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SHOPIFY INC.（SHOP）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SHOPIFY INC.的3.9倍（$14.4B vs $3.7B），SHOPIFY INC.净利率更高（20.2% vs 2.1%，领先18.2%），SHOPIFY INC.同比增速更快（30.6% vs 20.1%），优步自由现金流更多（$2.8B vs $715.0M），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs 19.1%）
Shopify是总部位于加拿大安大略省渥太华的跨国电商企业，运营零售POS系统及相关服务平台，全球客户超500万，2024年总交易处理额达2923亿美元，其中57%来自美国市场，服务客户包括特斯拉、路威酩轩、雀巢、百事、百威英博、红牛、凯悦等知名品牌。
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。
SHOP vs UBER — 直观对比
营收规模更大
UBER
是对方的3.9倍
$3.7B
营收增速更快
SHOP
高出10.5%
20.1%
净利率更高
SHOP
高出18.2%
2.1%
自由现金流更多
UBER
多$2.1B
$715.0M
两年增速更快
SHOP
近两年复合增速
19.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $14.4B |
| 净利润 | $743.0M | $296.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 17.2% | 12.3% |
| 净利率 | 20.2% | 2.1% |
| 营收同比 | 30.6% | 20.1% |
| 净利润同比 | -42.5% | -95.7% |
| 每股收益（稀释后） | $0.58 | $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SHOPUBER
| Q4 25 | $3.7B | $14.4B | ||
| Q3 25 | $2.8B | $13.5B | ||
| Q2 25 | $2.7B | $12.7B | ||
| Q1 25 | $2.4B | $11.5B | ||
| Q4 24 | $2.8B | $12.0B | ||
| Q3 24 | $2.2B | $11.2B | ||
| Q2 24 | $2.0B | $10.7B | ||
| Q1 24 | $1.9B | $10.1B |
净利润SHOPUBER
| Q4 25 | $743.0M | $296.0M | ||
| Q3 25 | $264.0M | $6.6B | ||
| Q2 25 | $906.0M | $1.4B | ||
| Q1 25 | $-682.0M | $1.8B | ||
| Q4 24 | $1.3B | $6.9B | ||
| Q3 24 | $828.0M | $2.6B | ||
| Q2 24 | $171.0M | $1.0B | ||
| Q1 24 | $-273.0M | $-654.0M |
毛利率SHOPUBER
| Q4 25 | 46.1% | — | ||
| Q3 25 | 48.9% | — | ||
| Q2 25 | 48.6% | — | ||
| Q1 25 | 49.5% | — | ||
| Q4 24 | 48.1% | — | ||
| Q3 24 | 51.7% | — | ||
| Q2 24 | 51.1% | — | ||
| Q1 24 | 51.4% | — |
营业利润率SHOPUBER
| Q4 25 | 17.2% | 12.3% | ||
| Q3 25 | 12.1% | 8.3% | ||
| Q2 25 | 10.9% | 11.5% | ||
| Q1 25 | 8.6% | 10.6% | ||
| Q4 24 | 16.5% | 6.4% | ||
| Q3 24 | 13.1% | 9.5% | ||
| Q2 24 | 11.8% | 7.4% | ||
| Q1 24 | 4.6% | 1.7% |
净利率SHOPUBER
| Q4 25 | 20.2% | 2.1% | ||
| Q3 25 | 9.3% | 49.2% | ||
| Q2 25 | 33.8% | 10.7% | ||
| Q1 25 | -28.9% | 15.4% | ||
| Q4 24 | 46.0% | 57.6% | ||
| Q3 24 | 38.3% | 23.3% | ||
| Q2 24 | 8.4% | 9.5% | ||
| Q1 24 | -14.7% | -6.5% |
每股收益（稀释后）SHOPUBER
| Q4 25 | $0.58 | $0.16 | ||
| Q3 25 | $0.20 | $3.11 | ||
| Q2 25 | $0.69 | $0.63 | ||
| Q1 25 | $-0.53 | $0.83 | ||
| Q4 24 | $0.99 | $3.21 | ||
| Q3 24 | $0.64 | $1.20 | ||
| Q2 24 | $0.13 | $0.47 | ||
| Q1 24 | $-0.21 | $-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 | $5.8B | $7.6B |
| 总债务越低越好 | — | $10.6B |
| 股东权益账面价值 | $13.5B | $27.0B |
| 总资产 | $15.2B | $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SHOPUBER
| Q4 25 | $5.8B | $7.6B | ||
| Q3 25 | $6.3B | $9.1B | ||
| Q2 25 | $5.8B | $7.4B | ||
| Q1 25 | $5.5B | $6.0B | ||
| Q4 24 | $5.5B | $7.0B | ||
| Q3 24 | — | $9.1B | ||
| Q2 24 | — | $6.3B | ||
| Q1 24 | — | $5.8B |
总债务SHOPUBER
| Q4 25 | — | $10.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SHOPUBER
| Q4 25 | $13.5B | $27.0B | ||
| Q3 25 | $12.5B | $28.1B | ||
| Q2 25 | $12.1B | $22.6B | ||
| Q1 25 | $11.1B | $22.0B | ||
| Q4 24 | $11.6B | $21.6B | ||
| Q3 24 | $10.1B | $14.8B | ||
| Q2 24 | $9.2B | $12.3B | ||
| Q1 24 | $8.9B | $11.1B |
总资产SHOPUBER
| Q4 25 | $15.2B | $61.8B | ||
| Q3 25 | $15.0B | $63.3B | ||
| Q2 25 | $14.6B | $56.0B | ||
| Q1 25 | $13.4B | $52.8B | ||
| Q4 24 | $13.9B | $51.2B | ||
| Q3 24 | — | $47.1B | ||
| Q2 24 | — | $41.5B | ||
| Q1 24 | — | $39.6B |
负债/权益比SHOPUBER
| 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 | $725.0M | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $715.0M | $2.8B |
| 自由现金流率自由现金流/营收 | 19.5% | 19.5% |
| 资本支出强度资本支出/营收 | 0.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 0.98× | 9.74× |
| 过去12个月自由现金流最近4个季度 | $2.0B | $9.8B |
8季度趋势，按日历期对齐
经营现金流SHOPUBER
| Q4 25 | $725.0M | $2.9B | ||
| Q3 25 | $513.0M | $2.3B | ||
| Q2 25 | $428.0M | $2.6B | ||
| Q1 25 | $367.0M | $2.3B | ||
| Q4 24 | $615.0M | $1.8B | ||
| Q3 24 | $423.0M | $2.2B | ||
| Q2 24 | $340.0M | $1.8B | ||
| Q1 24 | $238.0M | $1.4B |
自由现金流SHOPUBER
| Q4 25 | $715.0M | $2.8B | ||
| Q3 25 | $507.0M | $2.2B | ||
| Q2 25 | $422.0M | $2.5B | ||
| Q1 25 | $363.0M | $2.3B | ||
| Q4 24 | $611.0M | $1.7B | ||
| Q3 24 | $421.0M | $2.1B | ||
| Q2 24 | $333.0M | $1.7B | ||
| Q1 24 | $232.0M | $1.4B |
自由现金流率SHOPUBER
| Q4 25 | 19.5% | 19.5% | ||
| Q3 25 | 17.8% | 16.6% | ||
| Q2 25 | 15.7% | 19.6% | ||
| Q1 25 | 15.4% | 19.5% | ||
| Q4 24 | 21.7% | 14.3% | ||
| Q3 24 | 19.5% | 18.9% | ||
| Q2 24 | 16.3% | 16.1% | ||
| Q1 24 | 12.5% | 13.4% |
资本支出强度SHOPUBER
| Q4 25 | 0.3% | 0.5% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.2% | 0.7% | ||
| Q1 25 | 0.2% | 0.6% | ||
| Q4 24 | 0.1% | 0.4% | ||
| Q3 24 | 0.1% | 0.4% | ||
| Q2 24 | 0.3% | 0.9% | ||
| Q1 24 | 0.3% | 0.6% |
现金转化率SHOPUBER
| Q4 25 | 0.98× | 9.74× | ||
| Q3 25 | 1.94× | 0.35× | ||
| Q2 25 | 0.47× | 1.89× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 0.48× | 0.25× | ||
| Q3 24 | 0.51× | 0.82× | ||
| Q2 24 | 1.99× | 1.79× | ||
| Q1 24 | — | — |
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
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
UBER
| Mobility | $8.2B | 57% |
| Delivery | $4.9B | 34% |
| Freight | $1.3B | 9% |
