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爱彼迎（ABNB）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是爱彼迎的1.5倍（$4.3B vs $2.8B），皇家加勒比集团净利率更高（17.7% vs 12.3%，领先5.4%），皇家加勒比集团同比增速更快（13.3% vs 12.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 6.9%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
ABNB vs RCL — 直观对比
营收规模更大
RCL
是对方的1.5倍
$2.8B
营收增速更快
RCL
高出1.3%
12.0%
净利率更高
RCL
高出5.4%
12.3%
两年增速更快
ABNB
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.3B |
| 净利润 | $341.0M | $753.0M |
| 毛利率 | 82.5% | 47.4% |
| 营业利润率 | 9.7% | 21.9% |
| 净利率 | 12.3% | 17.7% |
| 营收同比 | 12.0% | 13.3% |
| 净利润同比 | -26.0% | 36.4% |
| 每股收益（稀释后） | — | $2.76 |
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ABNBRCL
| Q4 25 | $2.8B | $4.3B | ||
| Q3 25 | $4.1B | $5.1B | ||
| Q2 25 | $3.1B | $4.5B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.5B | $3.8B | ||
| Q3 24 | $3.7B | $4.9B | ||
| Q2 24 | $2.7B | $4.1B | ||
| Q1 24 | $2.1B | $3.7B |
净利润ABNBRCL
| Q4 25 | $341.0M | $753.0M | ||
| Q3 25 | $1.4B | $1.6B | ||
| Q2 25 | $642.0M | $1.2B | ||
| Q1 25 | $154.0M | $730.0M | ||
| Q4 24 | $461.0M | $552.0M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $555.0M | $854.0M | ||
| Q1 24 | $264.0M | $360.0M |
毛利率ABNBRCL
| Q4 25 | 82.5% | 47.4% | ||
| Q3 25 | 86.6% | 51.8% | ||
| Q2 25 | 82.4% | 49.7% | ||
| Q1 25 | 77.7% | 48.0% | ||
| Q4 24 | 82.8% | 45.4% | ||
| Q3 24 | 87.5% | 51.1% | ||
| Q2 24 | 81.6% | 47.6% | ||
| Q1 24 | 77.6% | 44.8% |
营业利润率ABNBRCL
| Q4 25 | 9.7% | 21.9% | ||
| Q3 25 | 39.7% | 33.1% | ||
| Q2 25 | 19.8% | 29.3% | ||
| Q1 25 | 1.7% | 23.6% | ||
| Q4 24 | 17.3% | 16.6% | ||
| Q3 24 | 40.9% | 33.4% | ||
| Q2 24 | 18.1% | 26.7% | ||
| Q1 24 | 4.7% | 20.1% |
净利率ABNBRCL
| Q4 25 | 12.3% | 17.7% | ||
| Q3 25 | 33.6% | 30.6% | ||
| Q2 25 | 20.7% | 26.7% | ||
| Q1 25 | 6.8% | 18.3% | ||
| Q4 24 | 18.6% | 14.7% | ||
| Q3 24 | 36.7% | 22.7% | ||
| Q2 24 | 20.2% | 20.8% | ||
| Q1 24 | 12.3% | 9.7% |
每股收益（稀释后）ABNBRCL
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 | ||
| Q1 24 | — | $1.35 |
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 | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $8.2B | $10.0B |
| 总资产 | $22.2B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资ABNBRCL
| Q4 25 | $11.0B | $825.0M | ||
| Q3 25 | $11.7B | $432.0M | ||
| Q2 25 | $11.4B | $735.0M | ||
| Q1 25 | $11.5B | $386.0M | ||
| Q4 24 | $10.6B | $388.0M | ||
| Q3 24 | $11.3B | $418.0M | ||
| Q2 24 | $11.3B | $391.0M | ||
| Q1 24 | $11.1B | $437.0M |
总债务ABNBRCL
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | — | $18.9B |
股东权益ABNBRCL
| Q4 25 | $8.2B | $10.0B | ||
| Q3 25 | $8.6B | $10.1B | ||
| Q2 25 | $7.8B | $9.2B | ||
| Q1 25 | $7.9B | $8.0B | ||
| Q4 24 | $8.4B | $7.6B | ||
| Q3 24 | $8.5B | $7.0B | ||
| Q2 24 | $8.0B | $6.0B | ||
| Q1 24 | $7.9B | $5.2B |
总资产ABNBRCL
| Q4 25 | $22.2B | $41.6B | ||
| Q3 25 | $23.1B | $40.1B | ||
| Q2 25 | $27.0B | $38.5B | ||
| Q1 25 | $25.1B | $37.5B | ||
| Q4 24 | $21.0B | $37.1B | ||
| Q3 24 | $22.2B | $37.1B | ||
| Q2 24 | $26.3B | $37.0B | ||
| Q1 24 | $24.5B | $35.2B |
负债/权益比ABNBRCL
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× | ||
| Q1 24 | — | 3.66× |
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 | $1.6B |
| 自由现金流经营现金流 - 资本支出 | — | $116.0M |
| 自由现金流率自由现金流/营收 | — | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 1.54× | 2.16× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流ABNBRCL
| Q4 25 | $526.0M | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $975.0M | $1.7B | ||
| Q1 25 | $1.8B | $1.6B | ||
| Q4 24 | $466.0M | $1.5B | ||
| Q3 24 | $1.1B | $897.0M | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.9B | $1.3B |
自由现金流ABNBRCL
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M | ||
| Q1 24 | — | $1.1B |
自由现金流率ABNBRCL
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% | ||
| Q1 24 | — | 29.1% |
资本支出强度ABNBRCL
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% | ||
| Q1 24 | — | 6.5% |
现金转化率ABNBRCL
| Q4 25 | 1.54× | 2.16× | ||
| Q3 25 | 0.99× | 0.93× | ||
| Q2 25 | 1.52× | 1.44× | ||
| Q1 25 | 11.62× | 2.23× | ||
| Q4 24 | 1.01× | 2.66× | ||
| Q3 24 | 0.79× | 0.81× | ||
| Q2 24 | 1.89× | 1.84× | ||
| Q1 24 | 7.28× | 3.69× |
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% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
