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开市客（COST）与百事公司（PEP）财务数据对比。点击上方公司名可切换其他公司
开市客的季度营收约是百事公司的2.3倍（$67.3B vs $29.3B），百事公司净利率更高（8.7% vs 3.0%，领先5.7%），开市客同比增速更快（8.3% vs 5.6%），百事公司自由现金流更多（$4.7B vs $3.2B），过去两年百事公司的营收复合增速更高（26.8% vs 7.9%）
开市客是起源于美国的跨国连锁会员制仓储量贩集团，为全球第三大零售企业。截至2024年8月，开市客是全球规模最大的牛肉、禽肉、有机农产品及葡萄酒零售商，约有近三分之一的美国消费者定期前往其线下门店消费。
百事公司是总部位于美国纽约州珀彻斯的跨国食品饮料巨头，1965年由百事可乐公司与菲多利公司合并组建。其业务覆盖食品饮料全品类，负责旗下产品的生产、分销及营销推广，产品线已从最初的百事可乐拓展为丰富多元的品牌矩阵。
COST vs PEP — 直观对比
营收规模更大
COST
是对方的2.3倍
$29.3B
营收增速更快
COST
高出2.7%
5.6%
净利率更高
PEP
高出5.7%
3.0%
自由现金流更多
PEP
多$1.5B
$3.2B
两年增速更快
PEP
近两年复合增速
7.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $67.3B | $29.3B |
| 净利润 | $2.0B | $2.5B |
| 毛利率 | 13.1% | 53.2% |
| 营业利润率 | 3.7% | 12.1% |
| 净利率 | 3.0% | 8.7% |
| 营收同比 | 8.3% | 5.6% |
| 净利润同比 | 11.3% | 66.8% |
| 每股收益（稀释后） | $4.50 | $1.85 |
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COSTPEP
| Q4 25 | $67.3B | $29.3B | ||
| Q3 25 | $86.2B | $23.9B | ||
| Q2 25 | $63.2B | $22.7B | ||
| Q1 25 | $63.7B | $17.9B | ||
| Q4 24 | $62.2B | $27.8B | ||
| Q3 24 | — | $23.3B | ||
| Q2 24 | $58.5B | $22.5B | ||
| Q1 24 | $58.4B | $18.3B |
净利润COSTPEP
| Q4 25 | $2.0B | $2.5B | ||
| Q3 25 | $2.6B | $2.6B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | $1.7B | $3.1B | ||
| Q1 24 | $1.7B | $2.0B |
毛利率COSTPEP
| Q4 25 | 13.1% | 53.2% | ||
| Q3 25 | 12.9% | 53.6% | ||
| Q2 25 | 13.0% | 54.7% | ||
| Q1 25 | 12.5% | 55.8% | ||
| Q4 24 | 12.9% | 52.6% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | 12.5% | 55.9% | ||
| Q1 24 | 12.5% | 54.8% |
营业利润率COSTPEP
| Q4 25 | 3.7% | 12.1% | ||
| Q3 25 | 3.9% | 14.9% | ||
| Q2 25 | 4.0% | 7.9% | ||
| Q1 25 | 3.6% | 14.4% | ||
| Q4 24 | 3.5% | 8.1% | ||
| Q3 24 | — | 16.6% | ||
| Q2 24 | 3.8% | 18.0% | ||
| Q1 24 | 3.5% | 14.9% |
净利率COSTPEP
| Q4 25 | 3.0% | 8.7% | ||
| Q3 25 | 3.0% | 10.9% | ||
| Q2 25 | 3.0% | 5.6% | ||
| Q1 25 | 2.8% | 10.2% | ||
| Q4 24 | 2.9% | 5.5% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | 2.9% | 13.7% | ||
| Q1 24 | 3.0% | 11.2% |
每股收益（稀释后）COSTPEP
| Q4 25 | $4.50 | $1.85 | ||
| Q3 25 | $5.87 | $1.90 | ||
| Q2 25 | $4.28 | $0.92 | ||
| Q1 25 | $4.02 | $1.33 | ||
| Q4 24 | $4.04 | $1.11 | ||
| Q3 24 | — | $2.13 | ||
| Q2 24 | $3.78 | $2.23 | ||
| Q1 24 | $3.92 | $1.48 |
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 | $17.2B | $9.5B |
| 总债务越低越好 | — | $42.3B |
| 股东权益账面价值 | $30.3B | $20.4B |
| 总资产 | $82.8B | $107.4B |
| 负债/权益比越低杠杆越低 | — | 2.07× |
8季度趋势，按日历期对齐
现金及短期投资COSTPEP
| Q4 25 | $17.2B | $9.5B | ||
| Q3 25 | $15.3B | $8.7B | ||
| Q2 25 | $14.8B | $8.0B | ||
| Q1 25 | $13.2B | $8.6B | ||
| Q4 24 | $11.8B | $9.3B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | $11.5B | $6.7B | ||
| Q1 24 | $10.3B | $8.3B |
总债务COSTPEP
| Q4 25 | — | $42.3B | ||
| Q3 25 | — | $44.1B | ||
| Q2 25 | — | $39.3B | ||
| Q1 25 | — | $39.4B | ||
| Q4 24 | — | $37.2B | ||
| Q3 24 | — | $38.5B | ||
| Q2 24 | — | $36.6B | ||
| Q1 24 | — | $37.7B |
股东权益COSTPEP
| Q4 25 | $30.3B | $20.4B | ||
| Q3 25 | $29.2B | $19.4B | ||
| Q2 25 | $27.1B | $18.4B | ||
| Q1 25 | $25.6B | $18.4B | ||
| Q4 24 | $24.5B | $18.0B | ||
| Q3 24 | — | $19.5B | ||
| Q2 24 | $21.8B | $19.4B | ||
| Q1 24 | $20.8B | $19.0B |
总资产COSTPEP
| Q4 25 | $82.8B | $107.4B | ||
| Q3 25 | $77.1B | $106.6B | ||
| Q2 25 | $75.5B | $105.3B | ||
| Q1 25 | $73.2B | $101.7B | ||
| Q4 24 | $73.4B | $99.5B | ||
| Q3 24 | — | $100.5B | ||
| Q2 24 | $67.9B | $99.5B | ||
| Q1 24 | $66.3B | $100.0B |
负债/权益比COSTPEP
| Q4 25 | — | 2.07× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 1.88× | ||
| Q1 24 | — | 1.98× |
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 | $4.7B | $6.6B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $4.7B |
| 自由现金流率自由现金流/营收 | 4.7% | 16.0% |
| 资本支出强度资本支出/营收 | 2.3% | 6.5% |
| 现金转化率经营现金流/净利润 | 2.34× | 2.61× |
| 过去12个月自由现金流最近4个季度 | $9.0B | $7.7B |
8季度趋势，按日历期对齐
经营现金流COSTPEP
| Q4 25 | $4.7B | $6.6B | ||
| Q3 25 | $3.9B | $4.5B | ||
| Q2 25 | $3.5B | $2.0B | ||
| Q1 25 | $2.7B | $-973.0M | ||
| Q4 24 | $3.3B | $6.3B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $731.0M | $-1.0B |
自由现金流COSTPEP
| Q4 25 | $3.2B | $4.7B | ||
| Q3 25 | $1.9B | $3.5B | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $1.6B | $-1.6B | ||
| Q4 24 | $2.0B | $3.8B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $-300.0M | $-1.7B |
自由现金流率COSTPEP
| Q4 25 | 4.7% | 16.0% | ||
| Q3 25 | 2.2% | 14.5% | ||
| Q2 25 | 3.7% | 4.7% | ||
| Q1 25 | 2.5% | -8.8% | ||
| Q4 24 | 3.2% | 13.7% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | 3.3% | 5.6% | ||
| Q1 24 | -0.5% | -9.1% |
资本支出强度COSTPEP
| Q4 25 | 2.3% | 6.5% | ||
| Q3 25 | 2.3% | 4.1% | ||
| Q2 25 | 1.8% | 4.0% | ||
| Q1 25 | 1.8% | 3.4% | ||
| Q4 24 | 2.0% | 8.9% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | 1.8% | 4.8% | ||
| Q1 24 | 1.8% | 3.4% |
现金转化率COSTPEP
| Q4 25 | 2.34× | 2.61× | ||
| Q3 25 | 1.48× | 1.72× | ||
| Q2 25 | 1.82× | 1.56× | ||
| Q1 25 | 1.54× | -0.53× | ||
| Q4 24 | 1.81× | 4.13× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | 1.78× | 0.76× | ||
| Q1 24 | 0.42× | -0.51× |
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
COST
| Foods And Sundries | $27.1B | 40% |
| Non Foods | $19.2B | 28% |
| Other | $12.1B | 18% |
| Fresh Foods | $9.9B | 15% |
| Membership | $1.4B | 2% |
PEP
| Pepsi Co Foods North America | $8.3B | 28% |
| Pepsi Co Beverages North America | $8.2B | 28% |
| Europe Middle East Africa Segment | $6.1B | 21% |
| Latin America Foods Segment | $3.7B | 13% |
| International Beverage Franchise | $1.6B | 5% |
| Asia Pacific Foods Segment | $1.5B | 5% |
