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BXP, Inc.（BXP）与Global Business Travel Group, Inc.（GBTG）财务数据对比。点击上方公司名可切换其他公司
BXP, Inc.的季度营收约是Global Business Travel Group, Inc.的1.1倍（$872.1M vs $792.0M），BXP, Inc.净利率更高（15.3% vs 10.5%，领先4.8%），Global Business Travel Group, Inc.同比增速更快（34.0% vs 0.8%），过去两年Global Business Travel Group, Inc.的营收复合增速更高（13.9% 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。
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
BXP vs GBTG — 直观对比
营收规模更大
BXP
是对方的1.1倍
$792.0M
营收增速更快
GBTG
高出33.2%
0.8%
净利率更高
BXP
高出4.8%
10.5%
两年增速更快
GBTG
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $792.0M |
| 净利润 | $133.0M | $83.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 3.7% |
| 净利率 | 15.3% | 10.5% |
| 营收同比 | 0.8% | 34.0% |
| 净利润同比 | 53.0% | 692.9% |
| 每股收益（稀释后） | $1.69 | $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BXPGBTG
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $792.0M | ||
| Q3 25 | $871.5M | $674.0M | ||
| Q2 25 | $868.5M | $631.0M | ||
| Q1 25 | $865.2M | $621.0M | ||
| Q4 24 | $858.6M | $591.0M | ||
| Q3 24 | $859.2M | $597.0M | ||
| Q2 24 | $850.5M | $625.0M |
净利润BXPGBTG
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $83.0M | ||
| Q3 25 | $-121.7M | $-62.0M | ||
| Q2 25 | $89.0M | $15.0M | ||
| Q1 25 | $61.2M | $75.0M | ||
| Q4 24 | $-228.9M | $-14.0M | ||
| Q3 24 | $83.6M | $-128.0M | ||
| Q2 24 | $79.6M | $27.0M |
毛利率BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
营业利润率BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | 4.5% | ||
| Q2 24 | — | 6.7% |
净利率BXPGBTG
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 10.5% | ||
| Q3 25 | -14.0% | -9.2% | ||
| Q2 25 | 10.2% | 2.4% | ||
| Q1 25 | 7.1% | 12.1% | ||
| Q4 24 | -26.7% | -2.4% | ||
| Q3 24 | 9.7% | -21.4% | ||
| Q2 24 | 9.4% | 4.3% |
每股收益（稀释后）BXPGBTG
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.16 | ||
| Q3 25 | $-0.77 | $-0.13 | ||
| Q2 25 | $0.56 | $0.03 | ||
| Q1 25 | $0.39 | $0.16 | ||
| Q4 24 | $-1.46 | $-0.04 | ||
| Q3 24 | $0.53 | $-0.28 | ||
| Q2 24 | $0.51 | $0.06 |
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 | $434.0M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $7.7B | $1.6B |
| 总资产 | $25.1B | $4.9B |
| 负债/权益比越低杠杆越低 | — | 0.88× |
8季度趋势，按日历期对齐
现金及短期投资BXPGBTG
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | $434.0M | ||
| Q3 25 | $861.1M | $427.0M | ||
| Q2 25 | $447.0M | $601.0M | ||
| Q1 25 | $398.1M | $552.0M | ||
| Q4 24 | $1.3B | $536.0M | ||
| Q3 24 | $1.4B | $524.0M | ||
| Q2 24 | $685.4M | $515.0M |
总债务BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — |
股东权益BXPGBTG
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $1.6B | ||
| Q3 25 | $5.0B | $1.5B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.8B | $1.1B | ||
| Q2 24 | $5.8B | $1.2B |
总资产BXPGBTG
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $4.9B | ||
| Q3 25 | $26.0B | $4.8B | ||
| Q2 25 | $25.6B | $3.9B | ||
| Q1 25 | $25.4B | $3.8B | ||
| Q4 24 | $26.1B | $3.6B | ||
| Q3 24 | $26.4B | $3.8B | ||
| Q2 24 | $25.5B | $3.8B |
负债/权益比BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| Q2 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 | — | $52.0M |
| 自由现金流经营现金流 - 资本支出 | — | $13.0M |
| 自由现金流率自由现金流/营收 | — | 1.6% |
| 资本支出强度资本支出/营收 | 1.5% | 4.9% |
| 现金转化率经营现金流/净利润 | — | 0.63× |
| 过去12个月自由现金流最近4个季度 | — | $104.0M |
8季度趋势，按日历期对齐
经营现金流BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $52.0M | ||
| Q3 25 | $274.2M | $71.0M | ||
| Q2 25 | $353.1M | $57.0M | ||
| Q1 25 | $210.0M | $53.0M | ||
| Q4 24 | $383.7M | $65.0M | ||
| Q3 24 | $286.1M | $85.0M | ||
| Q2 24 | $367.1M | $73.0M |
自由现金流BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | $13.0M | ||
| Q3 25 | $231.6M | $38.0M | ||
| Q2 25 | $281.5M | $27.0M | ||
| Q1 25 | $152.6M | $26.0M | ||
| Q4 24 | $312.5M | $33.0M | ||
| Q3 24 | $234.5M | $59.0M | ||
| Q2 24 | $332.4M | $49.0M |
自由现金流率BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | 1.6% | ||
| Q3 25 | 26.6% | 5.6% | ||
| Q2 25 | 32.4% | 4.3% | ||
| Q1 25 | 17.6% | 4.2% | ||
| Q4 24 | 36.4% | 5.6% | ||
| Q3 24 | 27.3% | 9.9% | ||
| Q2 24 | 39.1% | 7.8% |
资本支出强度BXPGBTG
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | 4.9% | ||
| Q3 25 | 4.9% | 4.9% | ||
| Q2 25 | 8.2% | 4.8% | ||
| Q1 25 | 6.6% | 4.3% | ||
| Q4 24 | 8.3% | 5.4% | ||
| Q3 24 | 6.0% | 4.4% | ||
| Q2 24 | 4.1% | 3.8% |
现金转化率BXPGBTG
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.63× | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.97× | 3.80× | ||
| Q1 25 | 3.43× | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | 2.70× |
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
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
