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麦当劳（MCD）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是麦当劳的1.1倍（$7.4B vs $7.0B），麦当劳净利率更高（30.9% vs 27.8%，领先3.1%），麦当劳同比增速更快（9.7% vs 5.1%），过去两年麦当劳的营收复合增速更高（6.6% vs 4.7%）
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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
MCD vs USB — 直观对比
营收规模更大
USB
是对方的1.1倍
$7.0B
营收增速更快
MCD
高出4.6%
5.1%
净利率更高
MCD
高出3.1%
27.8%
两年增速更快
MCD
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $7.0B | $7.4B |
| 净利润 | $2.2B | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 45.0% | 34.4% |
| 净利率 | 30.9% | 27.8% |
| 营收同比 | 9.7% | 5.1% |
| 净利润同比 | 7.3% | 23.0% |
| 每股收益（稀释后） | $3.03 | $1.26 |
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MCDUSB
| Q4 25 | $7.0B | $7.4B | ||
| Q3 25 | $7.1B | $7.3B | ||
| Q2 25 | $6.8B | $7.0B | ||
| Q1 25 | $6.0B | $7.0B | ||
| Q4 24 | $6.4B | $7.0B | ||
| Q3 24 | $6.9B | $6.9B | ||
| Q2 24 | $6.5B | $6.9B | ||
| Q1 24 | $6.2B | $6.7B |
净利润MCDUSB
| Q4 25 | $2.2B | $2.0B | ||
| Q3 25 | $2.3B | $2.0B | ||
| Q2 25 | $2.3B | $1.8B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $2.0B | $1.6B | ||
| Q1 24 | $1.9B | $1.3B |
毛利率MCDUSB
| Q4 25 | — | — | ||
| Q3 25 | 90.6% | — | ||
| Q2 25 | 90.4% | — | ||
| Q1 25 | 89.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 90.6% | — | ||
| Q2 24 | 90.3% | — | ||
| Q1 24 | 89.8% | — |
营业利润率MCDUSB
| Q4 25 | 45.0% | 34.4% | ||
| Q3 25 | 47.4% | 34.5% | ||
| Q2 25 | 47.2% | 32.7% | ||
| Q1 25 | 44.5% | 31.0% | ||
| Q4 24 | 44.9% | 30.1% | ||
| Q3 24 | 46.4% | 30.2% | ||
| Q2 24 | 45.0% | 29.9% | ||
| Q1 24 | 44.4% | 24.9% |
净利率MCDUSB
| Q4 25 | 30.9% | 27.8% | ||
| Q3 25 | 32.2% | 27.3% | ||
| Q2 25 | 32.9% | 25.9% | ||
| Q1 25 | 31.4% | 24.6% | ||
| Q4 24 | 31.6% | 23.7% | ||
| Q3 24 | 32.8% | 25.0% | ||
| Q2 24 | 31.2% | 23.3% | ||
| Q1 24 | 31.3% | 19.6% |
每股收益（稀释后）MCDUSB
| Q4 25 | $3.03 | $1.26 | ||
| Q3 25 | $3.18 | $1.22 | ||
| Q2 25 | $3.14 | $1.11 | ||
| Q1 25 | $2.60 | $1.03 | ||
| Q4 24 | $2.80 | $1.01 | ||
| Q3 24 | $3.13 | $1.03 | ||
| Q2 24 | $2.80 | $0.97 | ||
| Q1 24 | $2.66 | $0.78 |
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 | — |
| 总债务越低越好 | $40.0B | — |
| 股东权益账面价值 | $-1.8B | $65.2B |
| 总资产 | $59.5B | $692.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MCDUSB
| Q4 25 | $774.0M | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $792.0M | — | ||
| Q1 24 | $838.0M | — |
总债务MCDUSB
| Q4 25 | $40.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $38.4B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MCDUSB
| Q4 25 | $-1.8B | $65.2B | ||
| Q3 25 | $-2.2B | $63.3B | ||
| Q2 25 | $-2.8B | $61.4B | ||
| Q1 25 | $-3.5B | $60.1B | ||
| Q4 24 | $-3.8B | $58.6B | ||
| Q3 24 | $-5.2B | $58.9B | ||
| Q2 24 | $-4.8B | $56.4B | ||
| Q1 24 | $-4.8B | $55.6B |
总资产MCDUSB
| Q4 25 | $59.5B | $692.3B | ||
| Q3 25 | $60.6B | $695.4B | ||
| Q2 25 | $59.6B | $686.4B | ||
| Q1 25 | $56.3B | $676.5B | ||
| Q4 24 | $55.2B | $678.3B | ||
| Q3 24 | $56.2B | $686.5B | ||
| Q2 24 | $53.8B | $680.1B | ||
| Q1 24 | $53.5B | $683.6B |
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 | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | — |
| 自由现金流率自由现金流/营收 | 23.4% | — |
| 资本支出强度资本支出/营收 | 15.1% | — |
| 现金转化率经营现金流/净利润 | 1.25× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $7.2B | — |
8季度趋势，按日历期对齐
经营现金流MCDUSB
| Q4 25 | $2.7B | $2.8B | ||
| Q3 25 | $3.4B | $3.4B | ||
| Q2 25 | $2.0B | $2.0B | ||
| Q1 25 | $2.4B | $-285.0M | ||
| Q4 24 | $2.6B | $4.8B | ||
| Q3 24 | $2.7B | $972.0M | ||
| Q2 24 | $1.7B | $2.9B | ||
| Q1 24 | $2.4B | $2.7B |
自由现金流MCDUSB
| Q4 25 | $1.6B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.8B | — |
自由现金流率MCDUSB
| Q4 25 | 23.4% | — | ||
| Q3 25 | 34.1% | — | ||
| Q2 25 | 18.3% | — | ||
| Q1 25 | 31.5% | — | ||
| Q4 24 | 28.6% | — | ||
| Q3 24 | 28.3% | — | ||
| Q2 24 | 16.3% | — | ||
| Q1 24 | 29.9% | — |
资本支出强度MCDUSB
| Q4 25 | 15.1% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 10.9% | — | ||
| Q1 25 | 9.3% | — | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 11.6% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 8.9% | — |
现金转化率MCDUSB
| Q4 25 | 1.25× | 1.39× | ||
| Q3 25 | 1.50× | 1.69× | ||
| Q2 25 | 0.89× | 1.12× | ||
| Q1 25 | 1.30× | -0.17× | ||
| Q4 24 | 1.30× | 2.87× | ||
| Q3 24 | 1.21× | 0.57× | ||
| Q2 24 | 0.84× | 1.79× | ||
| Q1 24 | 1.24× | 2.02× |
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% |
USB
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