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网易（NTES）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是RYDER SYSTEM INC的1.3倍（$4.0B vs $3.1B），网易净利率更高（31.0% vs 3.0%，领先28.0%），网易自由现金流更多（$1.8B vs $273.0M），过去两年网易的营收复合增速更高（9.7% vs -0.9%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
NTES vs R — 直观对比
营收规模更大
NTES
是对方的1.3倍
$3.1B
净利率更高
NTES
高出28.0%
3.0%
自由现金流更多
NTES
多$1.5B
$273.0M
两年增速更快
NTES
近两年复合增速
-0.9%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.1B |
| 净利润 | $1.2B | $93.0M |
| 毛利率 | 64.1% | — |
| 营业利润率 | 28.3% | — |
| 净利率 | 31.0% | 3.0% |
| 营收同比 | — | 1.0% |
| 净利润同比 | — | -5.1% |
| 每股收益（稀释后） | — | $2.34 |
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NTESR
| Q1 26 | — | $3.1B | ||
| Q4 25 | — | $3.2B | ||
| Q3 25 | $4.0B | $3.2B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $4.0B | $3.1B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $3.7B | $3.2B | ||
| Q2 24 | $3.5B | $3.2B |
净利润NTESR
| Q1 26 | — | $93.0M | ||
| Q4 25 | — | $132.0M | ||
| Q3 25 | $1.2B | $138.0M | ||
| Q2 25 | $1.3B | $131.0M | ||
| Q1 25 | $1.5B | $98.0M | ||
| Q4 24 | — | $135.0M | ||
| Q3 24 | $955.7M | $142.0M | ||
| Q2 24 | $939.6M | $127.0M |
毛利率NTESR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 64.1% | — | ||
| Q2 25 | 64.7% | — | ||
| Q1 25 | 64.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 62.9% | — | ||
| Q2 24 | 62.9% | — |
营业利润率NTESR
| Q1 26 | — | — | ||
| Q4 25 | — | 5.6% | ||
| Q3 25 | 28.3% | 6.0% | ||
| Q2 25 | 32.5% | 5.8% | ||
| Q1 25 | 36.2% | 4.3% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | 27.3% | 5.9% | ||
| Q2 24 | 27.4% | 5.6% |
净利率NTESR
| Q1 26 | — | 3.0% | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | 31.0% | 4.4% | ||
| Q2 25 | 32.6% | 4.1% | ||
| Q1 25 | 36.6% | 3.1% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | 25.6% | 4.5% | ||
| Q2 24 | 26.8% | 4.0% |
每股收益（稀释后）NTESR
| Q1 26 | — | $2.34 | ||
| Q4 25 | — | $3.22 | ||
| Q3 25 | — | $3.32 | ||
| Q2 25 | — | $3.13 | ||
| Q1 25 | — | $2.27 | ||
| Q4 24 | — | $3.09 | ||
| Q3 24 | — | $3.24 | ||
| Q2 24 | — | $2.84 |
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 | $31.3B | $182.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $2.9B |
| 总资产 | $214.5B | — |
| 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NTESR
| Q1 26 | — | $182.0M | ||
| Q4 25 | — | $198.0M | ||
| Q3 25 | $31.3B | $189.0M | ||
| Q2 25 | $54.4B | $180.0M | ||
| Q1 25 | $41.7B | $151.0M | ||
| Q4 24 | — | $154.0M | ||
| Q3 24 | $20.2B | $162.0M | ||
| Q2 24 | $19.0B | $164.0M |
总债务NTESR
| Q1 26 | — | — | ||
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.0B | ||
| Q1 25 | — | $6.7B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $6.6B | ||
| Q2 24 | — | $6.5B |
股东权益NTESR
| Q1 26 | — | $2.9B | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | $160.8B | $3.1B | ||
| Q2 25 | $154.0B | $3.1B | ||
| Q1 25 | $147.8B | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $135.6B | $3.1B | ||
| Q2 24 | $134.2B | $3.1B |
总资产NTESR
| Q1 26 | — | — | ||
| Q4 25 | — | $16.4B | ||
| Q3 25 | $214.5B | $16.5B | ||
| Q2 25 | $208.5B | $16.5B | ||
| Q1 25 | $200.9B | $16.4B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | $184.9B | $16.5B | ||
| Q2 24 | $183.3B | $16.4B |
负债/权益比NTESR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 2.35× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.21× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.09× |
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 | $1.8B | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $273.0M |
| 自由现金流率自由现金流/营收 | 44.7% | 8.7% |
| 资本支出强度资本支出/营收 | 1.0% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.47× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $6.3B | $595.0M |
8季度趋势，按日历期对齐
经营现金流NTESR
| Q1 26 | — | $583.0M | ||
| Q4 25 | — | $749.0M | ||
| Q3 25 | $1.8B | $442.0M | ||
| Q2 25 | $1.5B | $752.0M | ||
| Q1 25 | $1.7B | $651.0M | ||
| Q4 24 | — | $558.0M | ||
| Q3 24 | $1.5B | $629.0M | ||
| Q2 24 | $898.8M | $552.0M |
自由现金流NTESR
| Q1 26 | — | $273.0M | ||
| Q4 25 | — | $344.0M | ||
| Q3 25 | $1.8B | $-85.0M | ||
| Q2 25 | $1.5B | $63.0M | ||
| Q1 25 | $1.6B | $137.0M | ||
| Q4 24 | — | $-201.0M | ||
| Q3 24 | $1.5B | $30.0M | ||
| Q2 24 | $875.6M | $-87.0M |
自由现金流率NTESR
| Q1 26 | — | 8.7% | ||
| Q4 25 | — | 10.8% | ||
| Q3 25 | 44.7% | -2.7% | ||
| Q2 25 | 38.3% | 2.0% | ||
| Q1 25 | 40.4% | 4.4% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | 38.9% | 0.9% | ||
| Q2 24 | 25.0% | -2.7% |
资本支出强度NTESR
| Q1 26 | — | 13.7% | ||
| Q4 25 | — | 12.8% | ||
| Q3 25 | 1.0% | 16.6% | ||
| Q2 25 | 0.7% | 21.6% | ||
| Q1 25 | 1.6% | 16.4% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | 1.4% | 18.9% | ||
| Q2 24 | 0.7% | 20.1% |
现金转化率NTESR
| Q1 26 | — | 6.27× | ||
| Q4 25 | — | 5.67× | ||
| Q3 25 | 1.47× | 3.20× | ||
| Q2 25 | 1.20× | 5.74× | ||
| Q1 25 | 1.15× | 6.64× | ||
| Q4 24 | — | 4.13× | ||
| Q3 24 | 1.58× | 4.43× | ||
| Q2 24 | 0.96× | 4.35× |
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
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
