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爱彼迎（ABNB）与凯悦酒店集团（H）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凯悦酒店集团的1.6倍（$2.8B vs $1.8B）。爱彼迎净利率更高（12.3% vs -1.1%，领先13.4%）。爱彼迎同比增速更快（12.0% vs 11.7%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
ABNB vs H — 直观对比
营收规模更大
ABNB
是对方的1.6倍
$1.8B
营收增速更快
ABNB
高出0.3%
11.7%
净利率更高
ABNB
高出13.4%
-1.1%
两年增速更快
ABNB
近两年复合增速
2.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.8B |
| 净利润 | $341.0M | $-20.0M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 0.4% |
| 净利率 | 12.3% | -1.1% |
| 营收同比 | 12.0% | 11.7% |
| 净利润同比 | -26.0% | 64.3% |
| 每股收益（稀释后） | — | $-0.20 |
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ABNBH
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $4.1B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $2.3B | $1.7B | ||
| Q4 24 | $2.5B | $1.6B | ||
| Q3 24 | $3.7B | $1.6B | ||
| Q2 24 | $2.7B | $1.7B | ||
| Q1 24 | $2.1B | $1.7B |
净利润ABNBH
| Q4 25 | $341.0M | $-20.0M | ||
| Q3 25 | $1.4B | $-49.0M | ||
| Q2 25 | $642.0M | $-3.0M | ||
| Q1 25 | $154.0M | $20.0M | ||
| Q4 24 | $461.0M | $-56.0M | ||
| Q3 24 | $1.4B | $471.0M | ||
| Q2 24 | $555.0M | $359.0M | ||
| Q1 24 | $264.0M | $522.0M |
毛利率ABNBH
| Q4 25 | 82.5% | — | ||
| Q3 25 | 86.6% | — | ||
| Q2 25 | 82.4% | — | ||
| Q1 25 | 77.7% | — | ||
| Q4 24 | 82.8% | — | ||
| Q3 24 | 87.5% | — | ||
| Q2 24 | 81.6% | — | ||
| Q1 24 | 77.6% | — |
营业利润率ABNBH
| Q4 25 | 9.7% | 0.4% | ||
| Q3 25 | 39.7% | -1.0% | ||
| Q2 25 | 19.8% | 2.1% | ||
| Q1 25 | 1.7% | 3.0% | ||
| Q4 24 | 17.3% | -3.0% | ||
| Q3 24 | 40.9% | 37.3% | ||
| Q2 24 | 18.1% | 27.1% | ||
| Q1 24 | 4.7% | 31.6% |
净利率ABNBH
| Q4 25 | 12.3% | -1.1% | ||
| Q3 25 | 33.6% | -2.7% | ||
| Q2 25 | 20.7% | -0.2% | ||
| Q1 25 | 6.8% | 1.2% | ||
| Q4 24 | 18.6% | -3.5% | ||
| Q3 24 | 36.7% | 28.9% | ||
| Q2 24 | 20.2% | 21.1% | ||
| Q1 24 | 12.3% | 30.5% |
每股收益（稀释后）ABNBH
| Q4 25 | — | $-0.20 | ||
| Q3 25 | — | $-0.51 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $-0.37 | ||
| Q3 24 | — | $4.63 | ||
| Q2 24 | — | $3.46 | ||
| Q1 24 | — | $4.93 |
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 | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $3.3B |
| 总资产 | $22.2B | $14.0B |
| 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ABNBH
| Q4 25 | $11.0B | $813.0M | ||
| Q3 25 | $11.7B | $749.0M | ||
| Q2 25 | $11.4B | $912.0M | ||
| Q1 25 | $11.5B | $1.8B | ||
| Q4 24 | $10.6B | $1.4B | ||
| Q3 24 | $11.3B | $1.1B | ||
| Q2 24 | $11.3B | $2.0B | ||
| Q1 24 | $11.1B | $794.0M |
总债务ABNBH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益ABNBH
| Q4 25 | $8.2B | $3.3B | ||
| Q3 25 | $8.6B | $3.5B | ||
| Q2 25 | $7.8B | $3.6B | ||
| Q1 25 | $7.9B | $3.5B | ||
| Q4 24 | $8.4B | $3.5B | ||
| Q3 24 | $8.5B | $3.7B | ||
| Q2 24 | $8.0B | $3.9B | ||
| Q1 24 | $7.9B | $3.7B |
总资产ABNBH
| Q4 25 | $22.2B | $14.0B | ||
| Q3 25 | $23.1B | $15.7B | ||
| Q2 25 | $27.0B | $15.9B | ||
| Q1 25 | $25.1B | $14.0B | ||
| Q4 24 | $21.0B | $13.3B | ||
| Q3 24 | $22.2B | $11.9B | ||
| Q2 24 | $26.3B | $12.8B | ||
| Q1 24 | $24.5B | $11.7B |
负债/权益比ABNBH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | — | $236.0M |
| 自由现金流率自由现金流/营收 | — | 13.2% |
| 资本支出强度资本支出/营收 | — | 4.3% |
| 现金转化率经营现金流/净利润 | 1.54× | — |
| 过去12个月自由现金流最近4个季度 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流ABNBH
| Q4 25 | $526.0M | $313.0M | ||
| Q3 25 | $1.4B | $-20.0M | ||
| Q2 25 | $975.0M | $-67.0M | ||
| Q1 25 | $1.8B | $153.0M | ||
| Q4 24 | $466.0M | $235.0M | ||
| Q3 24 | $1.1B | $-21.0M | ||
| Q2 24 | $1.1B | $177.0M | ||
| Q1 24 | $1.9B | $242.0M |
自由现金流ABNBH
| Q4 25 | — | $236.0M | ||
| Q3 25 | — | $-89.0M | ||
| Q2 25 | — | $-111.0M | ||
| Q1 25 | — | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | — | $-64.0M | ||
| Q2 24 | — | $135.0M | ||
| Q1 24 | — | $208.0M |
自由现金流率ABNBH
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | -5.0% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 12.1% |
资本支出强度ABNBH
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 2.0% |
现金转化率ABNBH
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 11.62× | 7.65× | ||
| Q4 24 | 1.01× | — | ||
| Q3 24 | 0.79× | -0.04× | ||
| Q2 24 | 1.89× | 0.49× | ||
| Q1 24 | 7.28× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
