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美国联合航空（UAL）与US Foods Holding Corp.（USFD）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US Foods Holding Corp.的1.5倍（$14.6B vs $9.8B），美国联合航空净利率更高（4.8% vs 1.9%，领先2.9%），美国联合航空同比增速更快（10.6% vs 3.3%），美国联合航空自由现金流更多（$2.0B vs $159.0M），过去两年US Foods Holding Corp.的营收复合增速更高（4.6% 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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
UAL vs USFD — 直观对比
营收规模更大
UAL
是对方的1.5倍
$9.8B
营收增速更快
UAL
高出7.3%
3.3%
净利率更高
UAL
高出2.9%
1.9%
自由现金流更多
UAL
多$1.9B
$159.0M
两年增速更快
USFD
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $9.8B |
| 净利润 | $699.0M | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 6.8% | 3.3% |
| 净利率 | 4.8% | 1.9% |
| 营收同比 | 10.6% | 3.3% |
| 净利润同比 | 80.6% | 178.8% |
| 每股收益（稀释后） | $2.14 | $0.82 |
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UALUSFD
| Q1 26 | $14.6B | — | ||
| Q4 25 | $15.4B | $9.8B | ||
| Q3 25 | $15.2B | $10.2B | ||
| Q2 25 | $15.2B | $10.1B | ||
| Q1 25 | $13.2B | $9.4B | ||
| Q4 24 | $14.7B | $9.5B | ||
| Q3 24 | $14.8B | $9.7B | ||
| Q2 24 | $15.0B | $9.7B |
净利润UALUSFD
| Q1 26 | $699.0M | — | ||
| Q4 25 | $1.0B | $184.0M | ||
| Q3 25 | $949.0M | $153.0M | ||
| Q2 25 | $973.0M | $224.0M | ||
| Q1 25 | $387.0M | $115.0M | ||
| Q4 24 | $985.0M | $66.0M | ||
| Q3 24 | $965.0M | $148.0M | ||
| Q2 24 | $1.3B | $198.0M |
毛利率UALUSFD
| Q1 26 | — | — | ||
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 17.2% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 17.6% |
营业利润率UALUSFD
| Q1 26 | 6.8% | — | ||
| Q4 25 | 9.0% | 3.3% | ||
| Q3 25 | 9.2% | 2.8% | ||
| Q2 25 | 8.7% | 3.7% | ||
| Q1 25 | 4.6% | 2.4% | ||
| Q4 24 | 10.2% | 3.2% | ||
| Q3 24 | 10.5% | 2.9% | ||
| Q2 24 | 12.9% | 3.6% |
净利率UALUSFD
| Q1 26 | 4.8% | — | ||
| Q4 25 | 6.8% | 1.9% | ||
| Q3 25 | 6.2% | 1.5% | ||
| Q2 25 | 6.4% | 2.2% | ||
| Q1 25 | 2.9% | 1.2% | ||
| Q4 24 | 6.7% | 0.7% | ||
| Q3 24 | 6.5% | 1.5% | ||
| Q2 24 | 8.8% | 2.0% |
每股收益（稀释后）UALUSFD
| Q1 26 | $2.14 | — | ||
| Q4 25 | $3.17 | $0.82 | ||
| Q3 25 | $2.90 | $0.67 | ||
| Q2 25 | $2.97 | $0.96 | ||
| Q1 25 | $1.16 | $0.49 | ||
| Q4 24 | $2.97 | $0.28 | ||
| Q3 24 | $2.90 | $0.61 | ||
| Q2 24 | $3.96 | $0.80 |
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 | $41.0M |
| 总债务越低越好 | — | $5.1B |
| 股东权益账面价值 | $15.9B | $4.3B |
| 总资产 | $80.9B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资UALUSFD
| Q1 26 | $14.2B | — | ||
| Q4 25 | $12.2B | $41.0M | ||
| Q3 25 | $13.3B | $56.0M | ||
| Q2 25 | $15.6B | $61.0M | ||
| Q1 25 | $15.3B | $101.0M | ||
| Q4 24 | $14.5B | $59.0M | ||
| Q3 24 | $14.2B | $81.0M | ||
| Q2 24 | $15.2B | $405.0M |
总债务UALUSFD
| Q1 26 | — | — | ||
| Q4 25 | $20.6B | $5.1B | ||
| Q3 25 | $20.8B | $4.8B | ||
| Q2 25 | $20.9B | $4.7B | ||
| Q1 25 | $24.4B | $4.7B | ||
| Q4 24 | $25.2B | $4.8B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.6B |
股东权益UALUSFD
| Q1 26 | $15.9B | — | ||
| Q4 25 | $15.3B | $4.3B | ||
| Q3 25 | $14.3B | $4.5B | ||
| Q2 25 | $13.4B | $4.6B | ||
| Q1 25 | $12.6B | $4.6B | ||
| Q4 24 | $12.7B | $4.5B | ||
| Q3 24 | $11.4B | $4.6B | ||
| Q2 24 | $10.5B | $5.0B |
总资产UALUSFD
| Q1 26 | $80.9B | — | ||
| Q4 25 | $76.4B | $13.9B | ||
| Q3 25 | $76.3B | $14.0B | ||
| Q2 25 | $77.2B | $13.8B | ||
| Q1 25 | $76.1B | $13.7B | ||
| Q4 24 | $74.1B | $13.4B | ||
| Q3 24 | $72.6B | $13.5B | ||
| Q2 24 | $73.3B | $13.7B |
负债/权益比UALUSFD
| Q1 26 | — | — | ||
| Q4 25 | 1.35× | 1.18× | ||
| Q3 25 | 1.45× | 1.08× | ||
| Q2 25 | 1.56× | 1.02× | ||
| Q1 25 | 1.93× | 1.02× | ||
| Q4 24 | 1.99× | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $159.0M |
| 自由现金流率自由现金流/营收 | 13.9% | 1.6% |
| 资本支出强度资本支出/营收 | 13.9% | 1.4% |
| 现金转化率经营现金流/净利润 | 6.87× | 1.59× |
| 过去12个月自由现金流最近4个季度 | $2.1B | $959.0M |
8季度趋势，按日历期对齐
经营现金流UALUSFD
| Q1 26 | $4.8B | — | ||
| Q4 25 | $1.3B | $293.0M | ||
| Q3 25 | $1.2B | $351.0M | ||
| Q2 25 | $2.2B | $334.0M | ||
| Q1 25 | $3.7B | $391.0M | ||
| Q4 24 | $2.2B | $283.0M | ||
| Q3 24 | $1.5B | $270.0M | ||
| Q2 24 | $2.9B | $482.0M |
自由现金流UALUSFD
| Q1 26 | $2.0B | — | ||
| Q4 25 | $-604.0M | $159.0M | ||
| Q3 25 | $-246.0M | $236.0M | ||
| Q2 25 | $930.0M | $257.0M | ||
| Q1 25 | $2.5B | $307.0M | ||
| Q4 24 | $549.0M | $178.0M | ||
| Q3 24 | $88.0M | $190.0M | ||
| Q2 24 | $1.7B | $413.0M |
自由现金流率UALUSFD
| Q1 26 | 13.9% | — | ||
| Q4 25 | -3.9% | 1.6% | ||
| Q3 25 | -1.6% | 2.3% | ||
| Q2 25 | 6.1% | 2.5% | ||
| Q1 25 | 18.7% | 3.3% | ||
| Q4 24 | 3.7% | 1.9% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 11.4% | 4.3% |
资本支出强度UALUSFD
| Q1 26 | 13.9% | — | ||
| Q4 25 | 12.3% | 1.4% | ||
| Q3 25 | 9.6% | 1.1% | ||
| Q2 25 | 8.4% | 0.8% | ||
| Q1 25 | 9.3% | 0.9% | ||
| Q4 24 | 11.4% | 1.1% | ||
| Q3 24 | 9.5% | 0.8% | ||
| Q2 24 | 7.8% | 0.7% |
现金转化率UALUSFD
| Q1 26 | 6.87× | — | ||
| Q4 25 | 1.23× | 1.59× | ||
| Q3 25 | 1.28× | 2.29× | ||
| Q2 25 | 2.28× | 1.49× | ||
| Q1 25 | 9.59× | 3.40× | ||
| Q4 24 | 2.26× | 4.29× | ||
| Q3 24 | 1.55× | 1.82× | ||
| Q2 24 | 2.17× | 2.43× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
