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旅行者集团（TRV）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
旅行者集团的季度营收约是联合太平洋的2.0倍（$12.4B vs $6.2B），联合太平洋净利率更高（27.4% vs 20.1%，领先7.3%），旅行者集团同比增速更快（3.5% vs 3.2%），过去两年旅行者集团的营收复合增速更高（5.2% vs 1.7%）
旅行者集团是美国跨国保险企业，为美国第二大商业财产及意外伤害保险承保商，同时是美国第六大通过独立代理人展业的个人保险提供商。公司注册地为明尼苏达州，总部设于纽约市，最大办事处在康涅狄格州哈特福德，2009年6月8日起成为道琼斯工业平均指数成分股。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
TRV vs UNP — 直观对比
营收规模更大
TRV
是对方的2.0倍
$6.2B
营收增速更快
TRV
高出0.4%
3.2%
净利率更高
UNP
高出7.3%
20.1%
两年增速更快
TRV
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $12.4B | $6.2B |
| 净利润 | $2.5B | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 25.0% | 39.5% |
| 净利率 | 20.1% | 27.4% |
| 营收同比 | 3.5% | 3.2% |
| 净利润同比 | 19.9% | 4.6% |
| 每股收益（稀释后） | $10.96 | $2.87 |
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TRVUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $12.4B | $6.1B | ||
| Q3 25 | $12.5B | $6.2B | ||
| Q2 25 | $12.1B | $6.2B | ||
| Q1 25 | $11.8B | $6.0B | ||
| Q4 24 | $12.0B | $6.1B | ||
| Q3 24 | $11.9B | $6.1B | ||
| Q2 24 | $11.3B | $6.0B |
净利润TRVUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.5B | $1.9B | ||
| Q1 25 | $395.0M | $1.6B | ||
| Q4 24 | $2.1B | $1.8B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $534.0M | $1.7B |
营业利润率TRVUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 25.0% | 39.5% | ||
| Q3 25 | 18.8% | 40.8% | ||
| Q2 25 | 15.5% | 41.0% | ||
| Q1 25 | 4.0% | 39.3% | ||
| Q4 24 | 21.6% | 41.3% | ||
| Q3 24 | 13.1% | 39.7% | ||
| Q2 24 | 5.8% | 40.0% |
净利率TRVUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 20.1% | 30.4% | ||
| Q3 25 | 15.1% | 28.6% | ||
| Q2 25 | 12.5% | 30.5% | ||
| Q1 25 | 3.3% | 27.0% | ||
| Q4 24 | 17.3% | 28.8% | ||
| Q3 24 | 10.6% | 27.4% | ||
| Q2 24 | 4.7% | 27.9% |
每股收益（稀释后）TRVUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $10.96 | $3.12 | ||
| Q3 25 | $8.24 | $3.01 | ||
| Q2 25 | $6.53 | $3.15 | ||
| Q1 25 | $1.70 | $2.70 | ||
| Q4 24 | $8.96 | $2.91 | ||
| Q3 24 | $5.42 | $2.75 | ||
| Q2 24 | $2.29 | $2.74 |
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 | — | $735.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $32.9B | — |
| 总资产 | $143.7B | $69.6B |
| 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TRVUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $808.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
总债务TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
股东权益TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | $32.9B | $18.5B | ||
| Q3 25 | $31.6B | $17.3B | ||
| Q2 25 | $29.5B | $16.3B | ||
| Q1 25 | $28.2B | $16.0B | ||
| Q4 24 | $27.9B | $16.9B | ||
| Q3 24 | $27.7B | $16.6B | ||
| Q2 24 | $24.9B | $16.5B |
总资产TRVUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $143.7B | $69.7B | ||
| Q3 25 | $143.7B | $68.6B | ||
| Q2 25 | $138.9B | $68.6B | ||
| Q1 25 | $136.0B | $68.5B | ||
| Q4 24 | $133.2B | $67.7B | ||
| Q3 24 | $134.6B | $67.6B | ||
| Q2 24 | $129.3B | $67.8B |
负债/权益比TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $2.7B | — |
| 自由现金流经营现金流 - 资本支出 | — | $631.0M |
| 自由现金流率自由现金流/营收 | — | 10.1% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.08× | — |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $4.2B | $2.5B | ||
| Q2 25 | $2.3B | $2.3B | ||
| Q1 25 | $1.4B | $2.2B | ||
| Q4 24 | $2.1B | $2.7B | ||
| Q3 24 | $3.9B | $2.7B | ||
| Q2 24 | $1.7B | $1.9B |
自由现金流TRVUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
自由现金流率TRVUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
资本支出强度TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
现金转化率TRVUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.08× | 1.20× | ||
| Q3 25 | 2.24× | 1.41× | ||
| Q2 25 | 1.55× | 1.24× | ||
| Q1 25 | 3.44× | 1.36× | ||
| Q4 24 | 0.99× | 1.51× | ||
| Q3 24 | 3.08× | 1.59× | ||
| Q2 24 | 3.14× | 1.14× |
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
TRV
| Business And International Insurance | $6.6B | 53% |
| Personal Insurance | $4.6B | 37% |
| Bond And Specialty Insurance | $1.2B | 9% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
