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爱彼迎（ABNB）与易贝（EBAY）财务数据对比。点击上方公司名可切换其他公司
易贝的季度营收约是爱彼迎的1.1倍（$3.0B vs $2.8B），易贝净利率更高（17.8% vs 12.3%，领先5.5%），易贝同比增速更快（15.0% vs 12.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 7.7%）
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。
eBay是总部位于美国加利福尼亚州圣何塞的跨国电商企业，1995年9月由皮埃尔·奥米迪亚创立。其业务覆盖全球190个市场，旗下线上平台支持拍卖及“立即购买”两种销售模式，消费者可便捷选购各类商品，平台会在卖家完成交易后收取相应佣金。
ABNB vs EBAY — 直观对比
营收规模更大
EBAY
是对方的1.1倍
$2.8B
营收增速更快
EBAY
高出3.0%
12.0%
净利率更高
EBAY
高出5.5%
12.3%
两年增速更快
ABNB
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.0B |
| 净利润 | $341.0M | $528.0M |
| 毛利率 | 82.5% | 71.4% |
| 营业利润率 | 9.7% | 20.3% |
| 净利率 | 12.3% | 17.8% |
| 营收同比 | 12.0% | 15.0% |
| 净利润同比 | -26.0% | -22.2% |
| 每股收益（稀释后） | — | $1.14 |
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ABNBEBAY
| Q4 25 | $2.8B | $3.0B | ||
| Q3 25 | $4.1B | $2.8B | ||
| Q2 25 | $3.1B | $2.7B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.5B | $2.6B | ||
| Q3 24 | $3.7B | $2.6B | ||
| Q2 24 | $2.7B | $2.6B | ||
| Q1 24 | $2.1B | $2.6B |
净利润ABNBEBAY
| Q4 25 | $341.0M | $528.0M | ||
| Q3 25 | $1.4B | $632.0M | ||
| Q2 25 | $642.0M | $368.0M | ||
| Q1 25 | $154.0M | $503.0M | ||
| Q4 24 | $461.0M | $679.0M | ||
| Q3 24 | $1.4B | $634.0M | ||
| Q2 24 | $555.0M | $224.0M | ||
| Q1 24 | $264.0M | $438.0M |
毛利率ABNBEBAY
| Q4 25 | 82.5% | 71.4% | ||
| Q3 25 | 86.6% | 70.9% | ||
| Q2 25 | 82.4% | 71.6% | ||
| Q1 25 | 77.7% | 72.0% | ||
| Q4 24 | 82.8% | 72.2% | ||
| Q3 24 | 87.5% | 71.8% | ||
| Q2 24 | 81.6% | 71.4% | ||
| Q1 24 | 77.6% | 72.6% |
营业利润率ABNBEBAY
| Q4 25 | 9.7% | 20.3% | ||
| Q3 25 | 39.7% | 20.4% | ||
| Q2 25 | 19.8% | 17.7% | ||
| Q1 25 | 1.7% | 23.8% | ||
| Q4 24 | 17.3% | 21.1% | ||
| Q3 24 | 40.9% | 23.1% | ||
| Q2 24 | 18.1% | 21.3% | ||
| Q1 24 | 4.7% | 24.7% |
净利率ABNBEBAY
| Q4 25 | 12.3% | 17.8% | ||
| Q3 25 | 33.6% | 22.4% | ||
| Q2 25 | 20.7% | 13.5% | ||
| Q1 25 | 6.8% | 19.5% | ||
| Q4 24 | 18.6% | 26.3% | ||
| Q3 24 | 36.7% | 24.6% | ||
| Q2 24 | 20.2% | 8.7% | ||
| Q1 24 | 12.3% | 17.1% |
每股收益（稀释后）ABNBEBAY
| Q4 25 | — | $1.14 | ||
| Q3 25 | — | $1.35 | ||
| Q2 25 | — | $0.79 | ||
| Q1 25 | — | $1.06 | ||
| Q4 24 | — | $1.35 | ||
| Q3 24 | — | $1.29 | ||
| Q2 24 | — | $0.45 | ||
| Q1 24 | — | $0.85 |
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 | $1.9B |
| 总债务越低越好 | — | $6.0B |
| 股东权益账面价值 | $8.2B | $4.6B |
| 总资产 | $22.2B | $17.6B |
| 负债/权益比越低杠杆越低 | — | 1.30× |
8季度趋势，按日历期对齐
现金及短期投资ABNBEBAY
| Q4 25 | $11.0B | $1.9B | ||
| Q3 25 | $11.7B | $2.4B | ||
| Q2 25 | $11.4B | $2.1B | ||
| Q1 25 | $11.5B | $3.1B | ||
| Q4 24 | $10.6B | $2.4B | ||
| Q3 24 | $11.3B | $1.6B | ||
| Q2 24 | $11.3B | $2.0B | ||
| Q1 24 | $11.1B | $2.1B |
总债务ABNBEBAY
| Q4 25 | — | $6.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | $6.2B |
股东权益ABNBEBAY
| Q4 25 | $8.2B | $4.6B | ||
| Q3 25 | $8.6B | $4.7B | ||
| Q2 25 | $7.8B | $4.7B | ||
| Q1 25 | $7.9B | $5.0B | ||
| Q4 24 | $8.4B | $5.2B | ||
| Q3 24 | $8.5B | $5.4B | ||
| Q2 24 | $8.0B | $5.5B | ||
| Q1 24 | $7.9B | $6.3B |
总资产ABNBEBAY
| Q4 25 | $22.2B | $17.6B | ||
| Q3 25 | $23.1B | $17.8B | ||
| Q2 25 | $27.0B | $18.0B | ||
| Q1 25 | $25.1B | $19.0B | ||
| Q4 24 | $21.0B | $19.4B | ||
| Q3 24 | $22.2B | $19.9B | ||
| Q2 24 | $26.3B | $20.4B | ||
| Q1 24 | $24.5B | $21.4B |
负债/权益比ABNBEBAY
| Q4 25 | — | 1.30× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.16× | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | — | 0.98× |
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 | $595.0M |
| 自由现金流经营现金流 - 资本支出 | — | $478.0M |
| 自由现金流率自由现金流/营收 | — | 16.1% |
| 资本支出强度资本支出/营收 | — | 3.9% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流ABNBEBAY
| Q4 25 | $526.0M | $595.0M | ||
| Q3 25 | $1.4B | $934.0M | ||
| Q2 25 | $975.0M | $-307.0M | ||
| Q1 25 | $1.8B | $787.0M | ||
| Q4 24 | $466.0M | $677.0M | ||
| Q3 24 | $1.1B | $755.0M | ||
| Q2 24 | $1.1B | $367.0M | ||
| Q1 24 | $1.9B | $615.0M |
自由现金流ABNBEBAY
| Q4 25 | — | $478.0M | ||
| Q3 25 | — | $803.0M | ||
| Q2 25 | — | $-441.0M | ||
| Q1 25 | — | $644.0M | ||
| Q4 24 | — | $560.0M | ||
| Q3 24 | — | $646.0M | ||
| Q2 24 | — | $278.0M | ||
| Q1 24 | — | $472.0M |
自由现金流率ABNBEBAY
| Q4 25 | — | 16.1% | ||
| Q3 25 | — | 28.5% | ||
| Q2 25 | — | -16.2% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 18.5% |
资本支出强度ABNBEBAY
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 4.9% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 5.6% |
现金转化率ABNBEBAY
| Q4 25 | 1.54× | 1.13× | ||
| Q3 25 | 0.99× | 1.48× | ||
| Q2 25 | 1.52× | -0.83× | ||
| Q1 25 | 11.62× | 1.56× | ||
| Q4 24 | 1.01× | 1.00× | ||
| Q3 24 | 0.79× | 1.19× | ||
| Q2 24 | 1.89× | 1.64× | ||
| Q1 24 | 7.28× | 1.40× |
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% |
EBAY
| Marketplace Revenues | $2.4B | 82% |
| Advertising Revenues | $544.0M | 18% |
