优先股是一类公司股票，拥有一些普通股所不具有的特征，常被认为是一种债务工具和权益工具的混合。“优先”是相对于普通股而言。优先首先体现在公司资产破产清算的受偿顺序方面（索偿权），排在债权之后，比普通股优先；其次在股利分配顺序方面较普通股优先，通常按事先约好的股息率发放。优先股通常在股东大会上无表决权。优先股可分为「A股优先」、「B股优先」、「C股优先」等等。

与债券类似，优先股通常也由几大评级公司进行评级。优先股的评级通常比债券要低，因为优先股股利的分派并无保证，且优先股在受偿顺序上后于债券。优先股与公司债券的区别是，优先股是没有期限的，而公司债券到期要还本。

Preferred stock (also called preferred shares, preference shares or simply preferreds) is a type of stock which may have any combination of features not possessed by common stock including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock, but subordinate to bonds in terms of claim (or rights to their share of the assets of the company) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation. Terms of the preferred stock are described in the articles of association.