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爱彼迎（ABNB）与贝壳控股（BEKE）财务数据对比。点击上方公司名可切换其他公司
贝壳控股的季度营收约是爱彼迎的1.2倍（$3.2B vs $2.8B），爱彼迎净利率更高（12.3% vs 3.2%，领先9.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 9.8%）
爱彼迎是全球知名的旅行住宿及体验共享平台，成立于2007年，2010年正式启用现名。平台连接全球各地的房东与旅客，用户可通过网页或移动端预订私人客房、普通住宅、度假屋等多元住宿，也可报名参与当地特色体验项目，是共享经济领域的代表性企业。
贝壳控股是中国领先的线上线下一体化居住服务平台，旗下运营贝壳找房等品牌，业务覆盖二手房交易经纪、新房代理销售、房屋租赁、家装改造及居住相关金融咨询服务，可满足消费者全周期居住需求。
ABNB vs BEKE — 直观对比
营收规模更大
BEKE
是对方的1.2倍
$2.8B
净利率更高
ABNB
高出9.0%
3.2%
两年增速更快
ABNB
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.2B |
| 净利润 | $341.0M | $104.9M |
| 毛利率 | 82.5% | 21.4% |
| 营业利润率 | 9.7% | 2.6% |
| 净利率 | 12.3% | 3.2% |
| 营收同比 | 12.0% | — |
| 净利润同比 | -26.0% | — |
| 每股收益（稀释后） | — | — |
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ABNBBEKE
| Q4 25 | $2.8B | $3.2B | ||
| Q3 25 | $4.1B | $3.6B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.3B | $3.2B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $3.7B | $3.2B | ||
| Q2 24 | $2.7B | $3.2B | ||
| Q1 24 | $2.1B | $2.3B |
净利润ABNBBEKE
| Q4 25 | $341.0M | $104.9M | ||
| Q3 25 | $1.4B | $182.4M | ||
| Q2 25 | $642.0M | — | ||
| Q1 25 | $154.0M | $117.9M | ||
| Q4 24 | $461.0M | — | ||
| Q3 24 | $1.4B | $166.5M | ||
| Q2 24 | $555.0M | $261.5M | ||
| Q1 24 | $264.0M | $59.8M |
毛利率ABNBBEKE
| Q4 25 | 82.5% | 21.4% | ||
| Q3 25 | 86.6% | 21.9% | ||
| Q2 25 | 82.4% | — | ||
| Q1 25 | 77.7% | 20.7% | ||
| Q4 24 | 82.8% | — | ||
| Q3 24 | 87.5% | 22.7% | ||
| Q2 24 | 81.6% | 27.9% | ||
| Q1 24 | 77.6% | 25.2% |
营业利润率ABNBBEKE
| Q4 25 | 9.7% | 2.6% | ||
| Q3 25 | 39.7% | 4.1% | ||
| Q2 25 | 19.8% | — | ||
| Q1 25 | 1.7% | 2.5% | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 40.9% | 3.2% | ||
| Q2 24 | 18.1% | 8.6% | ||
| Q1 24 | 4.7% | 0.1% |
净利率ABNBBEKE
| Q4 25 | 12.3% | 3.2% | ||
| Q3 25 | 33.6% | 5.0% | ||
| Q2 25 | 20.7% | — | ||
| Q1 25 | 6.8% | 3.7% | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 36.7% | 5.2% | ||
| Q2 24 | 20.2% | 8.1% | ||
| Q1 24 | 12.3% | 2.6% |
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 | $11.0B | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | — |
| 总资产 | $22.2B | $16.8B |
| 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ABNBBEKE
| Q4 25 | $11.0B | $1.3B | ||
| Q3 25 | $11.7B | $1.6B | ||
| Q2 25 | $11.4B | — | ||
| Q1 25 | $11.5B | $1.8B | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $11.3B | $1.4B | ||
| Q2 24 | $11.3B | $1.3B | ||
| Q1 24 | $11.1B | $2.5B |
股东权益ABNBBEKE
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.6B | $9.6B | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | $9.5B | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.5B | $10.1B | ||
| Q2 24 | $8.0B | $9.7B | ||
| Q1 24 | $7.9B | $9.6B |
总资产ABNBBEKE
| Q4 25 | $22.2B | $16.8B | ||
| Q3 25 | $23.1B | $17.3B | ||
| Q2 25 | $27.0B | — | ||
| Q1 25 | $25.1B | $18.0B | ||
| Q4 24 | $21.0B | — | ||
| Q3 24 | $22.2B | $17.5B | ||
| Q2 24 | $26.3B | $16.9B | ||
| Q1 24 | $24.5B | $16.5B |
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 | $526.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.54× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ABNBBEKE
| Q4 25 | $526.0M | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $975.0M | — | ||
| Q1 25 | $1.8B | $-546.4M | ||
| Q4 24 | $466.0M | — | ||
| Q3 24 | $1.1B | $64.0M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.9B | — |
现金转化率ABNBBEKE
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 11.62× | -4.64× | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 0.79× | 0.38× | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 7.28× | — |
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
ABNB
| North America | $1.1B | 41% |
| EMEA | $930.0M | 33% |
| Latin America | $351.0M | 13% |
| Other | $351.0M | 13% |
BEKE
| New home transaction services | $932.6M | 29% |
| Existing home transaction services | $841.5M | 26% |
| Home rental services | $804.4M | 25% |
| Home renovation and furnishing | $604.0M | 19% |
| Emerging and other services | $55.6M | 2% |
