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黑石集团（BX）与百胜餐饮集团（YUM）财务数据对比。点击上方公司名可切换其他公司
黑石集团的季度营收约是百胜餐饮集团的1.3倍（$3.3B vs $2.5B），黑石集团净利率更高（36.7% vs 21.3%，领先15.5%），百胜餐饮集团同比增速更快（6.5% vs -77.7%），过去两年百胜餐饮集团的营收复合增速更高（25.5% vs 8.5%）
黑石集团是总部位于美国纽约的另类资产管理机构，1985年由曾共同任职于雷曼兄弟的彼得·彼得森和斯蒂芬·施瓦茨曼创立，最初主营并购咨询业务。过去三十年间，其私募股权业务是全球最大的杠杆收购投资方之一，地产业务也在全球积极布局商业不动产投资。
百胜餐饮集团是美国跨国快餐企业，前身为百事可乐1977年收购肯德基、必胜客、塔可贝尔后成立的子公司，1997年从百事可乐分拆独立。目前集团运营肯德基、必胜客、塔可贝尔、哈比特汉堡等知名餐饮品牌，同时持有多家科技公司为业务发展提供支持。
BX vs YUM — 直观对比
营收规模更大
BX
是对方的1.3倍
$2.5B
营收增速更快
YUM
高出84.2%
-77.7%
净利率更高
BX
高出15.5%
21.3%
两年增速更快
YUM
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.3B | $2.5B |
| 净利润 | $1.2B | $535.0M |
| 毛利率 | — | 67.6% |
| 营业利润率 | — | 29.3% |
| 净利率 | 36.7% | 21.3% |
| 营收同比 | -77.7% | 6.5% |
| 净利润同比 | -76.1% | 26.5% |
| 每股收益（稀释后） | $0.80 | $1.91 |
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BXYUM
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.4B | $2.5B | ||
| Q3 25 | $3.1B | $2.0B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.3B | $1.8B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $3.7B | $1.8B | ||
| Q2 24 | $2.8B | $1.8B |
净利润BXYUM
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $535.0M | ||
| Q3 25 | $624.9M | $397.0M | ||
| Q2 25 | $764.2M | $374.0M | ||
| Q1 25 | $614.9M | $253.0M | ||
| Q4 24 | $703.9M | $423.0M | ||
| Q3 24 | $780.8M | $382.0M | ||
| Q2 24 | $444.4M | $367.0M |
毛利率BXYUM
| Q1 26 | — | — | ||
| Q4 25 | — | 67.6% | ||
| Q3 25 | — | 70.3% | ||
| Q2 25 | — | 71.0% | ||
| Q1 25 | — | 70.9% | ||
| Q4 24 | — | 69.2% | ||
| Q3 24 | — | 71.4% | ||
| Q2 24 | — | 73.3% |
营业利润率BXYUM
| Q1 26 | — | — | ||
| Q4 25 | 54.1% | 29.3% | ||
| Q3 25 | 46.8% | 33.7% | ||
| Q2 25 | 51.6% | 32.2% | ||
| Q1 25 | 44.2% | 30.7% | ||
| Q4 24 | 50.6% | 27.8% | ||
| Q3 24 | 49.4% | 33.9% | ||
| Q2 24 | 43.2% | 34.4% |
净利率BXYUM
| Q1 26 | 36.7% | — | ||
| Q4 25 | 23.3% | 21.3% | ||
| Q3 25 | 20.2% | 20.1% | ||
| Q2 25 | 20.6% | 19.3% | ||
| Q1 25 | 18.7% | 14.2% | ||
| Q4 24 | 22.8% | 17.9% | ||
| Q3 24 | 21.3% | 20.9% | ||
| Q2 24 | 15.9% | 20.8% |
每股收益（稀释后）BXYUM
| Q1 26 | $0.80 | — | ||
| Q4 25 | $1.29 | $1.91 | ||
| Q3 25 | $0.80 | $1.41 | ||
| Q2 25 | $0.98 | $1.33 | ||
| Q1 25 | $0.80 | $0.90 | ||
| Q4 24 | $0.91 | $1.49 | ||
| Q3 24 | $1.02 | $1.35 | ||
| Q2 24 | $0.58 | $1.28 |
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 | $2.4B | $709.0M |
| 总债务越低越好 | — | $11.9B |
| 股东权益账面价值 | $18.5B | $-7.3B |
| 总资产 | $45.3B | $8.2B |
| 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BXYUM
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.6B | $709.0M | ||
| Q3 25 | $2.4B | $1.0B | ||
| Q2 25 | $2.2B | $677.0M | ||
| Q1 25 | $2.4B | $607.0M | ||
| Q4 24 | $2.0B | $707.0M | ||
| Q3 24 | $2.4B | $548.0M | ||
| Q2 24 | $2.4B | $520.0M |
总债务BXYUM
| Q1 26 | — | — | ||
| Q4 25 | $12.6B | $11.9B | ||
| Q3 25 | $12.1B | $11.5B | ||
| Q2 25 | $12.1B | $10.4B | ||
| Q1 25 | $12.6B | $11.3B | ||
| Q4 24 | $11.5B | $11.3B | ||
| Q3 24 | $10.9B | $11.2B | ||
| Q2 24 | $10.8B | $11.1B |
股东权益BXYUM
| Q1 26 | $18.5B | — | ||
| Q4 25 | $8.7B | $-7.3B | ||
| Q3 25 | $8.4B | $-7.5B | ||
| Q2 25 | $8.4B | $-7.7B | ||
| Q1 25 | $8.0B | $-7.8B | ||
| Q4 24 | $8.2B | $-7.6B | ||
| Q3 24 | $7.0B | $-7.7B | ||
| Q2 24 | $6.8B | $-7.6B |
总资产BXYUM
| Q1 26 | $45.3B | — | ||
| Q4 25 | $47.7B | $8.2B | ||
| Q3 25 | $46.6B | $7.2B | ||
| Q2 25 | $45.4B | $6.9B | ||
| Q1 25 | $45.3B | $6.7B | ||
| Q4 24 | $43.5B | $6.7B | ||
| Q3 24 | $42.6B | $6.5B | ||
| Q2 24 | $40.6B | $6.4B |
负债/权益比BXYUM
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.58× | — |
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 | — | $617.0M |
| 自由现金流经营现金流 - 资本支出 | — | $482.0M |
| 自由现金流率自由现金流/营收 | — | 19.2% |
| 资本支出强度资本支出/营收 | — | 5.4% |
| 现金转化率经营现金流/净利润 | — | 1.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.6B |
8季度趋势，按日历期对齐
经营现金流BXYUM
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $617.0M | ||
| Q3 25 | $1.6B | $543.0M | ||
| Q2 25 | $888.5M | $446.0M | ||
| Q1 25 | $1.1B | $404.0M | ||
| Q4 24 | $161.4M | $513.0M | ||
| Q3 24 | $1.2B | $471.0M | ||
| Q2 24 | $1.2B | $342.0M |
自由现金流BXYUM
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $482.0M | ||
| Q3 25 | $1.6B | $449.0M | ||
| Q2 25 | $848.4M | $375.0M | ||
| Q1 25 | $1.1B | $333.0M | ||
| Q4 24 | $149.5M | $407.0M | ||
| Q3 24 | $1.2B | $419.0M | ||
| Q2 24 | $1.1B | $292.0M |
自由现金流率BXYUM
| Q1 26 | — | — | ||
| Q4 25 | 24.0% | 19.2% | ||
| Q3 25 | 51.0% | 22.7% | ||
| Q2 25 | 22.9% | 19.4% | ||
| Q1 25 | 32.8% | 18.6% | ||
| Q4 24 | 4.9% | 17.2% | ||
| Q3 24 | 32.8% | 22.9% | ||
| Q2 24 | 41.0% | 16.6% |
资本支出强度BXYUM
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 5.4% | ||
| Q3 25 | 0.8% | 4.7% | ||
| Q2 25 | 1.1% | 3.7% | ||
| Q1 25 | 0.9% | 4.0% | ||
| Q4 24 | 0.4% | 4.5% | ||
| Q3 24 | 0.5% | 2.8% | ||
| Q2 24 | 0.4% | 2.8% |
现金转化率BXYUM
| Q1 26 | — | — | ||
| Q4 25 | 1.05× | 1.15× | ||
| Q3 25 | 2.56× | 1.37× | ||
| Q2 25 | 1.16× | 1.19× | ||
| Q1 25 | 1.80× | 1.60× | ||
| Q4 24 | 0.23× | 1.21× | ||
| Q3 24 | 1.56× | 1.23× | ||
| Q2 24 | 2.61× | 0.93× |
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
BX
| Management and Advisory Fees, Net | $1.9B | 58% |
| Realized | $562.0M | 17% |
| Other | $368.1M | 11% |
| Unrealized | $263.2M | 8% |
| Incentive Fees | $191.8M | 6% |
YUM
| Other | $1.5B | 59% |
| Advertising | $547.0M | 22% |
| Pizza Hut Global Division | $303.0M | 12% |
| The Habit Burger Grill Global Division | $174.0M | 7% |
| Real Estate | $4.0M | 0% |
