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麦当劳（MCD）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是麦当劳的1.7倍（$12.3B vs $7.0B），麦当劳净利率更高（30.9% vs 24.5%，领先6.4%），麦当劳同比增速更快（9.7% vs 5.0%），高通自由现金流更多（$4.4B vs $1.6B），过去两年高通的营收复合增速更高（14.2% vs 6.6%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
MCD vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.7倍
$7.0B
营收增速更快
MCD
高出4.7%
5.0%
净利率更高
MCD
高出6.4%
24.5%
自由现金流更多
QCOM
多$2.8B
$1.6B
两年增速更快
QCOM
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $12.3B |
| 净利润 | $2.2B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 45.0% | 27.5% |
| 净利率 | 30.9% | 24.5% |
| 营收同比 | 9.7% | 5.0% |
| 净利润同比 | 7.3% | -5.5% |
| 每股收益（稀释后） | $3.03 | $2.78 |
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MCDQCOM
| Q4 25 | $7.0B | $12.3B | ||
| Q3 25 | $7.1B | $11.3B | ||
| Q2 25 | $6.8B | $10.4B | ||
| Q1 25 | $6.0B | $11.0B | ||
| Q4 24 | $6.4B | $11.7B | ||
| Q3 24 | $6.9B | $10.2B | ||
| Q2 24 | $6.5B | $9.4B | ||
| Q1 24 | $6.2B | $9.4B |
净利润MCDQCOM
| Q4 25 | $2.2B | $3.0B | ||
| Q3 25 | $2.3B | $-3.1B | ||
| Q2 25 | $2.3B | $2.7B | ||
| Q1 25 | $1.9B | $2.8B | ||
| Q4 24 | $2.0B | $3.2B | ||
| Q3 24 | $2.3B | $2.9B | ||
| Q2 24 | $2.0B | $2.1B | ||
| Q1 24 | $1.9B | $2.3B |
毛利率MCDQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | 90.6% | 55.3% | ||
| Q2 25 | 90.4% | 55.6% | ||
| Q1 25 | 89.6% | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | 90.6% | 56.4% | ||
| Q2 24 | 90.3% | 55.6% | ||
| Q1 24 | 89.8% | 56.3% |
营业利润率MCDQCOM
| Q4 25 | 45.0% | 27.5% | ||
| Q3 25 | 47.4% | 25.9% | ||
| Q2 25 | 47.2% | 26.6% | ||
| Q1 25 | 44.5% | 28.4% | ||
| Q4 24 | 44.9% | 30.5% | ||
| Q3 24 | 46.4% | 25.2% | ||
| Q2 24 | 45.0% | 23.6% | ||
| Q1 24 | 44.4% | 24.9% |
净利率MCDQCOM
| Q4 25 | 30.9% | 24.5% | ||
| Q3 25 | 32.2% | -27.7% | ||
| Q2 25 | 32.9% | 25.7% | ||
| Q1 25 | 31.4% | 25.6% | ||
| Q4 24 | 31.6% | 27.3% | ||
| Q3 24 | 32.8% | 28.5% | ||
| Q2 24 | 31.2% | 22.7% | ||
| Q1 24 | 31.3% | 24.8% |
每股收益（稀释后）MCDQCOM
| Q4 25 | $3.03 | $2.78 | ||
| Q3 25 | $3.18 | $-2.77 | ||
| Q2 25 | $3.14 | $2.43 | ||
| Q1 25 | $2.60 | $2.52 | ||
| Q4 24 | $2.80 | $2.83 | ||
| Q3 24 | $3.13 | $2.57 | ||
| Q2 24 | $2.80 | $1.88 | ||
| Q1 24 | $2.66 | $2.06 |
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 | $774.0M | $11.8B |
| 总债务越低越好 | $40.0B | $14.8B |
| 股东权益账面价值 | $-1.8B | $23.1B |
| 总资产 | $59.5B | $53.0B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资MCDQCOM
| Q4 25 | $774.0M | $11.8B | ||
| Q3 25 | $2.4B | $10.2B | ||
| Q2 25 | $1.9B | $10.0B | ||
| Q1 25 | $1.2B | $13.8B | ||
| Q4 24 | $1.1B | $14.3B | ||
| Q3 24 | $1.2B | $13.3B | ||
| Q2 24 | $792.0M | $13.0B | ||
| Q1 24 | $838.0M | $13.9B |
总债务MCDQCOM
| Q4 25 | $40.0B | $14.8B | ||
| Q3 25 | — | $14.8B | ||
| Q2 25 | — | $14.8B | ||
| Q1 25 | — | $13.3B | ||
| Q4 24 | $38.4B | $13.2B | ||
| Q3 24 | — | $13.3B | ||
| Q2 24 | — | $13.2B | ||
| Q1 24 | — | $14.5B |
股东权益MCDQCOM
| Q4 25 | $-1.8B | $23.1B | ||
| Q3 25 | $-2.2B | $21.2B | ||
| Q2 25 | $-2.8B | $27.2B | ||
| Q1 25 | $-3.5B | $27.7B | ||
| Q4 24 | $-3.8B | $26.9B | ||
| Q3 24 | $-5.2B | $26.3B | ||
| Q2 24 | $-4.8B | $24.7B | ||
| Q1 24 | $-4.8B | $24.5B |
总资产MCDQCOM
| Q4 25 | $59.5B | $53.0B | ||
| Q3 25 | $60.6B | $50.1B | ||
| Q2 25 | $59.6B | $54.9B | ||
| Q1 25 | $56.3B | $55.4B | ||
| Q4 24 | $55.2B | $55.6B | ||
| Q3 24 | $56.2B | $55.2B | ||
| Q2 24 | $53.8B | $52.7B | ||
| Q1 24 | $53.5B | $53.2B |
负债/权益比MCDQCOM
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× | ||
| Q1 24 | — | 0.59× |
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 | $2.7B | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $4.4B |
| 自由现金流率自由现金流/营收 | 23.4% | 36.0% |
| 资本支出强度资本支出/营收 | 15.1% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.25× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $7.2B | $12.9B |
8季度趋势，按日历期对齐
经营现金流MCDQCOM
| Q4 25 | $2.7B | $5.0B | ||
| Q3 25 | $3.4B | $4.0B | ||
| Q2 25 | $2.0B | $2.9B | ||
| Q1 25 | $2.4B | $2.6B | ||
| Q4 24 | $2.6B | $4.6B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $1.7B | $3.1B | ||
| Q1 24 | $2.4B | $3.6B |
自由现金流MCDQCOM
| Q4 25 | $1.6B | $4.4B | ||
| Q3 25 | $2.4B | $3.6B | ||
| Q2 25 | $1.3B | $2.6B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.8B | $4.3B | ||
| Q3 24 | $1.9B | $2.4B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $1.8B | $3.4B |
自由现金流率MCDQCOM
| Q4 25 | 23.4% | 36.0% | ||
| Q3 25 | 34.1% | 31.8% | ||
| Q2 25 | 18.3% | 24.9% | ||
| Q1 25 | 31.5% | 21.3% | ||
| Q4 24 | 28.6% | 36.9% | ||
| Q3 24 | 28.3% | 23.3% | ||
| Q2 24 | 16.3% | 28.4% | ||
| Q1 24 | 29.9% | 35.9% |
资本支出强度MCDQCOM
| Q4 25 | 15.1% | 4.5% | ||
| Q3 25 | 14.3% | 3.6% | ||
| Q2 25 | 10.9% | 2.8% | ||
| Q1 25 | 9.3% | 1.9% | ||
| Q4 24 | 12.6% | 2.4% | ||
| Q3 24 | 11.6% | 2.5% | ||
| Q2 24 | 9.7% | 4.1% | ||
| Q1 24 | 8.9% | 2.0% |
现金转化率MCDQCOM
| Q4 25 | 1.25× | 1.65× | ||
| Q3 25 | 1.50× | — | ||
| Q2 25 | 0.89× | 1.08× | ||
| Q1 25 | 1.30× | 0.91× | ||
| Q4 24 | 1.30× | 1.44× | ||
| Q3 24 | 1.21× | 0.91× | ||
| Q2 24 | 0.84× | 1.43× | ||
| Q1 24 | 1.24× | 1.53× |
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
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
