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缤客控股（BKNG）与CARVANA CO.（CVNA）财务数据对比。点击上方公司名可切换其他公司
缤客控股的季度营收约是CARVANA CO.的1.1倍（$6.3B vs $5.6B），CARVANA CO.同比增速更快（58.0% vs 16.0%），缤客控股自由现金流更多（$1.4B vs $379.0M），过去两年CARVANA CO.的营收复合增速更高（35.3% vs 19.9%）
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。
Carvana Co.是总部位于美国亚利桑那州坦佩市的线上二手车零售企业，主打线上一站式购车服务，2021年成功入选《财富》500强榜单，是该榜单有史以来最年轻的上榜企业之一。
BKNG vs CVNA — 直观对比
营收规模更大
BKNG
是对方的1.1倍
$5.6B
营收增速更快
CVNA
高出41.9%
16.0%
自由现金流更多
BKNG
多$1.0B
$379.0M
两年增速更快
CVNA
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $5.6B |
| 净利润 | — | $857.0M |
| 毛利率 | — | 18.8% |
| 营业利润率 | 32.0% | 7.6% |
| 净利率 | — | 15.3% |
| 营收同比 | 16.0% | 58.0% |
| 净利润同比 | — | 984.8% |
| 每股收益（稀释后） | $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BKNGCVNA
| Q4 25 | $6.3B | $5.6B | ||
| Q3 25 | $9.0B | $5.6B | ||
| Q2 25 | $6.8B | $4.8B | ||
| Q1 25 | $4.8B | $4.2B | ||
| Q4 24 | $5.5B | $3.5B | ||
| Q3 24 | $8.0B | $3.7B | ||
| Q2 24 | $5.9B | $3.4B | ||
| Q1 24 | $4.4B | $3.1B |
净利润BKNGCVNA
| Q4 25 | — | $857.0M | ||
| Q3 25 | — | $151.0M | ||
| Q2 25 | — | $183.0M | ||
| Q1 25 | — | $216.0M | ||
| Q4 24 | — | $79.0M | ||
| Q3 24 | — | $85.0M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $28.0M |
毛利率BKNGCVNA
| Q4 25 | — | 18.8% | ||
| Q3 25 | — | 20.3% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.3% |
营业利润率BKNGCVNA
| Q4 25 | 32.0% | 7.6% | ||
| Q3 25 | 38.7% | 9.8% | ||
| Q2 25 | 33.1% | 10.6% | ||
| Q1 25 | 22.3% | 9.3% | ||
| Q4 24 | 31.6% | 7.3% | ||
| Q3 24 | 39.8% | 9.2% | ||
| Q2 24 | 31.7% | 7.6% | ||
| Q1 24 | 17.9% | 4.4% |
净利率BKNGCVNA
| Q4 25 | — | 15.3% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.9% |
每股收益（稀释后）BKNGCVNA
| Q4 25 | $43.66 | — | ||
| Q3 25 | $84.41 | — | ||
| Q2 25 | $27.43 | — | ||
| Q1 25 | $10.07 | — | ||
| Q4 24 | $31.60 | — | ||
| Q3 24 | $74.34 | — | ||
| Q2 24 | $44.38 | — | ||
| Q1 24 | $22.37 | $0.24 |
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 | $17.2B | $2.3B |
| 总债务越低越好 | $18.7B | $4.9B |
| 股东权益账面价值 | $-5.6B | $3.4B |
| 总资产 | $29.3B | $13.2B |
| 负债/权益比越低杠杆越低 | — | 1.43× |
8季度趋势，按日历期对齐
现金及短期投资BKNGCVNA
| Q4 25 | $17.2B | $2.3B | ||
| Q3 25 | $16.5B | $2.1B | ||
| Q2 25 | $17.6B | $1.9B | ||
| Q1 25 | $15.6B | $1.9B | ||
| Q4 24 | $16.2B | $1.7B | ||
| Q3 24 | $15.8B | $871.0M | ||
| Q2 24 | $16.3B | $542.0M | ||
| Q1 24 | $16.0B | $252.0M |
总债务BKNGCVNA
| Q4 25 | $18.7B | $4.9B | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | $5.3B | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGCVNA
| Q4 25 | $-5.6B | $3.4B | ||
| Q3 25 | $-4.7B | $2.3B | ||
| Q2 25 | $-6.7B | $1.7B | ||
| Q1 25 | $-6.1B | $1.5B | ||
| Q4 24 | $-4.0B | $1.3B | ||
| Q3 24 | $-3.7B | $611.0M | ||
| Q2 24 | $-4.3B | $526.0M | ||
| Q1 24 | $-4.1B | $289.0M |
总资产BKNGCVNA
| Q4 25 | $29.3B | $13.2B | ||
| Q3 25 | $28.8B | $9.9B | ||
| Q2 25 | $30.7B | $9.4B | ||
| Q1 25 | $27.2B | $8.9B | ||
| Q4 24 | $27.7B | $8.5B | ||
| Q3 24 | $28.0B | $7.4B | ||
| Q2 24 | $28.5B | $7.2B | ||
| Q1 24 | $27.7B | $7.0B |
负债/权益比BKNGCVNA
| Q4 25 | — | 1.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.20× | ||
| 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 | $1.5B | $430.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $379.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 6.8% |
| 资本支出强度资本支出/营收 | 1.1% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 0.50× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $889.0M |
8季度趋势，按日历期对齐
经营现金流BKNGCVNA
| Q4 25 | $1.5B | $430.0M | ||
| Q3 25 | $1.4B | $345.0M | ||
| Q2 25 | $3.2B | $29.0M | ||
| Q1 25 | $3.3B | $232.0M | ||
| Q4 24 | $721.0M | $60.0M | ||
| Q3 24 | $2.4B | $403.0M | ||
| Q2 24 | $2.5B | $354.0M | ||
| Q1 24 | $2.7B | $101.0M |
自由现金流BKNGCVNA
| Q4 25 | $1.4B | $379.0M | ||
| Q3 25 | $1.4B | $307.0M | ||
| Q2 25 | $3.1B | $-2.0M | ||
| Q1 25 | $3.2B | $205.0M | ||
| Q4 24 | $645.0M | $36.0M | ||
| Q3 24 | $2.3B | $376.0M | ||
| Q2 24 | $2.4B | $332.0M | ||
| Q1 24 | $2.6B | $83.0M |
自由现金流率BKNGCVNA
| Q4 25 | 22.3% | 6.8% | ||
| Q3 25 | 15.2% | 5.4% | ||
| Q2 25 | 46.1% | -0.0% | ||
| Q1 25 | 66.4% | 4.8% | ||
| Q4 24 | 11.8% | 1.0% | ||
| Q3 24 | 28.7% | 10.3% | ||
| Q2 24 | 40.6% | 9.7% | ||
| Q1 24 | 58.3% | 2.7% |
资本支出强度BKNGCVNA
| Q4 25 | 1.1% | 0.9% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 2.5% | 0.6% | ||
| Q4 24 | 1.4% | 0.7% | ||
| Q3 24 | 1.0% | 0.7% | ||
| Q2 24 | 2.5% | 0.6% | ||
| Q1 24 | 2.9% | 0.6% |
现金转化率BKNGCVNA
| Q4 25 | — | 0.50× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | 0.76× | ||
| Q3 24 | — | 4.74× | ||
| Q2 24 | — | 19.67× | ||
| Q1 24 | — | 3.61× |
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
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
CVNA
| Used Vehicle Sales | $4.2B | 74% |
| Wholesale Sales And Revenues | $988.0M | 18% |
| Other | $459.0M | 8% |
