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网飞（NFLX）与SHOPIFY INC.（SHOP）财务数据对比。点击上方公司名可切换其他公司
网飞的季度营收约是SHOPIFY INC.的3.3倍（$12.2B vs $3.7B），网飞净利率更高（43.1% vs 20.2%，领先22.9%），SHOPIFY INC.同比增速更快（30.6% vs 16.2%），网飞自由现金流更多（$5.1B vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 13.2%）
网飞是来自美国的会员制点播流媒体服务平台，主要提供不同品类的原创及引进电影、电视剧内容，业务覆盖全球众多国家和地区，支持多语言服务，致力于为全球用户提供多元优质的视听娱乐体验。
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。
NFLX vs SHOP — 直观对比
营收规模更大
NFLX
是对方的3.3倍
$3.7B
营收增速更快
SHOP
高出14.4%
16.2%
净利率更高
NFLX
高出22.9%
20.2%
自由现金流更多
NFLX
多$4.4B
$715.0M
两年增速更快
SHOP
近两年复合增速
13.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.2B | $3.7B |
| 净利润 | $5.3B | $743.0M |
| 毛利率 | 51.9% | 46.1% |
| 营业利润率 | 32.3% | 17.2% |
| 净利率 | 43.1% | 20.2% |
| 营收同比 | 16.2% | 30.6% |
| 净利润同比 | 82.8% | -42.5% |
| 每股收益（稀释后） | $1.23 | $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NFLXSHOP
| Q1 26 | $12.2B | — | ||
| Q4 25 | $12.1B | $3.7B | ||
| Q3 25 | $11.5B | $2.8B | ||
| Q2 25 | $11.1B | $2.7B | ||
| Q1 25 | $10.5B | $2.4B | ||
| Q4 24 | $10.2B | $2.8B | ||
| Q3 24 | $9.8B | $2.2B | ||
| Q2 24 | $9.6B | $2.0B |
净利润NFLXSHOP
| Q1 26 | $5.3B | — | ||
| Q4 25 | $2.4B | $743.0M | ||
| Q3 25 | $2.5B | $264.0M | ||
| Q2 25 | $3.1B | $906.0M | ||
| Q1 25 | $2.9B | $-682.0M | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $2.4B | $828.0M | ||
| Q2 24 | $2.1B | $171.0M |
毛利率NFLXSHOP
| Q1 26 | 51.9% | — | ||
| Q4 25 | 45.9% | 46.1% | ||
| Q3 25 | 46.4% | 48.9% | ||
| Q2 25 | 51.9% | 48.6% | ||
| Q1 25 | 50.1% | 49.5% | ||
| Q4 24 | 43.7% | 48.1% | ||
| Q3 24 | 47.9% | 51.7% | ||
| Q2 24 | 45.9% | 51.1% |
营业利润率NFLXSHOP
| Q1 26 | 32.3% | — | ||
| Q4 25 | 24.5% | 17.2% | ||
| Q3 25 | 28.2% | 12.1% | ||
| Q2 25 | 34.1% | 10.9% | ||
| Q1 25 | 31.7% | 8.6% | ||
| Q4 24 | 22.2% | 16.5% | ||
| Q3 24 | 29.6% | 13.1% | ||
| Q2 24 | 27.2% | 11.8% |
净利率NFLXSHOP
| Q1 26 | 43.1% | — | ||
| Q4 25 | 20.1% | 20.2% | ||
| Q3 25 | 22.1% | 9.3% | ||
| Q2 25 | 28.2% | 33.8% | ||
| Q1 25 | 27.4% | -28.9% | ||
| Q4 24 | 18.2% | 46.0% | ||
| Q3 24 | 24.1% | 38.3% | ||
| Q2 24 | 22.5% | 8.4% |
每股收益（稀释后）NFLXSHOP
| Q1 26 | $1.23 | — | ||
| Q4 25 | $-17.14 | $0.58 | ||
| Q3 25 | $5.87 | $0.20 | ||
| Q2 25 | $7.19 | $0.69 | ||
| Q1 25 | $0.66 | $-0.53 | ||
| Q4 24 | $4.27 | $0.99 | ||
| Q3 24 | $5.40 | $0.64 | ||
| Q2 24 | $4.88 | $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 | $12.3B | $5.8B |
| 总债务越低越好 | $13.4B | — |
| 股东权益账面价值 | $31.1B | $13.5B |
| 总资产 | $61.0B | $15.2B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资NFLXSHOP
| Q1 26 | $12.3B | — | ||
| Q4 25 | $9.1B | $5.8B | ||
| Q3 25 | $9.3B | $6.3B | ||
| Q2 25 | $8.4B | $5.8B | ||
| Q1 25 | $8.4B | $5.5B | ||
| Q4 24 | $9.6B | $5.5B | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $6.7B | — |
总债务NFLXSHOP
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.5B | — | ||
| Q3 25 | $14.5B | — | ||
| Q2 25 | $14.5B | — | ||
| Q1 25 | $14.0B | — | ||
| Q4 24 | $13.8B | — | ||
| Q3 24 | $14.2B | — | ||
| Q2 24 | $12.2B | — |
股东权益NFLXSHOP
| Q1 26 | $31.1B | — | ||
| Q4 25 | $26.6B | $13.5B | ||
| Q3 25 | $26.0B | $12.5B | ||
| Q2 25 | $25.0B | $12.1B | ||
| Q1 25 | $24.0B | $11.1B | ||
| Q4 24 | $24.7B | $11.6B | ||
| Q3 24 | $22.7B | $10.1B | ||
| Q2 24 | $22.1B | $9.2B |
总资产NFLXSHOP
| Q1 26 | $61.0B | — | ||
| Q4 25 | $55.6B | $15.2B | ||
| Q3 25 | $54.9B | $15.0B | ||
| Q2 25 | $53.1B | $14.6B | ||
| Q1 25 | $52.1B | $13.4B | ||
| Q4 24 | $53.6B | $13.9B | ||
| Q3 24 | $52.3B | — | ||
| Q2 24 | $49.1B | — |
负债/权益比NFLXSHOP
| Q1 26 | 0.43× | — | ||
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 0.55× | — |
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 | $5.3B | $725.0M |
| 自由现金流经营现金流 - 资本支出 | $5.1B | $715.0M |
| 自由现金流率自由现金流/营收 | 41.6% | 19.5% |
| 资本支出强度资本支出/营收 | 1.6% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.00× | 0.98× |
| 过去12个月自由现金流最近4个季度 | $11.9B | $2.0B |
8季度趋势，按日历期对齐
经营现金流NFLXSHOP
| Q1 26 | $5.3B | — | ||
| Q4 25 | $2.1B | $725.0M | ||
| Q3 25 | $2.8B | $513.0M | ||
| Q2 25 | $2.4B | $428.0M | ||
| Q1 25 | $2.8B | $367.0M | ||
| Q4 24 | $1.5B | $615.0M | ||
| Q3 24 | $2.3B | $423.0M | ||
| Q2 24 | $1.3B | $340.0M |
自由现金流NFLXSHOP
| Q1 26 | $5.1B | — | ||
| Q4 25 | $1.9B | $715.0M | ||
| Q3 25 | $2.7B | $507.0M | ||
| Q2 25 | $2.3B | $422.0M | ||
| Q1 25 | $2.7B | $363.0M | ||
| Q4 24 | $1.4B | $611.0M | ||
| Q3 24 | $2.2B | $421.0M | ||
| Q2 24 | $1.2B | $333.0M |
自由现金流率NFLXSHOP
| Q1 26 | 41.6% | — | ||
| Q4 25 | 15.5% | 19.5% | ||
| Q3 25 | 23.1% | 17.8% | ||
| Q2 25 | 20.5% | 15.7% | ||
| Q1 25 | 25.2% | 15.4% | ||
| Q4 24 | 13.5% | 21.7% | ||
| Q3 24 | 22.3% | 19.5% | ||
| Q2 24 | 12.7% | 16.3% |
资本支出强度NFLXSHOP
| Q1 26 | 1.6% | — | ||
| Q4 25 | 2.0% | 0.3% | ||
| Q3 25 | 1.4% | 0.2% | ||
| Q2 25 | 1.4% | 0.2% | ||
| Q1 25 | 1.2% | 0.2% | ||
| Q4 24 | 1.5% | 0.1% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 0.8% | 0.3% |
现金转化率NFLXSHOP
| Q1 26 | 1.00× | — | ||
| Q4 25 | 0.87× | 0.98× | ||
| Q3 25 | 1.11× | 1.94× | ||
| Q2 25 | 0.78× | 0.47× | ||
| Q1 25 | 0.97× | — | ||
| Q4 24 | 0.82× | 0.48× | ||
| Q3 24 | 0.98× | 0.51× | ||
| Q2 24 | 0.60× | 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
NFLX
暂无分部数据
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
