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Snap Inc（SNAP）与Zoom Communications, Inc.（ZM）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是Zoom Communications, Inc.的1.4倍（$1.7B vs $1.2B）。Zoom Communications, Inc.净利率更高（49.8% vs 2.6%，领先47.2%）。Snap Inc同比增速更快（10.2% vs 4.4%）。Zoom Communications, Inc.自由现金流更多（$614.3M vs $205.6M）。过去两年Snap Inc的营收复合增速更高（19.9% vs 3.6%）
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
Zoom是总部位于美国加利福尼亚州圣何塞的通信技术企业，旗下核心产品Zoom视频会议软件全球普及度极高，可为企业及个人用户提供高清稳定的远程音视频沟通、线上会议、协同办公等一站式数字化协作解决方案。
SNAP vs ZM — 直观对比
营收规模更大
SNAP
是对方的1.4倍
$1.2B
营收增速更快
SNAP
高出5.8%
4.4%
净利率更高
ZM
高出47.2%
2.6%
自由现金流更多
ZM
多$408.8M
$205.6M
两年增速更快
SNAP
近两年复合增速
3.6%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $45.2M | $612.9M |
| 毛利率 | 59.1% | 77.9% |
| 营业利润率 | 2.9% | 25.2% |
| 净利率 | 2.6% | 49.8% |
| 营收同比 | 10.2% | 4.4% |
| 净利润同比 | 396.7% | 196.0% |
| 每股收益（稀释后） | $0.03 | $2.01 |
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SNAPZM
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.2B | $1.1B | ||
| Q1 24 | $1.2B | $1.1B |
净利润SNAPZM
| Q4 25 | $45.2M | $612.9M | ||
| Q3 25 | $-103.5M | $358.6M | ||
| Q2 25 | $-262.6M | $254.6M | ||
| Q1 25 | $-139.6M | $367.9M | ||
| Q4 24 | $9.1M | $207.1M | ||
| Q3 24 | $-153.2M | $219.0M | ||
| Q2 24 | $-248.6M | $216.3M | ||
| Q1 24 | $-305.1M | $298.8M |
毛利率SNAPZM
| Q4 25 | 59.1% | 77.9% | ||
| Q3 25 | 55.3% | 77.6% | ||
| Q2 25 | 51.4% | 76.3% | ||
| Q1 25 | 53.1% | 75.7% | ||
| Q4 24 | 56.9% | 75.9% | ||
| Q3 24 | 53.5% | 75.5% | ||
| Q2 24 | 52.4% | 76.1% | ||
| Q1 24 | 51.9% | 75.9% |
营业利润率SNAPZM
| Q4 25 | 2.9% | 25.2% | ||
| Q3 25 | -8.5% | 26.4% | ||
| Q2 25 | -19.3% | 20.6% | ||
| Q1 25 | -14.2% | 19.0% | ||
| Q4 24 | -1.7% | 15.5% | ||
| Q3 24 | -12.6% | 17.4% | ||
| Q2 24 | -20.5% | 17.8% | ||
| Q1 24 | -27.9% | 14.7% |
净利率SNAPZM
| Q4 25 | 2.6% | 49.8% | ||
| Q3 25 | -6.9% | 29.5% | ||
| Q2 25 | -19.5% | 21.7% | ||
| Q1 25 | -10.2% | 31.1% | ||
| Q4 24 | 0.6% | 17.6% | ||
| Q3 24 | -11.2% | 18.8% | ||
| Q2 24 | -20.1% | 19.0% | ||
| Q1 24 | -25.5% | 26.1% |
每股收益（稀释后）SNAPZM
| Q4 25 | $0.03 | $2.01 | ||
| Q3 25 | $-0.06 | $1.16 | ||
| Q2 25 | $-0.16 | $0.81 | ||
| Q1 25 | $-0.08 | $1.16 | ||
| Q4 24 | $0.01 | $0.66 | ||
| Q3 24 | $-0.09 | $0.70 | ||
| Q2 24 | $-0.15 | $0.69 | ||
| Q1 24 | $-0.19 | $0.98 |
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 | $2.9B | $1.2B |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.3B | $9.3B |
| 总资产 | $7.7B | $11.4B |
| 负债/权益比越低杠杆越低 | 1.55× | — |
8季度趋势，按日历期对齐
现金及短期投资SNAPZM
| Q4 25 | $2.9B | $1.2B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $2.9B | $1.2B | ||
| Q1 25 | $3.2B | $1.3B | ||
| Q4 24 | $3.4B | $1.3B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.1B | $1.9B | ||
| Q1 24 | $2.9B | $1.6B |
总债务SNAPZM
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.6B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.3B | — |
股东权益SNAPZM
| Q4 25 | $2.3B | $9.3B | ||
| Q3 25 | $2.2B | $9.0B | ||
| Q2 25 | $2.1B | $8.9B | ||
| Q1 25 | $2.3B | $8.9B | ||
| Q4 24 | $2.5B | $8.7B | ||
| Q3 24 | $2.2B | $8.5B | ||
| Q2 24 | $2.1B | $8.3B | ||
| Q1 24 | $2.1B | $8.0B |
总资产SNAPZM
| Q4 25 | $7.7B | $11.4B | ||
| Q3 25 | $7.6B | $11.0B | ||
| Q2 25 | $7.4B | $11.0B | ||
| Q1 25 | $7.6B | $11.0B | ||
| Q4 24 | $7.9B | $10.7B | ||
| Q3 24 | $7.6B | $10.5B | ||
| Q2 24 | $7.4B | $10.3B | ||
| Q1 24 | $7.2B | $9.9B |
负债/权益比SNAPZM
| Q4 25 | 1.55× | — | ||
| Q3 25 | 1.59× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 1.76× | — | ||
| Q1 24 | 1.55× | — |
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 | $269.6M | $629.3M |
| 自由现金流经营现金流 - 资本支出 | $205.6M | $614.3M |
| 自由现金流率自由现金流/营收 | 12.0% | 50.0% |
| 资本支出强度资本支出/营收 | 3.7% | 1.2% |
| 现金转化率经营现金流/净利润 | 5.96× | 1.03× |
| 过去12个月自由现金流最近4个季度 | $437.2M | $2.0B |
8季度趋势，按日历期对齐
经营现金流SNAPZM
| Q4 25 | $269.6M | $629.3M | ||
| Q3 25 | $146.5M | $515.9M | ||
| Q2 25 | $88.5M | $489.3M | ||
| Q1 25 | $151.6M | $424.6M | ||
| Q4 24 | $230.6M | $483.2M | ||
| Q3 24 | $115.9M | $449.3M | ||
| Q2 24 | $-21.4M | $588.2M | ||
| Q1 24 | $88.4M | $351.2M |
自由现金流SNAPZM
| Q4 25 | $205.6M | $614.3M | ||
| Q3 25 | $93.4M | $508.0M | ||
| Q2 25 | $23.8M | $463.4M | ||
| Q1 25 | $114.4M | $416.2M | ||
| Q4 24 | $182.4M | $457.7M | ||
| Q3 24 | $71.8M | $365.1M | ||
| Q2 24 | $-73.4M | $569.7M | ||
| Q1 24 | $37.9M | $332.7M |
自由现金流率SNAPZM
| Q4 25 | 12.0% | 50.0% | ||
| Q3 25 | 6.2% | 41.7% | ||
| Q2 25 | 1.8% | 39.4% | ||
| Q1 25 | 8.4% | 35.2% | ||
| Q4 24 | 11.7% | 38.9% | ||
| Q3 24 | 5.2% | 31.4% | ||
| Q2 24 | -5.9% | 49.9% | ||
| Q1 24 | 3.2% | 29.0% |
资本支出强度SNAPZM
| Q4 25 | 3.7% | 1.2% | ||
| Q3 25 | 3.5% | 0.7% | ||
| Q2 25 | 4.8% | 2.2% | ||
| Q1 25 | 2.7% | 0.7% | ||
| Q4 24 | 3.1% | 2.2% | ||
| Q3 24 | 3.2% | 7.2% | ||
| Q2 24 | 4.2% | 1.6% | ||
| Q1 24 | 4.2% | 1.6% |
现金转化率SNAPZM
| Q4 25 | 5.96× | 1.03× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 25.34× | 2.33× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | — | 1.18× |
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
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
ZM
暂无分部数据
