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ServiceNow（NOW）与甲骨文（ORCL）财务数据对比。点击上方公司名可切换其他公司
甲骨文的季度营收约是ServiceNow的4.3倍（$16.1B vs $3.8B），甲骨文净利率更高（38.2% vs 12.4%，领先25.8%），甲骨文同比增速更快（14.2% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $-10.0B），过去两年ServiceNow的营收复合增速更高（19.8% vs 10.0%）
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
甲骨文公司是全球知名的企业软件公司，主打数据库软件、企业级应用软件、云基础设施与云服务等业务，为全球各行业的企业提供数字化转型、数据管理与业务运营的技术解决方案，在全球企业级科技领域占据重要地位。
NOW vs ORCL — 直观对比
营收规模更大
ORCL
是对方的4.3倍
$3.8B
营收增速更快
ORCL
高出11.4%
2.8%
净利率更高
ORCL
高出25.8%
12.4%
自由现金流更多
NOW
多$11.6B
$-10.0B
两年增速更快
NOW
近两年复合增速
10.0%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $16.1B |
| 净利润 | $469.0M | $6.1B |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 29.5% |
| 净利率 | 12.4% | 38.2% |
| 营收同比 | 2.8% | 14.2% |
| 净利润同比 | -53.7% | 94.7% |
| 每股收益（稀释后） | $1.04 | $2.10 |
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NOWORCL
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $16.1B | ||
| Q3 25 | $3.4B | $14.9B | ||
| Q2 25 | $3.2B | $15.9B | ||
| Q1 25 | $3.1B | $14.1B | ||
| Q4 24 | $3.0B | $14.1B | ||
| Q3 24 | $2.8B | $13.3B | ||
| Q2 24 | $2.6B | $14.3B |
净利润NOWORCL
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $6.1B | ||
| Q3 25 | $502.0M | $2.9B | ||
| Q2 25 | $385.0M | $3.4B | ||
| Q1 25 | $460.0M | $2.9B | ||
| Q4 24 | $384.0M | $3.2B | ||
| Q3 24 | $432.0M | $2.9B | ||
| Q2 24 | $262.0M | $3.1B |
毛利率NOWORCL
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWORCL
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 29.5% | ||
| Q3 25 | 16.8% | 28.7% | ||
| Q2 25 | 11.1% | 32.1% | ||
| Q1 25 | 14.6% | 30.8% | ||
| Q4 24 | 12.6% | 30.0% | ||
| Q3 24 | 14.9% | 30.0% | ||
| Q2 24 | 9.1% | 32.8% |
净利率NOWORCL
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 38.2% | ||
| Q3 25 | 14.7% | 19.6% | ||
| Q2 25 | 12.0% | 21.5% | ||
| Q1 25 | 14.9% | 20.8% | ||
| Q4 24 | 13.0% | 22.4% | ||
| Q3 24 | 15.4% | 22.0% | ||
| Q2 24 | 10.0% | 22.0% |
每股收益（稀释后）NOWORCL
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $2.10 | ||
| Q3 25 | $2.40 | $1.01 | ||
| Q2 25 | $1.84 | $1.19 | ||
| Q1 25 | $2.20 | $1.02 | ||
| Q4 24 | $1.84 | $1.10 | ||
| Q3 24 | $2.07 | $1.03 | ||
| Q2 24 | $1.26 | $1.11 |
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 | $2.7B | $19.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $11.7B | $30.0B |
| 总资产 | $24.4B | $205.0B |
| 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NOWORCL
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | $19.2B | ||
| Q3 25 | $2.7B | $10.4B | ||
| Q2 25 | $3.1B | $10.8B | ||
| Q1 25 | $3.4B | $17.4B | ||
| Q4 24 | $2.3B | $10.9B | ||
| Q3 24 | $1.9B | $10.6B | ||
| Q2 24 | $2.2B | $10.5B |
股东权益NOWORCL
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $30.0B | ||
| Q3 25 | $11.3B | $24.2B | ||
| Q2 25 | $10.9B | $20.5B | ||
| Q1 25 | $10.1B | $16.7B | ||
| Q4 24 | $9.6B | $13.7B | ||
| Q3 24 | $9.3B | $10.8B | ||
| Q2 24 | $8.7B | $8.7B |
总资产NOWORCL
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $205.0B | ||
| Q3 25 | $21.8B | $180.4B | ||
| Q2 25 | $22.1B | $168.4B | ||
| Q1 25 | $21.0B | $161.4B | ||
| Q4 24 | $20.4B | $148.5B | ||
| Q3 24 | $18.4B | $144.2B | ||
| Q2 24 | $18.2B | $141.0B |
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 | $1.7B | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-10.0B |
| 自由现金流率自由现金流/营收 | 44.2% | -62.1% |
| 资本支出强度资本支出/营收 | — | 74.9% |
| 现金转化率经营现金流/净利润 | 3.56× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $-13.2B |
8季度趋势，按日历期对齐
经营现金流NOWORCL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $813.0M | $8.1B | ||
| Q2 25 | $716.0M | $6.2B | ||
| Q1 25 | $1.7B | $5.9B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $671.0M | $7.4B | ||
| Q2 24 | $620.0M | $6.1B |
自由现金流NOWORCL
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $-10.0B | ||
| Q3 25 | $578.0M | $-362.0M | ||
| Q2 25 | $526.0M | $-2.9B | ||
| Q1 25 | $1.5B | $71.0M | ||
| Q4 24 | $1.4B | $-2.7B | ||
| Q3 24 | $469.0M | $5.1B | ||
| Q2 24 | $358.0M | $3.3B |
自由现金流率NOWORCL
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | -62.1% | ||
| Q3 25 | 17.0% | -2.4% | ||
| Q2 25 | 16.4% | -18.4% | ||
| Q1 25 | 47.7% | 0.5% | ||
| Q4 24 | 46.7% | -19.0% | ||
| Q3 24 | 16.8% | 38.5% | ||
| Q2 24 | 13.6% | 23.0% |
资本支出强度NOWORCL
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 74.9% | ||
| Q3 25 | 6.9% | 57.0% | ||
| Q2 25 | 5.9% | 57.1% | ||
| Q1 25 | 6.6% | 41.5% | ||
| Q4 24 | 8.6% | 28.2% | ||
| Q3 24 | 7.2% | 17.3% | ||
| Q2 24 | 10.0% | 19.6% |
现金转化率NOWORCL
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 0.34× | ||
| Q3 25 | 1.62× | 2.78× | ||
| Q2 25 | 1.86× | 1.80× | ||
| Q1 25 | 3.65× | 2.02× | ||
| Q4 24 | 4.26× | 0.41× | ||
| Q3 24 | 1.55× | 2.54× | ||
| Q2 24 | 2.37× | 1.93× |
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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
ORCL
| Software Support | $4.9B | 31% |
| Cloud Infrastructure | $4.1B | 25% |
| Cloud Applications | $3.9B | 24% |
| Services Business | $1.4B | 9% |
| Software License | $939.0M | 6% |
| Hardware Business | $776.0M | 5% |
