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甲骨文（ORCL）与贝宝（PYPL）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贝宝的1.9倍（$16.1B vs $8.7B），甲骨文净利率更高（38.2% vs 16.6%，领先21.6%），甲骨文同比增速更快（14.2% vs 3.7%），贝宝自由现金流更多（$2.2B vs $-10.0B），过去两年甲骨文的营收复合增速更高（10.0% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
ORCL vs PYPL — 直观对比
营收规模更大
ORCL
是对方的1.9倍
$8.7B
营收增速更快
ORCL
高出10.5%
3.7%
净利率更高
ORCL
高出21.6%
16.6%
自由现金流更多
PYPL
多$12.2B
$-10.0B
两年增速更快
ORCL
近两年复合增速
6.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $16.1B | $8.7B |
| 净利润 | $6.1B | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 29.5% | 17.4% |
| 净利率 | 38.2% | 16.6% |
| 营收同比 | 14.2% | 3.7% |
| 净利润同比 | 94.7% | 28.2% |
| 每股收益（稀释后） | $2.10 | $1.53 |
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ORCLPYPL
| Q4 25 | $16.1B | $8.7B | ||
| Q3 25 | $14.9B | $8.4B | ||
| Q2 25 | $15.9B | $8.3B | ||
| Q1 25 | $14.1B | $7.8B | ||
| Q4 24 | $14.1B | $8.4B | ||
| Q3 24 | $13.3B | $7.8B | ||
| Q2 24 | $14.3B | $7.9B | ||
| Q1 24 | $13.3B | $7.7B |
净利润ORCLPYPL
| Q4 25 | $6.1B | $1.4B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $3.4B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $3.2B | $1.1B | ||
| Q3 24 | $2.9B | $1.0B | ||
| Q2 24 | $3.1B | $1.1B | ||
| Q1 24 | $2.4B | $888.0M |
营业利润率ORCLPYPL
| Q4 25 | 29.5% | 17.4% | ||
| Q3 25 | 28.7% | 18.1% | ||
| Q2 25 | 32.1% | 18.1% | ||
| Q1 25 | 30.8% | 19.6% | ||
| Q4 24 | 30.0% | 17.2% | ||
| Q3 24 | 30.0% | 17.7% | ||
| Q2 24 | 32.8% | 16.8% | ||
| Q1 24 | 28.2% | 15.2% |
净利率ORCLPYPL
| Q4 25 | 38.2% | 16.6% | ||
| Q3 25 | 19.6% | 14.8% | ||
| Q2 25 | 21.5% | 15.2% | ||
| Q1 25 | 20.8% | 16.5% | ||
| Q4 24 | 22.4% | 13.4% | ||
| Q3 24 | 22.0% | 12.9% | ||
| Q2 24 | 22.0% | 14.3% | ||
| Q1 24 | 18.1% | 11.5% |
每股收益（稀释后）ORCLPYPL
| Q4 25 | $2.10 | $1.53 | ||
| Q3 25 | $1.01 | $1.30 | ||
| Q2 25 | $1.19 | $1.29 | ||
| Q1 25 | $1.02 | $1.29 | ||
| Q4 24 | $1.10 | $1.09 | ||
| Q3 24 | $1.03 | $0.99 | ||
| Q2 24 | $1.11 | $1.08 | ||
| Q1 24 | $0.85 | $0.83 |
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 | $19.2B | $10.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.0B | $20.3B |
| 总资产 | $205.0B | $80.2B |
| 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ORCLPYPL
| Q4 25 | $19.2B | $10.4B | ||
| Q3 25 | $10.4B | $10.8B | ||
| Q2 25 | $10.8B | $10.0B | ||
| Q1 25 | $17.4B | $11.2B | ||
| Q4 24 | $10.9B | $10.8B | ||
| Q3 24 | $10.6B | $11.9B | ||
| Q2 24 | $10.5B | $13.6B | ||
| Q1 24 | $9.5B | $14.3B |
股东权益ORCLPYPL
| Q4 25 | $30.0B | $20.3B | ||
| Q3 25 | $24.2B | $20.2B | ||
| Q2 25 | $20.5B | $20.2B | ||
| Q1 25 | $16.7B | $20.3B | ||
| Q4 24 | $13.7B | $20.4B | ||
| Q3 24 | $10.8B | $20.2B | ||
| Q2 24 | $8.7B | $20.6B | ||
| Q1 24 | $5.6B | $20.7B |
总资产ORCLPYPL
| Q4 25 | $205.0B | $80.2B | ||
| Q3 25 | $180.4B | $79.8B | ||
| Q2 25 | $168.4B | $79.8B | ||
| Q1 25 | $161.4B | $81.3B | ||
| Q4 24 | $148.5B | $81.6B | ||
| Q3 24 | $144.2B | $83.5B | ||
| Q2 24 | $141.0B | $84.0B | ||
| Q1 24 | $137.1B | $83.3B |
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 | $2.1B | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $-10.0B | $2.2B |
| 自由现金流率自由现金流/营收 | -62.1% | 25.2% |
| 资本支出强度资本支出/营收 | 74.9% | 2.2% |
| 现金转化率经营现金流/净利润 | 0.34× | 1.66× |
| 过去12个月自由现金流最近4个季度 | $-13.2B | $5.6B |
8季度趋势，按日历期对齐
经营现金流ORCLPYPL
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $8.1B | $2.0B | ||
| Q2 25 | $6.2B | $898.0M | ||
| Q1 25 | $5.9B | $1.2B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $7.4B | $1.6B | ||
| Q2 24 | $6.1B | $1.5B | ||
| Q1 24 | $5.5B | $1.9B |
自由现金流ORCLPYPL
| Q4 25 | $-10.0B | $2.2B | ||
| Q3 25 | $-362.0M | $1.7B | ||
| Q2 25 | $-2.9B | $692.0M | ||
| Q1 25 | $71.0M | $964.0M | ||
| Q4 24 | $-2.7B | $2.2B | ||
| Q3 24 | $5.1B | $1.4B | ||
| Q2 24 | $3.3B | $1.4B | ||
| Q1 24 | $3.8B | $1.8B |
自由现金流率ORCLPYPL
| Q4 25 | -62.1% | 25.2% | ||
| Q3 25 | -2.4% | 20.4% | ||
| Q2 25 | -18.4% | 8.3% | ||
| Q1 25 | 0.5% | 12.4% | ||
| Q4 24 | -19.0% | 26.2% | ||
| Q3 24 | 38.5% | 18.4% | ||
| Q2 24 | 23.0% | 17.3% | ||
| Q1 24 | 28.6% | 22.9% |
资本支出强度ORCLPYPL
| Q4 25 | 74.9% | 2.2% | ||
| Q3 25 | 57.0% | 3.0% | ||
| Q2 25 | 57.1% | 2.5% | ||
| Q1 25 | 41.5% | 2.5% | ||
| Q4 24 | 28.2% | 2.4% | ||
| Q3 24 | 17.3% | 2.2% | ||
| Q2 24 | 19.6% | 2.0% | ||
| Q1 24 | 12.6% | 2.0% |
现金转化率ORCLPYPL
| Q4 25 | 0.34× | 1.66× | ||
| Q3 25 | 2.78× | 1.58× | ||
| Q2 25 | 1.80× | 0.71× | ||
| Q1 25 | 2.02× | 0.90× | ||
| Q4 24 | 0.41× | 2.14× | ||
| Q3 24 | 2.54× | 1.60× | ||
| Q2 24 | 1.93× | 1.35× | ||
| Q1 24 | 2.28× | 2.16× |
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
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
