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Global Business Travel Group, Inc.（GBTG）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
Global Business Travel Group, Inc.的季度营收约是Reddit, Inc.的1.1倍（$792.0M vs $725.6M），Reddit, Inc.净利率更高（34.7% vs 10.5%，领先24.2%），Reddit, Inc.同比增速更快（69.7% vs 34.0%），Reddit, Inc.自由现金流更多（$263.6M vs $13.0M），过去两年Reddit, Inc.的营收复合增速更高（72.8% vs 13.9%）
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。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
GBTG vs RDDT — 直观对比
营收规模更大
GBTG
是对方的1.1倍
$725.6M
营收增速更快
RDDT
高出35.6%
34.0%
净利率更高
RDDT
高出24.2%
10.5%
自由现金流更多
RDDT
多$250.6M
$13.0M
两年增速更快
RDDT
近两年复合增速
13.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $725.6M |
| 净利润 | $83.0M | $251.6M |
| 毛利率 | — | 91.9% |
| 营业利润率 | 3.7% | 31.9% |
| 净利率 | 10.5% | 34.7% |
| 营收同比 | 34.0% | 69.7% |
| 净利润同比 | 692.9% | 254.2% |
| 每股收益（稀释后） | $0.16 | $1.24 |
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GBTGRDDT
| Q4 25 | $792.0M | $725.6M | ||
| Q3 25 | $674.0M | $584.9M | ||
| Q2 25 | $631.0M | $499.6M | ||
| Q1 25 | $621.0M | $392.4M | ||
| Q4 24 | $591.0M | $427.7M | ||
| Q3 24 | $597.0M | $348.4M | ||
| Q2 24 | $625.0M | $281.2M | ||
| Q1 24 | $610.0M | $243.0M |
净利润GBTGRDDT
| Q4 25 | $83.0M | $251.6M | ||
| Q3 25 | $-62.0M | $162.7M | ||
| Q2 25 | $15.0M | $89.3M | ||
| Q1 25 | $75.0M | $26.2M | ||
| Q4 24 | $-14.0M | $71.0M | ||
| Q3 24 | $-128.0M | $29.9M | ||
| Q2 24 | $27.0M | $-10.1M | ||
| Q1 24 | $-19.0M | $-575.1M |
毛利率GBTGRDDT
| Q4 25 | — | 91.9% | ||
| Q3 25 | — | 91.0% | ||
| Q2 25 | — | 90.8% | ||
| Q1 25 | — | 90.5% | ||
| Q4 24 | — | 92.6% | ||
| Q3 24 | — | 90.1% | ||
| Q2 24 | — | 89.5% | ||
| Q1 24 | — | 88.6% |
营业利润率GBTGRDDT
| Q4 25 | 3.7% | 31.9% | ||
| Q3 25 | 1.8% | 23.7% | ||
| Q2 25 | 5.4% | 13.6% | ||
| Q1 25 | 8.9% | 1.0% | ||
| Q4 24 | 5.1% | 12.4% | ||
| Q3 24 | 4.5% | 2.0% | ||
| Q2 24 | 6.7% | -11.0% | ||
| Q1 24 | 2.6% | -242.5% |
净利率GBTGRDDT
| Q4 25 | 10.5% | 34.7% | ||
| Q3 25 | -9.2% | 27.8% | ||
| Q2 25 | 2.4% | 17.9% | ||
| Q1 25 | 12.1% | 6.7% | ||
| Q4 24 | -2.4% | 16.6% | ||
| Q3 24 | -21.4% | 8.6% | ||
| Q2 24 | 4.3% | -3.6% | ||
| Q1 24 | -3.1% | -236.7% |
每股收益（稀释后）GBTGRDDT
| Q4 25 | $0.16 | $1.24 | ||
| Q3 25 | $-0.13 | $0.80 | ||
| Q2 25 | $0.03 | $0.45 | ||
| Q1 25 | $0.16 | $0.13 | ||
| Q4 24 | $-0.04 | $4.76 | ||
| Q3 24 | $-0.28 | $0.16 | ||
| Q2 24 | $0.06 | $-0.06 | ||
| Q1 24 | $-0.04 | $-8.19 |
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 | $434.0M | $953.6M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $2.9B |
| 总资产 | $4.9B | $3.2B |
| 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GBTGRDDT
| Q4 25 | $434.0M | $953.6M | ||
| Q3 25 | $427.0M | $911.7M | ||
| Q2 25 | $601.0M | $734.1M | ||
| Q1 25 | $552.0M | $635.7M | ||
| Q4 24 | $536.0M | $562.1M | ||
| Q3 24 | $524.0M | $515.9M | ||
| Q2 24 | $515.0M | $468.0M | ||
| Q1 24 | $475.0M | $968.5M |
总债务GBTGRDDT
| 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 | — | — | ||
| Q1 24 | — | — |
股东权益GBTGRDDT
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.5B | $2.6B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.1B | $2.2B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.2B | $1.9B | ||
| Q1 24 | $1.2B | $1.8B |
总资产GBTGRDDT
| Q4 25 | $4.9B | $3.2B | ||
| Q3 25 | $4.8B | $2.9B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | $3.8B | $2.4B | ||
| Q4 24 | $3.6B | $2.3B | ||
| Q3 24 | $3.8B | $2.2B | ||
| Q2 24 | $3.8B | $2.1B | ||
| Q1 24 | $3.8B | $2.0B |
负债/权益比GBTGRDDT
| 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 | — | — | ||
| Q1 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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $263.6M |
| 自由现金流率自由现金流/营收 | 1.6% | 36.3% |
| 资本支出强度资本支出/营收 | 4.9% | 0.4% |
| 现金转化率经营现金流/净利润 | 0.63× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $104.0M | $684.2M |
8季度趋势，按日历期对齐
经营现金流GBTGRDDT
| Q4 25 | $52.0M | $266.8M | ||
| Q3 25 | $71.0M | $185.2M | ||
| Q2 25 | $57.0M | $111.3M | ||
| Q1 25 | $53.0M | $127.6M | ||
| Q4 24 | $65.0M | $90.0M | ||
| Q3 24 | $85.0M | $71.6M | ||
| Q2 24 | $73.0M | $28.4M | ||
| Q1 24 | $49.0M | $32.1M |
自由现金流GBTGRDDT
| Q4 25 | $13.0M | $263.6M | ||
| Q3 25 | $38.0M | $183.1M | ||
| Q2 25 | $27.0M | $110.8M | ||
| Q1 25 | $26.0M | $126.6M | ||
| Q4 24 | $33.0M | $89.2M | ||
| Q3 24 | $59.0M | $70.3M | ||
| Q2 24 | $49.0M | $27.2M | ||
| Q1 24 | $24.0M | $29.2M |
自由现金流率GBTGRDDT
| Q4 25 | 1.6% | 36.3% | ||
| Q3 25 | 5.6% | 31.3% | ||
| Q2 25 | 4.3% | 22.2% | ||
| Q1 25 | 4.2% | 32.3% | ||
| Q4 24 | 5.6% | 20.8% | ||
| Q3 24 | 9.9% | 20.2% | ||
| Q2 24 | 7.8% | 9.7% | ||
| Q1 24 | 3.9% | 12.0% |
资本支出强度GBTGRDDT
| Q4 25 | 4.9% | 0.4% | ||
| Q3 25 | 4.9% | 0.4% | ||
| Q2 25 | 4.8% | 0.1% | ||
| Q1 25 | 4.3% | 0.2% | ||
| Q4 24 | 5.4% | 0.2% | ||
| Q3 24 | 4.4% | 0.4% | ||
| Q2 24 | 3.8% | 0.4% | ||
| Q1 24 | 4.1% | 1.2% |
现金转化率GBTGRDDT
| Q4 25 | 0.63× | 1.06× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | 3.80× | 1.25× | ||
| Q1 25 | 0.71× | 4.88× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 2.40× | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | — |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
