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贝宝（PYPL）与优步（UBER）财务数据对比。点击上方公司名可切换其他公司
优步的季度营收约是贝宝的1.7倍（$14.4B vs $8.7B），贝宝净利率更高（16.6% vs 2.1%，领先14.5%），优步同比增速更快（20.1% vs 3.7%），优步自由现金流更多（$2.8B vs $2.2B），过去两年优步的营收复合增速更高（19.1% vs 6.2%）
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。
优步是总部位于美国加利福尼亚州旧金山的跨国出行科技企业，核心业务涵盖网约车、快递、食品配送及货运服务，业务覆盖全球约70个国家和15000座城市，是全球规模最大的共享出行平台，月活用户超1.8亿，活跃司机及配送员超600万。
PYPL vs UBER — 直观对比
营收规模更大
UBER
是对方的1.7倍
$8.7B
营收增速更快
UBER
高出16.4%
3.7%
净利率更高
PYPL
高出14.5%
2.1%
自由现金流更多
UBER
多$618.0M
$2.2B
两年增速更快
UBER
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $14.4B |
| 净利润 | $1.4B | $296.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 12.3% |
| 净利率 | 16.6% | 2.1% |
| 营收同比 | 3.7% | 20.1% |
| 净利润同比 | 28.2% | -95.7% |
| 每股收益（稀释后） | $1.53 | $0.16 |
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PYPLUBER
| Q4 25 | $8.7B | $14.4B | ||
| Q3 25 | $8.4B | $13.5B | ||
| Q2 25 | $8.3B | $12.7B | ||
| Q1 25 | $7.8B | $11.5B | ||
| Q4 24 | $8.4B | $12.0B | ||
| Q3 24 | $7.8B | $11.2B | ||
| Q2 24 | $7.9B | $10.7B | ||
| Q1 24 | $7.7B | $10.1B |
净利润PYPLUBER
| Q4 25 | $1.4B | $296.0M | ||
| Q3 25 | $1.2B | $6.6B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.1B | $6.9B | ||
| Q3 24 | $1.0B | $2.6B | ||
| Q2 24 | $1.1B | $1.0B | ||
| Q1 24 | $888.0M | $-654.0M |
营业利润率PYPLUBER
| Q4 25 | 17.4% | 12.3% | ||
| Q3 25 | 18.1% | 8.3% | ||
| Q2 25 | 18.1% | 11.5% | ||
| Q1 25 | 19.6% | 10.6% | ||
| Q4 24 | 17.2% | 6.4% | ||
| Q3 24 | 17.7% | 9.5% | ||
| Q2 24 | 16.8% | 7.4% | ||
| Q1 24 | 15.2% | 1.7% |
净利率PYPLUBER
| Q4 25 | 16.6% | 2.1% | ||
| Q3 25 | 14.8% | 49.2% | ||
| Q2 25 | 15.2% | 10.7% | ||
| Q1 25 | 16.5% | 15.4% | ||
| Q4 24 | 13.4% | 57.6% | ||
| Q3 24 | 12.9% | 23.3% | ||
| Q2 24 | 14.3% | 9.5% | ||
| Q1 24 | 11.5% | -6.5% |
每股收益（稀释后）PYPLUBER
| Q4 25 | $1.53 | $0.16 | ||
| Q3 25 | $1.30 | $3.11 | ||
| Q2 25 | $1.29 | $0.63 | ||
| Q1 25 | $1.29 | $0.83 | ||
| Q4 24 | $1.09 | $3.21 | ||
| Q3 24 | $0.99 | $1.20 | ||
| Q2 24 | $1.08 | $0.47 | ||
| Q1 24 | $0.83 | $-0.32 |
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 | $7.6B |
| 总债务越低越好 | — | $10.6B |
| 股东权益账面价值 | $20.3B | $27.0B |
| 总资产 | $80.2B | $61.8B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资PYPLUBER
| Q4 25 | $10.4B | $7.6B | ||
| Q3 25 | $10.8B | $9.1B | ||
| Q2 25 | $10.0B | $7.4B | ||
| Q1 25 | $11.2B | $6.0B | ||
| Q4 24 | $10.8B | $7.0B | ||
| Q3 24 | $11.9B | $9.1B | ||
| Q2 24 | $13.6B | $6.3B | ||
| Q1 24 | $14.3B | $5.8B |
总债务PYPLUBER
| Q4 25 | — | $10.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PYPLUBER
| Q4 25 | $20.3B | $27.0B | ||
| Q3 25 | $20.2B | $28.1B | ||
| Q2 25 | $20.2B | $22.6B | ||
| Q1 25 | $20.3B | $22.0B | ||
| Q4 24 | $20.4B | $21.6B | ||
| Q3 24 | $20.2B | $14.8B | ||
| Q2 24 | $20.6B | $12.3B | ||
| Q1 24 | $20.7B | $11.1B |
总资产PYPLUBER
| Q4 25 | $80.2B | $61.8B | ||
| Q3 25 | $79.8B | $63.3B | ||
| Q2 25 | $79.8B | $56.0B | ||
| Q1 25 | $81.3B | $52.8B | ||
| Q4 24 | $81.6B | $51.2B | ||
| Q3 24 | $83.5B | $47.1B | ||
| Q2 24 | $84.0B | $41.5B | ||
| Q1 24 | $83.3B | $39.6B |
负债/权益比PYPLUBER
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $2.4B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $2.8B |
| 自由现金流率自由现金流/营收 | 25.2% | 19.5% |
| 资本支出强度资本支出/营收 | 2.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.66× | 9.74× |
| 过去12个月自由现金流最近4个季度 | $5.6B | $9.8B |
8季度趋势，按日历期对齐
经营现金流PYPLUBER
| Q4 25 | $2.4B | $2.9B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $898.0M | $2.6B | ||
| Q1 25 | $1.2B | $2.3B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.9B | $1.4B |
自由现金流PYPLUBER
| Q4 25 | $2.2B | $2.8B | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $692.0M | $2.5B | ||
| Q1 25 | $964.0M | $2.3B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $1.4B | $2.1B | ||
| Q2 24 | $1.4B | $1.7B | ||
| Q1 24 | $1.8B | $1.4B |
自由现金流率PYPLUBER
| Q4 25 | 25.2% | 19.5% | ||
| Q3 25 | 20.4% | 16.6% | ||
| Q2 25 | 8.3% | 19.6% | ||
| Q1 25 | 12.4% | 19.5% | ||
| Q4 24 | 26.2% | 14.3% | ||
| Q3 24 | 18.4% | 18.9% | ||
| Q2 24 | 17.3% | 16.1% | ||
| Q1 24 | 22.9% | 13.4% |
资本支出强度PYPLUBER
| Q4 25 | 2.2% | 0.5% | ||
| Q3 25 | 3.0% | 0.7% | ||
| Q2 25 | 2.5% | 0.7% | ||
| Q1 25 | 2.5% | 0.6% | ||
| Q4 24 | 2.4% | 0.4% | ||
| Q3 24 | 2.2% | 0.4% | ||
| Q2 24 | 2.0% | 0.9% | ||
| Q1 24 | 2.0% | 0.6% |
现金转化率PYPLUBER
| Q4 25 | 1.66× | 9.74× | ||
| Q3 25 | 1.58× | 0.35× | ||
| Q2 25 | 0.71× | 1.89× | ||
| Q1 25 | 0.90× | 1.31× | ||
| Q4 24 | 2.14× | 0.25× | ||
| Q3 24 | 1.60× | 0.82× | ||
| Q2 24 | 1.35× | 1.79× | ||
| Q1 24 | 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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
UBER
| Mobility | $8.2B | 57% |
| Delivery | $4.9B | 34% |
| Freight | $1.3B | 9% |
