vs
爱彼迎（ABNB）与盖璞（GAP）财务数据对比。点击上方公司名可切换其他公司
盖璞的季度营收约是爱彼迎的1.4倍（$3.9B vs $2.8B）。爱彼迎净利率更高（12.3% vs 6.0%，领先6.3%）。爱彼迎同比增速更快（12.0% vs 3.0%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -4.2%）
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。
盖璞（Gap Inc.）是总部位于美国加利福尼亚州旧金山的跨国服饰零售商，1969年由唐纳德·费舍尔与多丽丝·费舍尔创立，旗下拥有Gap、Banana Republic、Old Navy、Athleta四大核心品牌，是美国最大的服饰零售商之一，全球门店数量位列全球第三，仅次于Inditex集团和H&M。
ABNB vs GAP — 直观对比
营收规模更大
GAP
是对方的1.4倍
$2.8B
营收增速更快
ABNB
高出9.1%
3.0%
净利率更高
ABNB
高出6.3%
6.0%
两年增速更快
ABNB
近两年复合增速
-4.2%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.9B |
| 净利润 | $341.0M | $236.0M |
| 毛利率 | 82.5% | 42.4% |
| 营业利润率 | 9.7% | 8.5% |
| 净利率 | 12.3% | 6.0% |
| 营收同比 | 12.0% | 3.0% |
| 净利润同比 | -26.0% | -13.9% |
| 每股收益（稀释后） | — | $0.62 |
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ABNBGAP
| Q4 25 | $2.8B | $3.9B | ||
| Q3 25 | $4.1B | $3.7B | ||
| Q2 25 | $3.1B | $3.5B | ||
| Q1 25 | $2.3B | $4.1B | ||
| Q4 24 | $2.5B | $3.8B | ||
| Q3 24 | $3.7B | $3.7B | ||
| Q2 24 | $2.7B | $3.4B | ||
| Q1 24 | $2.1B | $4.3B |
净利润ABNBGAP
| Q4 25 | $341.0M | $236.0M | ||
| Q3 25 | $1.4B | $216.0M | ||
| Q2 25 | $642.0M | $193.0M | ||
| Q1 25 | $154.0M | $206.0M | ||
| Q4 24 | $461.0M | $274.0M | ||
| Q3 24 | $1.4B | $206.0M | ||
| Q2 24 | $555.0M | $158.0M | ||
| Q1 24 | $264.0M | $185.0M |
毛利率ABNBGAP
| Q4 25 | 82.5% | 42.4% | ||
| Q3 25 | 86.6% | 41.2% | ||
| Q2 25 | 82.4% | 41.8% | ||
| Q1 25 | 77.7% | 38.9% | ||
| Q4 24 | 82.8% | 42.7% | ||
| Q3 24 | 87.5% | 42.6% | ||
| Q2 24 | 81.6% | 41.2% | ||
| Q1 24 | 77.6% | 38.9% |
营业利润率ABNBGAP
| Q4 25 | 9.7% | 8.5% | ||
| Q3 25 | 39.7% | 7.8% | ||
| Q2 25 | 19.8% | 7.5% | ||
| Q1 25 | 1.7% | 6.2% | ||
| Q4 24 | 17.3% | 9.3% | ||
| Q3 24 | 40.9% | 7.9% | ||
| Q2 24 | 18.1% | 6.1% | ||
| Q1 24 | 4.7% | 5.0% |
净利率ABNBGAP
| Q4 25 | 12.3% | 6.0% | ||
| Q3 25 | 33.6% | 5.8% | ||
| Q2 25 | 20.7% | 5.6% | ||
| Q1 25 | 6.8% | 5.0% | ||
| Q4 24 | 18.6% | 7.2% | ||
| Q3 24 | 36.7% | 5.5% | ||
| Q2 24 | 20.2% | 4.7% | ||
| Q1 24 | 12.3% | 4.3% |
每股收益（稀释后）ABNBGAP
| Q4 25 | — | $0.62 | ||
| Q3 25 | — | $0.57 | ||
| Q2 25 | — | $0.51 | ||
| Q1 25 | — | $0.53 | ||
| Q4 24 | — | $0.72 | ||
| Q3 24 | — | $0.54 | ||
| Q2 24 | — | $0.41 | ||
| Q1 24 | — | $0.49 |
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 | $2.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $3.6B |
| 总资产 | $22.2B | $12.4B |
| 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ABNBGAP
| Q4 25 | $11.0B | $2.5B | ||
| Q3 25 | $11.7B | $2.4B | ||
| Q2 25 | $11.4B | $2.2B | ||
| Q1 25 | $11.5B | $2.6B | ||
| Q4 24 | $10.6B | $2.2B | ||
| Q3 24 | $11.3B | $2.1B | ||
| Q2 24 | $11.3B | $1.7B | ||
| Q1 24 | $11.1B | $1.9B |
股东权益ABNBGAP
| Q4 25 | $8.2B | $3.6B | ||
| Q3 25 | $8.6B | $3.4B | ||
| Q2 25 | $7.8B | $3.3B | ||
| Q1 25 | $7.9B | $3.3B | ||
| Q4 24 | $8.4B | $3.1B | ||
| Q3 24 | $8.5B | $2.9B | ||
| Q2 24 | $8.0B | $2.7B | ||
| Q1 24 | $7.9B | $2.6B |
总资产ABNBGAP
| Q4 25 | $22.2B | $12.4B | ||
| Q3 25 | $23.1B | $12.1B | ||
| Q2 25 | $27.0B | $11.6B | ||
| Q1 25 | $25.1B | $11.9B | ||
| Q4 24 | $21.0B | $11.9B | ||
| Q3 24 | $22.2B | $11.5B | ||
| Q2 24 | $26.3B | $10.9B | ||
| Q1 24 | $24.5B | $11.0B |
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 | $299.0M |
| 自由现金流经营现金流 - 资本支出 | — | $153.0M |
| 自由现金流率自由现金流/营收 | — | 3.9% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.27× |
| 过去12个月自由现金流最近4个季度 | — | $779.0M |
8季度趋势，按日历期对齐
经营现金流ABNBGAP
| Q4 25 | $526.0M | $299.0M | ||
| Q3 25 | $1.4B | $448.0M | ||
| Q2 25 | $975.0M | $-140.0M | ||
| Q1 25 | $1.8B | $616.0M | ||
| Q4 24 | $466.0M | $291.0M | ||
| Q3 24 | $1.1B | $549.0M | ||
| Q2 24 | $1.1B | $30.0M | ||
| Q1 24 | $1.9B | $700.0M |
自由现金流ABNBGAP
| Q4 25 | — | $153.0M | ||
| Q3 25 | — | $350.0M | ||
| Q2 25 | — | $-223.0M | ||
| Q1 25 | — | $499.0M | ||
| Q4 24 | — | $143.0M | ||
| Q3 24 | — | $460.0M | ||
| Q2 24 | — | $-63.0M | ||
| Q1 24 | — | $568.0M |
自由现金流率ABNBGAP
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | 12.0% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 12.4% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 13.2% |
资本支出强度ABNBGAP
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | 3.1% |
现金转化率ABNBGAP
| Q4 25 | 1.54× | 1.27× | ||
| Q3 25 | 0.99× | 2.07× | ||
| Q2 25 | 1.52× | -0.73× | ||
| Q1 25 | 11.62× | 2.99× | ||
| Q4 24 | 1.01× | 1.06× | ||
| Q3 24 | 0.79× | 2.67× | ||
| Q2 24 | 1.89× | 0.19× | ||
| Q1 24 | 7.28× | 3.78× |
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% |
GAP
| Other | $2.2B | 55% |
| Online Sales | $1.6B | 40% |
| CA | $191.0M | 5% |
| Other Regions | $13.0M | 0% |
