vs
缤客控股（BKNG）与US Foods Holding Corp.（USFD）财务数据对比。点击上方公司名可切换其他公司
US Foods Holding Corp.的季度营收约是缤客控股的1.5倍（$9.8B vs $6.3B）。缤客控股同比增速更快（16.0% vs 3.3%）。缤客控股自由现金流更多（$1.4B vs $159.0M）。过去两年缤客控股的营收复合增速更高（19.9% vs 4.6%）
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。
US Foods Holding Corp.是美国第二大食品服务分销商，规模仅次于Sysco。公司服务覆盖独立餐厅、连锁餐饮、医疗保健、酒店、教育机构等共计25万个场点，为各类客户提供食品配送及相关供应链服务，业务覆盖场景十分多元。
BKNG vs USFD — 直观对比
营收规模更大
USFD
是对方的1.5倍
$6.3B
营收增速更快
BKNG
高出12.8%
3.3%
自由现金流更多
BKNG
多$1.3B
$159.0M
两年增速更快
BKNG
近两年复合增速
4.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $9.8B |
| 净利润 | — | $184.0M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 32.0% | 3.3% |
| 净利率 | — | 1.9% |
| 营收同比 | 16.0% | 3.3% |
| 净利润同比 | — | 178.8% |
| 每股收益（稀释后） | $43.66 | $0.82 |
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BKNGUSFD
| Q4 25 | $6.3B | $9.8B | ||
| Q3 25 | $9.0B | $10.2B | ||
| Q2 25 | $6.8B | $10.1B | ||
| Q1 25 | $4.8B | $9.4B | ||
| Q4 24 | $5.5B | $9.5B | ||
| Q3 24 | $8.0B | $9.7B | ||
| Q2 24 | $5.9B | $9.7B | ||
| Q1 24 | $4.4B | $8.9B |
净利润BKNGUSFD
| Q4 25 | — | $184.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $224.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $66.0M | ||
| Q3 24 | — | $148.0M | ||
| Q2 24 | — | $198.0M | ||
| Q1 24 | — | $82.0M |
毛利率BKNGUSFD
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 17.2% | ||
| Q2 25 | — | 17.6% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 17.6% | ||
| Q1 24 | — | 16.7% |
营业利润率BKNGUSFD
| Q4 25 | 32.0% | 3.3% | ||
| Q3 25 | 38.7% | 2.8% | ||
| Q2 25 | 33.1% | 3.7% | ||
| Q1 25 | 22.3% | 2.4% | ||
| Q4 24 | 31.6% | 3.2% | ||
| Q3 24 | 39.8% | 2.9% | ||
| Q2 24 | 31.7% | 3.6% | ||
| Q1 24 | 17.9% | 1.8% |
净利率BKNGUSFD
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 0.9% |
每股收益（稀释后）BKNGUSFD
| Q4 25 | $43.66 | $0.82 | ||
| Q3 25 | $84.41 | $0.67 | ||
| Q2 25 | $27.43 | $0.96 | ||
| Q1 25 | $10.07 | $0.49 | ||
| Q4 24 | $31.60 | $0.28 | ||
| Q3 24 | $74.34 | $0.61 | ||
| Q2 24 | $44.38 | $0.80 | ||
| Q1 24 | $22.37 | $0.33 |
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 | $41.0M |
| 总债务越低越好 | $18.7B | $5.1B |
| 股东权益账面价值 | $-5.6B | $4.3B |
| 总资产 | $29.3B | $13.9B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资BKNGUSFD
| Q4 25 | $17.2B | $41.0M | ||
| Q3 25 | $16.5B | $56.0M | ||
| Q2 25 | $17.6B | $61.0M | ||
| Q1 25 | $15.6B | $101.0M | ||
| Q4 24 | $16.2B | $59.0M | ||
| Q3 24 | $15.8B | $81.0M | ||
| Q2 24 | $16.3B | $405.0M | ||
| Q1 24 | $16.0B | $267.0M |
总债务BKNGUSFD
| Q4 25 | $18.7B | $5.1B | ||
| Q3 25 | $17.0B | $4.8B | ||
| Q2 25 | $18.5B | $4.7B | ||
| Q1 25 | $16.0B | $4.7B | ||
| Q4 24 | $16.6B | $4.8B | ||
| Q3 24 | $16.2B | $4.7B | ||
| Q2 24 | $16.8B | $4.6B | ||
| Q1 24 | $16.9B | $4.6B |
股东权益BKNGUSFD
| Q4 25 | $-5.6B | $4.3B | ||
| Q3 25 | $-4.7B | $4.5B | ||
| Q2 25 | $-6.7B | $4.6B | ||
| Q1 25 | $-6.1B | $4.6B | ||
| Q4 24 | $-4.0B | $4.5B | ||
| Q3 24 | $-3.7B | $4.6B | ||
| Q2 24 | $-4.3B | $5.0B | ||
| Q1 24 | $-4.1B | $4.8B |
总资产BKNGUSFD
| Q4 25 | $29.3B | $13.9B | ||
| Q3 25 | $28.8B | $14.0B | ||
| Q2 25 | $30.7B | $13.8B | ||
| Q1 25 | $27.2B | $13.7B | ||
| Q4 24 | $27.7B | $13.4B | ||
| Q3 24 | $28.0B | $13.5B | ||
| Q2 24 | $28.5B | $13.7B | ||
| Q1 24 | $27.7B | $13.4B |
负债/权益比BKNGUSFD
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.06× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.95× |
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 | $293.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $159.0M |
| 自由现金流率自由现金流/营收 | 22.3% | 1.6% |
| 资本支出强度资本支出/营收 | 1.1% | 1.4% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $959.0M |
8季度趋势，按日历期对齐
经营现金流BKNGUSFD
| Q4 25 | $1.5B | $293.0M | ||
| Q3 25 | $1.4B | $351.0M | ||
| Q2 25 | $3.2B | $334.0M | ||
| Q1 25 | $3.3B | $391.0M | ||
| Q4 24 | $721.0M | $283.0M | ||
| Q3 24 | $2.4B | $270.0M | ||
| Q2 24 | $2.5B | $482.0M | ||
| Q1 24 | $2.7B | $139.0M |
自由现金流BKNGUSFD
| Q4 25 | $1.4B | $159.0M | ||
| Q3 25 | $1.4B | $236.0M | ||
| Q2 25 | $3.1B | $257.0M | ||
| Q1 25 | $3.2B | $307.0M | ||
| Q4 24 | $645.0M | $178.0M | ||
| Q3 24 | $2.3B | $190.0M | ||
| Q2 24 | $2.4B | $413.0M | ||
| Q1 24 | $2.6B | $52.0M |
自由现金流率BKNGUSFD
| Q4 25 | 22.3% | 1.6% | ||
| Q3 25 | 15.2% | 2.3% | ||
| Q2 25 | 46.1% | 2.5% | ||
| Q1 25 | 66.4% | 3.3% | ||
| Q4 24 | 11.8% | 1.9% | ||
| Q3 24 | 28.7% | 2.0% | ||
| Q2 24 | 40.6% | 4.3% | ||
| Q1 24 | 58.3% | 0.6% |
资本支出强度BKNGUSFD
| Q4 25 | 1.1% | 1.4% | ||
| Q3 25 | 0.7% | 1.1% | ||
| Q2 25 | 0.9% | 0.8% | ||
| Q1 25 | 2.5% | 0.9% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 1.0% | 0.8% | ||
| Q2 24 | 2.5% | 0.7% | ||
| Q1 24 | 2.9% | 1.0% |
现金转化率BKNGUSFD
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | 2.29× | ||
| Q2 25 | — | 1.49× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 4.29× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 2.43× | ||
| Q1 24 | — | 1.70× |
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% |
USFD
| Product One | $3.5B | 36% |
| Product Two | $1.7B | 17% |
| Product Three | $1.7B | 17% |
| Product Four | $985.0M | 10% |
| Product Five | $901.0M | 9% |
| Product Six | $580.0M | 6% |
| Product Seven | $485.0M | 5% |
