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联合太平洋（UNP）与标普全球（VG）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是标普全球的1.4倍（$6.2B vs $4.4B），联合太平洋净利率更高（27.4% vs 26.8%，领先0.6%），标普全球同比增速更快（191.7% vs 3.2%），联合太平洋自由现金流更多（$631.0M vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% vs 1.7%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
UNP vs VG — 直观对比
营收规模更大
UNP
是对方的1.4倍
$4.4B
营收增速更快
VG
高出188.5%
3.2%
净利率更高
UNP
高出0.6%
26.8%
自由现金流更多
UNP
多$2.1B
$-1.5B
两年增速更快
VG
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.2B | $4.4B |
| 净利润 | $1.7B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 39.5% | 38.7% |
| 净利率 | 27.4% | 26.8% |
| 营收同比 | 3.2% | 191.7% |
| 净利润同比 | 4.6% | 20.3% |
| 每股收益（稀释后） | $2.87 | $0.41 |
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UNPVG
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.1B | $4.4B | ||
| Q3 25 | $6.2B | $3.3B | ||
| Q2 25 | $6.2B | $3.1B | ||
| Q1 25 | $6.0B | $2.9B | ||
| Q4 24 | $6.1B | $1.5B | ||
| Q3 24 | $6.1B | $926.0M | ||
| Q2 24 | $6.0B | $1.1B |
净利润UNPVG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.8B | $550.0M | ||
| Q2 25 | $1.9B | $475.0M | ||
| Q1 25 | $1.6B | $517.0M | ||
| Q4 24 | $1.8B | $990.0M | ||
| Q3 24 | $1.7B | $-294.0M | ||
| Q2 24 | $1.7B | $352.0M |
营业利润率UNPVG
| Q1 26 | 39.5% | — | ||
| Q4 25 | 39.5% | 38.7% | ||
| Q3 25 | 40.8% | 39.7% | ||
| Q2 25 | 41.0% | 33.5% | ||
| Q1 25 | 39.3% | 37.3% | ||
| Q4 24 | 41.3% | 39.0% | ||
| Q3 24 | 39.7% | 20.4% | ||
| Q2 24 | 40.0% | 32.8% |
净利率UNPVG
| Q1 26 | 27.4% | — | ||
| Q4 25 | 30.4% | 26.8% | ||
| Q3 25 | 28.6% | 16.5% | ||
| Q2 25 | 30.5% | 15.3% | ||
| Q1 25 | 27.0% | 17.9% | ||
| Q4 24 | 28.8% | 65.0% | ||
| Q3 24 | 27.4% | -31.7% | ||
| Q2 24 | 27.9% | 31.8% |
每股收益（稀释后）UNPVG
| Q1 26 | $2.87 | — | ||
| Q4 25 | $3.12 | $0.41 | ||
| Q3 25 | $3.01 | $0.16 | ||
| Q2 25 | $3.15 | $0.14 | ||
| Q1 25 | $2.70 | $0.15 | ||
| Q4 24 | $2.91 | $0.35 | ||
| Q3 24 | $2.75 | $-0.15 | ||
| Q2 24 | $2.74 | $0.12 |
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 | $2.4B |
| 总债务越低越好 | — | $34.2B |
| 股东权益账面价值 | — | $6.7B |
| 总资产 | $69.6B | $53.4B |
| 负债/权益比越低杠杆越低 | — | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资UNPVG
| Q1 26 | $735.0M | — | ||
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $808.0M | $1.9B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.0B | $3.6B | ||
| Q3 24 | $947.0M | — | ||
| Q2 24 | $1.1B | — |
总债务UNPVG
| Q1 26 | — | — | ||
| Q4 25 | $30.3B | $34.2B | ||
| Q3 25 | $30.3B | $32.6B | ||
| Q2 25 | $30.3B | $30.0B | ||
| Q1 25 | $30.6B | $29.3B | ||
| Q4 24 | $29.8B | $29.3B | ||
| Q3 24 | $29.8B | — | ||
| Q2 24 | $31.2B | — |
股东权益UNPVG
| Q1 26 | — | — | ||
| Q4 25 | $18.5B | $6.7B | ||
| Q3 25 | $17.3B | $5.7B | ||
| Q2 25 | $16.3B | $5.3B | ||
| Q1 25 | $16.0B | $4.9B | ||
| Q4 24 | $16.9B | $2.9B | ||
| Q3 24 | $16.6B | — | ||
| Q2 24 | $16.5B | — |
总资产UNPVG
| Q1 26 | $69.6B | — | ||
| Q4 25 | $69.7B | $53.4B | ||
| Q3 25 | $68.6B | $50.1B | ||
| Q2 25 | $68.6B | $46.5B | ||
| Q1 25 | $68.5B | $45.1B | ||
| Q4 24 | $67.7B | $43.5B | ||
| Q3 24 | $67.6B | — | ||
| Q2 24 | $67.8B | — |
负债/权益比UNPVG
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 5.07× | ||
| Q3 25 | 1.75× | 5.73× | ||
| Q2 25 | 1.86× | 5.69× | ||
| Q1 25 | 1.91× | 6.01× | ||
| Q4 24 | 1.76× | 10.11× | ||
| 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 | — | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $631.0M | $-1.5B |
| 自由现金流率自由现金流/营收 | 10.1% | -34.1% |
| 资本支出强度资本支出/营收 | — | 81.6% |
| 现金转化率经营现金流/净利润 | — | 1.77× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流UNPVG
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $2.1B | ||
| Q3 25 | $2.5B | $1.9B | ||
| Q2 25 | $2.3B | $1.5B | ||
| Q1 25 | $2.2B | $1.1B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $1.9B | — |
自由现金流UNPVG
| Q1 26 | $631.0M | — | ||
| Q4 25 | $1.2B | $-1.5B | ||
| Q3 25 | $1.6B | $-1.4B | ||
| Q2 25 | $1.4B | $-1.5B | ||
| Q1 25 | $1.3B | $-2.4B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.0B | — |
自由现金流率UNPVG
| Q1 26 | 10.1% | — | ||
| Q4 25 | 20.1% | -34.1% | ||
| Q3 25 | 25.2% | -42.4% | ||
| Q2 25 | 22.7% | -49.1% | ||
| Q1 25 | 21.6% | -81.3% | ||
| Q4 24 | 28.4% | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 16.8% | — |
资本支出强度UNPVG
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 81.6% | ||
| Q3 25 | 15.2% | 98.9% | ||
| Q2 25 | 15.2% | 96.1% | ||
| Q1 25 | 15.0% | 119.8% | ||
| Q4 24 | 15.1% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 15.0% | — |
现金转化率UNPVG
| Q1 26 | — | — | ||
| Q4 25 | 1.20× | 1.77× | ||
| Q3 25 | 1.41× | 3.42× | ||
| Q2 25 | 1.24× | 3.07× | ||
| Q1 25 | 1.36× | 2.15× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 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
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
