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爱彼迎（ABNB）与PC CONNECTION INC（CNXN）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PC CONNECTION INC的4.0倍（$2.8B vs $702.9M）。爱彼迎净利率更高（12.3% vs 2.9%，领先9.3%）。爱彼迎同比增速更快（12.0% vs -0.8%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 5.5%）
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。
PC Connection Inc.（商用名称为Connection）总部位于美国新罕布什尔州梅里马克，现有员工超2600人，在售产品超过46万种，是一家深耕IT相关产品供应与服务的企业，为不同客户群体提供多元的产品选择与配套支持。
ABNB vs CNXN — 直观对比
营收规模更大
ABNB
是对方的4.0倍
$702.9M
营收增速更快
ABNB
高出12.9%
-0.8%
净利率更高
ABNB
高出9.3%
2.9%
两年增速更快
ABNB
近两年复合增速
5.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $702.9M |
| 净利润 | $341.0M | $20.7M |
| 毛利率 | 82.5% | 19.3% |
| 营业利润率 | 9.7% | 3.4% |
| 净利率 | 12.3% | 2.9% |
| 营收同比 | 12.0% | -0.8% |
| 净利润同比 | -26.0% | -0.0% |
| 每股收益（稀释后） | — | $0.82 |
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ABNBCNXN
| Q4 25 | $2.8B | $702.9M | ||
| Q3 25 | $4.1B | $709.1M | ||
| Q2 25 | $3.1B | $759.7M | ||
| Q1 25 | $2.3B | $701.0M | ||
| Q4 24 | $2.5B | $708.9M | ||
| Q3 24 | $3.7B | $724.7M | ||
| Q2 24 | $2.7B | $736.5M | ||
| Q1 24 | $2.1B | $632.0M |
净利润ABNBCNXN
| Q4 25 | $341.0M | $20.7M | ||
| Q3 25 | $1.4B | $24.7M | ||
| Q2 25 | $642.0M | $24.8M | ||
| Q1 25 | $154.0M | $13.5M | ||
| Q4 24 | $461.0M | $20.7M | ||
| Q3 24 | $1.4B | $27.1M | ||
| Q2 24 | $555.0M | $26.2M | ||
| Q1 24 | $264.0M | $13.2M |
毛利率ABNBCNXN
| Q4 25 | 82.5% | 19.3% | ||
| Q3 25 | 86.6% | 19.6% | ||
| Q2 25 | 82.4% | 18.1% | ||
| Q1 25 | 77.7% | 18.2% | ||
| Q4 24 | 82.8% | 18.3% | ||
| Q3 24 | 87.5% | 18.7% | ||
| Q2 24 | 81.6% | 18.5% | ||
| Q1 24 | 77.6% | 18.7% |
营业利润率ABNBCNXN
| Q4 25 | 9.7% | 3.4% | ||
| Q3 25 | 39.7% | 4.3% | ||
| Q2 25 | 19.8% | 4.1% | ||
| Q1 25 | 1.7% | 2.1% | ||
| Q4 24 | 17.3% | 3.2% | ||
| Q3 24 | 40.9% | 4.1% | ||
| Q2 24 | 18.1% | 4.2% | ||
| Q1 24 | 4.7% | 2.1% |
净利率ABNBCNXN
| Q4 25 | 12.3% | 2.9% | ||
| Q3 25 | 33.6% | 3.5% | ||
| Q2 25 | 20.7% | 3.3% | ||
| Q1 25 | 6.8% | 1.9% | ||
| Q4 24 | 18.6% | 2.9% | ||
| Q3 24 | 36.7% | 3.7% | ||
| Q2 24 | 20.2% | 3.6% | ||
| Q1 24 | 12.3% | 2.1% |
每股收益（稀释后）ABNBCNXN
| Q4 25 | — | $0.82 | ||
| Q3 25 | — | $0.97 | ||
| Q2 25 | — | $0.97 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.78 | ||
| Q3 24 | — | $1.02 | ||
| Q2 24 | — | $0.99 | ||
| Q1 24 | — | $0.50 |
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 | $406.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $910.1M |
| 总资产 | $22.2B | $1.4B |
| 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ABNBCNXN
| Q4 25 | $11.0B | $406.7M | ||
| Q3 25 | $11.7B | $399.2M | ||
| Q2 25 | $11.4B | $346.1M | ||
| Q1 25 | $11.5B | $340.3M | ||
| Q4 24 | $10.6B | $442.6M | ||
| Q3 24 | $11.3B | $429.1M | ||
| Q2 24 | $11.3B | $385.8M | ||
| Q1 24 | $11.1B | $352.0M |
股东权益ABNBCNXN
| Q4 25 | $8.2B | $910.1M | ||
| Q3 25 | $8.6B | $902.7M | ||
| Q2 25 | $7.8B | $884.8M | ||
| Q1 25 | $7.9B | $877.0M | ||
| Q4 24 | $8.4B | $911.0M | ||
| Q3 24 | $8.5B | $897.4M | ||
| Q2 24 | $8.0B | $874.9M | ||
| Q1 24 | $7.9B | $852.7M |
总资产ABNBCNXN
| Q4 25 | $22.2B | $1.4B | ||
| Q3 25 | $23.1B | $1.3B | ||
| Q2 25 | $27.0B | $1.3B | ||
| Q1 25 | $25.1B | $1.2B | ||
| Q4 24 | $21.0B | $1.3B | ||
| Q3 24 | $22.2B | $1.3B | ||
| Q2 24 | $26.3B | $1.3B | ||
| Q1 24 | $24.5B | $1.2B |
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 | $27.4M |
| 自由现金流经营现金流 - 资本支出 | — | $25.2M |
| 自由现金流率自由现金流/营收 | — | 3.6% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.32× |
| 过去12个月自由现金流最近4个季度 | — | $58.0M |
8季度趋势，按日历期对齐
经营现金流ABNBCNXN
| Q4 25 | $526.0M | $27.4M | ||
| Q3 25 | $1.4B | $64.1M | ||
| Q2 25 | $975.0M | $26.3M | ||
| Q1 25 | $1.8B | $-52.4M | ||
| Q4 24 | $466.0M | $25.2M | ||
| Q3 24 | $1.1B | $52.9M | ||
| Q2 24 | $1.1B | $38.4M | ||
| Q1 24 | $1.9B | $57.3M |
自由现金流ABNBCNXN
| Q4 25 | — | $25.2M | ||
| Q3 25 | — | $62.3M | ||
| Q2 25 | — | $24.6M | ||
| Q1 25 | — | $-54.1M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | — | $51.2M | ||
| Q2 24 | — | $36.6M | ||
| Q1 24 | — | $55.7M |
自由现金流率ABNBCNXN
| Q4 25 | — | 3.6% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | -7.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 7.1% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 8.8% |
资本支出强度ABNBCNXN
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率ABNBCNXN
| Q4 25 | 1.54× | 1.32× | ||
| Q3 25 | 0.99× | 2.59× | ||
| Q2 25 | 1.52× | 1.06× | ||
| Q1 25 | 11.62× | -3.89× | ||
| Q4 24 | 1.01× | 1.22× | ||
| Q3 24 | 0.79× | 1.96× | ||
| Q2 24 | 1.89× | 1.47× | ||
| Q1 24 | 7.28× | 4.35× |
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% |
CNXN
| Small And Medium Sized Businesses Segment | $273.5M | 39% |
| Notebooks And Mobility | $108.6M | 15% |
| Public Sector | $90.8M | 13% |
| Accessories | $46.4M | 7% |
| Desktops | $44.5M | 6% |
| Displays And Sounds | $37.1M | 5% |
| Software | $32.3M | 5% |
| Other Hardware And Services | $30.7M | 4% |
| Net And Com | $21.4M | 3% |
| Servers And Storage | $17.6M | 3% |
