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星巴克（SBUX）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
星巴克的季度营收约是美国合众银行的1.3倍（$9.9B vs $7.4B），美国合众银行净利率更高（27.8% vs 3.0%，领先24.8%），星巴克同比增速更快（5.5% vs 5.1%），过去两年星巴克的营收复合增速更高（7.6% vs 4.7%）
星巴克是总部位于美国华盛顿州西雅图的跨国连锁咖啡店及烘焙工坊品牌，1971年由杰里·鲍德温、泽夫·西格尔和戈登·鲍克在西雅图派克市场创立，最初以咖啡豆批发业务起家，如今门店遍布全球多国，是全球极具知名度的咖啡零售品牌。
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。
SBUX vs USB — 直观对比
营收规模更大
SBUX
是对方的1.3倍
$7.4B
营收增速更快
SBUX
高出0.4%
5.1%
净利率更高
USB
高出24.8%
3.0%
两年增速更快
SBUX
近两年复合增速
4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $7.4B |
| 净利润 | $293.3M | $2.0B |
| 毛利率 | 63.8% | — |
| 营业利润率 | 9.0% | 34.4% |
| 净利率 | 3.0% | 27.8% |
| 营收同比 | 5.5% | 5.1% |
| 净利润同比 | -62.4% | 23.0% |
| 每股收益（稀释后） | $0.26 | $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SBUXUSB
| Q4 25 | $9.9B | $7.4B | ||
| Q3 25 | $9.6B | $7.3B | ||
| Q2 25 | $9.5B | $7.0B | ||
| Q1 25 | $8.8B | $7.0B | ||
| Q4 24 | $9.4B | $7.0B | ||
| Q3 24 | $9.1B | $6.9B | ||
| Q2 24 | $9.1B | $6.9B | ||
| Q1 24 | $8.6B | $6.7B |
净利润SBUXUSB
| Q4 25 | $293.3M | $2.0B | ||
| Q3 25 | $133.1M | $2.0B | ||
| Q2 25 | $558.3M | $1.8B | ||
| Q1 25 | $384.2M | $1.7B | ||
| Q4 24 | $780.8M | $1.7B | ||
| Q3 24 | $909.3M | $1.7B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $772.4M | $1.3B |
毛利率SBUXUSB
| Q4 25 | 63.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率SBUXUSB
| Q4 25 | 9.0% | 34.4% | ||
| Q3 25 | 2.9% | 34.5% | ||
| Q2 25 | 9.9% | 32.7% | ||
| Q1 25 | 6.9% | 31.0% | ||
| Q4 24 | 11.9% | 30.1% | ||
| Q3 24 | 14.4% | 30.2% | ||
| Q2 24 | 16.7% | 29.9% | ||
| Q1 24 | 12.8% | 24.9% |
净利率SBUXUSB
| Q4 25 | 3.0% | 27.8% | ||
| Q3 25 | 1.4% | 27.3% | ||
| Q2 25 | 5.9% | 25.9% | ||
| Q1 25 | 4.4% | 24.6% | ||
| Q4 24 | 8.3% | 23.7% | ||
| Q3 24 | 10.0% | 25.0% | ||
| Q2 24 | 11.6% | 23.3% | ||
| Q1 24 | 9.0% | 19.6% |
每股收益（稀释后）SBUXUSB
| Q4 25 | $0.26 | $1.26 | ||
| Q3 25 | $0.11 | $1.22 | ||
| Q2 25 | $0.49 | $1.11 | ||
| Q1 25 | $0.34 | $1.03 | ||
| Q4 24 | $0.69 | $1.01 | ||
| Q3 24 | $0.80 | $1.03 | ||
| Q2 24 | $0.93 | $0.97 | ||
| Q1 24 | $0.68 | $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 | $184.9M | — |
| 总债务越低越好 | $16.1B | — |
| 股东权益账面价值 | $-8.4B | $65.2B |
| 总资产 | $32.2B | $692.3B |
| 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SBUXUSB
| Q4 25 | $184.9M | — | ||
| Q3 25 | $247.2M | — | ||
| Q2 25 | $333.3M | — | ||
| Q1 25 | $340.2M | — | ||
| Q4 24 | $285.8M | — | ||
| Q3 24 | $257.0M | — | ||
| Q2 24 | $212.3M | — | ||
| Q1 24 | $362.5M | — |
总债务SBUXUSB
| Q4 25 | $16.1B | — | ||
| Q3 25 | $16.1B | — | ||
| Q2 25 | $17.3B | — | ||
| Q1 25 | $15.6B | — | ||
| Q4 24 | $15.6B | — | ||
| Q3 24 | $15.6B | — | ||
| Q2 24 | $15.6B | — | ||
| Q1 24 | $15.5B | — |
股东权益SBUXUSB
| Q4 25 | $-8.4B | $65.2B | ||
| Q3 25 | $-8.1B | $63.3B | ||
| Q2 25 | $-7.7B | $61.4B | ||
| Q1 25 | $-7.6B | $60.1B | ||
| Q4 24 | $-7.5B | $58.6B | ||
| Q3 24 | $-7.4B | $58.9B | ||
| Q2 24 | $-7.9B | $56.4B | ||
| Q1 24 | $-8.4B | $55.6B |
总资产SBUXUSB
| Q4 25 | $32.2B | $692.3B | ||
| Q3 25 | $32.0B | $695.4B | ||
| Q2 25 | $33.6B | $686.4B | ||
| Q1 25 | $31.6B | $676.5B | ||
| Q4 24 | $31.9B | $678.3B | ||
| Q3 24 | $31.3B | $686.5B | ||
| Q2 24 | $30.1B | $680.1B | ||
| Q1 24 | $29.4B | $683.6B |
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 | $1.6B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $1.3B | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | 5.45× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $2.3B | — |
8季度趋势，按日历期对齐
经营现金流SBUXUSB
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $292.0M | $-285.0M | ||
| Q4 24 | $2.1B | $4.8B | ||
| Q3 24 | $1.5B | $972.0M | ||
| Q2 24 | $1.7B | $2.9B | ||
| Q1 24 | $506.0M | $2.7B |
自由现金流SBUXUSB
| Q4 25 | $1.3B | — | ||
| Q3 25 | $925.8M | — | ||
| Q2 25 | $434.3M | — | ||
| Q1 25 | $-297.2M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $737.4M | — | ||
| Q2 24 | $945.8M | — | ||
| Q1 24 | $-153.1M | — |
自由现金流率SBUXUSB
| Q4 25 | 12.8% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | -3.4% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 10.4% | — | ||
| Q1 24 | -1.8% | — |
资本支出强度SBUXUSB
| Q4 25 | 3.3% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 6.7% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 8.8% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 7.7% | — |
现金转化率SBUXUSB
| Q4 25 | 5.45× | 1.39× | ||
| Q3 25 | 10.38× | 1.69× | ||
| Q2 25 | 1.79× | 1.12× | ||
| Q1 25 | 0.76× | -0.17× | ||
| Q4 24 | 2.65× | 2.87× | ||
| Q3 24 | 1.69× | 0.57× | ||
| Q2 24 | 1.58× | 1.79× | ||
| Q1 24 | 0.66× | 2.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
