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爱彼迎（ABNB）与RH（RH）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RH的3.1倍（$2.8B vs $883.8M）。爱彼迎净利率更高（12.3% vs 4.1%，领先8.2%）。爱彼迎同比增速更快（12.0% vs 8.9%）。过去两年爱彼迎的营收复合增速更高（13.9% vs 9.4%）
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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
ABNB vs RH — 直观对比
营收规模更大
ABNB
是对方的3.1倍
$883.8M
营收增速更快
ABNB
高出3.1%
8.9%
净利率更高
ABNB
高出8.2%
4.1%
两年增速更快
ABNB
近两年复合增速
9.4%
损益表 — Q4 2025 vs Q4 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $883.8M |
| 净利润 | $341.0M | $36.3M |
| 毛利率 | 82.5% | 44.1% |
| 营业利润率 | 9.7% | 12.0% |
| 净利率 | 12.3% | 4.1% |
| 营收同比 | 12.0% | 8.9% |
| 净利润同比 | -26.0% | 9.3% |
| 每股收益（稀释后） | — | $1.83 |
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ABNBRH
| Q4 25 | $2.8B | $883.8M | ||
| Q3 25 | $4.1B | $899.2M | ||
| Q2 25 | $3.1B | $814.0M | ||
| Q1 25 | $2.3B | $812.4M | ||
| Q4 24 | $2.5B | $811.7M | ||
| Q3 24 | $3.7B | $829.7M | ||
| Q2 24 | $2.7B | $727.0M | ||
| Q1 24 | $2.1B | $738.3M |
净利润ABNBRH
| Q4 25 | $341.0M | $36.3M | ||
| Q3 25 | $1.4B | $51.7M | ||
| Q2 25 | $642.0M | $8.0M | ||
| Q1 25 | $154.0M | $13.9M | ||
| Q4 24 | $461.0M | $33.2M | ||
| Q3 24 | $1.4B | $29.0M | ||
| Q2 24 | $555.0M | $-3.6M | ||
| Q1 24 | $264.0M | $11.4M |
毛利率ABNBRH
| Q4 25 | 82.5% | 44.1% | ||
| Q3 25 | 86.6% | 45.5% | ||
| Q2 25 | 82.4% | 43.7% | ||
| Q1 25 | 77.7% | 44.7% | ||
| Q4 24 | 82.8% | 44.5% | ||
| Q3 24 | 87.5% | 45.2% | ||
| Q2 24 | 81.6% | 43.5% | ||
| Q1 24 | 77.6% | 43.5% |
营业利润率ABNBRH
| Q4 25 | 9.7% | 12.0% | ||
| Q3 25 | 39.7% | 14.3% | ||
| Q2 25 | 19.8% | 6.9% | ||
| Q1 25 | 1.7% | 8.7% | ||
| Q4 24 | 17.3% | 12.5% | ||
| Q3 24 | 40.9% | 11.6% | ||
| Q2 24 | 18.1% | 7.5% | ||
| Q1 24 | 4.7% | 8.7% |
净利率ABNBRH
| Q4 25 | 12.3% | 4.1% | ||
| Q3 25 | 33.6% | 5.8% | ||
| Q2 25 | 20.7% | 1.0% | ||
| Q1 25 | 6.8% | 1.7% | ||
| Q4 24 | 18.6% | 4.1% | ||
| Q3 24 | 36.7% | 3.5% | ||
| Q2 24 | 20.2% | -0.5% | ||
| Q1 24 | 12.3% | 1.5% |
每股收益（稀释后）ABNBRH
| Q4 25 | — | $1.83 | ||
| Q3 25 | — | $2.62 | ||
| Q2 25 | — | $0.40 | ||
| Q1 25 | — | $0.71 | ||
| Q4 24 | — | $1.66 | ||
| Q3 24 | — | $1.45 | ||
| Q2 24 | — | $-0.20 | ||
| Q1 24 | — | $0.91 |
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 | $43.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $3.3M |
| 总资产 | $22.2B | $4.8B |
| 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ABNBRH
| Q4 25 | $11.0B | $43.1M | ||
| Q3 25 | $11.7B | $34.6M | ||
| Q2 25 | $11.4B | $46.1M | ||
| Q1 25 | $11.5B | $30.4M | ||
| Q4 24 | $10.6B | $87.0M | ||
| Q3 24 | $11.3B | $78.3M | ||
| Q2 24 | $11.3B | $101.8M | ||
| Q1 24 | $11.1B | $123.7M |
股东权益ABNBRH
| Q4 25 | $8.2B | $3.3M | ||
| Q3 25 | $8.6B | $-40.9M | ||
| Q2 25 | $7.8B | $-110.8M | ||
| Q1 25 | $7.9B | $-163.6M | ||
| Q4 24 | $8.4B | $-183.0M | ||
| Q3 24 | $8.5B | $-234.7M | ||
| Q2 24 | $8.0B | $-289.9M | ||
| Q1 24 | $7.9B | $-297.4M |
总资产ABNBRH
| Q4 25 | $22.2B | $4.8B | ||
| Q3 25 | $23.1B | $4.7B | ||
| Q2 25 | $27.0B | $4.7B | ||
| Q1 25 | $25.1B | $4.6B | ||
| Q4 24 | $21.0B | $4.5B | ||
| Q3 24 | $22.2B | $4.4B | ||
| Q2 24 | $26.3B | $4.2B | ||
| Q1 24 | $24.5B | $4.1B |
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 | $131.9M |
| 自由现金流经营现金流 - 资本支出 | — | $83.0M |
| 自由现金流率自由现金流/营收 | — | 9.4% |
| 资本支出强度资本支出/营收 | — | 5.5% |
| 现金转化率经营现金流/净利润 | 1.54× | 3.64× |
| 过去12个月自由现金流最近4个季度 | — | $128.1M |
8季度趋势，按日历期对齐
经营现金流ABNBRH
| Q4 25 | $526.0M | $131.9M | ||
| Q3 25 | $1.4B | $137.7M | ||
| Q2 25 | $975.0M | $86.6M | ||
| Q1 25 | $1.8B | $-18.8M | ||
| Q4 24 | $466.0M | $-31.4M | ||
| Q3 24 | $1.1B | $11.2M | ||
| Q2 24 | $1.1B | $56.1M | ||
| Q1 24 | $1.9B | $-114.0M |
自由现金流ABNBRH
| Q4 25 | — | $83.0M | ||
| Q3 25 | — | $80.7M | ||
| Q2 25 | — | $34.1M | ||
| Q1 25 | — | $-69.7M | ||
| Q4 24 | — | $-96.0M | ||
| Q3 24 | — | $-37.9M | ||
| Q2 24 | — | $-10.1M | ||
| Q1 24 | — | $-251.5M |
自由现金流率ABNBRH
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | -8.6% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | — | -4.6% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | -34.1% |
资本支出强度ABNBRH
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | 6.3% | ||
| Q2 25 | — | 6.5% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | — | 18.6% |
现金转化率ABNBRH
| Q4 25 | 1.54× | 3.64× | ||
| Q3 25 | 0.99× | 2.66× | ||
| Q2 25 | 1.52× | 10.78× | ||
| Q1 25 | 11.62× | -1.35× | ||
| Q4 24 | 1.01× | -0.95× | ||
| Q3 24 | 0.79× | 0.39× | ||
| Q2 24 | 1.89× | — | ||
| Q1 24 | 7.28× | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
