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Global Business Travel Group, Inc.（GBTG）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是Global Business Travel Group, Inc.的1.9倍（$1.5B vs $792.0M）。Global Business Travel Group, Inc.净利率更高（10.5% vs -3.1%，领先13.6%）。Global Business Travel Group, Inc.同比增速更快（34.0% vs -11.9%）。Global Business Travel Group, Inc.自由现金流更多（$13.0M vs $-9.0M）。过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
GBTG vs RXO — 直观对比
营收规模更大
RXO
是对方的1.9倍
$792.0M
营收增速更快
GBTG
高出45.9%
-11.9%
净利率更高
GBTG
高出13.6%
-3.1%
自由现金流更多
GBTG
多$22.0M
$-9.0M
两年增速更快
RXO
近两年复合增速
13.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $1.5B |
| 净利润 | $83.0M | $-46.0M |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | -2.9% |
| 净利率 | 10.5% | -3.1% |
| 营收同比 | 34.0% | -11.9% |
| 净利润同比 | 692.9% | -84.0% |
| 每股收益（稀释后） | $0.16 | $-0.28 |
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GBTGRXO
| Q4 25 | $792.0M | $1.5B | ||
| Q3 25 | $674.0M | $1.4B | ||
| Q2 25 | $631.0M | $1.4B | ||
| Q1 25 | $621.0M | $1.4B | ||
| Q4 24 | $591.0M | $1.7B | ||
| Q3 24 | $597.0M | $1.0B | ||
| Q2 24 | $625.0M | $930.0M | ||
| Q1 24 | $610.0M | $913.0M |
净利润GBTGRXO
| Q4 25 | $83.0M | $-46.0M | ||
| Q3 25 | $-62.0M | $-14.0M | ||
| Q2 25 | $15.0M | $-9.0M | ||
| Q1 25 | $75.0M | $-31.0M | ||
| Q4 24 | $-14.0M | $-25.0M | ||
| Q3 24 | $-128.0M | $-243.0M | ||
| Q2 24 | $27.0M | $-7.0M | ||
| Q1 24 | $-19.0M | $-15.0M |
营业利润率GBTGRXO
| Q4 25 | 3.7% | -2.9% | ||
| Q3 25 | 1.8% | -0.5% | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 8.9% | -2.1% | ||
| Q4 24 | 5.1% | -1.4% | ||
| Q3 24 | 4.5% | -1.9% | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.6% | -1.3% |
净利率GBTGRXO
| Q4 25 | 10.5% | -3.1% | ||
| Q3 25 | -9.2% | -1.0% | ||
| Q2 25 | 2.4% | -0.6% | ||
| Q1 25 | 12.1% | -2.2% | ||
| Q4 24 | -2.4% | -1.5% | ||
| Q3 24 | -21.4% | -23.4% | ||
| Q2 24 | 4.3% | -0.8% | ||
| Q1 24 | -3.1% | -1.6% |
每股收益（稀释后）GBTGRXO
| Q4 25 | $0.16 | $-0.28 | ||
| Q3 25 | $-0.13 | $-0.08 | ||
| Q2 25 | $0.03 | $-0.05 | ||
| Q1 25 | $0.16 | $-0.18 | ||
| Q4 24 | $-0.04 | $-0.17 | ||
| Q3 24 | $-0.28 | $-1.81 | ||
| Q2 24 | $0.06 | $-0.06 | ||
| Q1 24 | $-0.04 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $1.4B | $387.0M |
| 股东权益账面价值 | $1.6B | $1.5B |
| 总资产 | $4.9B | $3.3B |
| 负债/权益比越低杠杆越低 | 0.88× | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资GBTGRXO
| Q4 25 | $434.0M | $17.0M | ||
| Q3 25 | $427.0M | $25.0M | ||
| Q2 25 | $601.0M | $18.0M | ||
| Q1 25 | $552.0M | $16.0M | ||
| Q4 24 | $536.0M | $35.0M | ||
| Q3 24 | $524.0M | $55.0M | ||
| Q2 24 | $515.0M | $7.0M | ||
| Q1 24 | $475.0M | $7.0M |
总债务GBTGRXO
| Q4 25 | $1.4B | $387.0M | ||
| Q3 25 | $1.4B | $387.0M | ||
| Q2 25 | $1.4B | $387.0M | ||
| Q1 25 | $1.4B | $387.0M | ||
| Q4 24 | $1.4B | $351.0M | ||
| Q3 24 | $1.4B | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益GBTGRXO
| Q4 25 | $1.6B | $1.5B | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.2B | $579.0M | ||
| Q1 24 | $1.2B | $582.0M |
总资产GBTGRXO
| Q4 25 | $4.9B | $3.3B | ||
| Q3 25 | $4.8B | $3.2B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | $3.8B | $3.3B | ||
| Q4 24 | $3.6B | $3.4B | ||
| Q3 24 | $3.8B | $3.4B | ||
| Q2 24 | $3.8B | $1.8B | ||
| Q1 24 | $3.8B | $1.8B |
负债/权益比GBTGRXO
| Q4 25 | 0.88× | 0.25× | ||
| Q3 25 | 0.91× | 0.24× | ||
| Q2 25 | 1.15× | 0.24× | ||
| Q1 25 | 1.23× | 0.24× | ||
| Q4 24 | 1.32× | 0.22× | ||
| Q3 24 | 1.26× | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $-9.0M |
| 自由现金流率自由现金流/营收 | 1.6% | -0.6% |
| 资本支出强度资本支出/营收 | 4.9% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流GBTGRXO
| Q4 25 | $52.0M | $7.0M | ||
| Q3 25 | $71.0M | $23.0M | ||
| Q2 25 | $57.0M | $23.0M | ||
| Q1 25 | $53.0M | $-2.0M | ||
| Q4 24 | $65.0M | $-7.0M | ||
| Q3 24 | $85.0M | $-7.0M | ||
| Q2 24 | $73.0M | $-5.0M | ||
| Q1 24 | $49.0M | $7.0M |
自由现金流GBTGRXO
| Q4 25 | $13.0M | $-9.0M | ||
| Q3 25 | $38.0M | $9.0M | ||
| Q2 25 | $27.0M | $9.0M | ||
| Q1 25 | $26.0M | $-17.0M | ||
| Q4 24 | $33.0M | $-19.0M | ||
| Q3 24 | $59.0M | $-18.0M | ||
| Q2 24 | $49.0M | $-16.0M | ||
| Q1 24 | $24.0M | $-4.0M |
自由现金流率GBTGRXO
| Q4 25 | 1.6% | -0.6% | ||
| Q3 25 | 5.6% | 0.6% | ||
| Q2 25 | 4.3% | 0.6% | ||
| Q1 25 | 4.2% | -1.2% | ||
| Q4 24 | 5.6% | -1.1% | ||
| Q3 24 | 9.9% | -1.7% | ||
| Q2 24 | 7.8% | -1.7% | ||
| Q1 24 | 3.9% | -0.4% |
资本支出强度GBTGRXO
| Q4 25 | 4.9% | 1.1% | ||
| Q3 25 | 4.9% | 1.0% | ||
| Q2 25 | 4.8% | 1.0% | ||
| Q1 25 | 4.3% | 1.0% | ||
| Q4 24 | 5.4% | 0.7% | ||
| Q3 24 | 4.4% | 1.1% | ||
| Q2 24 | 3.8% | 1.2% | ||
| Q1 24 | 4.1% | 1.2% |
现金转化率GBTGRXO
| Q4 25 | 0.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.80× | — | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
