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甲骨文（ORCL）与美国联合航空（UAL）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美国联合航空的1.1倍（$16.1B vs $14.6B），甲骨文净利率更高（38.2% vs 4.8%，领先33.4%），甲骨文同比增速更快（14.2% vs 10.6%），美国联合航空自由现金流更多（$2.0B vs $-10.0B），过去两年甲骨文的营收复合增速更高（10.0% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
ORCL vs UAL — 直观对比
营收规模更大
ORCL
是对方的1.1倍
$14.6B
营收增速更快
ORCL
高出3.7%
10.6%
净利率更高
ORCL
高出33.4%
4.8%
自由现金流更多
UAL
多$12.0B
$-10.0B
两年增速更快
ORCL
近两年复合增速
-1.3%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $16.1B | $14.6B |
| 净利润 | $6.1B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 29.5% | 6.8% |
| 净利率 | 38.2% | 4.8% |
| 营收同比 | 14.2% | 10.6% |
| 净利润同比 | 94.7% | 80.6% |
| 每股收益（稀释后） | $2.10 | $2.14 |
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ORCLUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $16.1B | $15.4B | ||
| Q3 25 | $14.9B | $15.2B | ||
| Q2 25 | $15.9B | $15.2B | ||
| Q1 25 | $14.1B | $13.2B | ||
| Q4 24 | $14.1B | $14.7B | ||
| Q3 24 | $13.3B | $14.8B | ||
| Q2 24 | $14.3B | $15.0B |
净利润ORCLUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $6.1B | $1.0B | ||
| Q3 25 | $2.9B | $949.0M | ||
| Q2 25 | $3.4B | $973.0M | ||
| Q1 25 | $2.9B | $387.0M | ||
| Q4 24 | $3.2B | $985.0M | ||
| Q3 24 | $2.9B | $965.0M | ||
| Q2 24 | $3.1B | $1.3B |
营业利润率ORCLUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 29.5% | 9.0% | ||
| Q3 25 | 28.7% | 9.2% | ||
| Q2 25 | 32.1% | 8.7% | ||
| Q1 25 | 30.8% | 4.6% | ||
| Q4 24 | 30.0% | 10.2% | ||
| Q3 24 | 30.0% | 10.5% | ||
| Q2 24 | 32.8% | 12.9% |
净利率ORCLUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 38.2% | 6.8% | ||
| Q3 25 | 19.6% | 6.2% | ||
| Q2 25 | 21.5% | 6.4% | ||
| Q1 25 | 20.8% | 2.9% | ||
| Q4 24 | 22.4% | 6.7% | ||
| Q3 24 | 22.0% | 6.5% | ||
| Q2 24 | 22.0% | 8.8% |
每股收益（稀释后）ORCLUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $2.10 | $3.17 | ||
| Q3 25 | $1.01 | $2.90 | ||
| Q2 25 | $1.19 | $2.97 | ||
| Q1 25 | $1.02 | $1.16 | ||
| Q4 24 | $1.10 | $2.97 | ||
| Q3 24 | $1.03 | $2.90 | ||
| Q2 24 | $1.11 | $3.96 |
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 | $14.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $30.0B | $15.9B |
| 总资产 | $205.0B | $80.9B |
| 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ORCLUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $19.2B | $12.2B | ||
| Q3 25 | $10.4B | $13.3B | ||
| Q2 25 | $10.8B | $15.6B | ||
| Q1 25 | $17.4B | $15.3B | ||
| Q4 24 | $10.9B | $14.5B | ||
| Q3 24 | $10.6B | $14.2B | ||
| Q2 24 | $10.5B | $15.2B |
总债务ORCLUAL
| Q1 26 | — | — | ||
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | — | $24.4B | ||
| Q4 24 | — | $25.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ORCLUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $30.0B | $15.3B | ||
| Q3 25 | $24.2B | $14.3B | ||
| Q2 25 | $20.5B | $13.4B | ||
| Q1 25 | $16.7B | $12.6B | ||
| Q4 24 | $13.7B | $12.7B | ||
| Q3 24 | $10.8B | $11.4B | ||
| Q2 24 | $8.7B | $10.5B |
总资产ORCLUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $205.0B | $76.4B | ||
| Q3 25 | $180.4B | $76.3B | ||
| Q2 25 | $168.4B | $77.2B | ||
| Q1 25 | $161.4B | $76.1B | ||
| Q4 24 | $148.5B | $74.1B | ||
| Q3 24 | $144.2B | $72.6B | ||
| Q2 24 | $141.0B | $73.3B |
负债/权益比ORCLUAL
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.45× | ||
| Q2 25 | — | 1.56× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $4.8B |
| 自由现金流经营现金流 - 资本支出 | $-10.0B | $2.0B |
| 自由现金流率自由现金流/营收 | -62.1% | 13.9% |
| 资本支出强度资本支出/营收 | 74.9% | 13.9% |
| 现金转化率经营现金流/净利润 | 0.34× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $-13.2B | $2.1B |
8季度趋势，按日历期对齐
经营现金流ORCLUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $8.1B | $1.2B | ||
| Q2 25 | $6.2B | $2.2B | ||
| Q1 25 | $5.9B | $3.7B | ||
| Q4 24 | $1.3B | $2.2B | ||
| Q3 24 | $7.4B | $1.5B | ||
| Q2 24 | $6.1B | $2.9B |
自由现金流ORCLUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $-10.0B | $-604.0M | ||
| Q3 25 | $-362.0M | $-246.0M | ||
| Q2 25 | $-2.9B | $930.0M | ||
| Q1 25 | $71.0M | $2.5B | ||
| Q4 24 | $-2.7B | $549.0M | ||
| Q3 24 | $5.1B | $88.0M | ||
| Q2 24 | $3.3B | $1.7B |
自由现金流率ORCLUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | -62.1% | -3.9% | ||
| Q3 25 | -2.4% | -1.6% | ||
| Q2 25 | -18.4% | 6.1% | ||
| Q1 25 | 0.5% | 18.7% | ||
| Q4 24 | -19.0% | 3.7% | ||
| Q3 24 | 38.5% | 0.6% | ||
| Q2 24 | 23.0% | 11.4% |
资本支出强度ORCLUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 74.9% | 12.3% | ||
| Q3 25 | 57.0% | 9.6% | ||
| Q2 25 | 57.1% | 8.4% | ||
| Q1 25 | 41.5% | 9.3% | ||
| Q4 24 | 28.2% | 11.4% | ||
| Q3 24 | 17.3% | 9.5% | ||
| Q2 24 | 19.6% | 7.8% |
现金转化率ORCLUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 0.34× | 1.23× | ||
| Q3 25 | 2.78× | 1.28× | ||
| Q2 25 | 1.80× | 2.28× | ||
| Q1 25 | 2.02× | 9.59× | ||
| Q4 24 | 0.41× | 2.26× | ||
| Q3 24 | 2.54× | 1.55× | ||
| Q2 24 | 1.93× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
