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耐克（NKE）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
耐克的季度营收约是联合太平洋的2.0倍（$12.4B vs $6.2B），联合太平洋净利率更高（27.4% vs 6.4%，领先21.0%），联合太平洋同比增速更快（3.2% vs 0.6%），联合太平洋自由现金流更多（$631.0M vs $386.0M），过去两年联合太平洋的营收复合增速更高（1.7% vs -0.0%）
耐克（Nike, Inc.）是源自美国的全球知名运动企业，主要从事运动鞋、运动服饰及专业运动装备的设计、生产与销售，产品覆盖跑步、篮球、健身等众多运动及日常休闲场景，在全球市场拥有极高品牌认可度与庞大用户群体。
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。
NKE vs UNP — 直观对比
营收规模更大
NKE
是对方的2.0倍
$6.2B
营收增速更快
UNP
高出2.6%
0.6%
净利率更高
UNP
高出21.0%
6.4%
自由现金流更多
UNP
多$245.0M
$386.0M
两年增速更快
UNP
近两年复合增速
-0.0%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $12.4B | $6.2B |
| 净利润 | $792.0M | $1.7B |
| 毛利率 | 40.6% | — |
| 营业利润率 | — | 39.5% |
| 净利率 | 6.4% | 27.4% |
| 营收同比 | 0.6% | 3.2% |
| 净利润同比 | -31.9% | 4.6% |
| 每股收益（稀释后） | $0.53 | $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NKEUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $12.4B | $6.1B | ||
| Q3 25 | $11.7B | $6.2B | ||
| Q2 25 | $11.1B | $6.2B | ||
| Q1 25 | $11.3B | $6.0B | ||
| Q4 24 | $12.4B | $6.1B | ||
| Q3 24 | $11.6B | $6.1B | ||
| Q2 24 | $12.6B | $6.0B |
净利润NKEUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $792.0M | $1.8B | ||
| Q3 25 | $727.0M | $1.8B | ||
| Q2 25 | $211.0M | $1.9B | ||
| Q1 25 | $794.0M | $1.6B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B |
毛利率NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | 40.6% | — | ||
| Q3 25 | 42.2% | — | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 41.5% | — | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 45.4% | — | ||
| Q2 24 | 44.7% | — |
营业利润率NKEUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | — | 39.5% | ||
| Q3 25 | — | 40.8% | ||
| Q2 25 | 2.9% | 41.0% | ||
| Q1 25 | 7.5% | 39.3% | ||
| Q4 24 | 11.5% | 41.3% | ||
| Q3 24 | 11.3% | 39.7% | ||
| Q2 24 | 13.7% | 40.0% |
净利率NKEUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 6.4% | 30.4% | ||
| Q3 25 | 6.2% | 28.6% | ||
| Q2 25 | 1.9% | 30.5% | ||
| Q1 25 | 7.0% | 27.0% | ||
| Q4 24 | 9.4% | 28.8% | ||
| Q3 24 | 9.1% | 27.4% | ||
| Q2 24 | 11.9% | 27.9% |
每股收益（稀释后）NKEUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $0.53 | $3.12 | ||
| Q3 25 | $0.49 | $3.01 | ||
| Q2 25 | $0.14 | $3.15 | ||
| Q1 25 | $0.54 | $2.70 | ||
| Q4 24 | $0.78 | $2.91 | ||
| Q3 24 | $0.70 | $2.75 | ||
| Q2 24 | $0.99 | $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 | $7.0B | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $14.1B | — |
| 总资产 | $37.8B | $69.6B |
| 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NKEUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $7.0B | $1.3B | ||
| Q3 25 | $7.0B | $808.0M | ||
| Q2 25 | $7.5B | $1.1B | ||
| Q1 25 | $8.6B | $1.4B | ||
| Q4 24 | $8.0B | $1.0B | ||
| Q3 24 | $8.5B | $947.0M | ||
| Q2 24 | $9.9B | $1.1B |
总债务NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | $8.0B | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | $8.9B | $31.2B |
股东权益NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | $14.1B | $18.5B | ||
| Q3 25 | $13.5B | $17.3B | ||
| Q2 25 | $13.2B | $16.3B | ||
| Q1 25 | $14.0B | $16.0B | ||
| Q4 24 | $14.0B | $16.9B | ||
| Q3 24 | $13.9B | $16.6B | ||
| Q2 24 | $14.4B | $16.5B |
总资产NKEUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $37.8B | $69.7B | ||
| Q3 25 | $37.3B | $68.6B | ||
| Q2 25 | $36.6B | $68.6B | ||
| Q1 25 | $37.8B | $68.5B | ||
| Q4 24 | $38.0B | $67.7B | ||
| Q3 24 | $37.9B | $67.6B | ||
| Q2 24 | $38.1B | $67.8B |
负债/权益比NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | 0.60× | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | 0.62× | 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 | $579.0M | — |
| 自由现金流经营现金流 - 资本支出 | $386.0M | $631.0M |
| 自由现金流率自由现金流/营收 | 3.1% | 10.1% |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | 0.73× | — |
| 过去12个月自由现金流最近4个季度 | $2.5B | $4.8B |
8季度趋势，按日历期对齐
经营现金流NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | $579.0M | $2.2B | ||
| Q3 25 | $222.0M | $2.5B | ||
| Q2 25 | $463.0M | $2.3B | ||
| Q1 25 | $1.8B | $2.2B | ||
| Q4 24 | $1.0B | $2.7B | ||
| Q3 24 | $394.0M | $2.7B | ||
| Q2 24 | $2.6B | $1.9B |
自由现金流NKEUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $386.0M | $1.2B | ||
| Q3 25 | $15.0M | $1.6B | ||
| Q2 25 | $363.0M | $1.4B | ||
| Q1 25 | $1.7B | $1.3B | ||
| Q4 24 | $920.0M | $1.7B | ||
| Q3 24 | $274.0M | $1.8B | ||
| Q2 24 | $2.4B | $1.0B |
自由现金流率NKEUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 3.1% | 20.1% | ||
| Q3 25 | 0.1% | 25.2% | ||
| Q2 25 | 3.3% | 22.7% | ||
| Q1 25 | 15.2% | 21.6% | ||
| Q4 24 | 7.4% | 28.4% | ||
| Q3 24 | 2.4% | 29.9% | ||
| Q2 24 | 19.1% | 16.8% |
资本支出强度NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | 16.4% | ||
| Q3 25 | 1.8% | 15.2% | ||
| Q2 25 | 0.9% | 15.2% | ||
| Q1 25 | 0.7% | 15.0% | ||
| Q4 24 | 1.0% | 15.1% | ||
| Q3 24 | 1.0% | 13.6% | ||
| Q2 24 | 1.7% | 15.0% |
现金转化率NKEUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.73× | 1.20× | ||
| Q3 25 | 0.31× | 1.41× | ||
| Q2 25 | 2.19× | 1.24× | ||
| Q1 25 | 2.26× | 1.36× | ||
| Q4 24 | 0.90× | 1.51× | ||
| Q3 24 | 0.37× | 1.59× | ||
| Q2 24 | 1.75× | 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
NKE
| Footwear | $7.7B | 62% |
| Apparel | $3.9B | 31% |
| Sporting Equipment | $550.0M | 4% |
| Converse Segment | $300.0M | 2% |
| Sales Channel Other | $9.0M | 0% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
