vs
缤客控股（BKNG）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是缤客控股的1.1倍（$7.0B vs $6.3B），缤客控股同比增速更快（16.0% vs 9.7%），麦当劳自由现金流更多（$1.6B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 6.6%）
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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
BKNG vs MCD — 直观对比
营收规模更大
MCD
是对方的1.1倍
$6.3B
营收增速更快
BKNG
高出6.3%
9.7%
自由现金流更多
MCD
多$221.0M
$1.4B
两年增速更快
BKNG
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $7.0B |
| 净利润 | — | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 45.0% |
| 净利率 | — | 30.9% |
| 营收同比 | 16.0% | 9.7% |
| 净利润同比 | — | 7.3% |
| 每股收益（稀释后） | $43.66 | $3.03 |
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BKNGMCD
| Q4 25 | $6.3B | $7.0B | ||
| Q3 25 | $9.0B | $7.1B | ||
| Q2 25 | $6.8B | $6.8B | ||
| Q1 25 | $4.8B | $6.0B | ||
| Q4 24 | $5.5B | $6.4B | ||
| Q3 24 | $8.0B | $6.9B | ||
| Q2 24 | $5.9B | $6.5B | ||
| Q1 24 | $4.4B | $6.2B |
净利润BKNGMCD
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $1.9B |
毛利率BKNGMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率BKNGMCD
| Q4 25 | 32.0% | 45.0% | ||
| Q3 25 | 38.7% | 47.4% | ||
| Q2 25 | 33.1% | 47.2% | ||
| Q1 25 | 22.3% | 44.5% | ||
| Q4 24 | 31.6% | 44.9% | ||
| Q3 24 | 39.8% | 46.4% | ||
| Q2 24 | 31.7% | 45.0% | ||
| Q1 24 | 17.9% | 44.4% |
净利率BKNGMCD
| Q4 25 | — | 30.9% | ||
| Q3 25 | — | 32.2% | ||
| Q2 25 | — | 32.9% | ||
| Q1 25 | — | 31.4% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | — | 32.8% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 31.3% |
每股收益（稀释后）BKNGMCD
| Q4 25 | $43.66 | $3.03 | ||
| Q3 25 | $84.41 | $3.18 | ||
| Q2 25 | $27.43 | $3.14 | ||
| Q1 25 | $10.07 | $2.60 | ||
| Q4 24 | $31.60 | $2.80 | ||
| Q3 24 | $74.34 | $3.13 | ||
| Q2 24 | $44.38 | $2.80 | ||
| Q1 24 | $22.37 | $2.66 |
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 | $774.0M |
| 总债务越低越好 | $18.7B | $40.0B |
| 股东权益账面价值 | $-5.6B | $-1.8B |
| 总资产 | $29.3B | $59.5B |
| 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BKNGMCD
| Q4 25 | $17.2B | $774.0M | ||
| Q3 25 | $16.5B | $2.4B | ||
| Q2 25 | $17.6B | $1.9B | ||
| Q1 25 | $15.6B | $1.2B | ||
| Q4 24 | $16.2B | $1.1B | ||
| Q3 24 | $15.8B | $1.2B | ||
| Q2 24 | $16.3B | $792.0M | ||
| Q1 24 | $16.0B | $838.0M |
总债务BKNGMCD
| Q4 25 | $18.7B | $40.0B | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | $38.4B | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGMCD
| Q4 25 | $-5.6B | $-1.8B | ||
| Q3 25 | $-4.7B | $-2.2B | ||
| Q2 25 | $-6.7B | $-2.8B | ||
| Q1 25 | $-6.1B | $-3.5B | ||
| Q4 24 | $-4.0B | $-3.8B | ||
| Q3 24 | $-3.7B | $-5.2B | ||
| Q2 24 | $-4.3B | $-4.8B | ||
| Q1 24 | $-4.1B | $-4.8B |
总资产BKNGMCD
| Q4 25 | $29.3B | $59.5B | ||
| Q3 25 | $28.8B | $60.6B | ||
| Q2 25 | $30.7B | $59.6B | ||
| Q1 25 | $27.2B | $56.3B | ||
| Q4 24 | $27.7B | $55.2B | ||
| Q3 24 | $28.0B | $56.2B | ||
| Q2 24 | $28.5B | $53.8B | ||
| Q1 24 | $27.7B | $53.5B |
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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $1.6B |
| 自由现金流率自由现金流/营收 | 22.3% | 23.4% |
| 资本支出强度资本支出/营收 | 1.1% | 15.1% |
| 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 | $9.1B | $7.2B |
8季度趋势，按日历期对齐
经营现金流BKNGMCD
| Q4 25 | $1.5B | $2.7B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $3.2B | $2.0B | ||
| Q1 25 | $3.3B | $2.4B | ||
| Q4 24 | $721.0M | $2.6B | ||
| Q3 24 | $2.4B | $2.7B | ||
| Q2 24 | $2.5B | $1.7B | ||
| Q1 24 | $2.7B | $2.4B |
自由现金流BKNGMCD
| Q4 25 | $1.4B | $1.6B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $3.1B | $1.3B | ||
| Q1 25 | $3.2B | $1.9B | ||
| Q4 24 | $645.0M | $1.8B | ||
| Q3 24 | $2.3B | $1.9B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.6B | $1.8B |
自由现金流率BKNGMCD
| Q4 25 | 22.3% | 23.4% | ||
| Q3 25 | 15.2% | 34.1% | ||
| Q2 25 | 46.1% | 18.3% | ||
| Q1 25 | 66.4% | 31.5% | ||
| Q4 24 | 11.8% | 28.6% | ||
| Q3 24 | 28.7% | 28.3% | ||
| Q2 24 | 40.6% | 16.3% | ||
| Q1 24 | 58.3% | 29.9% |
资本支出强度BKNGMCD
| Q4 25 | 1.1% | 15.1% | ||
| Q3 25 | 0.7% | 14.3% | ||
| Q2 25 | 0.9% | 10.9% | ||
| Q1 25 | 2.5% | 9.3% | ||
| Q4 24 | 1.4% | 12.6% | ||
| Q3 24 | 1.0% | 11.6% | ||
| Q2 24 | 2.5% | 9.7% | ||
| Q1 24 | 2.9% | 8.9% |
现金转化率BKNGMCD
| Q4 25 | — | 1.25× | ||
| Q3 25 | — | 1.50× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 0.84× | ||
| Q1 24 | — | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
