vs
BGC Group, Inc.（BGC）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是BGC Group, Inc.的1.0倍（$992.0M vs $955.5M），BGC Group, Inc.净利率更高（8.4% vs 8.2%，领先0.3%），BGC Group, Inc.同比增速更快（43.8% vs 12.3%），过去两年BGC Group, Inc.的营收复合增速更高（48.2% vs 10.0%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
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。
BGC vs CART — 直观对比
营收规模更大
CART
是对方的1.0倍
$955.5M
营收增速更快
BGC
高出31.5%
12.3%
净利率更高
BGC
高出0.3%
8.2%
两年增速更快
BGC
近两年复合增速
10.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $955.5M | $992.0M |
| 净利润 | $80.6M | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | — | 9.9% |
| 净利率 | 8.4% | 8.2% |
| 营收同比 | 43.8% | 12.3% |
| 净利润同比 | — | -45.3% |
| 每股收益（稀释后） | $0.17 | $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BGCCART
| Q1 26 | $955.5M | — | ||
| Q4 25 | $638.6M | $992.0M | ||
| Q3 25 | $620.8M | $939.0M | ||
| Q2 25 | $648.0M | $914.0M | ||
| Q1 25 | $534.6M | $897.0M | ||
| Q4 24 | $475.2M | $883.0M | ||
| Q3 24 | $448.9M | $852.0M | ||
| Q2 24 | $435.0M | $823.0M |
净利润BGCCART
| Q1 26 | $80.6M | — | ||
| Q4 25 | $14.4M | $81.0M | ||
| Q3 25 | $27.9M | $144.0M | ||
| Q2 25 | $57.5M | $116.0M | ||
| Q1 25 | $55.2M | $106.0M | ||
| Q4 24 | $25.2M | $148.0M | ||
| Q3 24 | $14.7M | $118.0M | ||
| Q2 24 | $37.8M | $61.0M |
毛利率BGCCART
| Q1 26 | — | — | ||
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 73.7% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 74.8% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 75.7% |
营业利润率BGCCART
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 9.9% | ||
| Q3 25 | 5.4% | 17.7% | ||
| Q2 25 | 11.6% | 13.6% | ||
| Q1 25 | 15.0% | 12.3% | ||
| Q4 24 | 5.7% | 17.6% | ||
| Q3 24 | 4.4% | 16.2% | ||
| Q2 24 | 12.7% | 6.3% |
净利率BGCCART
| Q1 26 | 8.4% | — | ||
| Q4 25 | 2.3% | 8.2% | ||
| Q3 25 | 4.5% | 15.3% | ||
| Q2 25 | 8.9% | 12.7% | ||
| Q1 25 | 10.3% | 11.8% | ||
| Q4 24 | 5.3% | 16.8% | ||
| Q3 24 | 3.3% | 13.8% | ||
| Q2 24 | 8.7% | 7.4% |
每股收益（稀释后）BGCCART
| Q1 26 | $0.17 | — | ||
| Q4 25 | $0.03 | $0.31 | ||
| Q3 25 | $0.06 | $0.51 | ||
| Q2 25 | $0.11 | $0.41 | ||
| Q1 25 | $0.11 | $0.37 | ||
| Q4 24 | $0.04 | $0.53 | ||
| Q3 24 | $0.03 | $0.42 | ||
| Q2 24 | $0.08 | $0.20 |
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 | $781.0M | $687.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $2.5B |
| 总资产 | $5.9B | $3.7B |
| 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BGCCART
| Q1 26 | $781.0M | — | ||
| Q4 25 | $851.5M | $687.0M | ||
| Q3 25 | $774.9M | $1.7B | ||
| Q2 25 | $827.8M | $1.6B | ||
| Q1 25 | $966.4M | $1.6B | ||
| Q4 24 | $711.6M | $1.4B | ||
| Q3 24 | $563.5M | $1.3B | ||
| Q2 24 | $571.7M | $1.4B |
总债务BGCCART
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
股东权益BGCCART
| Q1 26 | $1.1B | — | ||
| Q4 25 | $972.5M | $2.5B | ||
| Q3 25 | $965.3M | $3.5B | ||
| Q2 25 | $930.5M | $3.3B | ||
| Q1 25 | $963.8M | $3.2B | ||
| Q4 24 | $898.5M | $3.1B | ||
| Q3 24 | $860.1M | $2.9B | ||
| Q2 24 | $858.1M | $3.0B |
总资产BGCCART
| Q1 26 | $5.9B | — | ||
| Q4 25 | $4.4B | $3.7B | ||
| Q3 25 | $5.8B | $4.5B | ||
| Q2 25 | $4.9B | $4.4B | ||
| Q1 25 | $4.9B | $4.3B | ||
| Q4 24 | $3.6B | $4.1B | ||
| Q3 24 | $4.4B | $3.9B | ||
| Q2 24 | $4.3B | $4.0B |
负债/权益比BGCCART
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.97× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 1.68× | — |
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 | — | $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 | — | 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BGCCART
| Q1 26 | — | — | ||
| Q4 25 | $180.4M | $183.0M | ||
| Q3 25 | $141.9M | $287.0M | ||
| Q2 25 | $71.2M | $203.0M | ||
| Q1 25 | $839.0K | $298.0M | ||
| Q4 24 | $251.9M | $153.0M | ||
| Q3 24 | $88.3M | $185.0M | ||
| Q2 24 | $-53.0M | $244.0M |
自由现金流BGCCART
| Q1 26 | — | — | ||
| Q4 25 | $175.1M | $171.0M | ||
| Q3 25 | $137.2M | $272.0M | ||
| Q2 25 | $65.0M | $187.0M | ||
| Q1 25 | $-4.4M | $280.0M | ||
| Q4 24 | $245.6M | $141.0M | ||
| Q3 24 | $78.8M | $171.0M | ||
| Q2 24 | $-63.5M | $220.0M |
自由现金流率BGCCART
| Q1 26 | — | — | ||
| Q4 25 | 27.4% | 17.2% | ||
| Q3 25 | 22.1% | 29.0% | ||
| Q2 25 | 10.0% | 20.5% | ||
| Q1 25 | -0.8% | 31.2% | ||
| Q4 24 | 51.7% | 16.0% | ||
| Q3 24 | 17.5% | 20.1% | ||
| Q2 24 | -14.6% | 26.7% |
资本支出强度BGCCART
| Q1 26 | — | — | ||
| Q4 25 | 0.8% | 1.2% | ||
| Q3 25 | 0.8% | 1.6% | ||
| Q2 25 | 1.0% | 1.8% | ||
| Q1 25 | 1.0% | 2.0% | ||
| Q4 24 | 1.3% | 1.4% | ||
| Q3 24 | 2.1% | 1.6% | ||
| Q2 24 | 2.4% | 2.9% |
现金转化率BGCCART
| Q1 26 | — | — | ||
| Q4 25 | 12.55× | 2.26× | ||
| Q3 25 | 5.09× | 1.99× | ||
| Q2 25 | 1.24× | 1.75× | ||
| Q1 25 | 0.02× | 2.81× | ||
| Q4 24 | 9.99× | 1.03× | ||
| Q3 24 | 5.99× | 1.57× | ||
| Q2 24 | -1.40× | 4.00× |
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
BGC
| Commissions | $752.9M | 79% |
| Principal transactions | $142.9M | 15% |
| Data, network and post-trade | $34.5M | 4% |
| Other revenues | $10.3M | 1% |
| Fees from related parties | $4.3M | 0% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
