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爱彼迎（ABNB）与猫途鹰（TRIP）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猫途鹰的6.8倍（$2.8B vs $411.0M），爱彼迎净利率更高（12.3% vs -9.2%，领先21.5%），爱彼迎同比增速更快（12.0% vs 0.0%），过去两年爱彼迎的营收复合增速更高（13.9% vs 2.0%）
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。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
ABNB vs TRIP — 直观对比
营收规模更大
ABNB
是对方的6.8倍
$411.0M
营收增速更快
ABNB
高出12.0%
0.0%
净利率更高
ABNB
高出21.5%
-9.2%
两年增速更快
ABNB
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $411.0M |
| 净利润 | $341.0M | $-38.0M |
| 毛利率 | 82.5% | 91.5% |
| 营业利润率 | 9.7% | -8.3% |
| 净利率 | 12.3% | -9.2% |
| 营收同比 | 12.0% | 0.0% |
| 净利润同比 | -26.0% | -3900.0% |
| 每股收益（稀释后） | — | $-0.32 |
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ABNBTRIP
| Q4 25 | $2.8B | $411.0M | ||
| Q3 25 | $4.1B | $553.0M | ||
| Q2 25 | $3.1B | $529.0M | ||
| Q1 25 | $2.3B | $398.0M | ||
| Q4 24 | $2.5B | $411.0M | ||
| Q3 24 | $3.7B | $532.0M | ||
| Q2 24 | $2.7B | $497.0M | ||
| Q1 24 | $2.1B | $395.0M |
净利润ABNBTRIP
| Q4 25 | $341.0M | $-38.0M | ||
| Q3 25 | $1.4B | $53.0M | ||
| Q2 25 | $642.0M | $36.0M | ||
| Q1 25 | $154.0M | $-11.0M | ||
| Q4 24 | $461.0M | $1.0M | ||
| Q3 24 | $1.4B | $39.0M | ||
| Q2 24 | $555.0M | $24.0M | ||
| Q1 24 | $264.0M | $-59.0M |
毛利率ABNBTRIP
| Q4 25 | 82.5% | 91.5% | ||
| Q3 25 | 86.6% | 92.6% | ||
| Q2 25 | 82.4% | 92.1% | ||
| Q1 25 | 77.7% | 93.2% | ||
| Q4 24 | 82.8% | 93.4% | ||
| Q3 24 | 87.5% | 92.5% | ||
| Q2 24 | 81.6% | 92.8% | ||
| Q1 24 | 77.6% | 93.7% |
营业利润率ABNBTRIP
| Q4 25 | 9.7% | -8.3% | ||
| Q3 25 | 39.7% | 12.7% | ||
| Q2 25 | 19.8% | 11.2% | ||
| Q1 25 | 1.7% | -3.8% | ||
| Q4 24 | 17.3% | 0.2% | ||
| Q3 24 | 40.9% | 13.2% | ||
| Q2 24 | 18.1% | 7.2% | ||
| Q1 24 | 4.7% | -3.8% |
净利率ABNBTRIP
| Q4 25 | 12.3% | -9.2% | ||
| Q3 25 | 33.6% | 9.6% | ||
| Q2 25 | 20.7% | 6.8% | ||
| Q1 25 | 6.8% | -2.8% | ||
| Q4 24 | 18.6% | 0.2% | ||
| Q3 24 | 36.7% | 7.3% | ||
| Q2 24 | 20.2% | 4.8% | ||
| Q1 24 | 12.3% | -14.9% |
每股收益（稀释后）ABNBTRIP
| Q4 25 | — | $-0.32 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | — | $-0.43 |
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 | $1.0B |
| 总债务越低越好 | — | $819.0M |
| 股东权益账面价值 | $8.2B | $645.0M |
| 总资产 | $22.2B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资ABNBTRIP
| Q4 25 | $11.0B | $1.0B | ||
| Q3 25 | $11.7B | $1.2B | ||
| Q2 25 | $11.4B | $1.2B | ||
| Q1 25 | $11.5B | $1.2B | ||
| Q4 24 | $10.6B | $1.1B | ||
| Q3 24 | $11.3B | $1.1B | ||
| Q2 24 | $11.3B | $1.2B | ||
| Q1 24 | $11.1B | $1.2B |
总债务ABNBTRIP
| Q4 25 | — | $819.0M | ||
| Q3 25 | — | $821.0M | ||
| Q2 25 | — | $822.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $831.0M | ||
| Q3 24 | — | $832.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ABNBTRIP
| Q4 25 | $8.2B | $645.0M | ||
| Q3 25 | $8.6B | $707.0M | ||
| Q2 25 | $7.8B | $627.0M | ||
| Q1 25 | $7.9B | $643.0M | ||
| Q4 24 | $8.4B | $943.0M | ||
| Q3 24 | $8.5B | $944.0M | ||
| Q2 24 | $8.0B | $857.0M | ||
| Q1 24 | $7.9B | $825.0M |
总资产ABNBTRIP
| Q4 25 | $22.2B | $2.6B | ||
| Q3 25 | $23.1B | $2.8B | ||
| Q2 25 | $27.0B | $2.9B | ||
| Q1 25 | $25.1B | $2.8B | ||
| Q4 24 | $21.0B | $2.6B | ||
| Q3 24 | $22.2B | $2.7B | ||
| Q2 24 | $26.3B | $2.8B | ||
| Q1 24 | $24.5B | $2.7B |
负债/权益比ABNBTRIP
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-122.0M |
| 自由现金流率自由现金流/营收 | — | -29.7% |
| 资本支出强度资本支出/营收 | — | 4.6% |
| 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 | — | $163.0M |
8季度趋势，按日历期对齐
经营现金流ABNBTRIP
| Q4 25 | $526.0M | $-103.0M | ||
| Q3 25 | $1.4B | $44.0M | ||
| Q2 25 | $975.0M | $202.0M | ||
| Q1 25 | $1.8B | $102.0M | ||
| Q4 24 | $466.0M | $-3.0M | ||
| Q3 24 | $1.1B | $-43.0M | ||
| Q2 24 | $1.1B | $51.0M | ||
| Q1 24 | $1.9B | $139.0M |
自由现金流ABNBTRIP
| Q4 25 | — | $-122.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | — | $-26.0M | ||
| Q3 24 | — | $-63.0M | ||
| Q2 24 | — | $36.0M | ||
| Q1 24 | — | $123.0M |
自由现金流率ABNBTRIP
| Q4 25 | — | -29.7% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | — | 20.9% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 31.1% |
资本支出强度ABNBTRIP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 4.1% |
现金转化率ABNBTRIP
| Q4 25 | 1.54× | — | ||
| Q3 25 | 0.99× | 0.83× | ||
| Q2 25 | 1.52× | 5.61× | ||
| Q1 25 | 11.62× | — | ||
| Q4 24 | 1.01× | -3.00× | ||
| Q3 24 | 0.79× | -1.10× | ||
| Q2 24 | 1.89× | 2.13× | ||
| 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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
