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联合太平洋（UNP）与Block, Inc.（XYZ）财务数据对比。点击上方公司名可切换其他公司
Block, Inc.的季度营收约是联合太平洋的1.0倍（$6.3B vs $6.2B），联合太平洋净利率更高（27.4% vs 1.9%，领先25.5%），Block, Inc.同比增速更快（3.6% vs 3.2%），联合太平洋自由现金流更多（$631.0M vs $579.8M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
UNP vs XYZ — 直观对比
营收规模更大
XYZ
是对方的1.0倍
$6.2B
营收增速更快
XYZ
高出0.5%
3.2%
净利率更高
UNP
高出25.5%
1.9%
自由现金流更多
UNP
多$51.2M
$579.8M
两年增速更快
XYZ
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.2B | $6.3B |
| 净利润 | $1.7B | $115.8M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 39.5% | 7.8% |
| 净利率 | 27.4% | 1.9% |
| 营收同比 | 3.2% | 3.6% |
| 净利润同比 | 4.6% | -94.1% |
| 每股收益（稀释后） | $2.87 | $0.19 |
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UNPXYZ
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.1B | $6.3B | ||
| Q3 25 | $6.2B | $6.1B | ||
| Q2 25 | $6.2B | $6.1B | ||
| Q1 25 | $6.0B | $5.8B | ||
| Q4 24 | $6.1B | $6.0B | ||
| Q3 24 | $6.1B | $6.0B | ||
| Q2 24 | $6.0B | $6.2B |
净利润UNPXYZ
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.8B | $115.8M | ||
| Q3 25 | $1.8B | $461.5M | ||
| Q2 25 | $1.9B | $538.5M | ||
| Q1 25 | $1.6B | $189.9M | ||
| Q4 24 | $1.8B | $1.9B | ||
| Q3 24 | $1.7B | $283.8M | ||
| Q2 24 | $1.7B | $195.3M |
毛利率UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% |
营业利润率UNPXYZ
| Q1 26 | 39.5% | — | ||
| Q4 25 | 39.5% | 7.8% | ||
| Q3 25 | 40.8% | 6.7% | ||
| Q2 25 | 41.0% | 8.0% | ||
| Q1 25 | 39.3% | 5.7% | ||
| Q4 24 | 41.3% | 0.2% | ||
| Q3 24 | 39.7% | 5.4% | ||
| Q2 24 | 40.0% | 5.0% |
净利率UNPXYZ
| Q1 26 | 27.4% | — | ||
| Q4 25 | 30.4% | 1.9% | ||
| Q3 25 | 28.6% | 7.5% | ||
| Q2 25 | 30.5% | 8.9% | ||
| Q1 25 | 27.0% | 3.3% | ||
| Q4 24 | 28.8% | 32.3% | ||
| Q3 24 | 27.4% | 4.7% | ||
| Q2 24 | 27.9% | 3.2% |
每股收益（稀释后）UNPXYZ
| Q1 26 | $2.87 | — | ||
| Q4 25 | $3.12 | $0.19 | ||
| Q3 25 | $3.01 | $0.74 | ||
| Q2 25 | $3.15 | $0.87 | ||
| Q1 25 | $2.70 | $0.30 | ||
| Q4 24 | $2.91 | $3.06 | ||
| Q3 24 | $2.75 | $0.45 | ||
| Q2 24 | $2.74 | $0.31 |
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 | $6.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $22.2B |
| 总资产 | $69.6B | $39.5B |
| 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UNPXYZ
| Q1 26 | $735.0M | — | ||
| Q4 25 | $1.3B | $6.6B | ||
| Q3 25 | $808.0M | $8.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | $1.4B | $7.1B | ||
| Q4 24 | $1.0B | $8.1B | ||
| Q3 24 | $947.0M | $8.3B | ||
| Q2 24 | $1.1B | $7.8B |
总债务UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | $30.3B | — | ||
| Q3 25 | $30.3B | $7.3B | ||
| Q2 25 | $30.3B | $5.1B | ||
| Q1 25 | $30.6B | $5.1B | ||
| Q4 24 | $29.8B | $6.1B | ||
| Q3 24 | $29.8B | $6.1B | ||
| Q2 24 | $31.2B | $6.1B |
股东权益UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | $18.5B | $22.2B | ||
| Q3 25 | $17.3B | $22.5B | ||
| Q2 25 | $16.3B | $22.2B | ||
| Q1 25 | $16.0B | $21.5B | ||
| Q4 24 | $16.9B | $21.3B | ||
| Q3 24 | $16.6B | $19.9B | ||
| Q2 24 | $16.5B | $19.3B |
总资产UNPXYZ
| Q1 26 | $69.6B | — | ||
| Q4 25 | $69.7B | $39.5B | ||
| Q3 25 | $68.6B | $39.2B | ||
| Q2 25 | $68.6B | $36.9B | ||
| Q1 25 | $68.5B | $36.4B | ||
| Q4 24 | $67.7B | $36.8B | ||
| Q3 24 | $67.6B | $36.4B | ||
| Q2 24 | $67.8B | $37.5B |
负债/权益比UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | — | ||
| Q3 25 | 1.75× | 0.32× | ||
| Q2 25 | 1.86× | 0.23× | ||
| Q1 25 | 1.91× | 0.24× | ||
| Q4 24 | 1.76× | 0.29× | ||
| Q3 24 | 1.79× | 0.31× | ||
| Q2 24 | 1.89× | 0.32× |
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 | — | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $631.0M | $579.8M |
| 自由现金流率自由现金流/营收 | 10.1% | 9.3% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.36× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.4B |
8季度趋势，按日历期对齐
经营现金流UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $621.0M | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $2.3B | $374.3M | ||
| Q1 25 | $2.2B | $133.3M | ||
| Q4 24 | $2.7B | $13.8M | ||
| Q3 24 | $2.7B | $684.8M | ||
| Q2 24 | $1.9B | $519.4M |
自由现金流UNPXYZ
| Q1 26 | $631.0M | — | ||
| Q4 25 | $1.2B | $579.8M | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.4B | $343.0M | ||
| Q1 25 | $1.3B | $101.5M | ||
| Q4 24 | $1.7B | $-13.2M | ||
| Q3 24 | $1.8B | $628.2M | ||
| Q2 24 | $1.0B | $481.0M |
自由现金流率UNPXYZ
| Q1 26 | 10.1% | — | ||
| Q4 25 | 20.1% | 9.3% | ||
| Q3 25 | 25.2% | 22.9% | ||
| Q2 25 | 22.7% | 5.7% | ||
| Q1 25 | 21.6% | 1.8% | ||
| Q4 24 | 28.4% | -0.2% | ||
| Q3 24 | 29.9% | 10.5% | ||
| Q2 24 | 16.8% | 7.8% |
资本支出强度UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 0.7% | ||
| Q3 25 | 15.2% | 0.8% | ||
| Q2 25 | 15.2% | 0.5% | ||
| Q1 25 | 15.0% | 0.6% | ||
| Q4 24 | 15.1% | 0.4% | ||
| Q3 24 | 13.6% | 0.9% | ||
| Q2 24 | 15.0% | 0.6% |
现金转化率UNPXYZ
| Q1 26 | — | — | ||
| Q4 25 | 1.20× | 5.36× | ||
| Q3 25 | 1.41× | 3.14× | ||
| Q2 25 | 1.24× | 0.70× | ||
| Q1 25 | 1.36× | 0.70× | ||
| Q4 24 | 1.51× | 0.01× | ||
| Q3 24 | 1.59× | 2.41× | ||
| Q2 24 | 1.14× | 2.66× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
