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美国联合航空（UAL）与美国合众银行（USB）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美国合众银行的2.0倍（$14.6B vs $7.4B），美国合众银行净利率更高（27.8% vs 4.8%，领先23.0%），美国联合航空同比增速更快（10.6% vs 5.1%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
UAL vs USB — 直观对比
营收规模更大
UAL
是对方的2.0倍
$7.4B
营收增速更快
UAL
高出5.5%
5.1%
净利率更高
USB
高出23.0%
4.8%
两年增速更快
USB
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $7.4B |
| 净利润 | $699.0M | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 6.8% | 34.4% |
| 净利率 | 4.8% | 27.8% |
| 营收同比 | 10.6% | 5.1% |
| 净利润同比 | 769.4% | 23.0% |
| 每股收益（稀释后） | $2.14 | $1.26 |
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UALUSB
| Q1 26 | $14.6B | — | ||
| Q4 25 | $15.4B | $7.4B | ||
| Q3 25 | $15.2B | $7.3B | ||
| Q2 25 | $15.2B | $7.0B | ||
| Q1 25 | $13.2B | $7.0B | ||
| Q4 24 | $14.7B | $7.0B | ||
| Q3 24 | $14.8B | $6.9B | ||
| Q2 24 | $15.0B | $6.9B |
净利润UALUSB
| Q1 26 | $699.0M | — | ||
| Q4 25 | $1.0B | $2.0B | ||
| Q3 25 | $949.0M | $2.0B | ||
| Q2 25 | $973.0M | $1.8B | ||
| Q1 25 | $387.0M | $1.7B | ||
| Q4 24 | $985.0M | $1.7B | ||
| Q3 24 | $965.0M | $1.7B | ||
| Q2 24 | $1.3B | $1.6B |
营业利润率UALUSB
| Q1 26 | 6.8% | — | ||
| Q4 25 | 9.0% | 34.4% | ||
| Q3 25 | 9.2% | 34.5% | ||
| Q2 25 | 8.7% | 32.7% | ||
| Q1 25 | 4.6% | 31.0% | ||
| Q4 24 | 10.2% | 30.1% | ||
| Q3 24 | 10.5% | 30.2% | ||
| Q2 24 | 12.9% | 29.9% |
净利率UALUSB
| Q1 26 | 4.8% | — | ||
| Q4 25 | 6.8% | 27.8% | ||
| Q3 25 | 6.2% | 27.3% | ||
| Q2 25 | 6.4% | 25.9% | ||
| Q1 25 | 2.9% | 24.6% | ||
| Q4 24 | 6.7% | 23.7% | ||
| Q3 24 | 6.5% | 25.0% | ||
| Q2 24 | 8.8% | 23.3% |
每股收益（稀释后）UALUSB
| Q1 26 | $2.14 | — | ||
| Q4 25 | $3.17 | $1.26 | ||
| Q3 25 | $2.90 | $1.22 | ||
| Q2 25 | $2.97 | $1.11 | ||
| Q1 25 | $1.16 | $1.03 | ||
| Q4 24 | $2.97 | $1.01 | ||
| Q3 24 | $2.90 | $1.03 | ||
| Q2 24 | $3.96 | $0.97 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.9B | $65.2B |
| 总资产 | $80.9B | $692.3B |
| 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UALUSB
| Q1 26 | $14.2B | — | ||
| Q4 25 | $12.2B | — | ||
| Q3 25 | $13.3B | — | ||
| Q2 25 | $15.6B | — | ||
| Q1 25 | $15.3B | — | ||
| Q4 24 | $14.5B | — | ||
| Q3 24 | $14.2B | — | ||
| Q2 24 | $15.2B | — |
总债务UALUSB
| Q1 26 | — | — | ||
| Q4 25 | $20.6B | — | ||
| Q3 25 | $20.8B | — | ||
| Q2 25 | $20.9B | — | ||
| Q1 25 | $24.4B | — | ||
| Q4 24 | $25.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益UALUSB
| Q1 26 | $15.9B | — | ||
| Q4 25 | $15.3B | $65.2B | ||
| Q3 25 | $14.3B | $63.3B | ||
| Q2 25 | $13.4B | $61.4B | ||
| Q1 25 | $12.6B | $60.1B | ||
| Q4 24 | $12.7B | $58.6B | ||
| Q3 24 | $11.4B | $58.9B | ||
| Q2 24 | $10.5B | $56.4B |
总资产UALUSB
| Q1 26 | $80.9B | — | ||
| Q4 25 | $76.4B | $692.3B | ||
| Q3 25 | $76.3B | $695.4B | ||
| Q2 25 | $77.2B | $686.4B | ||
| Q1 25 | $76.1B | $676.5B | ||
| Q4 24 | $74.1B | $678.3B | ||
| Q3 24 | $72.6B | $686.5B | ||
| Q2 24 | $73.3B | $680.1B |
负债/权益比UALUSB
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | — | ||
| Q3 25 | 1.45× | — | ||
| Q2 25 | 1.56× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 1.99× | — | ||
| 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 | $2.8B |
| 自由现金流经营现金流 - 资本支出 | $2.0B | — |
| 自由现金流率自由现金流/营收 | 13.9% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | 6.87× | 1.39× |
| 过去12个月自由现金流最近4个季度 | $2.1B | — |
8季度趋势，按日历期对齐
经营现金流UALUSB
| Q1 26 | $4.8B | — | ||
| Q4 25 | $1.3B | $2.8B | ||
| Q3 25 | $1.2B | $3.4B | ||
| Q2 25 | $2.2B | $2.0B | ||
| Q1 25 | $3.7B | $-285.0M | ||
| Q4 24 | $2.2B | $4.8B | ||
| Q3 24 | $1.5B | $972.0M | ||
| Q2 24 | $2.9B | $2.9B |
自由现金流UALUSB
| Q1 26 | $2.0B | — | ||
| Q4 25 | $-604.0M | — | ||
| Q3 25 | $-246.0M | — | ||
| Q2 25 | $930.0M | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $549.0M | — | ||
| Q3 24 | $88.0M | — | ||
| Q2 24 | $1.7B | — |
自由现金流率UALUSB
| Q1 26 | 13.9% | — | ||
| Q4 25 | -3.9% | — | ||
| Q3 25 | -1.6% | — | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 18.7% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 11.4% | — |
资本支出强度UALUSB
| Q1 26 | 13.9% | — | ||
| Q4 25 | 12.3% | — | ||
| Q3 25 | 9.6% | — | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 9.3% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 9.5% | — | ||
| Q2 24 | 7.8% | — |
现金转化率UALUSB
| Q1 26 | 6.87× | — | ||
| Q4 25 | 1.23× | 1.39× | ||
| Q3 25 | 1.28× | 1.69× | ||
| Q2 25 | 2.28× | 1.12× | ||
| Q1 25 | 9.59× | -0.17× | ||
| Q4 24 | 2.26× | 2.87× | ||
| Q3 24 | 1.55× | 0.57× | ||
| 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% |
USB
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