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联合太平洋（UNP）与联合包裹服务（UPS）财务数据对比。点击上方公司名可切换其他公司
联合包裹服务的季度营收约是联合太平洋的3.4倍（$21.2B vs $6.2B），联合太平洋净利率更高（27.4% vs 4.1%，领先23.3%），联合太平洋同比增速更快（3.2% vs -1.6%），联合包裹服务自由现金流更多（$1.3B vs $631.0M），过去两年联合太平洋的营收复合增速更高（1.7% vs -1.4%）
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。
联合包裹服务（UPS）是1907年成立的美国跨国物流与供应链管理企业，前身为主营电报业务的美国信使公司，现为《财富》世界500强、全球规模最大的快递服务商之一。核心业务包括陆运配送，同时运营UPS Store零售网点，提供寄件支持及小微企业服务工具。
UNP vs UPS — 直观对比
营收规模更大
UPS
是对方的3.4倍
$6.2B
营收增速更快
UNP
高出4.7%
-1.6%
净利率更高
UNP
高出23.3%
4.1%
自由现金流更多
UPS
多$649.0M
$631.0M
两年增速更快
UNP
近两年复合增速
-1.4%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $6.2B | $21.2B |
| 净利润 | $1.7B | $864.0M |
| 毛利率 | — | — |
| 营业利润率 | 39.5% | — |
| 净利率 | 27.4% | 4.1% |
| 营收同比 | 3.2% | -1.6% |
| 净利润同比 | 4.6% | -27.2% |
| 每股收益（稀释后） | $2.87 | $1.02 |
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UNPUPS
| Q1 26 | $6.2B | $21.2B | ||
| Q4 25 | $6.1B | $24.5B | ||
| Q3 25 | $6.2B | $21.4B | ||
| Q2 25 | $6.2B | $21.2B | ||
| Q1 25 | $6.0B | $21.5B | ||
| Q4 24 | $6.1B | $25.3B | ||
| Q3 24 | $6.1B | $22.2B | ||
| Q2 24 | $6.0B | $21.8B |
净利润UNPUPS
| Q1 26 | $1.7B | $864.0M | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B |
营业利润率UNPUPS
| Q1 26 | 39.5% | — | ||
| Q4 25 | 39.5% | 10.5% | ||
| Q3 25 | 40.8% | 8.4% | ||
| Q2 25 | 41.0% | 8.6% | ||
| Q1 25 | 39.3% | 7.7% | ||
| Q4 24 | 41.3% | 11.6% | ||
| Q3 24 | 39.7% | 8.9% | ||
| Q2 24 | 40.0% | 8.9% |
净利率UNPUPS
| Q1 26 | 27.4% | 4.1% | ||
| Q4 25 | 30.4% | 7.3% | ||
| Q3 25 | 28.6% | 6.1% | ||
| Q2 25 | 30.5% | 6.0% | ||
| Q1 25 | 27.0% | 5.5% | ||
| Q4 24 | 28.8% | 6.8% | ||
| Q3 24 | 27.4% | 6.9% | ||
| Q2 24 | 27.9% | 6.5% |
每股收益（稀释后）UNPUPS
| Q1 26 | $2.87 | $1.02 | ||
| Q4 25 | $3.12 | $2.10 | ||
| Q3 25 | $3.01 | $1.55 | ||
| Q2 25 | $3.15 | $1.51 | ||
| Q1 25 | $2.70 | $1.40 | ||
| Q4 24 | $2.91 | $2.00 | ||
| Q3 24 | $2.75 | $1.80 | ||
| Q2 24 | $2.74 | $1.65 |
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 | $5.8B |
| 总债务越低越好 | — | $23.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $69.6B | $71.8B |
| 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UNPUPS
| Q1 26 | $735.0M | $5.8B | ||
| Q4 25 | $1.3B | $5.9B | ||
| Q3 25 | $808.0M | $6.8B | ||
| Q2 25 | $1.1B | $6.3B | ||
| Q1 25 | $1.4B | $5.1B | ||
| Q4 24 | $1.0B | $6.3B | ||
| Q3 24 | $947.0M | $6.1B | ||
| Q2 24 | $1.1B | $6.5B |
总债务UNPUPS
| Q1 26 | — | $23.7B | ||
| Q4 25 | $30.3B | $23.5B | ||
| Q3 25 | $30.3B | $23.9B | ||
| Q2 25 | $30.3B | $23.8B | ||
| Q1 25 | $30.6B | $19.5B | ||
| Q4 24 | $29.8B | $19.4B | ||
| Q3 24 | $29.8B | $20.3B | ||
| Q2 24 | $31.2B | $20.2B |
股东权益UNPUPS
| Q1 26 | — | — | ||
| Q4 25 | $18.5B | $16.2B | ||
| Q3 25 | $17.3B | $15.8B | ||
| Q2 25 | $16.3B | $15.8B | ||
| Q1 25 | $16.0B | $15.7B | ||
| Q4 24 | $16.9B | $16.7B | ||
| Q3 24 | $16.6B | $16.9B | ||
| Q2 24 | $16.5B | $17.0B |
总资产UNPUPS
| Q1 26 | $69.6B | $71.8B | ||
| Q4 25 | $69.7B | $73.1B | ||
| Q3 25 | $68.6B | $71.4B | ||
| Q2 25 | $68.6B | $70.9B | ||
| Q1 25 | $68.5B | $68.5B | ||
| Q4 24 | $67.7B | $70.1B | ||
| Q3 24 | $67.6B | $68.3B | ||
| Q2 24 | $67.8B | $69.4B |
负债/权益比UNPUPS
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.45× | ||
| Q3 25 | 1.75× | 1.51× | ||
| Q2 25 | 1.86× | 1.51× | ||
| Q1 25 | 1.91× | 1.25× | ||
| Q4 24 | 1.76× | 1.16× | ||
| Q3 24 | 1.79× | 1.21× | ||
| Q2 24 | 1.89× | 1.19× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $631.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 10.1% | 6.0% |
| 资本支出强度资本支出/营收 | — | 4.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $4.8B | $4.6B |
8季度趋势，按日历期对齐
经营现金流UNPUPS
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $3.3B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.3B | $348.0M | ||
| Q1 25 | $2.2B | $2.3B | ||
| Q4 24 | $2.7B | $3.3B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $1.9B | $2.0B |
自由现金流UNPUPS
| Q1 26 | $631.0M | $1.3B | ||
| Q4 25 | $1.2B | $2.6B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.4B | $-775.0M | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.7B | $2.2B | ||
| Q3 24 | $1.8B | $655.0M | ||
| Q2 24 | $1.0B | $1.1B |
自由现金流率UNPUPS
| Q1 26 | 10.1% | 6.0% | ||
| Q4 25 | 20.1% | 10.6% | ||
| Q3 25 | 25.2% | 7.1% | ||
| Q2 25 | 22.7% | -3.7% | ||
| Q1 25 | 21.6% | 6.7% | ||
| Q4 24 | 28.4% | 8.8% | ||
| Q3 24 | 29.9% | 2.9% | ||
| Q2 24 | 16.8% | 4.9% |
资本支出强度UNPUPS
| Q1 26 | — | 4.9% | ||
| Q4 25 | 16.4% | 2.9% | ||
| Q3 25 | 15.2% | 4.5% | ||
| Q2 25 | 15.2% | 5.3% | ||
| Q1 25 | 15.0% | 4.1% | ||
| Q4 24 | 15.1% | 4.3% | ||
| Q3 24 | 13.6% | 3.8% | ||
| Q2 24 | 15.0% | 4.3% |
现金转化率UNPUPS
| Q1 26 | — | — | ||
| Q4 25 | 1.20× | 1.84× | ||
| Q3 25 | 1.41× | 1.89× | ||
| Q2 25 | 1.24× | 0.27× | ||
| Q1 25 | 1.36× | 1.95× | ||
| Q4 24 | 1.51× | 1.93× | ||
| Q3 24 | 1.59× | 0.97× | ||
| Q2 24 | 1.14× | 1.41× |
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
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
