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美国运通（AXP）与缤客控股（BKNG）财务数据对比。点击上方公司名可切换其他公司
美国运通的季度营收约是缤客控股的1.7倍（$10.9B vs $6.3B），缤客控股同比增速更快（16.0% vs 9.9%），美国运通自由现金流更多（$2.3B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 8.2%）
美国运通是全球知名的支付服务提供商，主营签账卡、信用卡产品及旅行相关服务，下设全球消费者服务、全球商业服务、全球商户与网络服务三大业务板块，还提供支付融资、网络服务、应付账款费用管理、旅行生活服务等多元解决方案。
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
AXP vs BKNG — 直观对比
营收规模更大
AXP
是对方的1.7倍
$6.3B
营收增速更快
BKNG
高出6.1%
9.9%
自由现金流更多
AXP
多$928.0M
$1.4B
两年增速更快
BKNG
近两年复合增速
8.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.9B | $6.3B |
| 净利润 | $2.5B | — |
| 毛利率 | — | — |
| 营业利润率 | 28.2% | 32.0% |
| 净利率 | 22.5% | — |
| 营收同比 | 9.9% | 16.0% |
| 净利润同比 | 13.5% | — |
| 每股收益（稀释后） | $3.52 | $43.66 |
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AXPBKNG
| Q4 25 | $10.9B | $6.3B | ||
| Q3 25 | $10.4B | $9.0B | ||
| Q2 25 | $10.3B | $6.8B | ||
| Q1 25 | $9.6B | $4.8B | ||
| Q4 24 | $10.0B | $5.5B | ||
| Q3 24 | $9.7B | $8.0B | ||
| Q2 24 | $9.8B | $5.9B | ||
| Q1 24 | $9.3B | $4.4B |
净利润AXPBKNG
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.4B | — |
营业利润率AXPBKNG
| Q4 25 | 28.2% | 32.0% | ||
| Q3 25 | 36.7% | 38.7% | ||
| Q2 25 | 34.4% | 33.1% | ||
| Q1 25 | 34.6% | 22.3% | ||
| Q4 24 | 27.7% | 31.6% | ||
| Q3 24 | 33.0% | 39.8% | ||
| Q2 24 | 38.6% | 31.7% | ||
| Q1 24 | 33.7% | 17.9% |
净利率AXPBKNG
| Q4 25 | 22.5% | — | ||
| Q3 25 | 27.9% | — | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 30.7% | — | ||
| Q1 24 | 26.1% | — |
每股收益（稀释后）AXPBKNG
| Q4 25 | $3.52 | $43.66 | ||
| Q3 25 | $4.14 | $84.41 | ||
| Q2 25 | $4.08 | $27.43 | ||
| Q1 25 | $3.64 | $10.07 | ||
| Q4 24 | $3.04 | $31.60 | ||
| Q3 24 | $3.49 | $74.34 | ||
| Q2 24 | $4.15 | $44.38 | ||
| Q1 24 | $3.33 | $22.37 |
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 | $742.0M | $17.2B |
| 总债务越低越好 | $56.4B | $18.7B |
| 股东权益账面价值 | $33.5B | $-5.6B |
| 总资产 | $300.1B | $29.3B |
| 负债/权益比越低杠杆越低 | 1.68× | — |
8季度趋势，按日历期对齐
现金及短期投资AXPBKNG
| Q4 25 | $742.0M | $17.2B | ||
| Q3 25 | $1.3B | $16.5B | ||
| Q2 25 | $197.0M | $17.6B | ||
| Q1 25 | $261.0M | $15.6B | ||
| Q4 24 | $221.0M | $16.2B | ||
| Q3 24 | $120.0M | $15.8B | ||
| Q2 24 | $188.0M | $16.3B | ||
| Q1 24 | $69.0M | $16.0B |
总债务AXPBKNG
| Q4 25 | $56.4B | $18.7B | ||
| Q3 25 | $57.8B | $17.0B | ||
| Q2 25 | $58.2B | $18.5B | ||
| Q1 25 | $51.2B | $16.0B | ||
| Q4 24 | $49.7B | $16.6B | ||
| Q3 24 | $53.5B | $16.2B | ||
| Q2 24 | $51.5B | $16.8B | ||
| Q1 24 | $48.8B | $16.9B |
股东权益AXPBKNG
| Q4 25 | $33.5B | $-5.6B | ||
| Q3 25 | $32.4B | $-4.7B | ||
| Q2 25 | $32.3B | $-6.7B | ||
| Q1 25 | $31.2B | $-6.1B | ||
| Q4 24 | $30.3B | $-4.0B | ||
| Q3 24 | $29.7B | $-3.7B | ||
| Q2 24 | $29.5B | $-4.3B | ||
| Q1 24 | $28.8B | $-4.1B |
总资产AXPBKNG
| Q4 25 | $300.1B | $29.3B | ||
| Q3 25 | $297.6B | $28.8B | ||
| Q2 25 | $295.6B | $30.7B | ||
| Q1 25 | $282.2B | $27.2B | ||
| Q4 24 | $271.5B | $27.7B | ||
| Q3 24 | $271.0B | $28.0B | ||
| Q2 24 | $272.2B | $28.5B | ||
| Q1 24 | $269.3B | $27.7B |
负债/权益比AXPBKNG
| Q4 25 | 1.68× | — | ||
| Q3 25 | 1.78× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 1.64× | — | ||
| Q3 24 | 1.80× | — | ||
| Q2 24 | 1.74× | — | ||
| Q1 24 | 1.70× | — |
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 | $3.1B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $2.3B | $1.4B |
| 自由现金流率自由现金流/营收 | 21.4% | 22.3% |
| 资本支出强度资本支出/营收 | 6.6% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.25× | — |
| 过去12个月自由现金流最近4个季度 | $16.0B | $9.1B |
8季度趋势，按日历期对齐
经营现金流AXPBKNG
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $6.2B | $1.4B | ||
| Q2 25 | $4.4B | $3.2B | ||
| Q1 25 | $4.8B | $3.3B | ||
| Q4 24 | $5.8B | $721.0M | ||
| Q3 24 | $-1.8B | $2.4B | ||
| Q2 24 | $4.5B | $2.5B | ||
| Q1 24 | $5.6B | $2.7B |
自由现金流AXPBKNG
| Q4 25 | $2.3B | $1.4B | ||
| Q3 25 | $5.6B | $1.4B | ||
| Q2 25 | $3.7B | $3.1B | ||
| Q1 25 | $4.3B | $3.2B | ||
| Q4 24 | $5.3B | $645.0M | ||
| Q3 24 | $-2.3B | $2.3B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $5.2B | $2.6B |
自由现金流率AXPBKNG
| Q4 25 | 21.4% | 22.3% | ||
| Q3 25 | 53.6% | 15.2% | ||
| Q2 25 | 36.3% | 46.1% | ||
| Q1 25 | 45.0% | 66.4% | ||
| Q4 24 | 53.1% | 11.8% | ||
| Q3 24 | -23.3% | 28.7% | ||
| Q2 24 | 40.4% | 40.6% | ||
| Q1 24 | 55.2% | 58.3% |
资本支出强度AXPBKNG
| Q4 25 | 6.6% | 1.1% | ||
| Q3 25 | 6.3% | 0.7% | ||
| Q2 25 | 6.0% | 0.9% | ||
| Q1 25 | 4.5% | 2.5% | ||
| Q4 24 | 5.0% | 1.4% | ||
| Q3 24 | 4.7% | 1.0% | ||
| Q2 24 | 5.8% | 2.5% | ||
| Q1 24 | 4.2% | 2.9% |
现金转化率AXPBKNG
| Q4 25 | 1.25× | — | ||
| Q3 25 | 2.15× | — | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | -0.72× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 2.28× | — |
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
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
