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美国联合航空（UAL）与优步（UBER）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是优步的1.0倍（$14.6B vs $14.4B），美国联合航空净利率更高（4.8% vs 2.1%，领先2.7%），优步同比增速更快（20.1% vs 10.6%），优步自由现金流更多（$2.8B vs $2.0B），过去两年优步的营收复合增速更高（19.1% vs -1.3%）
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
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。
UAL vs UBER — 直观对比
营收规模更大
UAL
是对方的1.0倍
$14.4B
营收增速更快
UBER
高出9.6%
10.6%
净利率更高
UAL
高出2.7%
2.1%
自由现金流更多
UBER
多$782.0M
$2.0B
两年增速更快
UBER
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $14.4B |
| 净利润 | $699.0M | $296.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.8% | 12.3% |
| 净利率 | 4.8% | 2.1% |
| 营收同比 | 10.6% | 20.1% |
| 净利润同比 | 80.6% | -95.7% |
| 每股收益（稀释后） | $2.14 | $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UALUBER
| Q1 26 | $14.6B | — | ||
| Q4 25 | $15.4B | $14.4B | ||
| Q3 25 | $15.2B | $13.5B | ||
| Q2 25 | $15.2B | $12.7B | ||
| Q1 25 | $13.2B | $11.5B | ||
| Q4 24 | $14.7B | $12.0B | ||
| Q3 24 | $14.8B | $11.2B | ||
| Q2 24 | $15.0B | $10.7B |
净利润UALUBER
| Q1 26 | $699.0M | — | ||
| Q4 25 | $1.0B | $296.0M | ||
| Q3 25 | $949.0M | $6.6B | ||
| Q2 25 | $973.0M | $1.4B | ||
| Q1 25 | $387.0M | $1.8B | ||
| Q4 24 | $985.0M | $6.9B | ||
| Q3 24 | $965.0M | $2.6B | ||
| Q2 24 | $1.3B | $1.0B |
营业利润率UALUBER
| Q1 26 | 6.8% | — | ||
| Q4 25 | 9.0% | 12.3% | ||
| Q3 25 | 9.2% | 8.3% | ||
| Q2 25 | 8.7% | 11.5% | ||
| Q1 25 | 4.6% | 10.6% | ||
| Q4 24 | 10.2% | 6.4% | ||
| Q3 24 | 10.5% | 9.5% | ||
| Q2 24 | 12.9% | 7.4% |
净利率UALUBER
| Q1 26 | 4.8% | — | ||
| Q4 25 | 6.8% | 2.1% | ||
| Q3 25 | 6.2% | 49.2% | ||
| Q2 25 | 6.4% | 10.7% | ||
| Q1 25 | 2.9% | 15.4% | ||
| Q4 24 | 6.7% | 57.6% | ||
| Q3 24 | 6.5% | 23.3% | ||
| Q2 24 | 8.8% | 9.5% |
每股收益（稀释后）UALUBER
| Q1 26 | $2.14 | — | ||
| Q4 25 | $3.17 | $0.16 | ||
| Q3 25 | $2.90 | $3.11 | ||
| Q2 25 | $2.97 | $0.63 | ||
| Q1 25 | $1.16 | $0.83 | ||
| Q4 24 | $2.97 | $3.21 | ||
| Q3 24 | $2.90 | $1.20 | ||
| Q2 24 | $3.96 | $0.47 |
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 | $14.2B | $7.6B |
| 总债务越低越好 | — | $10.6B |
| 股东权益账面价值 | $15.9B | $27.0B |
| 总资产 | $80.9B | $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UALUBER
| Q1 26 | $14.2B | — | ||
| Q4 25 | $12.2B | $7.6B | ||
| Q3 25 | $13.3B | $9.1B | ||
| Q2 25 | $15.6B | $7.4B | ||
| Q1 25 | $15.3B | $6.0B | ||
| Q4 24 | $14.5B | $7.0B | ||
| Q3 24 | $14.2B | $9.1B | ||
| Q2 24 | $15.2B | $6.3B |
总债务UALUBER
| Q1 26 | — | — | ||
| Q4 25 | $20.6B | $10.6B | ||
| Q3 25 | $20.8B | — | ||
| Q2 25 | $20.9B | — | ||
| Q1 25 | $24.4B | — | ||
| Q4 24 | $25.2B | $9.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益UALUBER
| Q1 26 | $15.9B | — | ||
| Q4 25 | $15.3B | $27.0B | ||
| Q3 25 | $14.3B | $28.1B | ||
| Q2 25 | $13.4B | $22.6B | ||
| Q1 25 | $12.6B | $22.0B | ||
| Q4 24 | $12.7B | $21.6B | ||
| Q3 24 | $11.4B | $14.8B | ||
| Q2 24 | $10.5B | $12.3B |
总资产UALUBER
| Q1 26 | $80.9B | — | ||
| Q4 25 | $76.4B | $61.8B | ||
| Q3 25 | $76.3B | $63.3B | ||
| Q2 25 | $77.2B | $56.0B | ||
| Q1 25 | $76.1B | $52.8B | ||
| Q4 24 | $74.1B | $51.2B | ||
| Q3 24 | $72.6B | $47.1B | ||
| Q2 24 | $73.3B | $41.5B |
负债/权益比UALUBER
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | 0.39× | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.56× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 1.99× | 0.44× | ||
| Q3 24 | — | — | ||
| Q2 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 | $4.8B | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $2.8B |
| 自由现金流率自由现金流/营收 | 13.9% | 19.5% |
| 资本支出强度资本支出/营收 | 13.9% | 0.5% |
| 现金转化率经营现金流/净利润 | 6.87× | 9.74× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $9.8B |
8季度趋势，按日历期对齐
经营现金流UALUBER
| Q1 26 | $4.8B | — | ||
| Q4 25 | $1.3B | $2.9B | ||
| Q3 25 | $1.2B | $2.3B | ||
| Q2 25 | $2.2B | $2.6B | ||
| Q1 25 | $3.7B | $2.3B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $2.9B | $1.8B |
自由现金流UALUBER
| Q1 26 | $2.0B | — | ||
| Q4 25 | $-604.0M | $2.8B | ||
| Q3 25 | $-246.0M | $2.2B | ||
| Q2 25 | $930.0M | $2.5B | ||
| Q1 25 | $2.5B | $2.3B | ||
| Q4 24 | $549.0M | $1.7B | ||
| Q3 24 | $88.0M | $2.1B | ||
| Q2 24 | $1.7B | $1.7B |
自由现金流率UALUBER
| Q1 26 | 13.9% | — | ||
| Q4 25 | -3.9% | 19.5% | ||
| Q3 25 | -1.6% | 16.6% | ||
| Q2 25 | 6.1% | 19.6% | ||
| Q1 25 | 18.7% | 19.5% | ||
| Q4 24 | 3.7% | 14.3% | ||
| Q3 24 | 0.6% | 18.9% | ||
| Q2 24 | 11.4% | 16.1% |
资本支出强度UALUBER
| Q1 26 | 13.9% | — | ||
| Q4 25 | 12.3% | 0.5% | ||
| Q3 25 | 9.6% | 0.7% | ||
| Q2 25 | 8.4% | 0.7% | ||
| Q1 25 | 9.3% | 0.6% | ||
| Q4 24 | 11.4% | 0.4% | ||
| Q3 24 | 9.5% | 0.4% | ||
| Q2 24 | 7.8% | 0.9% |
现金转化率UALUBER
| Q1 26 | 6.87× | — | ||
| Q4 25 | 1.23× | 9.74× | ||
| Q3 25 | 1.28× | 0.35× | ||
| Q2 25 | 2.28× | 1.89× | ||
| Q1 25 | 9.59× | 1.31× | ||
| Q4 24 | 2.26× | 0.25× | ||
| Q3 24 | 1.55× | 0.82× | ||
| Q2 24 | 2.17× | 1.79× |
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
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
UBER
| Mobility | $8.2B | 57% |
| Delivery | $4.9B | 34% |
| Freight | $1.3B | 9% |
