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爱彼迎（ABNB）与Toast, Inc.（TOST）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Toast, Inc.的1.7倍（$2.8B vs $1.6B），爱彼迎净利率更高（12.3% vs 6.2%，领先6.1%），Toast, Inc.同比增速更快（22.0% vs 12.0%），过去两年Toast, Inc.的营收复合增速更高（23.3% vs 13.9%）
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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
ABNB vs TOST — 直观对比
营收规模更大
ABNB
是对方的1.7倍
$1.6B
营收增速更快
TOST
高出10.0%
12.0%
净利率更高
ABNB
高出6.1%
6.2%
两年增速更快
TOST
近两年复合增速
13.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.6B |
| 净利润 | $341.0M | $101.0M |
| 毛利率 | 82.5% | 25.9% |
| 营业利润率 | 9.7% | 5.2% |
| 净利率 | 12.3% | 6.2% |
| 营收同比 | 12.0% | 22.0% |
| 净利润同比 | -26.0% | 215.6% |
| 每股收益（稀释后） | — | $0.18 |
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ABNBTOST
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $4.1B | $1.6B | ||
| Q2 25 | $3.1B | $1.6B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $3.7B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.1B | $1.1B |
净利润ABNBTOST
| Q4 25 | $341.0M | $101.0M | ||
| Q3 25 | $1.4B | $105.0M | ||
| Q2 25 | $642.0M | $80.0M | ||
| Q1 25 | $154.0M | $56.0M | ||
| Q4 24 | $461.0M | $32.0M | ||
| Q3 24 | $1.4B | $56.0M | ||
| Q2 24 | $555.0M | $14.0M | ||
| Q1 24 | $264.0M | $-83.0M |
毛利率ABNBTOST
| Q4 25 | 82.5% | 25.9% | ||
| Q3 25 | 86.6% | 26.5% | ||
| Q2 25 | 82.4% | 25.3% | ||
| Q1 25 | 77.7% | 25.9% | ||
| Q4 24 | 82.8% | 24.9% | ||
| Q3 24 | 87.5% | 24.7% | ||
| Q2 24 | 81.6% | 23.0% | ||
| Q1 24 | 77.6% | 23.2% |
营业利润率ABNBTOST
| Q4 25 | 9.7% | 5.2% | ||
| Q3 25 | 39.7% | 5.1% | ||
| Q2 25 | 19.8% | 5.2% | ||
| Q1 25 | 1.7% | 3.2% | ||
| Q4 24 | 17.3% | 2.5% | ||
| Q3 24 | 40.9% | 2.6% | ||
| Q2 24 | 18.1% | 0.4% | ||
| Q1 24 | 4.7% | -5.2% |
净利率ABNBTOST
| Q4 25 | 12.3% | 6.2% | ||
| Q3 25 | 33.6% | 6.4% | ||
| Q2 25 | 20.7% | 5.2% | ||
| Q1 25 | 6.8% | 4.2% | ||
| Q4 24 | 18.6% | 2.4% | ||
| Q3 24 | 36.7% | 4.3% | ||
| Q2 24 | 20.2% | 1.1% | ||
| Q1 24 | 12.3% | -7.7% |
每股收益（稀释后）ABNBTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $8.2B | $2.1B |
| 总资产 | $22.2B | $3.1B |
| 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ABNBTOST
| Q4 25 | $11.0B | $1.4B | ||
| Q3 25 | $11.7B | $1.4B | ||
| Q2 25 | $11.4B | $1.2B | ||
| Q1 25 | $11.5B | $1.0B | ||
| Q4 24 | $10.6B | $903.0M | ||
| Q3 24 | $11.3B | $761.0M | ||
| Q2 24 | $11.3B | $691.0M | ||
| Q1 24 | $11.1B | $578.0M |
股东权益ABNBTOST
| Q4 25 | $8.2B | $2.1B | ||
| Q3 25 | $8.6B | $2.0B | ||
| Q2 25 | $7.8B | $1.8B | ||
| Q1 25 | $7.9B | $1.7B | ||
| Q4 24 | $8.4B | $1.5B | ||
| Q3 24 | $8.5B | $1.4B | ||
| Q2 24 | $8.0B | $1.3B | ||
| Q1 24 | $7.9B | $1.2B |
总资产ABNBTOST
| Q4 25 | $22.2B | $3.1B | ||
| Q3 25 | $23.1B | $3.0B | ||
| Q2 25 | $27.0B | $2.8B | ||
| Q1 25 | $25.1B | $2.6B | ||
| Q4 24 | $21.0B | $2.4B | ||
| Q3 24 | $22.2B | $2.2B | ||
| Q2 24 | $26.3B | $2.2B | ||
| Q1 24 | $24.5B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | — | $178.0M |
| 自由现金流率自由现金流/营收 | — | 10.9% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 1.54× | 1.92× |
| 过去12个月自由现金流最近4个季度 | — | $608.0M |
8季度趋势，按日历期对齐
经营现金流ABNBTOST
| Q4 25 | $526.0M | $194.0M | ||
| Q3 25 | $1.4B | $165.0M | ||
| Q2 25 | $975.0M | $223.0M | ||
| Q1 25 | $1.8B | $79.0M | ||
| Q4 24 | $466.0M | $147.0M | ||
| Q3 24 | $1.1B | $109.0M | ||
| Q2 24 | $1.1B | $124.0M | ||
| Q1 24 | $1.9B | $-20.0M |
自由现金流ABNBTOST
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
自由现金流率ABNBTOST
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
资本支出强度ABNBTOST
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
现金转化率ABNBTOST
| Q4 25 | 1.54× | 1.92× | ||
| Q3 25 | 0.99× | 1.57× | ||
| Q2 25 | 1.52× | 2.79× | ||
| Q1 25 | 11.62× | 1.41× | ||
| Q4 24 | 1.01× | 4.59× | ||
| Q3 24 | 0.79× | 1.95× | ||
| Q2 24 | 1.89× | 8.86× | ||
| Q1 24 | 7.28× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
