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SHOPIFY INC.（SHOP）与XPO, Inc.（XPO）财务数据对比。点击上方公司名可切换其他公司
SHOPIFY INC.的季度营收约是XPO, Inc.的1.8倍（$3.7B vs $2.0B），SHOPIFY INC.净利率更高（20.2% vs 2.9%，领先17.3%），SHOPIFY INC.同比增速更快（30.6% vs 4.7%），过去两年SHOPIFY INC.的营收复合增速更高（40.5% vs -0.1%）
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。
XPO Inc.（原XPO物流）是美国交通运输企业，主营北美区域零担货运业务，总部位于康涅狄格州格林尼治，全球共设592个运营网点。作为北美第二大零担货运服务商，其服务覆盖99%的美国邮政编码区域。
SHOP vs XPO — 直观对比
营收规模更大
SHOP
是对方的1.8倍
$2.0B
营收增速更快
SHOP
高出25.9%
4.7%
净利率更高
SHOP
高出17.3%
2.9%
两年增速更快
SHOP
近两年复合增速
-0.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.7B | $2.0B |
| 净利润 | $743.0M | $59.0M |
| 毛利率 | 46.1% | — |
| 营业利润率 | 17.2% | 7.1% |
| 净利率 | 20.2% | 2.9% |
| 营收同比 | 30.6% | 4.7% |
| 净利润同比 | -42.5% | -21.3% |
| 每股收益（稀释后） | $0.58 | $0.49 |
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SHOPXPO
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.7B | $2.1B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $2.8B | $1.9B | ||
| Q3 24 | $2.2B | $2.1B | ||
| Q2 24 | $2.0B | $2.1B | ||
| Q1 24 | $1.9B | $2.0B |
净利润SHOPXPO
| Q4 25 | $743.0M | $59.0M | ||
| Q3 25 | $264.0M | $82.0M | ||
| Q2 25 | $906.0M | $106.0M | ||
| Q1 25 | $-682.0M | $69.0M | ||
| Q4 24 | $1.3B | $75.0M | ||
| Q3 24 | $828.0M | $95.0M | ||
| Q2 24 | $171.0M | $150.0M | ||
| Q1 24 | $-273.0M | $67.0M |
毛利率SHOPXPO
| 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SHOPXPO
| Q4 25 | 17.2% | 7.1% | ||
| Q3 25 | 12.1% | 7.8% | ||
| Q2 25 | 10.9% | 9.5% | ||
| Q1 25 | 8.6% | 7.7% | ||
| Q4 24 | 16.5% | 7.8% | ||
| Q3 24 | 13.1% | 8.6% | ||
| Q2 24 | 11.8% | 9.5% | ||
| Q1 24 | 4.6% | 6.8% |
净利率SHOPXPO
| Q4 25 | 20.2% | 2.9% | ||
| Q3 25 | 9.3% | 3.9% | ||
| Q2 25 | 33.8% | 5.1% | ||
| Q1 25 | -28.9% | 3.5% | ||
| Q4 24 | 46.0% | 3.9% | ||
| Q3 24 | 38.3% | 4.6% | ||
| Q2 24 | 8.4% | 7.2% | ||
| Q1 24 | -14.7% | 3.3% |
每股收益（稀释后）SHOPXPO
| Q4 25 | $0.58 | $0.49 | ||
| Q3 25 | $0.20 | $0.68 | ||
| Q2 25 | $0.69 | $0.89 | ||
| Q1 25 | $-0.53 | $0.58 | ||
| Q4 24 | $0.99 | $0.63 | ||
| Q3 24 | $0.64 | $0.79 | ||
| Q2 24 | $0.13 | $1.25 | ||
| Q1 24 | $-0.21 | $0.56 |
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 | $310.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $13.5B | $1.9B |
| 总资产 | $15.2B | $8.2B |
| 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SHOPXPO
| Q4 25 | $5.8B | $310.0M | ||
| Q3 25 | $6.3B | $335.0M | ||
| Q2 25 | $5.8B | $225.0M | ||
| Q1 25 | $5.5B | $212.0M | ||
| Q4 24 | $5.5B | $246.0M | ||
| Q3 24 | — | $378.0M | ||
| Q2 24 | — | $250.0M | ||
| Q1 24 | — | $229.0M |
股东权益SHOPXPO
| Q4 25 | $13.5B | $1.9B | ||
| Q3 25 | $12.5B | $1.8B | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $11.1B | $1.6B | ||
| Q4 24 | $11.6B | $1.6B | ||
| Q3 24 | $10.1B | $1.6B | ||
| Q2 24 | $9.2B | $1.5B | ||
| Q1 24 | $8.9B | $1.3B |
总资产SHOPXPO
| Q4 25 | $15.2B | $8.2B | ||
| Q3 25 | $15.0B | $8.2B | ||
| Q2 25 | $14.6B | $8.1B | ||
| Q1 25 | $13.4B | $7.9B | ||
| Q4 24 | $13.9B | $7.7B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | — | $7.7B | ||
| Q1 24 | — | $7.6B |
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 | $725.0M | — |
| 自由现金流经营现金流 - 资本支出 | $715.0M | — |
| 自由现金流率自由现金流/营收 | 19.5% | — |
| 资本支出强度资本支出/营收 | 0.3% | 5.3% |
| 现金转化率经营现金流/净利润 | 0.98× | — |
| 过去12个月自由现金流最近4个季度 | $2.0B | — |
8季度趋势，按日历期对齐
经营现金流SHOPXPO
| Q4 25 | $725.0M | — | ||
| Q3 25 | $513.0M | $371.0M | ||
| Q2 25 | $428.0M | $247.0M | ||
| Q1 25 | $367.0M | $142.0M | ||
| Q4 24 | $615.0M | $189.0M | ||
| Q3 24 | $423.0M | $264.0M | ||
| Q2 24 | $340.0M | $210.0M | ||
| Q1 24 | $238.0M | $145.0M |
自由现金流SHOPXPO
| Q4 25 | $715.0M | — | ||
| Q3 25 | $507.0M | $215.0M | ||
| Q2 25 | $422.0M | $51.0M | ||
| Q1 25 | $363.0M | $-57.0M | ||
| Q4 24 | $611.0M | $23.0M | ||
| Q3 24 | $421.0M | $137.0M | ||
| Q2 24 | $333.0M | $20.0M | ||
| Q1 24 | $232.0M | $-161.0M |
自由现金流率SHOPXPO
| Q4 25 | 19.5% | — | ||
| Q3 25 | 17.8% | 10.2% | ||
| Q2 25 | 15.7% | 2.5% | ||
| Q1 25 | 15.4% | -2.9% | ||
| Q4 24 | 21.7% | 1.2% | ||
| Q3 24 | 19.5% | 6.7% | ||
| Q2 24 | 16.3% | 1.0% | ||
| Q1 24 | 12.5% | -8.0% |
资本支出强度SHOPXPO
| Q4 25 | 0.3% | 5.3% | ||
| Q3 25 | 0.2% | 7.4% | ||
| Q2 25 | 0.2% | 9.4% | ||
| Q1 25 | 0.2% | 10.2% | ||
| Q4 24 | 0.1% | 8.6% | ||
| Q3 24 | 0.1% | 6.2% | ||
| Q2 24 | 0.3% | 9.1% | ||
| Q1 24 | 0.3% | 15.2% |
现金转化率SHOPXPO
| Q4 25 | 0.98× | — | ||
| Q3 25 | 1.94× | 4.52× | ||
| Q2 25 | 0.47× | 2.33× | ||
| Q1 25 | — | 2.06× | ||
| Q4 24 | 0.48× | 2.52× | ||
| Q3 24 | 0.51× | 2.78× | ||
| Q2 24 | 1.99× | 1.40× | ||
| 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
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
XPO
| North American LTL | $1.2B | 58% |
| European Transportation | $844.0M | 42% |
