vs
缤客控股（BKNG）与猫途鹰（TRIP）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猫途鹰的15.4倍（$6.3B vs $411.0M），缤客控股同比增速更快（16.0% vs 0.0%），缤客控股自由现金流更多（$1.4B vs $-122.0M），过去两年缤客控股的营收复合增速更高（19.9% vs 2.0%）
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。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
BKNG vs TRIP — 直观对比
营收规模更大
BKNG
是对方的15.4倍
$411.0M
营收增速更快
BKNG
高出16.0%
0.0%
自由现金流更多
BKNG
多$1.5B
$-122.0M
两年增速更快
BKNG
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $411.0M |
| 净利润 | — | $-38.0M |
| 毛利率 | — | 91.5% |
| 营业利润率 | 32.0% | -8.3% |
| 净利率 | — | -9.2% |
| 营收同比 | 16.0% | 0.0% |
| 净利润同比 | — | -3900.0% |
| 每股收益（稀释后） | $43.66 | $-0.32 |
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BKNGTRIP
| Q4 25 | $6.3B | $411.0M | ||
| Q3 25 | $9.0B | $553.0M | ||
| Q2 25 | $6.8B | $529.0M | ||
| Q1 25 | $4.8B | $398.0M | ||
| Q4 24 | $5.5B | $411.0M | ||
| Q3 24 | $8.0B | $532.0M | ||
| Q2 24 | $5.9B | $497.0M | ||
| Q1 24 | $4.4B | $395.0M |
净利润BKNGTRIP
| Q4 25 | — | $-38.0M | ||
| Q3 25 | — | $53.0M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | — | $-11.0M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | — | $39.0M | ||
| Q2 24 | — | $24.0M | ||
| Q1 24 | — | $-59.0M |
毛利率BKNGTRIP
| Q4 25 | — | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | — | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率BKNGTRIP
| Q4 25 | 32.0% | -8.3% | ||
| Q3 25 | 38.7% | 12.7% | ||
| Q2 25 | 33.1% | 11.2% | ||
| Q1 25 | 22.3% | -3.8% | ||
| Q4 24 | 31.6% | 0.2% | ||
| Q3 24 | 39.8% | 13.2% | ||
| Q2 24 | 31.7% | 7.2% | ||
| Q1 24 | 17.9% | -3.8% |
净利率BKNGTRIP
| Q4 25 | — | -9.2% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | -2.8% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | 4.8% | ||
| Q1 24 | — | -14.9% |
每股收益（稀释后）BKNGTRIP
| Q4 25 | $43.66 | $-0.32 | ||
| Q3 25 | $84.41 | $0.43 | ||
| Q2 25 | $27.43 | $0.28 | ||
| Q1 25 | $10.07 | $-0.08 | ||
| Q4 24 | $31.60 | $0.03 | ||
| Q3 24 | $74.34 | $0.27 | ||
| Q2 24 | $44.38 | $0.17 | ||
| Q1 24 | $22.37 | $-0.43 |
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 | $1.0B |
| 总债务越低越好 | $18.7B | $819.0M |
| 股东权益账面价值 | $-5.6B | $645.0M |
| 总资产 | $29.3B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资BKNGTRIP
| Q4 25 | $17.2B | $1.0B | ||
| Q3 25 | $16.5B | $1.2B | ||
| Q2 25 | $17.6B | $1.2B | ||
| Q1 25 | $15.6B | $1.2B | ||
| Q4 24 | $16.2B | $1.1B | ||
| Q3 24 | $15.8B | $1.1B | ||
| Q2 24 | $16.3B | $1.2B | ||
| Q1 24 | $16.0B | $1.2B |
总债务BKNGTRIP
| Q4 25 | $18.7B | $819.0M | ||
| Q3 25 | $17.0B | $821.0M | ||
| Q2 25 | $18.5B | $822.0M | ||
| Q1 25 | $16.0B | $1.2B | ||
| Q4 24 | $16.6B | $831.0M | ||
| Q3 24 | $16.2B | $832.0M | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGTRIP
| Q4 25 | $-5.6B | $645.0M | ||
| Q3 25 | $-4.7B | $707.0M | ||
| Q2 25 | $-6.7B | $627.0M | ||
| Q1 25 | $-6.1B | $643.0M | ||
| Q4 24 | $-4.0B | $943.0M | ||
| Q3 24 | $-3.7B | $944.0M | ||
| Q2 24 | $-4.3B | $857.0M | ||
| Q1 24 | $-4.1B | $825.0M |
总资产BKNGTRIP
| Q4 25 | $29.3B | $2.6B | ||
| Q3 25 | $28.8B | $2.8B | ||
| Q2 25 | $30.7B | $2.9B | ||
| Q1 25 | $27.2B | $2.8B | ||
| Q4 24 | $27.7B | $2.6B | ||
| Q3 24 | $28.0B | $2.7B | ||
| Q2 24 | $28.5B | $2.8B | ||
| Q1 24 | $27.7B | $2.7B |
负债/权益比BKNGTRIP
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| 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 | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $-122.0M |
| 自由现金流率自由现金流/营收 | 22.3% | -29.7% |
| 资本支出强度资本支出/营收 | 1.1% | 4.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $9.1B | $163.0M |
8季度趋势，按日历期对齐
经营现金流BKNGTRIP
| Q4 25 | $1.5B | $-103.0M | ||
| Q3 25 | $1.4B | $44.0M | ||
| Q2 25 | $3.2B | $202.0M | ||
| Q1 25 | $3.3B | $102.0M | ||
| Q4 24 | $721.0M | $-3.0M | ||
| Q3 24 | $2.4B | $-43.0M | ||
| Q2 24 | $2.5B | $51.0M | ||
| Q1 24 | $2.7B | $139.0M |
自由现金流BKNGTRIP
| Q4 25 | $1.4B | $-122.0M | ||
| Q3 25 | $1.4B | $25.0M | ||
| Q2 25 | $3.1B | $177.0M | ||
| Q1 25 | $3.2B | $83.0M | ||
| Q4 24 | $645.0M | $-26.0M | ||
| Q3 24 | $2.3B | $-63.0M | ||
| Q2 24 | $2.4B | $36.0M | ||
| Q1 24 | $2.6B | $123.0M |
自由现金流率BKNGTRIP
| Q4 25 | 22.3% | -29.7% | ||
| Q3 25 | 15.2% | 4.5% | ||
| Q2 25 | 46.1% | 33.5% | ||
| Q1 25 | 66.4% | 20.9% | ||
| Q4 24 | 11.8% | -6.3% | ||
| Q3 24 | 28.7% | -11.8% | ||
| Q2 24 | 40.6% | 7.2% | ||
| Q1 24 | 58.3% | 31.1% |
资本支出强度BKNGTRIP
| Q4 25 | 1.1% | 4.6% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.9% | 4.7% | ||
| Q1 25 | 2.5% | 4.8% | ||
| Q4 24 | 1.4% | 5.6% | ||
| Q3 24 | 1.0% | 3.8% | ||
| Q2 24 | 2.5% | 3.0% | ||
| Q1 24 | 2.9% | 4.1% |
现金转化率BKNGTRIP
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| Q1 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% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
