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爱彼迎（ABNB）与Lumen Technologies, Inc.（LUMN）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Lumen Technologies, Inc.的1.0倍（$2.8B vs $2.7B），爱彼迎净利率更高（12.3% vs -0.1%，领先12.3%），爱彼迎同比增速更快（12.0% vs -11.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs -5.3%）
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。
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
ABNB vs LUMN — 直观对比
营收规模更大
ABNB
是对方的1.0倍
$2.7B
营收增速更快
ABNB
高出23.0%
-11.0%
净利率更高
ABNB
高出12.3%
-0.1%
两年增速更快
ABNB
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.7B |
| 净利润 | $341.0M | $-2.0M |
| 毛利率 | 82.5% | 40.7% |
| 营业利润率 | 9.7% | -7.3% |
| 净利率 | 12.3% | -0.1% |
| 营收同比 | 12.0% | -11.0% |
| 净利润同比 | -26.0% | -102.4% |
| 每股收益（稀释后） | — | $-0.01 |
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ABNBLUMN
| Q4 25 | $2.8B | $2.7B | ||
| Q3 25 | $4.1B | $2.8B | ||
| Q2 25 | $3.1B | $2.9B | ||
| Q1 25 | $2.3B | $2.9B | ||
| Q4 24 | $2.5B | $3.1B | ||
| Q3 24 | $3.7B | $3.0B | ||
| Q2 24 | $2.7B | $3.0B | ||
| Q1 24 | $2.1B | $3.1B |
净利润ABNBLUMN
| Q4 25 | $341.0M | $-2.0M | ||
| Q3 25 | $1.4B | $-621.0M | ||
| Q2 25 | $642.0M | $-915.0M | ||
| Q1 25 | $154.0M | $-201.0M | ||
| Q4 24 | $461.0M | $85.0M | ||
| Q3 24 | $1.4B | $-148.0M | ||
| Q2 24 | $555.0M | $-49.0M | ||
| Q1 24 | $264.0M | $57.0M |
毛利率ABNBLUMN
| Q4 25 | 82.5% | 40.7% | ||
| Q3 25 | 86.6% | 39.4% | ||
| Q2 25 | 82.4% | 43.4% | ||
| Q1 25 | 77.7% | 42.0% | ||
| Q4 24 | 82.8% | 44.7% | ||
| Q3 24 | 87.5% | 43.0% | ||
| Q2 24 | 81.6% | 45.2% | ||
| Q1 24 | 77.6% | 46.0% |
营业利润率ABNBLUMN
| Q4 25 | 9.7% | -7.3% | ||
| Q3 25 | 39.7% | -4.1% | ||
| Q2 25 | 19.8% | -21.0% | ||
| Q1 25 | 1.7% | 3.7% | ||
| Q4 24 | 17.3% | 5.0% | ||
| Q3 24 | 40.9% | 4.2% | ||
| Q2 24 | 18.1% | 4.5% | ||
| Q1 24 | 4.7% | 1.5% |
净利率ABNBLUMN
| Q4 25 | 12.3% | -0.1% | ||
| Q3 25 | 33.6% | -22.1% | ||
| Q2 25 | 20.7% | -31.9% | ||
| Q1 25 | 6.8% | -6.9% | ||
| Q4 24 | 18.6% | 2.8% | ||
| Q3 24 | 36.7% | -5.0% | ||
| Q2 24 | 20.2% | -1.6% | ||
| Q1 24 | 12.3% | 1.9% |
每股收益（稀释后）ABNBLUMN
| Q4 25 | — | $-0.01 | ||
| Q3 25 | — | $-0.62 | ||
| Q2 25 | — | $-0.92 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | — | $-0.15 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $0.06 |
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 | $1.0B |
| 总债务越低越好 | — | $17.4B |
| 股东权益账面价值 | $8.2B | $-1.1B |
| 总资产 | $22.2B | $34.3B |
| 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ABNBLUMN
| Q4 25 | $11.0B | $1.0B | ||
| Q3 25 | $11.7B | $2.4B | ||
| Q2 25 | $11.4B | $1.6B | ||
| Q1 25 | $11.5B | $1.9B | ||
| Q4 24 | $10.6B | $1.9B | ||
| Q3 24 | $11.3B | $2.6B | ||
| Q2 24 | $11.3B | $1.5B | ||
| Q1 24 | $11.1B | $1.6B |
总债务ABNBLUMN
| Q4 25 | — | $17.4B | ||
| Q3 25 | — | $17.6B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $17.3B | ||
| Q4 24 | — | $17.5B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.4B | ||
| Q1 24 | — | $18.6B |
股东权益ABNBLUMN
| Q4 25 | $8.2B | $-1.1B | ||
| Q3 25 | $8.6B | $-1.2B | ||
| Q2 25 | $7.8B | $-595.0M | ||
| Q1 25 | $7.9B | $289.0M | ||
| Q4 24 | $8.4B | $464.0M | ||
| Q3 24 | $8.5B | $342.0M | ||
| Q2 24 | $8.0B | $466.0M | ||
| Q1 24 | $7.9B | $504.0M |
总资产ABNBLUMN
| Q4 25 | $22.2B | $34.3B | ||
| Q3 25 | $23.1B | $34.3B | ||
| Q2 25 | $27.0B | $33.0B | ||
| Q1 25 | $25.1B | $33.5B | ||
| Q4 24 | $21.0B | $33.5B | ||
| Q3 24 | $22.2B | $34.0B | ||
| Q2 24 | $26.3B | $32.9B | ||
| Q1 24 | $24.5B | $33.2B |
负债/权益比ABNBLUMN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 59.98× | ||
| Q4 24 | — | 37.70× | ||
| Q3 24 | — | 53.05× | ||
| Q2 24 | — | 39.51× | ||
| Q1 24 | — | 36.89× |
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 | $562.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-1.1B |
| 自由现金流率自由现金流/营收 | — | -39.4% |
| 资本支出强度资本支出/营收 | — | 59.9% |
| 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 | — | $371.0M |
8季度趋势，按日历期对齐
经营现金流ABNBLUMN
| Q4 25 | $526.0M | $562.0M | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $975.0M | $570.0M | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $466.0M | $688.0M | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.1B | $511.0M | ||
| Q1 24 | $1.9B | $1.1B |
自由现金流ABNBLUMN
| Q4 25 | — | $-1.1B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $-321.0M | ||
| Q1 25 | — | $304.0M | ||
| Q4 24 | — | $-227.0M | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $-242.0M | ||
| Q1 24 | — | $389.0M |
自由现金流率ABNBLUMN
| Q4 25 | — | -39.4% | ||
| Q3 25 | — | 52.4% | ||
| Q2 25 | — | -11.2% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | -7.4% | ||
| Q3 24 | — | 39.8% | ||
| Q2 24 | — | -8.0% | ||
| Q1 24 | — | 12.7% |
资本支出强度ABNBLUMN
| Q4 25 | — | 59.9% | ||
| Q3 25 | — | 37.1% | ||
| Q2 25 | — | 31.1% | ||
| Q1 25 | — | 27.2% | ||
| Q4 24 | — | 29.7% | ||
| Q3 24 | — | 28.6% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 23.3% |
现金转化率ABNBLUMN
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 11.62× | — | ||
| Q4 24 | 1.01× | 8.09× | ||
| Q3 24 | 0.79× | — | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 7.28× | 19.33× |
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% |
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
