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缤客控股（BKNG）与贝宝（PYPL）财务数据对比。点击上方公司名可切换其他公司
贝宝的季度营收约是缤客控股的1.4倍（$8.7B vs $6.3B），缤客控股同比增速更快（16.0% vs 3.7%），贝宝自由现金流更多（$2.2B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 6.2%）
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。
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
BKNG vs PYPL — 直观对比
营收规模更大
PYPL
是对方的1.4倍
$6.3B
营收增速更快
BKNG
高出12.3%
3.7%
自由现金流更多
PYPL
多$773.0M
$1.4B
两年增速更快
BKNG
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $8.7B |
| 净利润 | — | $1.4B |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 17.4% |
| 净利率 | — | 16.6% |
| 营收同比 | 16.0% | 3.7% |
| 净利润同比 | — | 28.2% |
| 每股收益（稀释后） | $43.66 | $1.53 |
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BKNGPYPL
| Q4 25 | $6.3B | $8.7B | ||
| Q3 25 | $9.0B | $8.4B | ||
| Q2 25 | $6.8B | $8.3B | ||
| Q1 25 | $4.8B | $7.8B | ||
| Q4 24 | $5.5B | $8.4B | ||
| Q3 24 | $8.0B | $7.8B | ||
| Q2 24 | $5.9B | $7.9B | ||
| Q1 24 | $4.4B | $7.7B |
净利润BKNGPYPL
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $888.0M |
营业利润率BKNGPYPL
| Q4 25 | 32.0% | 17.4% | ||
| Q3 25 | 38.7% | 18.1% | ||
| Q2 25 | 33.1% | 18.1% | ||
| Q1 25 | 22.3% | 19.6% | ||
| Q4 24 | 31.6% | 17.2% | ||
| Q3 24 | 39.8% | 17.7% | ||
| Q2 24 | 31.7% | 16.8% | ||
| Q1 24 | 17.9% | 15.2% |
净利率BKNGPYPL
| Q4 25 | — | 16.6% | ||
| Q3 25 | — | 14.8% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 16.5% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | — | 11.5% |
每股收益（稀释后）BKNGPYPL
| Q4 25 | $43.66 | $1.53 | ||
| Q3 25 | $84.41 | $1.30 | ||
| Q2 25 | $27.43 | $1.29 | ||
| Q1 25 | $10.07 | $1.29 | ||
| Q4 24 | $31.60 | $1.09 | ||
| Q3 24 | $74.34 | $0.99 | ||
| Q2 24 | $44.38 | $1.08 | ||
| Q1 24 | $22.37 | $0.83 |
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 | $10.4B |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $-5.6B | $20.3B |
| 总资产 | $29.3B | $80.2B |
| 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BKNGPYPL
| Q4 25 | $17.2B | $10.4B | ||
| Q3 25 | $16.5B | $10.8B | ||
| Q2 25 | $17.6B | $10.0B | ||
| Q1 25 | $15.6B | $11.2B | ||
| Q4 24 | $16.2B | $10.8B | ||
| Q3 24 | $15.8B | $11.9B | ||
| Q2 24 | $16.3B | $13.6B | ||
| Q1 24 | $16.0B | $14.3B |
总债务BKNGPYPL
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGPYPL
| Q4 25 | $-5.6B | $20.3B | ||
| Q3 25 | $-4.7B | $20.2B | ||
| Q2 25 | $-6.7B | $20.2B | ||
| Q1 25 | $-6.1B | $20.3B | ||
| Q4 24 | $-4.0B | $20.4B | ||
| Q3 24 | $-3.7B | $20.2B | ||
| Q2 24 | $-4.3B | $20.6B | ||
| Q1 24 | $-4.1B | $20.7B |
总资产BKNGPYPL
| Q4 25 | $29.3B | $80.2B | ||
| Q3 25 | $28.8B | $79.8B | ||
| Q2 25 | $30.7B | $79.8B | ||
| Q1 25 | $27.2B | $81.3B | ||
| Q4 24 | $27.7B | $81.6B | ||
| Q3 24 | $28.0B | $83.5B | ||
| Q2 24 | $28.5B | $84.0B | ||
| Q1 24 | $27.7B | $83.3B |
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 | $2.4B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $2.2B |
| 自由现金流率自由现金流/营收 | 22.3% | 25.2% |
| 资本支出强度资本支出/营收 | 1.1% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.66× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $5.6B |
8季度趋势，按日历期对齐
经营现金流BKNGPYPL
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.4B | $2.0B | ||
| Q2 25 | $3.2B | $898.0M | ||
| Q1 25 | $3.3B | $1.2B | ||
| Q4 24 | $721.0M | $2.4B | ||
| Q3 24 | $2.4B | $1.6B | ||
| Q2 24 | $2.5B | $1.5B | ||
| Q1 24 | $2.7B | $1.9B |
自由现金流BKNGPYPL
| Q4 25 | $1.4B | $2.2B | ||
| Q3 25 | $1.4B | $1.7B | ||
| Q2 25 | $3.1B | $692.0M | ||
| Q1 25 | $3.2B | $964.0M | ||
| Q4 24 | $645.0M | $2.2B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.4B | $1.4B | ||
| Q1 24 | $2.6B | $1.8B |
自由现金流率BKNGPYPL
| Q4 25 | 22.3% | 25.2% | ||
| Q3 25 | 15.2% | 20.4% | ||
| Q2 25 | 46.1% | 8.3% | ||
| Q1 25 | 66.4% | 12.4% | ||
| Q4 24 | 11.8% | 26.2% | ||
| Q3 24 | 28.7% | 18.4% | ||
| Q2 24 | 40.6% | 17.3% | ||
| Q1 24 | 58.3% | 22.9% |
资本支出强度BKNGPYPL
| Q4 25 | 1.1% | 2.2% | ||
| Q3 25 | 0.7% | 3.0% | ||
| Q2 25 | 0.9% | 2.5% | ||
| Q1 25 | 2.5% | 2.5% | ||
| Q4 24 | 1.4% | 2.4% | ||
| Q3 24 | 1.0% | 2.2% | ||
| Q2 24 | 2.5% | 2.0% | ||
| Q1 24 | 2.9% | 2.0% |
现金转化率BKNGPYPL
| Q4 25 | — | 1.66× | ||
| Q3 25 | — | 1.58× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
