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Maplebear Inc.（CART）与Liberty Global Ltd.（LBTYA）财务数据对比。点击上方公司名可切换其他公司
Liberty Global Ltd.的季度营收约是Maplebear Inc.的2.4倍（$2.4B vs $992.0M），Liberty Global Ltd.净利率更高（15.0% vs 8.2%，领先6.8%），Maplebear Inc.同比增速更快（12.3% vs -3.6%），过去两年Liberty Global Ltd.的营收复合增速更高（12.9% vs 10.0%）
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。
自由全球有限公司是一家英荷美合资的跨国电信企业，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛均设有总部。公司旗下拥有英国自由全球控股有限公司、荷兰自由全球有限公司及美国自由全球公司三大主体，其中英国主体为上市实体。企业由自由媒体国际业务部与UnitedGlobalCom于2005年合并成立，在全球电信服务领域拥有深厚的行业积累。
CART vs LBTYA — 直观对比
营收规模更大
LBTYA
是对方的2.4倍
$992.0M
营收增速更快
CART
高出16.0%
-3.6%
净利率更高
LBTYA
高出6.8%
8.2%
两年增速更快
LBTYA
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $2.4B |
| 净利润 | $81.0M | $358.2M |
| 毛利率 | 72.3% | — |
| 营业利润率 | 9.9% | 1.0% |
| 净利率 | 8.2% | 15.0% |
| 营收同比 | 12.3% | -3.6% |
| 净利润同比 | -45.3% | 127.1% |
| 每股收益（稀释后） | $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CARTLBTYA
| Q1 26 | — | $2.4B | ||
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.3B | ||
| Q1 25 | $897.0M | $1.2B | ||
| Q4 24 | $883.0M | $-1.4B | ||
| Q3 24 | $852.0M | $1.9B | ||
| Q2 24 | $823.0M | $1.9B |
净利润CARTLBTYA
| Q1 26 | — | $358.2M | ||
| Q4 25 | $81.0M | $-2.9B | ||
| Q3 25 | $144.0M | $-90.7M | ||
| Q2 25 | $116.0M | $-2.8B | ||
| Q1 25 | $106.0M | $-1.3B | ||
| Q4 24 | $148.0M | $2.2B | ||
| Q3 24 | $118.0M | $-1.4B | ||
| Q2 24 | $61.0M | $268.1M |
毛利率CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | 72.3% | 66.8% | ||
| Q3 25 | 73.7% | 67.5% | ||
| Q2 25 | 74.2% | 63.3% | ||
| Q1 25 | 74.8% | 65.6% | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | 69.4% | ||
| Q2 24 | 75.7% | 68.5% |
营业利润率CARTLBTYA
| Q1 26 | — | 1.0% | ||
| Q4 25 | 9.9% | -8.6% | ||
| Q3 25 | 17.7% | -0.7% | ||
| Q2 25 | 13.6% | 2.3% | ||
| Q1 25 | 12.3% | 5.2% | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | 5.2% | ||
| Q2 24 | 6.3% | 1.0% |
净利率CARTLBTYA
| Q1 26 | — | 15.0% | ||
| Q4 25 | 8.2% | -237.0% | ||
| Q3 25 | 15.3% | -7.5% | ||
| Q2 25 | 12.7% | -220.1% | ||
| Q1 25 | 11.8% | -114.2% | ||
| Q4 24 | 16.8% | -158.9% | ||
| Q3 24 | 13.8% | -74.1% | ||
| Q2 24 | 7.4% | 14.3% |
每股收益（稀释后）CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | $0.31 | $-8.66 | ||
| Q3 25 | $0.51 | $-0.27 | ||
| Q2 25 | $0.41 | $-8.09 | ||
| Q1 25 | $0.37 | $-3.84 | ||
| Q4 24 | $0.53 | $6.15 | ||
| Q3 24 | $0.42 | $-3.95 | ||
| Q2 24 | $0.20 | $0.71 |
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 | $687.0M | $-387.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | — |
| 总资产 | $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CARTLBTYA
| Q1 26 | — | $-387.3M | ||
| Q4 25 | $687.0M | $2.2B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.6B | $3.1B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.4B | $2.2B | ||
| Q3 24 | $1.3B | $3.3B | ||
| Q2 24 | $1.4B | $3.2B |
总债务CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $14.9B | ||
| Q2 24 | — | $14.7B |
股东权益CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $9.7B | ||
| Q3 25 | $3.5B | $12.7B | ||
| Q2 25 | $3.3B | $13.0B | ||
| Q1 25 | $3.2B | $12.6B | ||
| Q4 24 | $3.1B | $12.4B | ||
| Q3 24 | $2.9B | $18.7B | ||
| Q2 24 | $3.0B | $18.3B |
总资产CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $22.6B | ||
| Q3 25 | $4.5B | $25.4B | ||
| Q2 25 | $4.4B | $27.2B | ||
| Q1 25 | $4.3B | $26.0B | ||
| Q4 24 | $4.1B | $25.4B | ||
| Q3 24 | $3.9B | $41.8B | ||
| Q2 24 | $4.0B | $40.8B |
负债/权益比CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× |
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 | $107.6M |
| 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 | 1.2% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.26× | 0.30× |
| 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CARTLBTYA
| Q1 26 | — | $107.6M | ||
| Q4 25 | $183.0M | $630.9M | ||
| Q3 25 | $287.0M | $301.8M | ||
| Q2 25 | $203.0M | $149.2M | ||
| Q1 25 | $298.0M | $129.2M | ||
| Q4 24 | $153.0M | $791.6M | ||
| Q3 24 | $185.0M | $449.5M | ||
| Q2 24 | $244.0M | $546.1M |
自由现金流CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $193.3M | ||
| Q3 25 | $272.0M | $-41.1M | ||
| Q2 25 | $187.0M | $-170.1M | ||
| Q1 25 | $280.0M | $-114.1M | ||
| Q4 24 | $141.0M | $712.9M | ||
| Q3 24 | $171.0M | $102.4M | ||
| Q2 24 | $220.0M | $256.8M |
自由现金流率CARTLBTYA
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | 15.7% | ||
| Q3 25 | 29.0% | -3.4% | ||
| Q2 25 | 20.5% | -13.4% | ||
| Q1 25 | 31.2% | -9.7% | ||
| Q4 24 | 16.0% | -50.5% | ||
| Q3 24 | 20.1% | 5.3% | ||
| Q2 24 | 26.7% | 13.7% |
资本支出强度CARTLBTYA
| Q1 26 | — | 1.5% | ||
| Q4 25 | 1.2% | 35.5% | ||
| Q3 25 | 1.6% | 28.4% | ||
| Q2 25 | 1.8% | 25.2% | ||
| Q1 25 | 2.0% | 20.8% | ||
| Q4 24 | 1.4% | -5.6% | ||
| Q3 24 | 1.6% | 17.9% | ||
| Q2 24 | 2.9% | 15.4% |
现金转化率CARTLBTYA
| Q1 26 | — | 0.30× | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 0.35× | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | 2.04× |
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
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
