | $18.5B | ||
| Q3 25 | $7.8B | $17.3B | ||
| Q2 25 | $8.0B | $16.3B | ||
| Q1 25 | $9.4B | $16.0B | ||
| Q4 24 | $10.3B | $16.9B | ||
| Q3 24 | $10.4B | $16.6B | ||
| Q2 24 | $10.5B | $16.5B |
总资产LUVUNP
| Q1 26 | $20.4B | $69.6B | ||
| Q4 25 | $29.1B | $69.7B | ||
| Q3 25 | $28.3B | $68.6B | ||
| Q2 25 | $28.7B | $68.6B | ||
| Q1 25 | $33.2B | $68.5B | ||
| Q4 24 | $33.8B | $67.7B | ||
| Q3 24 | $34.8B | $67.6B | ||
| Q2 24 | $35.6B | $67.8B |
负债/权益比LUVUNP
| Q1 26 | 0.78× | — | ||
| Q4 25 | 0.57× | 1.64× | ||
| Q3 25 | 0.52× | 1.75× | ||
| Q2 25 | 0.51× | 1.86× | ||
| Q1 25 | 0.44× | 1.91× | ||
| Q4 24 | 0.49× | 1.76× | ||
| Q3 24 | 0.49× | 1.79× | ||
| Q2 24 | 0.48× | 1.89× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | — | $631.0M |
| 自由现金流率自由现金流/营收 | — | 10.1% |
| 资本支出强度资本支出/营收 | 8.7% | — |
| 现金转化率经营现金流/净利润 | 6.25× | — |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流LUVUNP
| Q1 26 | $1.4B | — | ||
| Q4 25 | $294.0M | $2.2B | ||
| Q3 25 | $287.0M | $2.5B | ||
| Q2 25 | $401.0M | $2.3B | ||
| Q1 25 | $860.0M | $2.2B | ||
| Q4 24 | $476.0M | $2.7B | ||
| Q3 24 | $113.0M | $2.7B | ||
| Q2 24 | $-23.0M | $1.9B |
自由现金流LUVUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $-565.0M | $1.2B | ||
| Q3 25 | $-391.0M | $1.6B | ||
| Q2 25 | $-234.0M | $1.4B | ||
| Q1 25 | $359.0M | $1.3B | ||
| Q4 24 | $16.0M | $1.7B | ||
| Q3 24 | $-404.0M | $1.8B | ||
| Q2 24 | $-517.0M | $1.0B |
自由现金流率LUVUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | -7.6% | 20.1% | ||
| Q3 25 | -5.6% | 25.2% | ||
| Q2 25 | -3.2% | 22.7% | ||
| Q1 25 | 5.6% | 21.6% | ||
| Q4 24 | 0.2% | 28.4% | ||
| Q3 24 | -5.9% | 29.9% | ||
| Q2 24 | -7.0% | 16.8% |
资本支出强度LUVUNP
| Q1 26 | 8.7% | — | ||
| Q4 25 | 11.5% | 16.4% | ||
| Q3 25 | 9.8% | 15.2% | ||
| Q2 25 | 8.8% | 15.2% | ||
| Q1 25 | 7.8% | 15.0% | ||
| Q4 24 | 6.6% | 15.1% | ||
| Q3 24 | 7.5% | 13.6% | ||
| Q2 24 | 6.7% | 15.0% |
现金转化率LUVUNP
| Q1 26 | 6.25× | — | ||
| Q4 25 | 0.91× | 1.20× | ||
| Q3 25 | 5.31× | 1.41× | ||
| Q2 25 | 1.88× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 1.82× | 1.51× | ||
| Q3 24 | 1.69× | 1.59× | ||
| Q2 24 | -0.06× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
