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派拓网络（PANW）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
派拓网络的季度营收约是RXO, Inc.的1.8倍（$2.6B vs $1.5B），派拓网络净利率更高（16.7% vs -3.1%，领先19.8%），派拓网络同比增速更快（14.9% vs -11.9%），派拓网络自由现金流更多（$384.0M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% vs 14.3%）
派拓网络（Palo Alto Networks）是总部位于美国加利福尼亚州圣克拉拉的跨国网络安全企业，核心产品包括高级防火墙及拓展其防护能力的云原生安全服务，为全球150多个国家的超7万家机构、含85家财富100强企业提供服务，旗下拥有知名威胁研究团队Unit 42，还举办Ignite网络安全行业峰会。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
PANW vs RXO — 直观对比
营收规模更大
PANW
是对方的1.8倍
$1.5B
营收增速更快
PANW
高出26.8%
-11.9%
净利率更高
PANW
高出19.8%
-3.1%
自由现金流更多
PANW
多$393.0M
$-9.0M
两年增速更快
RXO
近两年复合增速
14.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.6B | $1.5B |
| 净利润 | $432.0M | $-46.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | 15.3% | -2.9% |
| 净利率 | 16.7% | -3.1% |
| 营收同比 | 14.9% | -11.9% |
| 净利润同比 | 61.6% | -84.0% |
| 每股收益（稀释后） | $0.61 | $-0.28 |
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PANWRXO
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.2B | $1.0B | ||
| Q2 24 | $2.0B | $930.0M |
净利润PANWRXO
| Q1 26 | $432.0M | — | ||
| Q4 25 | $334.0M | $-46.0M | ||
| Q3 25 | $253.8M | $-14.0M | ||
| Q2 25 | $262.1M | $-9.0M | ||
| Q1 25 | $267.3M | $-31.0M | ||
| Q4 24 | $350.7M | $-25.0M | ||
| Q3 24 | $357.7M | $-243.0M | ||
| Q2 24 | $278.8M | $-7.0M |
毛利率PANWRXO
| Q1 26 | 73.6% | — | ||
| Q4 25 | 74.2% | — | ||
| Q3 25 | 73.2% | — | ||
| Q2 25 | 72.9% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 74.1% | — | ||
| Q3 24 | 73.8% | — | ||
| Q2 24 | 74.1% | — |
营业利润率PANWRXO
| Q1 26 | 15.3% | — | ||
| Q4 25 | 12.5% | -2.9% | ||
| Q3 25 | 19.6% | -0.5% | ||
| Q2 25 | 9.6% | — | ||
| Q1 25 | 10.6% | -2.1% | ||
| Q4 24 | 13.4% | -1.4% | ||
| Q3 24 | 10.9% | -1.9% | ||
| Q2 24 | 8.9% | — |
净利率PANWRXO
| Q1 26 | 16.7% | — | ||
| Q4 25 | 13.5% | -3.1% | ||
| Q3 25 | 10.0% | -1.0% | ||
| Q2 25 | 11.5% | -0.6% | ||
| Q1 25 | 11.8% | -2.2% | ||
| Q4 24 | 16.4% | -1.5% | ||
| Q3 24 | 16.3% | -23.4% | ||
| Q2 24 | 14.0% | -0.8% |
每股收益（稀释后）PANWRXO
| Q1 26 | $0.61 | — | ||
| Q4 25 | $0.47 | $-0.28 | ||
| Q3 25 | $-0.14 | $-0.08 | ||
| Q2 25 | $0.37 | $-0.05 | ||
| Q1 25 | $0.38 | $-0.18 | ||
| Q4 24 | $0.99 | $-0.17 | ||
| Q3 24 | $1.04 | $-1.81 | ||
| Q2 24 | $0.79 | $-0.06 |
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 | $4.5B | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $9.4B | $1.5B |
| 总资产 | $25.0B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资PANWRXO
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.2B | $17.0M | ||
| Q3 25 | $2.9B | $25.0M | ||
| Q2 25 | $3.3B | $18.0M | ||
| Q1 25 | $3.2B | $16.0M | ||
| Q4 24 | $3.4B | $35.0M | ||
| Q3 24 | $2.6B | $55.0M | ||
| Q2 24 | $2.9B | $7.0M |
总债务PANWRXO
| Q1 26 | — | — | ||
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M |
股东权益PANWRXO
| Q1 26 | $9.4B | — | ||
| Q4 25 | $8.7B | $1.5B | ||
| Q3 25 | $7.8B | $1.6B | ||
| Q2 25 | $7.2B | $1.6B | ||
| Q1 25 | $6.4B | $1.6B | ||
| Q4 24 | $5.9B | $1.6B | ||
| Q3 24 | $5.2B | $1.7B | ||
| Q2 24 | $4.5B | $579.0M |
总资产PANWRXO
| Q1 26 | $25.0B | — | ||
| Q4 25 | $23.5B | $3.3B | ||
| Q3 25 | $23.6B | $3.2B | ||
| Q2 25 | $22.0B | $3.2B | ||
| Q1 25 | $21.0B | $3.3B | ||
| Q4 24 | $20.4B | $3.4B | ||
| Q3 24 | $20.0B | $3.4B | ||
| Q2 24 | $17.9B | $1.8B |
负债/权益比PANWRXO
| Q1 26 | — | — | ||
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× |
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 | $554.0M | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $384.0M | $-9.0M |
| 自由现金流率自由现金流/营收 | 14.8% | -0.6% |
| 资本支出强度资本支出/营收 | 6.6% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.28× | — |
| 过去12个月自由现金流最近4个季度 | $3.6B | $-8.0M |
8季度趋势，按日历期对齐
经营现金流PANWRXO
| Q1 26 | $554.0M | — | ||
| Q4 25 | $1.8B | $7.0M | ||
| Q3 25 | $1.0B | $23.0M | ||
| Q2 25 | $628.7M | $23.0M | ||
| Q1 25 | $556.9M | $-2.0M | ||
| Q4 24 | $1.5B | $-7.0M | ||
| Q3 24 | $512.7M | $-7.0M | ||
| Q2 24 | $528.9M | $-5.0M |
自由现金流PANWRXO
| Q1 26 | $384.0M | — | ||
| Q4 25 | $1.7B | $-9.0M | ||
| Q3 25 | $934.5M | $9.0M | ||
| Q2 25 | $560.4M | $9.0M | ||
| Q1 25 | $509.4M | $-17.0M | ||
| Q4 24 | $1.5B | $-19.0M | ||
| Q3 24 | $465.3M | $-18.0M | ||
| Q2 24 | $491.5M | $-16.0M |
自由现金流率PANWRXO
| Q1 26 | 14.8% | — | ||
| Q4 25 | 68.2% | -0.6% | ||
| Q3 25 | 36.8% | 0.6% | ||
| Q2 25 | 24.5% | 0.6% | ||
| Q1 25 | 22.6% | -1.2% | ||
| Q4 24 | 68.5% | -1.1% | ||
| Q3 24 | 21.3% | -1.7% | ||
| Q2 24 | 24.8% | -1.7% |
资本支出强度PANWRXO
| Q1 26 | 6.6% | — | ||
| Q4 25 | 3.4% | 1.1% | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 3.0% | 1.0% | ||
| Q1 25 | 2.1% | 1.0% | ||
| Q4 24 | 2.1% | 0.7% | ||
| Q3 24 | 2.2% | 1.1% | ||
| Q2 24 | 1.9% | 1.2% |
现金转化率PANWRXO
| Q1 26 | 1.28× | — | ||
| Q4 25 | 5.30× | — | ||
| Q3 25 | 4.02× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 2.08× | — | ||
| Q4 24 | 4.30× | — | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 1.90× | — |
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
PANW
| Subscription | $1.4B | 54% |
| Support | $676.0M | 26% |
| Products | $514.0M | 20% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
