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爱彼迎（ABNB）与Travel & Leisure Co.（TNL）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Travel & Leisure Co.的2.9倍（$2.8B vs $961.0M）。爱彼迎净利率更高（12.3% vs 8.2%，领先4.1%）。爱彼迎同比增速更快（12.0% vs 2.9%）。过去两年爱彼迎的营收复合增速更高（13.9% vs -1.2%）
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。
Travel + Leisure Co.是一家总部位于美国佛罗里达州奥兰多的分时度假企业，旗下运营温德姆俱乐部、温德姆WorldMark、玛格丽塔维尔度假俱乐部、雅高度假俱乐部等多个度假所有权品牌，开发、销售并管理分时度假物业，同时主要通过RCI提供分时度假交换服务，还运营Travel + Leisure GO等旅行俱乐部。
ABNB vs TNL — 直观对比
营收规模更大
ABNB
是对方的2.9倍
$961.0M
营收增速更快
ABNB
高出9.1%
2.9%
净利率更高
ABNB
高出4.1%
8.2%
两年增速更快
ABNB
近两年复合增速
-1.2%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $961.0M |
| 净利润 | $341.0M | $79.0M |
| 毛利率 | 82.5% | — |
| 营业利润率 | 9.7% | 16.5% |
| 净利率 | 12.3% | 8.2% |
| 营收同比 | 12.0% | 2.9% |
| 净利润同比 | -26.0% | 8.2% |
| 每股收益（稀释后） | — | $1.22 |
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ABNBTNL
| Q1 26 | — | $961.0M | ||
| Q4 25 | $2.8B | $1.0B | ||
| Q3 25 | $4.1B | $1.0B | ||
| Q2 25 | $3.1B | $1.0B | ||
| Q1 25 | $2.3B | $934.0M | ||
| Q4 24 | $2.5B | $970.0M | ||
| Q3 24 | $3.7B | $993.0M | ||
| Q2 24 | $2.7B | $985.0M |
净利润ABNBTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | $341.0M | $-62.0M | ||
| Q3 25 | $1.4B | $111.0M | ||
| Q2 25 | $642.0M | $108.0M | ||
| Q1 25 | $154.0M | $73.0M | ||
| Q4 24 | $461.0M | $119.0M | ||
| Q3 24 | $1.4B | $97.0M | ||
| Q2 24 | $555.0M | $129.0M |
毛利率ABNBTNL
| Q1 26 | — | — | ||
| Q4 25 | 82.5% | 78.9% | ||
| Q3 25 | 86.6% | 98.8% | ||
| Q2 25 | 82.4% | 97.9% | ||
| Q1 25 | 77.7% | 97.5% | ||
| Q4 24 | 82.8% | 99.0% | ||
| Q3 24 | 87.5% | 97.3% | ||
| Q2 24 | 81.6% | 97.9% |
营业利润率ABNBTNL
| Q1 26 | — | 16.5% | ||
| Q4 25 | 9.7% | -2.2% | ||
| Q3 25 | 39.7% | 20.5% | ||
| Q2 25 | 19.8% | 20.2% | ||
| Q1 25 | 1.7% | 16.7% | ||
| Q4 24 | 17.3% | 21.1% | ||
| Q3 24 | 40.9% | 19.0% | ||
| Q2 24 | 18.1% | 19.2% |
净利率ABNBTNL
| Q1 26 | — | 8.2% | ||
| Q4 25 | 12.3% | -6.0% | ||
| Q3 25 | 33.6% | 10.6% | ||
| Q2 25 | 20.7% | 10.6% | ||
| Q1 25 | 6.8% | 7.8% | ||
| Q4 24 | 18.6% | 12.3% | ||
| Q3 24 | 36.7% | 9.8% | ||
| Q2 24 | 20.2% | 13.1% |
每股收益（稀释后）ABNBTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | — | $-0.92 | ||
| Q3 25 | — | $1.67 | ||
| Q2 25 | — | $1.62 | ||
| Q1 25 | — | $1.07 | ||
| Q4 24 | — | $1.70 | ||
| Q3 24 | — | $1.39 | ||
| Q2 24 | — | $1.81 |
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 | $254.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | — |
| 总资产 | $22.2B | $6.8B |
| 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ABNBTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | $11.0B | $271.0M | ||
| Q3 25 | $11.7B | $240.0M | ||
| Q2 25 | $11.4B | $212.0M | ||
| Q1 25 | $11.5B | $188.0M | ||
| Q4 24 | $10.6B | $185.0M | ||
| Q3 24 | $11.3B | $194.0M | ||
| Q2 24 | $11.3B | $166.0M |
总债务ABNBTNL
| Q1 26 | — | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.6B |
股东权益ABNBTNL
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | $-981.0M | ||
| Q3 25 | $8.6B | $-821.0M | ||
| Q2 25 | $7.8B | $-852.0M | ||
| Q1 25 | $7.9B | $-903.0M | ||
| Q4 24 | $8.4B | $-881.0M | ||
| Q3 24 | $8.5B | $-862.0M | ||
| Q2 24 | $8.0B | $-885.0M |
总资产ABNBTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | $22.2B | $6.8B | ||
| Q3 25 | $23.1B | $6.9B | ||
| Q2 25 | $27.0B | $6.8B | ||
| Q1 25 | $25.1B | $6.8B | ||
| Q4 24 | $21.0B | $6.7B | ||
| Q3 24 | $22.2B | $6.7B | ||
| Q2 24 | $26.3B | $6.7B |
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 | $38.0M |
| 自由现金流经营现金流 - 资本支出 | — | $0 |
| 自由现金流率自由现金流/营收 | — | 0.0% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.54× | 0.48× |
| 过去12个月自由现金流最近4个季度 | — | $423.0M |
8季度趋势，按日历期对齐
经营现金流ABNBTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | $526.0M | $124.0M | ||
| Q3 25 | $1.4B | $163.0M | ||
| Q2 25 | $975.0M | $232.0M | ||
| Q1 25 | $1.8B | $121.0M | ||
| Q4 24 | $466.0M | $98.0M | ||
| Q3 24 | $1.1B | $145.0M | ||
| Q2 24 | $1.1B | $174.0M |
自由现金流ABNBTNL
| Q1 26 | — | $0 | ||
| Q4 25 | — | $92.0M | ||
| Q3 25 | — | $136.0M | ||
| Q2 25 | — | $195.0M | ||
| Q1 25 | — | $100.0M | ||
| Q4 24 | — | $75.0M | ||
| Q3 24 | — | $125.0M | ||
| Q2 24 | — | $153.0M |
自由现金流率ABNBTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 9.0% | ||
| Q3 25 | — | 13.0% | ||
| Q2 25 | — | 19.2% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 7.7% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 15.5% |
资本支出强度ABNBTNL
| Q1 26 | — | — | ||
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.1% |
现金转化率ABNBTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | 1.47× | ||
| Q2 25 | 1.52× | 2.15× | ||
| Q1 25 | 11.62× | 1.66× | ||
| Q4 24 | 1.01× | 0.82× | ||
| Q3 24 | 0.79× | 1.49× | ||
| Q2 24 | 1.89× | 1.35× |
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% |
TNL
| Other | $452.0M | 47% |
| Service and membership fees | $396.0M | 41% |
| Consumer financing | $113.0M | 12% |
