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高通（QCOM）与Block, Inc.（XYZ）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Block, Inc.的2.0倍（$12.3B vs $6.3B），高通净利率更高（24.5% vs 1.9%，领先22.7%），高通同比增速更快（5.0% vs 3.6%），高通自由现金流更多（$4.4B vs $579.8M），过去两年高通的营收复合增速更高（14.2% vs 2.4%）
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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
QCOM vs XYZ — 直观对比
营收规模更大
QCOM
是对方的2.0倍
$6.3B
营收增速更快
QCOM
高出1.4%
3.6%
净利率更高
QCOM
高出22.7%
1.9%
自由现金流更多
QCOM
多$3.8B
$579.8M
两年增速更快
QCOM
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $12.3B | $6.3B |
| 净利润 | $3.0B | $115.8M |
| 毛利率 | 54.6% | 45.9% |
| 营业利润率 | 27.5% | 7.8% |
| 净利率 | 24.5% | 1.9% |
| 营收同比 | 5.0% | 3.6% |
| 净利润同比 | -5.5% | -94.1% |
| 每股收益（稀释后） | $2.78 | $0.19 |
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QCOMXYZ
| Q4 25 | $12.3B | $6.3B | ||
| Q3 25 | $11.3B | $6.1B | ||
| Q2 25 | $10.4B | $6.1B | ||
| Q1 25 | $11.0B | $5.8B | ||
| Q4 24 | $11.7B | $6.0B | ||
| Q3 24 | $10.2B | $6.0B | ||
| Q2 24 | $9.4B | $6.2B | ||
| Q1 24 | $9.4B | $6.0B |
净利润QCOMXYZ
| Q4 25 | $3.0B | $115.8M | ||
| Q3 25 | $-3.1B | $461.5M | ||
| Q2 25 | $2.7B | $538.5M | ||
| Q1 25 | $2.8B | $189.9M | ||
| Q4 24 | $3.2B | $1.9B | ||
| Q3 24 | $2.9B | $283.8M | ||
| Q2 24 | $2.1B | $195.3M | ||
| Q1 24 | $2.3B | $472.0M |
毛利率QCOMXYZ
| Q4 25 | 54.6% | 45.9% | ||
| Q3 25 | 55.3% | 43.5% | ||
| Q2 25 | 55.6% | 41.9% | ||
| Q1 25 | 55.0% | 39.7% | ||
| Q4 24 | 55.8% | 38.3% | ||
| Q3 24 | 56.4% | 37.6% | ||
| Q2 24 | 55.6% | 36.3% | ||
| Q1 24 | 56.3% | 35.2% |
营业利润率QCOMXYZ
| Q4 25 | 27.5% | 7.8% | ||
| Q3 25 | 25.9% | 6.7% | ||
| Q2 25 | 26.6% | 8.0% | ||
| Q1 25 | 28.4% | 5.7% | ||
| Q4 24 | 30.5% | 0.2% | ||
| Q3 24 | 25.2% | 5.4% | ||
| Q2 24 | 23.6% | 5.0% | ||
| Q1 24 | 24.9% | 4.2% |
净利率QCOMXYZ
| Q4 25 | 24.5% | 1.9% | ||
| Q3 25 | -27.7% | 7.5% | ||
| Q2 25 | 25.7% | 8.9% | ||
| Q1 25 | 25.6% | 3.3% | ||
| Q4 24 | 27.3% | 32.3% | ||
| Q3 24 | 28.5% | 4.7% | ||
| Q2 24 | 22.7% | 3.2% | ||
| Q1 24 | 24.8% | 7.9% |
每股收益（稀释后）QCOMXYZ
| Q4 25 | $2.78 | $0.19 | ||
| Q3 25 | $-2.77 | $0.74 | ||
| Q2 25 | $2.43 | $0.87 | ||
| Q1 25 | $2.52 | $0.30 | ||
| Q4 24 | $2.83 | $3.06 | ||
| Q3 24 | $2.57 | $0.45 | ||
| Q2 24 | $1.88 | $0.31 | ||
| Q1 24 | $2.06 | $0.74 |
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 | $6.6B |
| 总债务越低越好 | $14.8B | — |
| 股东权益账面价值 | $23.1B | $22.2B |
| 总资产 | $53.0B | $39.5B |
| 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QCOMXYZ
| Q4 25 | $11.8B | $6.6B | ||
| Q3 25 | $10.2B | $8.3B | ||
| Q2 25 | $10.0B | $6.4B | ||
| Q1 25 | $13.8B | $7.1B | ||
| Q4 24 | $14.3B | $8.1B | ||
| Q3 24 | $13.3B | $8.3B | ||
| Q2 24 | $13.0B | $7.8B | ||
| Q1 24 | $13.9B | $5.8B |
总债务QCOMXYZ
| Q4 25 | $14.8B | — | ||
| Q3 25 | $14.8B | $7.3B | ||
| Q2 25 | $14.8B | $5.1B | ||
| Q1 25 | $13.3B | $5.1B | ||
| Q4 24 | $13.2B | $6.1B | ||
| Q3 24 | $13.3B | $6.1B | ||
| Q2 24 | $13.2B | $6.1B | ||
| Q1 24 | $14.5B | $4.1B |
股东权益QCOMXYZ
| Q4 25 | $23.1B | $22.2B | ||
| Q3 25 | $21.2B | $22.5B | ||
| Q2 25 | $27.2B | $22.2B | ||
| Q1 25 | $27.7B | $21.5B | ||
| Q4 24 | $26.9B | $21.3B | ||
| Q3 24 | $26.3B | $19.9B | ||
| Q2 24 | $24.7B | $19.3B | ||
| Q1 24 | $24.5B | $19.0B |
总资产QCOMXYZ
| Q4 25 | $53.0B | $39.5B | ||
| Q3 25 | $50.1B | $39.2B | ||
| Q2 25 | $54.9B | $36.9B | ||
| Q1 25 | $55.4B | $36.4B | ||
| Q4 24 | $55.6B | $36.8B | ||
| Q3 24 | $55.2B | $36.4B | ||
| Q2 24 | $52.7B | $37.5B | ||
| Q1 24 | $53.2B | $35.6B |
负债/权益比QCOMXYZ
| Q4 25 | 0.64× | — | ||
| Q3 25 | 0.70× | 0.32× | ||
| Q2 25 | 0.54× | 0.23× | ||
| Q1 25 | 0.48× | 0.24× | ||
| Q4 24 | 0.49× | 0.29× | ||
| Q3 24 | 0.51× | 0.31× | ||
| Q2 24 | 0.53× | 0.32× | ||
| Q1 24 | 0.59× | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $4.4B | $579.8M |
| 自由现金流率自由现金流/营收 | 36.0% | 9.3% |
| 资本支出强度资本支出/营收 | 4.5% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.65× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $2.4B |
8季度趋势，按日历期对齐
经营现金流QCOMXYZ
| Q4 25 | $5.0B | $621.0M | ||
| Q3 25 | $4.0B | $1.5B | ||
| Q2 25 | $2.9B | $374.3M | ||
| Q1 25 | $2.6B | $133.3M | ||
| Q4 24 | $4.6B | $13.8M | ||
| Q3 24 | $2.6B | $684.8M | ||
| Q2 24 | $3.1B | $519.4M | ||
| Q1 24 | $3.6B | $489.4M |
自由现金流QCOMXYZ
| Q4 25 | $4.4B | $579.8M | ||
| Q3 25 | $3.6B | $1.4B | ||
| Q2 25 | $2.6B | $343.0M | ||
| Q1 25 | $2.3B | $101.5M | ||
| Q4 24 | $4.3B | $-13.2M | ||
| Q3 24 | $2.4B | $628.2M | ||
| Q2 24 | $2.7B | $481.0M | ||
| Q1 24 | $3.4B | $457.4M |
自由现金流率QCOMXYZ
| Q4 25 | 36.0% | 9.3% | ||
| Q3 25 | 31.8% | 22.9% | ||
| Q2 25 | 24.9% | 5.7% | ||
| Q1 25 | 21.3% | 1.8% | ||
| Q4 24 | 36.9% | -0.2% | ||
| Q3 24 | 23.3% | 10.5% | ||
| Q2 24 | 28.4% | 7.8% | ||
| Q1 24 | 35.9% | 7.7% |
资本支出强度QCOMXYZ
| Q4 25 | 4.5% | 0.7% | ||
| Q3 25 | 3.6% | 0.8% | ||
| Q2 25 | 2.8% | 0.5% | ||
| Q1 25 | 1.9% | 0.6% | ||
| Q4 24 | 2.4% | 0.4% | ||
| Q3 24 | 2.5% | 0.9% | ||
| Q2 24 | 4.1% | 0.6% | ||
| Q1 24 | 2.0% | 0.5% |
现金转化率QCOMXYZ
| Q4 25 | 1.65× | 5.36× | ||
| Q3 25 | — | 3.14× | ||
| Q2 25 | 1.08× | 0.70× | ||
| Q1 25 | 0.91× | 0.70× | ||
| Q4 24 | 1.44× | 0.01× | ||
| Q3 24 | 0.91× | 2.41× | ||
| Q2 24 | 1.43× | 2.66× | ||
| Q1 24 | 1.53× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
