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爱彼迎（ABNB）与Park Hotels & Resorts Inc.（PK）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Park Hotels & Resorts Inc.的4.4倍（$2.8B vs $629.0M）。爱彼迎净利率更高（12.3% vs -32.6%，领先44.9%）。爱彼迎同比增速更快（12.0% vs 0.6%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -0.8%）
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。
Park Hotels & Resorts是一家总部位于美国弗吉尼亚州泰森斯的房地产投资信托（REIT），核心业务为酒店物业投资运营。该企业于2017年从希尔顿全球集团分拆成立，在酒店不动产领域拥有专业的投资与管理经验。
ABNB vs PK — 直观对比
营收规模更大
ABNB
是对方的4.4倍
$629.0M
营收增速更快
ABNB
高出11.4%
0.6%
净利率更高
ABNB
高出44.9%
-32.6%
两年增速更快
ABNB
近两年复合增速
-0.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $629.0M |
| 净利润 | $341.0M | $-205.0M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | -26.1% |
| 净利率 | 12.3% | -32.6% |
| 营收同比 | 12.0% | 0.6% |
| 净利润同比 | -26.0% | -410.6% |
| 每股收益（稀释后） | — | $-1.04 |
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ABNBPK
| Q4 25 | $2.8B | $629.0M | ||
| Q3 25 | $4.1B | $610.0M | ||
| Q2 25 | $3.1B | $672.0M | ||
| Q1 25 | $2.3B | $630.0M | ||
| Q4 24 | $2.5B | $625.0M | ||
| Q3 24 | $3.7B | $649.0M | ||
| Q2 24 | $2.7B | $686.0M | ||
| Q1 24 | $2.1B | $639.0M |
净利润ABNBPK
| Q4 25 | $341.0M | $-205.0M | ||
| Q3 25 | $1.4B | $-16.0M | ||
| Q2 25 | $642.0M | $-5.0M | ||
| Q1 25 | $154.0M | $-57.0M | ||
| Q4 24 | $461.0M | $66.0M | ||
| Q3 24 | $1.4B | $54.0M | ||
| Q2 24 | $555.0M | $64.0M | ||
| Q1 24 | $264.0M | $28.0M |
毛利率ABNBPK
| 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ABNBPK
| Q4 25 | 9.7% | -26.1% | ||
| Q3 25 | 39.7% | 9.7% | ||
| Q2 25 | 19.8% | 9.7% | ||
| Q1 25 | 1.7% | 1.1% | ||
| Q4 24 | 17.3% | 13.3% | ||
| Q3 24 | 40.9% | 14.6% | ||
| Q2 24 | 18.1% | 17.6% | ||
| Q1 24 | 4.7% | 14.4% |
净利率ABNBPK
| Q4 25 | 12.3% | -32.6% | ||
| Q3 25 | 33.6% | -2.6% | ||
| Q2 25 | 20.7% | -0.7% | ||
| Q1 25 | 6.8% | -9.0% | ||
| Q4 24 | 18.6% | 10.6% | ||
| Q3 24 | 36.7% | 8.3% | ||
| Q2 24 | 20.2% | 9.3% | ||
| Q1 24 | 12.3% | 4.4% |
每股收益（稀释后）ABNBPK
| Q4 25 | — | $-1.04 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $-0.29 | ||
| Q4 24 | — | $0.32 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.30 | ||
| Q1 24 | — | $0.13 |
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 | $232.0M |
| 总债务越低越好 | — | $3.9B |
| 股东权益账面价值 | $8.2B | $3.1B |
| 总资产 | $22.2B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资ABNBPK
| Q4 25 | $11.0B | $232.0M | ||
| Q3 25 | $11.7B | $278.0M | ||
| Q2 25 | $11.4B | $319.0M | ||
| Q1 25 | $11.5B | $233.0M | ||
| Q4 24 | $10.6B | $402.0M | ||
| Q3 24 | $11.3B | $480.0M | ||
| Q2 24 | $11.3B | $449.0M | ||
| Q1 24 | $11.1B | $378.0M |
总债务ABNBPK
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $3.9B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.8B |
股东权益ABNBPK
| Q4 25 | $8.2B | $3.1B | ||
| Q3 25 | $8.6B | $3.4B | ||
| Q2 25 | $7.8B | $3.4B | ||
| Q1 25 | $7.9B | $3.5B | ||
| Q4 24 | $8.4B | $3.6B | ||
| Q3 24 | $8.5B | $3.8B | ||
| Q2 24 | $8.0B | $3.8B | ||
| Q1 24 | $7.9B | $3.8B |
总资产ABNBPK
| Q4 25 | $22.2B | $7.7B | ||
| Q3 25 | $23.1B | $8.8B | ||
| Q2 25 | $27.0B | $8.9B | ||
| Q1 25 | $25.1B | $8.9B | ||
| Q4 24 | $21.0B | $9.2B | ||
| Q3 24 | $22.2B | $9.2B | ||
| Q2 24 | $26.3B | $9.2B | ||
| Q1 24 | $24.5B | $9.1B |
负债/权益比ABNBPK
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.03× | ||
| Q1 24 | — | 1.00× |
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 | $105.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-3.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 17.2% |
| 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 | — | $102.0M |
8季度趋势，按日历期对齐
经营现金流ABNBPK
| Q4 25 | $526.0M | $105.0M | ||
| Q3 25 | $1.4B | $99.0M | ||
| Q2 25 | $975.0M | $108.0M | ||
| Q1 25 | $1.8B | $86.0M | ||
| Q4 24 | $466.0M | $80.0M | ||
| Q3 24 | $1.1B | $140.0M | ||
| Q2 24 | $1.1B | $117.0M | ||
| Q1 24 | $1.9B | $92.0M |
自由现金流ABNBPK
| Q4 25 | — | $-3.0M | ||
| Q3 25 | — | $31.0M | ||
| Q2 25 | — | $65.0M | ||
| Q1 25 | — | $9.0M | ||
| Q4 24 | — | $17.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $66.0M | ||
| Q1 24 | — | $22.0M |
自由现金流率ABNBPK
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 9.6% | ||
| Q1 24 | — | 3.4% |
资本支出强度ABNBPK
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 11.1% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 6.6% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 11.0% |
现金转化率ABNBPK
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.52× | — | ||
| Q1 25 | 11.62× | — | ||
| Q4 24 | 1.01× | 1.21× | ||
| Q3 24 | 0.79× | 2.59× | ||
| Q2 24 | 1.89× | 1.83× | ||
| Q1 24 | 7.28× | 3.29× |
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% |
PK
| Occupancy | $371.0M | 59% |
| Food And Beverage | $173.0M | 28% |
| Ancillary Hotel | $61.0M | 10% |
| Hotel Other | $24.0M | 4% |
