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AppLovin Corp（APP）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
AppLovin Corp的季度营收约是Maplebear Inc.的1.3倍（$1.3B vs $992.0M），AppLovin Corp净利率更高（82.7% vs 8.2%，领先74.5%），Maplebear Inc.同比增速更快（12.3% vs -2.9%），过去两年AppLovin Corp的营收复合增速更高（12.2% vs 10.0%）
AppLovin是总部位于美国加利福尼亚州帕洛阿尔托的移动科技公司，成立于2012年，旗下拥有SSP MAX、DSP AppDiscovery营销平台及SparkLabs创意工作室，可为开发者提供应用推广、变现、分析及发行服务，同时也对多家移动游戏发行商开展投资。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
APP vs CART — 直观对比
营收规模更大
APP
是对方的1.3倍
$992.0M
营收增速更快
CART
高出15.2%
-2.9%
净利率更高
APP
高出74.5%
8.2%
两年增速更快
APP
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $992.0M |
| 净利润 | $1.1B | $81.0M |
| 毛利率 | 95.2% | 72.3% |
| 营业利润率 | — | 9.9% |
| 净利率 | 82.7% | 8.2% |
| 营收同比 | -2.9% | 12.3% |
| 净利润同比 | 84.0% | -45.3% |
| 每股收益（稀释后） | $3.24 | $0.31 |
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APPCART
| Q4 25 | $1.3B | $992.0M | ||
| Q3 25 | $1.4B | $939.0M | ||
| Q2 25 | $1.3B | $914.0M | ||
| Q1 25 | $1.5B | $897.0M | ||
| Q4 24 | $1.4B | $883.0M | ||
| Q3 24 | $1.2B | $852.0M | ||
| Q2 24 | $1.1B | $823.0M | ||
| Q1 24 | $1.1B | $820.0M |
净利润APPCART
| Q4 25 | $1.1B | $81.0M | ||
| Q3 25 | $835.5M | $144.0M | ||
| Q2 25 | $819.5M | $116.0M | ||
| Q1 25 | $576.4M | $106.0M | ||
| Q4 24 | $599.2M | $148.0M | ||
| Q3 24 | $434.4M | $118.0M | ||
| Q2 24 | $310.0M | $61.0M | ||
| Q1 24 | $236.2M | $130.0M |
毛利率APPCART
| Q4 25 | 95.2% | 72.3% | ||
| Q3 25 | 87.6% | 73.7% | ||
| Q2 25 | 87.7% | 74.2% | ||
| Q1 25 | 81.7% | 74.8% | ||
| Q4 24 | 76.7% | 75.2% | ||
| Q3 24 | 77.5% | 75.2% | ||
| Q2 24 | 73.8% | 75.7% | ||
| Q1 24 | 72.2% | 74.9% |
营业利润率APPCART
| Q4 25 | — | 9.9% | ||
| Q3 25 | 76.8% | 17.7% | ||
| Q2 25 | 76.1% | 13.6% | ||
| Q1 25 | 44.7% | 12.3% | ||
| Q4 24 | 44.3% | 17.6% | ||
| Q3 24 | 44.6% | 16.2% | ||
| Q2 24 | 36.2% | 6.3% | ||
| Q1 24 | 32.1% | 17.6% |
净利率APPCART
| Q4 25 | 82.7% | 8.2% | ||
| Q3 25 | 59.5% | 15.3% | ||
| Q2 25 | 65.1% | 12.7% | ||
| Q1 25 | 38.8% | 11.8% | ||
| Q4 24 | 43.6% | 16.8% | ||
| Q3 24 | 36.3% | 13.8% | ||
| Q2 24 | 28.7% | 7.4% | ||
| Q1 24 | 22.3% | 15.9% |
每股收益（稀释后）APPCART
| Q4 25 | $3.24 | $0.31 | ||
| Q3 25 | $2.45 | $0.51 | ||
| Q2 25 | $2.39 | $0.41 | ||
| Q1 25 | $1.67 | $0.37 | ||
| Q4 24 | $1.72 | $0.53 | ||
| Q3 24 | $1.25 | $0.42 | ||
| Q2 24 | $0.89 | $0.20 | ||
| Q1 24 | $0.67 | $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 | $2.5B | $687.0M |
| 总债务越低越好 | $3.5B | — |
| 股东权益账面价值 | $2.1B | $2.5B |
| 总资产 | $7.3B | $3.7B |
| 负债/权益比越低杠杆越低 | 1.65× | — |
8季度趋势，按日历期对齐
现金及短期投资APPCART
| Q4 25 | $2.5B | $687.0M | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $551.0M | $1.6B | ||
| Q4 24 | $741.4M | $1.4B | ||
| Q3 24 | $567.6M | $1.3B | ||
| Q2 24 | $460.4M | $1.4B | ||
| Q1 24 | $436.3M | $1.5B |
总债务APPCART
| Q4 25 | $3.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益APPCART
| Q4 25 | $2.1B | $2.5B | ||
| Q3 25 | $1.5B | $3.5B | ||
| Q2 25 | $1.2B | $3.3B | ||
| Q1 25 | $575.4M | $3.2B | ||
| Q4 24 | $1.1B | $3.1B | ||
| Q3 24 | $938.2M | $2.9B | ||
| Q2 24 | $814.8M | $3.0B | ||
| Q1 24 | $760.2M | $3.1B |
总资产APPCART
| Q4 25 | $7.3B | $3.7B | ||
| Q3 25 | $6.3B | $4.5B | ||
| Q2 25 | $6.0B | $4.4B | ||
| Q1 25 | $5.7B | $4.3B | ||
| Q4 24 | $5.9B | $4.1B | ||
| Q3 24 | $5.4B | $3.9B | ||
| Q2 24 | $5.3B | $4.0B | ||
| Q1 24 | $5.3B | $4.1B |
负债/权益比APPCART
| Q4 25 | 1.65× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | — | — | ||
| 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 | $1.3B | $183.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 17.2% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | 1.19× | 2.26× |
| 过去12个月自由现金流最近4个季度 | — | $910.0M |
8季度趋势，按日历期对齐
经营现金流APPCART
| Q4 25 | $1.3B | $183.0M | ||
| Q3 25 | $1.1B | $287.0M | ||
| Q2 25 | $772.2M | $203.0M | ||
| Q1 25 | $831.7M | $298.0M | ||
| Q4 24 | $701.0M | $153.0M | ||
| Q3 24 | $550.7M | $185.0M | ||
| Q2 24 | $454.5M | $244.0M | ||
| Q1 24 | $392.8M | $105.0M |
自由现金流APPCART
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $91.0M |
自由现金流率APPCART
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 11.1% |
资本支出强度APPCART
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.7% |
现金转化率APPCART
| Q4 25 | 1.19× | 2.26× | ||
| Q3 25 | 1.26× | 1.99× | ||
| Q2 25 | 0.94× | 1.75× | ||
| Q1 25 | 1.44× | 2.81× | ||
| Q4 24 | 1.17× | 1.03× | ||
| Q3 24 | 1.27× | 1.57× | ||
| Q2 24 | 1.47× | 4.00× | ||
| Q1 24 | 1.66× | 0.81× |
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
APP
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
