vs
缤客控股（BKNG）与优步（UBER）财务数据对比。点击上方公司名可切换其他公司
优步的季度营收约是缤客控股的2.3倍（$14.4B vs $6.3B），优步同比增速更快（20.1% vs 16.0%），优步自由现金流更多（$2.8B vs $1.4B），过去两年缤客控股的营收复合增速更高（19.9% vs 19.1%）
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。
优步是总部位于美国加利福尼亚州旧金山的跨国出行科技企业，核心业务涵盖网约车、快递、食品配送及货运服务，业务覆盖全球约70个国家和15000座城市，是全球规模最大的共享出行平台，月活用户超1.8亿，活跃司机及配送员超600万。
BKNG vs UBER — 直观对比
营收规模更大
UBER
是对方的2.3倍
$6.3B
营收增速更快
UBER
高出4.1%
16.0%
自由现金流更多
UBER
多$1.4B
$1.4B
两年增速更快
BKNG
近两年复合增速
19.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $14.4B |
| 净利润 | — | $296.0M |
| 毛利率 | — | — |
| 营业利润率 | 32.0% | 12.3% |
| 净利率 | — | 2.1% |
| 营收同比 | 16.0% | 20.1% |
| 净利润同比 | — | -95.7% |
| 每股收益（稀释后） | $43.66 | $0.16 |
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BKNGUBER
| Q4 25 | $6.3B | $14.4B | ||
| Q3 25 | $9.0B | $13.5B | ||
| Q2 25 | $6.8B | $12.7B | ||
| Q1 25 | $4.8B | $11.5B | ||
| Q4 24 | $5.5B | $12.0B | ||
| Q3 24 | $8.0B | $11.2B | ||
| Q2 24 | $5.9B | $10.7B | ||
| Q1 24 | $4.4B | $10.1B |
净利润BKNGUBER
| Q4 25 | — | $296.0M | ||
| Q3 25 | — | $6.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $-654.0M |
营业利润率BKNGUBER
| Q4 25 | 32.0% | 12.3% | ||
| Q3 25 | 38.7% | 8.3% | ||
| Q2 25 | 33.1% | 11.5% | ||
| Q1 25 | 22.3% | 10.6% | ||
| Q4 24 | 31.6% | 6.4% | ||
| Q3 24 | 39.8% | 9.5% | ||
| Q2 24 | 31.7% | 7.4% | ||
| Q1 24 | 17.9% | 1.7% |
净利率BKNGUBER
| Q4 25 | — | 2.1% | ||
| Q3 25 | — | 49.2% | ||
| Q2 25 | — | 10.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 57.6% | ||
| Q3 24 | — | 23.3% | ||
| Q2 24 | — | 9.5% | ||
| Q1 24 | — | -6.5% |
每股收益（稀释后）BKNGUBER
| Q4 25 | $43.66 | $0.16 | ||
| Q3 25 | $84.41 | $3.11 | ||
| Q2 25 | $27.43 | $0.63 | ||
| Q1 25 | $10.07 | $0.83 | ||
| Q4 24 | $31.60 | $3.21 | ||
| Q3 24 | $74.34 | $1.20 | ||
| Q2 24 | $44.38 | $0.47 | ||
| Q1 24 | $22.37 | $-0.32 |
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 | $7.6B |
| 总债务越低越好 | $18.7B | $10.6B |
| 股东权益账面价值 | $-5.6B | $27.0B |
| 总资产 | $29.3B | $61.8B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资BKNGUBER
| Q4 25 | $17.2B | $7.6B | ||
| Q3 25 | $16.5B | $9.1B | ||
| Q2 25 | $17.6B | $7.4B | ||
| Q1 25 | $15.6B | $6.0B | ||
| Q4 24 | $16.2B | $7.0B | ||
| Q3 24 | $15.8B | $9.1B | ||
| Q2 24 | $16.3B | $6.3B | ||
| Q1 24 | $16.0B | $5.8B |
总债务BKNGUBER
| Q4 25 | $18.7B | $10.6B | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | $9.6B | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGUBER
| Q4 25 | $-5.6B | $27.0B | ||
| Q3 25 | $-4.7B | $28.1B | ||
| Q2 25 | $-6.7B | $22.6B | ||
| Q1 25 | $-6.1B | $22.0B | ||
| Q4 24 | $-4.0B | $21.6B | ||
| Q3 24 | $-3.7B | $14.8B | ||
| Q2 24 | $-4.3B | $12.3B | ||
| Q1 24 | $-4.1B | $11.1B |
总资产BKNGUBER
| Q4 25 | $29.3B | $61.8B | ||
| Q3 25 | $28.8B | $63.3B | ||
| Q2 25 | $30.7B | $56.0B | ||
| Q1 25 | $27.2B | $52.8B | ||
| Q4 24 | $27.7B | $51.2B | ||
| Q3 24 | $28.0B | $47.1B | ||
| Q2 24 | $28.5B | $41.5B | ||
| Q1 24 | $27.7B | $39.6B |
负债/权益比BKNGUBER
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.44× | ||
| 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 | $2.9B |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $2.8B |
| 自由现金流率自由现金流/营收 | 22.3% | 19.5% |
| 资本支出强度资本支出/营收 | 1.1% | 0.5% |
| 现金转化率经营现金流/净利润 | — | 9.74× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $9.8B |
8季度趋势，按日历期对齐
经营现金流BKNGUBER
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | $3.2B | $2.6B | ||
| Q1 25 | $3.3B | $2.3B | ||
| Q4 24 | $721.0M | $1.8B | ||
| Q3 24 | $2.4B | $2.2B | ||
| Q2 24 | $2.5B | $1.8B | ||
| Q1 24 | $2.7B | $1.4B |
自由现金流BKNGUBER
| Q4 25 | $1.4B | $2.8B | ||
| Q3 25 | $1.4B | $2.2B | ||
| Q2 25 | $3.1B | $2.5B | ||
| Q1 25 | $3.2B | $2.3B | ||
| Q4 24 | $645.0M | $1.7B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.6B | $1.4B |
自由现金流率BKNGUBER
| Q4 25 | 22.3% | 19.5% | ||
| Q3 25 | 15.2% | 16.6% | ||
| Q2 25 | 46.1% | 19.6% | ||
| Q1 25 | 66.4% | 19.5% | ||
| Q4 24 | 11.8% | 14.3% | ||
| Q3 24 | 28.7% | 18.9% | ||
| Q2 24 | 40.6% | 16.1% | ||
| Q1 24 | 58.3% | 13.4% |
资本支出强度BKNGUBER
| Q4 25 | 1.1% | 0.5% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.9% | 0.7% | ||
| Q1 25 | 2.5% | 0.6% | ||
| Q4 24 | 1.4% | 0.4% | ||
| Q3 24 | 1.0% | 0.4% | ||
| Q2 24 | 2.5% | 0.9% | ||
| Q1 24 | 2.9% | 0.6% |
现金转化率BKNGUBER
| Q4 25 | — | 9.74× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.82× | ||
| Q2 24 | — | 1.79× | ||
| 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% |
UBER
| Mobility | $8.2B | 57% |
| Delivery | $4.9B | 34% |
| Freight | $1.3B | 9% |
