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BXP, Inc.（BXP）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是BXP, Inc.的1.1倍（$992.0M vs $872.1M），BXP, Inc.净利率更高（15.3% vs 8.2%，领先7.1%），Maplebear Inc.同比增速更快（12.3% vs 0.8%），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 1.3%）
BXP是美国头部商业地产投资信托企业，核心业务为持有、运营及开发A级高端写字楼资产，项目覆盖纽约、波士顿、旧金山等美国核心都市圈，服务企业、科技、专业服务等领域的多元租户。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
BXP vs CART — 直观对比
营收规模更大
CART
是对方的1.1倍
$872.1M
营收增速更快
CART
高出11.5%
0.8%
净利率更高
BXP
高出7.1%
8.2%
两年增速更快
CART
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $992.0M |
| 净利润 | $133.0M | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | — | 9.9% |
| 净利率 | 15.3% | 8.2% |
| 营收同比 | 0.8% | 12.3% |
| 净利润同比 | 53.0% | -45.3% |
| 每股收益（稀释后） | $1.69 | $0.31 |
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BXPCART
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $992.0M | ||
| Q3 25 | $871.5M | $939.0M | ||
| Q2 25 | $868.5M | $914.0M | ||
| Q1 25 | $865.2M | $897.0M | ||
| Q4 24 | $858.6M | $883.0M | ||
| Q3 24 | $859.2M | $852.0M | ||
| Q2 24 | $850.5M | $823.0M |
净利润BXPCART
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $81.0M | ||
| Q3 25 | $-121.7M | $144.0M | ||
| Q2 25 | $89.0M | $116.0M | ||
| Q1 25 | $61.2M | $106.0M | ||
| Q4 24 | $-228.9M | $148.0M | ||
| Q3 24 | $83.6M | $118.0M | ||
| Q2 24 | $79.6M | $61.0M |
毛利率BXPCART
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | 72.3% | ||
| Q3 25 | 59.3% | 73.7% | ||
| Q2 25 | 59.2% | 74.2% | ||
| Q1 25 | 59.2% | 74.8% | ||
| Q4 24 | 59.7% | 75.2% | ||
| Q3 24 | 59.5% | 75.2% | ||
| Q2 24 | 59.8% | 75.7% |
营业利润率BXPCART
| Q1 26 | — | — | ||
| Q4 25 | — | 9.9% | ||
| Q3 25 | — | 17.7% | ||
| Q2 25 | — | 13.6% | ||
| Q1 25 | — | 12.3% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 6.3% |
净利率BXPCART
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 8.2% | ||
| Q3 25 | -14.0% | 15.3% | ||
| Q2 25 | 10.2% | 12.7% | ||
| Q1 25 | 7.1% | 11.8% | ||
| Q4 24 | -26.7% | 16.8% | ||
| Q3 24 | 9.7% | 13.8% | ||
| Q2 24 | 9.4% | 7.4% |
每股收益（稀释后）BXPCART
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.31 | ||
| Q3 25 | $-0.77 | $0.51 | ||
| Q2 25 | $0.56 | $0.41 | ||
| Q1 25 | $0.39 | $0.37 | ||
| Q4 24 | $-1.46 | $0.53 | ||
| Q3 24 | $0.53 | $0.42 | ||
| Q2 24 | $0.51 | $0.20 |
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 | $512.8M | $687.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.7B | $2.5B |
| 总资产 | $25.1B | $3.7B |
| 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BXPCART
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $687.0M | ||
| Q3 25 | $861.1M | $1.7B | ||
| Q2 25 | $447.0M | $1.6B | ||
| Q1 25 | $398.1M | $1.6B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $685.4M | $1.4B |
股东权益BXPCART
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $2.5B | ||
| Q3 25 | $5.0B | $3.5B | ||
| Q2 25 | $5.3B | $3.3B | ||
| Q1 25 | $5.3B | $3.2B | ||
| Q4 24 | $5.4B | $3.1B | ||
| Q3 24 | $5.8B | $2.9B | ||
| Q2 24 | $5.8B | $3.0B |
总资产BXPCART
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $3.7B | ||
| Q3 25 | $26.0B | $4.5B | ||
| Q2 25 | $25.6B | $4.4B | ||
| Q1 25 | $25.4B | $4.3B | ||
| Q4 24 | $26.1B | $4.1B | ||
| Q3 24 | $26.4B | $3.9B | ||
| Q2 24 | $25.5B | $4.0B |
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 | — | $183.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 17.2% |
| 资本支出强度资本支出/营收 | 1.5% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.26× |
| 过去12个月自由现金流最近4个季度 | — | $910.0M |
8季度趋势，按日历期对齐
经营现金流BXPCART
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $183.0M | ||
| Q3 25 | $274.2M | $287.0M | ||
| Q2 25 | $353.1M | $203.0M | ||
| Q1 25 | $210.0M | $298.0M | ||
| Q4 24 | $383.7M | $153.0M | ||
| Q3 24 | $286.1M | $185.0M | ||
| Q2 24 | $367.1M | $244.0M |
自由现金流BXPCART
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $171.0M | ||
| Q3 25 | $231.6M | $272.0M | ||
| Q2 25 | $281.5M | $187.0M | ||
| Q1 25 | $152.6M | $280.0M | ||
| Q4 24 | $312.5M | $141.0M | ||
| Q3 24 | $234.5M | $171.0M | ||
| Q2 24 | $332.4M | $220.0M |
自由现金流率BXPCART
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 17.2% | ||
| Q3 25 | 26.6% | 29.0% | ||
| Q2 25 | 32.4% | 20.5% | ||
| Q1 25 | 17.6% | 31.2% | ||
| Q4 24 | 36.4% | 16.0% | ||
| Q3 24 | 27.3% | 20.1% | ||
| Q2 24 | 39.1% | 26.7% |
资本支出强度BXPCART
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 1.2% | ||
| Q3 25 | 4.9% | 1.6% | ||
| Q2 25 | 8.2% | 1.8% | ||
| Q1 25 | 6.6% | 2.0% | ||
| Q4 24 | 8.3% | 1.4% | ||
| Q3 24 | 6.0% | 1.6% | ||
| Q2 24 | 4.1% | 2.9% |
现金转化率BXPCART
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 2.26× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | 3.97× | 1.75× | ||
| Q1 25 | 3.43× | 2.81× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 3.42× | 1.57× | ||
| Q2 24 | 4.61× | 4.00× |
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
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
