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贝宝（PYPL）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
贝宝的季度营收约是RYDER SYSTEM INC的2.8倍（$8.7B vs $3.1B），贝宝净利率更高（16.6% vs 3.0%，领先13.6%），贝宝同比增速更快（3.7% vs 1.0%），贝宝自由现金流更多（$2.2B vs $273.0M），过去两年贝宝的营收复合增速更高（6.2% vs -0.9%）
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。
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。
PYPL vs R — 直观对比
营收规模更大
PYPL
是对方的2.8倍
$3.1B
营收增速更快
PYPL
高出2.7%
1.0%
净利率更高
PYPL
高出13.6%
3.0%
自由现金流更多
PYPL
多$1.9B
$273.0M
两年增速更快
PYPL
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $3.1B |
| 净利润 | $1.4B | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | — |
| 净利率 | 16.6% | 3.0% |
| 营收同比 | 3.7% | 1.0% |
| 净利润同比 | 28.2% | -5.1% |
| 每股收益（稀释后） | $1.53 | $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PYPLR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $8.7B | $3.2B | ||
| Q3 25 | $8.4B | $3.2B | ||
| Q2 25 | $8.3B | $3.2B | ||
| Q1 25 | $7.8B | $3.1B | ||
| Q4 24 | $8.4B | $3.2B | ||
| Q3 24 | $7.8B | $3.2B | ||
| Q2 24 | $7.9B | $3.2B |
净利润PYPLR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $1.4B | $132.0M | ||
| Q3 25 | $1.2B | $138.0M | ||
| Q2 25 | $1.3B | $131.0M | ||
| Q1 25 | $1.3B | $98.0M | ||
| Q4 24 | $1.1B | $135.0M | ||
| Q3 24 | $1.0B | $142.0M | ||
| Q2 24 | $1.1B | $127.0M |
营业利润率PYPLR
| Q1 26 | — | — | ||
| Q4 25 | 17.4% | 5.6% | ||
| Q3 25 | 18.1% | 6.0% | ||
| Q2 25 | 18.1% | 5.8% | ||
| Q1 25 | 19.6% | 4.3% | ||
| Q4 24 | 17.2% | 5.7% | ||
| Q3 24 | 17.7% | 5.9% | ||
| Q2 24 | 16.8% | 5.6% |
净利率PYPLR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 16.6% | 4.2% | ||
| Q3 25 | 14.8% | 4.4% | ||
| Q2 25 | 15.2% | 4.1% | ||
| Q1 25 | 16.5% | 3.1% | ||
| Q4 24 | 13.4% | 4.2% | ||
| Q3 24 | 12.9% | 4.5% | ||
| Q2 24 | 14.3% | 4.0% |
每股收益（稀释后）PYPLR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $1.53 | $3.22 | ||
| Q3 25 | $1.30 | $3.32 | ||
| Q2 25 | $1.29 | $3.13 | ||
| Q1 25 | $1.29 | $2.27 | ||
| Q4 24 | $1.09 | $3.09 | ||
| Q3 24 | $0.99 | $3.24 | ||
| Q2 24 | $1.08 | $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 | $10.4B | $182.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $20.3B | $2.9B |
| 总资产 | $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PYPLR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $10.4B | $198.0M | ||
| Q3 25 | $10.8B | $189.0M | ||
| Q2 25 | $10.0B | $180.0M | ||
| Q1 25 | $11.2B | $151.0M | ||
| Q4 24 | $10.8B | $154.0M | ||
| Q3 24 | $11.9B | $162.0M | ||
| Q2 24 | $13.6B | $164.0M |
总债务PYPLR
| 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PYPLR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $20.3B | $3.1B | ||
| Q3 25 | $20.2B | $3.1B | ||
| Q2 25 | $20.2B | $3.1B | ||
| Q1 25 | $20.3B | $3.0B | ||
| Q4 24 | $20.4B | $3.1B | ||
| Q3 24 | $20.2B | $3.1B | ||
| Q2 24 | $20.6B | $3.1B |
总资产PYPLR
| Q1 26 | — | — | ||
| Q4 25 | $80.2B | $16.4B | ||
| Q3 25 | $79.8B | $16.5B | ||
| Q2 25 | $79.8B | $16.5B | ||
| Q1 25 | $81.3B | $16.4B | ||
| Q4 24 | $81.6B | $16.7B | ||
| Q3 24 | $83.5B | $16.5B | ||
| Q2 24 | $84.0B | $16.4B |
负债/权益比PYPLR
| 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 | $2.4B | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $273.0M |
| 自由现金流率自由现金流/营收 | 25.2% | 8.7% |
| 资本支出强度资本支出/营收 | 2.2% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.66× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $5.6B | $595.0M |
8季度趋势，按日历期对齐
经营现金流PYPLR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $2.4B | $749.0M | ||
| Q3 25 | $2.0B | $442.0M | ||
| Q2 25 | $898.0M | $752.0M | ||
| Q1 25 | $1.2B | $651.0M | ||
| Q4 24 | $2.4B | $558.0M | ||
| Q3 24 | $1.6B | $629.0M | ||
| Q2 24 | $1.5B | $552.0M |
自由现金流PYPLR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $2.2B | $344.0M | ||
| Q3 25 | $1.7B | $-85.0M | ||
| Q2 25 | $692.0M | $63.0M | ||
| Q1 25 | $964.0M | $137.0M | ||
| Q4 24 | $2.2B | $-201.0M | ||
| Q3 24 | $1.4B | $30.0M | ||
| Q2 24 | $1.4B | $-87.0M |
自由现金流率PYPLR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 25.2% | 10.8% | ||
| Q3 25 | 20.4% | -2.7% | ||
| Q2 25 | 8.3% | 2.0% | ||
| Q1 25 | 12.4% | 4.4% | ||
| Q4 24 | 26.2% | -6.3% | ||
| Q3 24 | 18.4% | 0.9% | ||
| Q2 24 | 17.3% | -2.7% |
资本支出强度PYPLR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 2.2% | 12.8% | ||
| Q3 25 | 3.0% | 16.6% | ||
| Q2 25 | 2.5% | 21.6% | ||
| Q1 25 | 2.5% | 16.4% | ||
| Q4 24 | 2.4% | 23.8% | ||
| Q3 24 | 2.2% | 18.9% | ||
| Q2 24 | 2.0% | 20.1% |
现金转化率PYPLR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 1.66× | 5.67× | ||
| Q3 25 | 1.58× | 3.20× | ||
| Q2 25 | 0.71× | 5.74× | ||
| Q1 25 | 0.90× | 6.64× | ||
| Q4 24 | 2.14× | 4.13× | ||
| Q3 24 | 1.60× | 4.43× | ||
| Q2 24 | 1.35× | 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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
