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爱彼迎（ABNB）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
爱彼迎的季度营收约是Maplebear Inc.的2.8倍（$2.8B vs $992.0M），爱彼迎净利率更高（12.3% vs 8.2%，领先4.1%），Maplebear Inc.同比增速更快（12.3% vs 12.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 10.0%）
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。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
ABNB vs CART — 直观对比
营收规模更大
ABNB
是对方的2.8倍
$992.0M
营收增速更快
CART
高出0.3%
12.0%
净利率更高
ABNB
高出4.1%
8.2%
两年增速更快
ABNB
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $992.0M |
| 净利润 | $341.0M | $81.0M |
| 毛利率 | 82.5% | 72.3% |
| 营业利润率 | 9.7% | 9.9% |
| 净利率 | 12.3% | 8.2% |
| 营收同比 | 12.0% | 12.3% |
| 净利润同比 | -26.0% | -45.3% |
| 每股收益（稀释后） | — | $0.31 |
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ABNBCART
| Q4 25 | $2.8B | $992.0M | ||
| Q3 25 | $4.1B | $939.0M | ||
| Q2 25 | $3.1B | $914.0M | ||
| Q1 25 | $2.3B | $897.0M | ||
| Q4 24 | $2.5B | $883.0M | ||
| Q3 24 | $3.7B | $852.0M | ||
| Q2 24 | $2.7B | $823.0M | ||
| Q1 24 | $2.1B | $820.0M |
净利润ABNBCART
| Q4 25 | $341.0M | $81.0M | ||
| Q3 25 | $1.4B | $144.0M | ||
| Q2 25 | $642.0M | $116.0M | ||
| Q1 25 | $154.0M | $106.0M | ||
| Q4 24 | $461.0M | $148.0M | ||
| Q3 24 | $1.4B | $118.0M | ||
| Q2 24 | $555.0M | $61.0M | ||
| Q1 24 | $264.0M | $130.0M |
毛利率ABNBCART
| Q4 25 | 82.5% | 72.3% | ||
| Q3 25 | 86.6% | 73.7% | ||
| Q2 25 | 82.4% | 74.2% | ||
| Q1 25 | 77.7% | 74.8% | ||
| Q4 24 | 82.8% | 75.2% | ||
| Q3 24 | 87.5% | 75.2% | ||
| Q2 24 | 81.6% | 75.7% | ||
| Q1 24 | 77.6% | 74.9% |
营业利润率ABNBCART
| Q4 25 | 9.7% | 9.9% | ||
| Q3 25 | 39.7% | 17.7% | ||
| Q2 25 | 19.8% | 13.6% | ||
| Q1 25 | 1.7% | 12.3% | ||
| Q4 24 | 17.3% | 17.6% | ||
| Q3 24 | 40.9% | 16.2% | ||
| Q2 24 | 18.1% | 6.3% | ||
| Q1 24 | 4.7% | 17.6% |
净利率ABNBCART
| Q4 25 | 12.3% | 8.2% | ||
| Q3 25 | 33.6% | 15.3% | ||
| Q2 25 | 20.7% | 12.7% | ||
| Q1 25 | 6.8% | 11.8% | ||
| Q4 24 | 18.6% | 16.8% | ||
| Q3 24 | 36.7% | 13.8% | ||
| Q2 24 | 20.2% | 7.4% | ||
| Q1 24 | 12.3% | 15.9% |
每股收益（稀释后）ABNBCART
| Q4 25 | — | $0.31 | ||
| Q3 25 | — | $0.51 | ||
| Q2 25 | — | $0.41 | ||
| Q1 25 | — | $0.37 | ||
| Q4 24 | — | $0.53 | ||
| Q3 24 | — | $0.42 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.43 |
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 | $687.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $2.5B |
| 总资产 | $22.2B | $3.7B |
| 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ABNBCART
| Q4 25 | $11.0B | $687.0M | ||
| Q3 25 | $11.7B | $1.7B | ||
| Q2 25 | $11.4B | $1.6B | ||
| Q1 25 | $11.5B | $1.6B | ||
| Q4 24 | $10.6B | $1.4B | ||
| Q3 24 | $11.3B | $1.3B | ||
| Q2 24 | $11.3B | $1.4B | ||
| Q1 24 | $11.1B | $1.5B |
股东权益ABNBCART
| Q4 25 | $8.2B | $2.5B | ||
| Q3 25 | $8.6B | $3.5B | ||
| Q2 25 | $7.8B | $3.3B | ||
| Q1 25 | $7.9B | $3.2B | ||
| Q4 24 | $8.4B | $3.1B | ||
| Q3 24 | $8.5B | $2.9B | ||
| Q2 24 | $8.0B | $3.0B | ||
| Q1 24 | $7.9B | $3.1B |
总资产ABNBCART
| Q4 25 | $22.2B | $3.7B | ||
| Q3 25 | $23.1B | $4.5B | ||
| Q2 25 | $27.0B | $4.4B | ||
| Q1 25 | $25.1B | $4.3B | ||
| Q4 24 | $21.0B | $4.1B | ||
| Q3 24 | $22.2B | $3.9B | ||
| Q2 24 | $26.3B | $4.0B | ||
| Q1 24 | $24.5B | $4.1B |
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 | $183.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 17.2% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 1.54× | 2.26× |
| 过去12个月自由现金流最近4个季度 | — | $910.0M |
8季度趋势，按日历期对齐
经营现金流ABNBCART
| Q4 25 | $526.0M | $183.0M | ||
| Q3 25 | $1.4B | $287.0M | ||
| Q2 25 | $975.0M | $203.0M | ||
| Q1 25 | $1.8B | $298.0M | ||
| Q4 24 | $466.0M | $153.0M | ||
| Q3 24 | $1.1B | $185.0M | ||
| Q2 24 | $1.1B | $244.0M | ||
| Q1 24 | $1.9B | $105.0M |
自由现金流ABNBCART
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $91.0M |
自由现金流率ABNBCART
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 11.1% |
资本支出强度ABNBCART
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.7% |
现金转化率ABNBCART
| Q4 25 | 1.54× | 2.26× | ||
| Q3 25 | 0.99× | 1.99× | ||
| Q2 25 | 1.52× | 1.75× | ||
| Q1 25 | 11.62× | 2.81× | ||
| Q4 24 | 1.01× | 1.03× | ||
| Q3 24 | 0.79× | 1.57× | ||
| Q2 24 | 1.89× | 4.00× | ||
| Q1 24 | 7.28× | 0.81× |
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% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
