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爱彼迎（ABNB）与GLOBAL PARTNERS LP（GLP）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GLOBAL PARTNERS LP的1.3倍（$2.8B vs $2.2B），爱彼迎净利率更高（12.3% vs 1.1%，领先11.1%），爱彼迎同比增速更快（12.0% vs 7.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 0.2%）
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。
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
ABNB vs GLP — 直观对比
营收规模更大
ABNB
是对方的1.3倍
$2.2B
营收增速更快
ABNB
高出5.0%
7.0%
净利率更高
ABNB
高出11.1%
1.1%
两年增速更快
ABNB
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.2B |
| 净利润 | $341.0M | $25.1M |
| 毛利率 | 82.5% | 11.9% |
| 营业利润率 | 9.7% | 2.6% |
| 净利率 | 12.3% | 1.1% |
| 营收同比 | 12.0% | 7.0% |
| 净利润同比 | -26.0% | 5.0% |
| 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ABNBGLP
| Q4 25 | $2.8B | $2.2B | ||
| Q3 25 | $4.1B | $2.2B | ||
| Q2 25 | $3.1B | $2.1B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.5B | $2.1B | ||
| Q3 24 | $3.7B | $2.1B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.1B | $2.2B |
净利润ABNBGLP
| Q4 25 | $341.0M | $25.1M | ||
| Q3 25 | $1.4B | $29.0M | ||
| Q2 25 | $642.0M | $25.2M | ||
| Q1 25 | $154.0M | $18.7M | ||
| Q4 24 | $461.0M | $23.9M | ||
| Q3 24 | $1.4B | $45.9M | ||
| Q2 24 | $555.0M | $46.1M | ||
| Q1 24 | $264.0M | $-5.6M |
毛利率ABNBGLP
| Q4 25 | 82.5% | 11.9% | ||
| Q3 25 | 86.6% | 12.1% | ||
| Q2 25 | 82.4% | 13.1% | ||
| Q1 25 | 77.7% | 11.7% | ||
| Q4 24 | 82.8% | 13.0% | ||
| Q3 24 | 87.5% | 13.4% | ||
| Q2 24 | 81.6% | 12.6% | ||
| Q1 24 | 77.6% | 9.8% |
营业利润率ABNBGLP
| Q4 25 | 9.7% | 2.6% | ||
| Q3 25 | 39.7% | 2.7% | ||
| Q2 25 | 19.8% | 2.9% | ||
| Q1 25 | 1.7% | 2.6% | ||
| Q4 24 | 17.3% | 2.8% | ||
| Q3 24 | 40.9% | 3.9% | ||
| Q2 24 | 18.1% | 3.7% | ||
| Q1 24 | 4.7% | 1.2% |
净利率ABNBGLP
| Q4 25 | 12.3% | 1.1% | ||
| Q3 25 | 33.6% | 1.3% | ||
| Q2 25 | 20.7% | 1.2% | ||
| Q1 25 | 6.8% | 0.9% | ||
| Q4 24 | 18.6% | 1.2% | ||
| Q3 24 | 36.7% | 2.1% | ||
| Q2 24 | 20.2% | 2.0% | ||
| Q1 24 | 12.3% | -0.3% |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | — |
| 总资产 | $22.2B | $3.9B |
| 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ABNBGLP
| Q4 25 | $11.0B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $11.4B | — | ||
| Q1 25 | $11.5B | — | ||
| Q4 24 | $10.6B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.1B | — |
股东权益ABNBGLP
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.6B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.9B | — | ||
| Q4 24 | $8.4B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.0B | — | ||
| Q1 24 | $7.9B | — |
总资产ABNBGLP
| Q4 25 | $22.2B | $3.9B | ||
| Q3 25 | $23.1B | $3.7B | ||
| Q2 25 | $27.0B | $3.8B | ||
| Q1 25 | $25.1B | $3.8B | ||
| Q4 24 | $21.0B | $3.8B | ||
| Q3 24 | $22.2B | $3.7B | ||
| Q2 24 | $26.3B | $3.8B | ||
| Q1 24 | $24.5B | $3.5B |
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 | $101.0M |
| 自由现金流经营现金流 - 资本支出 | — | $62.2M |
| 自由现金流率自由现金流/营收 | — | 2.8% |
| 资本支出强度资本支出/营收 | — | 1.8% |
| 现金转化率经营现金流/净利润 | 1.54× | 4.03× |
| 过去12个月自由现金流最近4个季度 | — | $193.3M |
8季度趋势，按日历期对齐
经营现金流ABNBGLP
| Q4 25 | $526.0M | $101.0M | ||
| Q3 25 | $1.4B | $19.0M | ||
| Q2 25 | $975.0M | $216.3M | ||
| Q1 25 | $1.8B | $-51.6M | ||
| Q4 24 | $466.0M | $67.2M | ||
| Q3 24 | $1.1B | $122.7M | ||
| Q2 24 | $1.1B | $24.3M | ||
| Q1 24 | $1.9B | $-182.7M |
自由现金流ABNBGLP
| Q4 25 | — | $62.2M | ||
| Q3 25 | — | $-678.0K | ||
| Q2 25 | — | $201.3M | ||
| Q1 25 | — | $-69.5M | ||
| Q4 24 | — | $20.4M | ||
| Q3 24 | — | $98.4M | ||
| Q2 24 | — | $8.7M | ||
| Q1 24 | — | $-199.3M |
自由现金流率ABNBGLP
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | -0.0% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -9.0% |
资本支出强度ABNBGLP
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
现金转化率ABNBGLP
| Q4 25 | 1.54× | 4.03× | ||
| Q3 25 | 0.99× | 0.66× | ||
| Q2 25 | 1.52× | 8.58× | ||
| Q1 25 | 11.62× | -2.76× | ||
| Q4 24 | 1.01× | 2.82× | ||
| Q3 24 | 0.79× | 2.67× | ||
| Q2 24 | 1.89× | 0.53× | ||
| 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% |
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
