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芝商所（CME）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是芝商所的1.3倍（$2.5B vs $1.9B），Restaurant Brands International Inc.净利率更高（6.3% vs 0.1%，领先6.2%），芝商所同比增速更快（14.5% vs 7.4%），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 10.8%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
CME vs QSR — 直观对比
营收规模更大
QSR
是对方的1.3倍
$1.9B
营收增速更快
CME
高出7.1%
7.4%
净利率更高
QSR
高出6.2%
0.1%
两年增速更快
QSR
近两年复合增速
10.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.5B |
| 净利润 | $1.2M | $155.0M |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 25.2% |
| 净利率 | 0.1% | 6.3% |
| 营收同比 | 14.5% | 7.4% |
| 净利润同比 | 20.7% | -57.1% |
| 每股收益（稀释后） | — | $0.33 |
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CMEQSR
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.5B | $2.4B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | $2.1B |
净利润CMEQSR
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $155.0M | ||
| Q3 25 | $908.0M | $436.0M | ||
| Q2 25 | $1.0B | $263.0M | ||
| Q1 25 | $956.2M | $221.0M | ||
| Q4 24 | $874.6M | $361.0M | ||
| Q3 24 | $912.8M | $357.0M | ||
| Q2 24 | $883.2M | $399.0M |
营业利润率CMEQSR
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 25.2% | ||
| Q3 25 | 63.3% | 27.1% | ||
| Q2 25 | 66.7% | 20.0% | ||
| Q1 25 | 67.5% | 20.6% | ||
| Q4 24 | 62.1% | 27.7% | ||
| Q3 24 | 64.6% | 25.2% | ||
| Q2 24 | 65.3% | 31.9% |
净利率CMEQSR
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 6.3% | ||
| Q3 25 | 59.1% | 17.8% | ||
| Q2 25 | 60.6% | 10.9% | ||
| Q1 25 | 58.2% | 10.5% | ||
| Q4 24 | 57.3% | 15.7% | ||
| Q3 24 | 57.6% | 15.6% | ||
| Q2 24 | 57.6% | 19.2% |
每股收益（稀释后）CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | $0.33 | ||
| Q3 25 | $2.49 | $0.96 | ||
| Q2 25 | $2.81 | $0.57 | ||
| Q1 25 | $2.62 | $0.49 | ||
| Q4 24 | $2.40 | $0.79 | ||
| Q3 24 | $2.50 | $0.79 | ||
| Q2 24 | $2.42 | $0.88 |
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 | — |
| 总债务越低越好 | $3.4B | $13.3B |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | $202.0B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
现金及短期投资CMEQSR
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $1.9B | — |
总债务CMEQSR
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B |
股东权益CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | $3.6B | ||
| Q3 25 | $28.2B | $3.4B | ||
| Q2 25 | $27.7B | $3.3B | ||
| Q1 25 | $27.0B | $3.1B | ||
| Q4 24 | $26.5B | $3.1B | ||
| Q3 24 | $28.2B | $3.2B | ||
| Q2 24 | $27.6B | $3.1B |
总资产CMEQSR
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $25.6B | ||
| Q3 25 | $187.1B | $25.7B | ||
| Q2 25 | $179.9B | $25.7B | ||
| Q1 25 | $157.8B | $24.9B | ||
| Q4 24 | $137.4B | $24.6B | ||
| Q3 24 | $137.8B | $25.1B | ||
| Q2 24 | $123.4B | $24.8B |
负债/权益比CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× |
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 | — | $555.0M |
| 自由现金流经营现金流 - 资本支出 | — | $453.0M |
| 自由现金流率自由现金流/营收 | — | 18.4% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | — | 3.58× |
| 过去12个月自由现金流最近4个季度 | — | $1.4B |
8季度趋势，按日历期对齐
经营现金流CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $555.0M | ||
| Q3 25 | $968.1M | $592.0M | ||
| Q2 25 | $1.1B | $449.0M | ||
| Q1 25 | $1.1B | $118.0M | ||
| Q4 24 | $1.0B | $481.0M | ||
| Q3 24 | $1.0B | $540.0M | ||
| Q2 24 | $776.9M | $334.0M |
自由现金流CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $453.0M | ||
| Q3 25 | $949.7M | $531.0M | ||
| Q2 25 | $1.0B | $411.0M | ||
| Q1 25 | $1.1B | $54.0M | ||
| Q4 24 | $991.7M | $404.0M | ||
| Q3 24 | $973.2M | $485.0M | ||
| Q2 24 | $758.7M | $291.0M |
自由现金流率CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 18.4% | ||
| Q3 25 | 61.8% | 21.7% | ||
| Q2 25 | 61.5% | 17.1% | ||
| Q1 25 | 67.1% | 2.6% | ||
| Q4 24 | 65.0% | 17.6% | ||
| Q3 24 | 61.4% | 21.2% | ||
| Q2 24 | 49.5% | 14.0% |
资本支出强度CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 4.1% | ||
| Q3 25 | 1.2% | 2.5% | ||
| Q2 25 | 1.1% | 1.6% | ||
| Q1 25 | 0.9% | 3.0% | ||
| Q4 24 | 1.7% | 3.4% | ||
| Q3 24 | 1.9% | 2.4% | ||
| Q2 24 | 1.2% | 2.1% |
现金转化率CMEQSR
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 3.58× | ||
| Q3 25 | 1.07× | 1.36× | ||
| Q2 25 | 1.03× | 1.71× | ||
| Q1 25 | 1.17× | 0.53× | ||
| Q4 24 | 1.16× | 1.33× | ||
| Q3 24 | 1.10× | 1.51× | ||
| Q2 24 | 0.88× | 0.84× |
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
CME
暂无分部数据
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
