vs
高通（QCOM）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是美国合众银行的1.7倍（$12.3B vs $7.4B），美国合众银行净利率更高（27.8% vs 24.5%，领先3.2%），美国合众银行同比增速更快（5.1% vs 5.0%），过去两年高通的营收复合增速更高（14.2% vs 4.7%）
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
QCOM vs USB — 直观对比
营收规模更大
QCOM
是对方的1.7倍
$7.4B
营收增速更快
USB
高出0.1%
5.0%
净利率更高
USB
高出3.2%
24.5%
两年增速更快
QCOM
近两年复合增速
4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.3B | $7.4B |
| 净利润 | $3.0B | $2.0B |
| 毛利率 | 54.6% | — |
| 营业利润率 | 27.5% | 34.4% |
| 净利率 | 24.5% | 27.8% |
| 营收同比 | 5.0% | 5.1% |
| 净利润同比 | -5.5% | 23.0% |
| 每股收益（稀释后） | $2.78 | $1.26 |
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QCOMUSB
| Q4 25 | $12.3B | $7.4B | ||
| Q3 25 | $11.3B | $7.3B | ||
| Q2 25 | $10.4B | $7.0B | ||
| Q1 25 | $11.0B | $7.0B | ||
| Q4 24 | $11.7B | $7.0B | ||
| Q3 24 | $10.2B | $6.9B | ||
| Q2 24 | $9.4B | $6.9B | ||
| Q1 24 | $9.4B | $6.7B |
净利润QCOMUSB
| Q4 25 | $3.0B | $2.0B | ||
| Q3 25 | $-3.1B | $2.0B | ||
| Q2 25 | $2.7B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.1B | $1.6B | ||
| Q1 24 | $2.3B | $1.3B |
毛利率QCOMUSB
| Q4 25 | 54.6% | — | ||
| Q3 25 | 55.3% | — | ||
| Q2 25 | 55.6% | — | ||
| Q1 25 | 55.0% | — | ||
| Q4 24 | 55.8% | — | ||
| Q3 24 | 56.4% | — | ||
| Q2 24 | 55.6% | — | ||
| Q1 24 | 56.3% | — |
营业利润率QCOMUSB
| Q4 25 | 27.5% | 34.4% | ||
| Q3 25 | 25.9% | 34.5% | ||
| Q2 25 | 26.6% | 32.7% | ||
| Q1 25 | 28.4% | 31.0% | ||
| Q4 24 | 30.5% | 30.1% | ||
| Q3 24 | 25.2% | 30.2% | ||
| Q2 24 | 23.6% | 29.9% | ||
| Q1 24 | 24.9% | 24.9% |
净利率QCOMUSB
| Q4 25 | 24.5% | 27.8% | ||
| Q3 25 | -27.7% | 27.3% | ||
| Q2 25 | 25.7% | 25.9% | ||
| Q1 25 | 25.6% | 24.6% | ||
| Q4 24 | 27.3% | 23.7% | ||
| Q3 24 | 28.5% | 25.0% | ||
| Q2 24 | 22.7% | 23.3% | ||
| Q1 24 | 24.8% | 19.6% |
每股收益（稀释后）QCOMUSB
| Q4 25 | $2.78 | $1.26 | ||
| Q3 25 | $-2.77 | $1.22 | ||
| Q2 25 | $2.43 | $1.11 | ||
| Q1 25 | $2.52 | $1.03 | ||
| Q4 24 | $2.83 | $1.01 | ||
| Q3 24 | $2.57 | $1.03 | ||
| Q2 24 | $1.88 | $0.97 | ||
| Q1 24 | $2.06 | $0.78 |
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 | $11.8B | — |
| 总债务越低越好 | $14.8B | — |
| 股东权益账面价值 | $23.1B | $65.2B |
| 总资产 | $53.0B | $692.3B |
| 负债/权益比越低杠杆越低 | 0.64× | — |
8季度趋势，按日历期对齐
现金及短期投资QCOMUSB
| Q4 25 | $11.8B | — | ||
| Q3 25 | $10.2B | — | ||
| Q2 25 | $10.0B | — | ||
| Q1 25 | $13.8B | — | ||
| Q4 24 | $14.3B | — | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $13.0B | — | ||
| Q1 24 | $13.9B | — |
总债务QCOMUSB
| Q4 25 | $14.8B | — | ||
| Q3 25 | $14.8B | — | ||
| Q2 25 | $14.8B | — | ||
| Q1 25 | $13.3B | — | ||
| Q4 24 | $13.2B | — | ||
| Q3 24 | $13.3B | — | ||
| Q2 24 | $13.2B | — | ||
| Q1 24 | $14.5B | — |
股东权益QCOMUSB
| Q4 25 | $23.1B | $65.2B | ||
| Q3 25 | $21.2B | $63.3B | ||
| Q2 25 | $27.2B | $61.4B | ||
| Q1 25 | $27.7B | $60.1B | ||
| Q4 24 | $26.9B | $58.6B | ||
| Q3 24 | $26.3B | $58.9B | ||
| Q2 24 | $24.7B | $56.4B | ||
| Q1 24 | $24.5B | $55.6B |
总资产QCOMUSB
| Q4 25 | $53.0B | $692.3B | ||
| Q3 25 | $50.1B | $695.4B | ||
| Q2 25 | $54.9B | $686.4B | ||
| Q1 25 | $55.4B | $676.5B | ||
| Q4 24 | $55.6B | $678.3B | ||
| Q3 24 | $55.2B | $686.5B | ||
| Q2 24 | $52.7B | $680.1B | ||
| Q1 24 | $53.2B | $683.6B |
负债/权益比QCOMUSB
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 0.59× | — |
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 | $5.0B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $4.4B | — |
| 自由现金流率自由现金流/营收 | 36.0% | — |
| 资本支出强度资本支出/营收 | 4.5% | — |
| 现金转化率经营现金流/净利润 | 1.65× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $12.9B | — |
8季度趋势，按日历期对齐
经营现金流QCOMUSB
| Q4 25 | $5.0B | $2.8B | ||
| Q3 25 | $4.0B | $3.4B | ||
| Q2 25 | $2.9B | $2.0B | ||
| Q1 25 | $2.6B | $-285.0M | ||
| Q4 24 | $4.6B | $4.8B | ||
| Q3 24 | $2.6B | $972.0M | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $3.6B | $2.7B |
自由现金流QCOMUSB
| Q4 25 | $4.4B | — | ||
| Q3 25 | $3.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $3.4B | — |
自由现金流率QCOMUSB
| Q4 25 | 36.0% | — | ||
| Q3 25 | 31.8% | — | ||
| Q2 25 | 24.9% | — | ||
| Q1 25 | 21.3% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 23.3% | — | ||
| Q2 24 | 28.4% | — | ||
| Q1 24 | 35.9% | — |
资本支出强度QCOMUSB
| Q4 25 | 4.5% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 4.1% | — | ||
| Q1 24 | 2.0% | — |
现金转化率QCOMUSB
| Q4 25 | 1.65× | 1.39× | ||
| Q3 25 | — | 1.69× | ||
| Q2 25 | 1.08× | 1.12× | ||
| Q1 25 | 0.91× | -0.17× | ||
| Q4 24 | 1.44× | 2.87× | ||
| Q3 24 | 0.91× | 0.57× | ||
| Q2 24 | 1.43× | 1.79× | ||
| Q1 24 | 1.53× | 2.02× |
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
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
USB
暂无分部数据
