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GLOBAL PARTNERS LP（GLP）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是GLOBAL PARTNERS LP的2.0倍（$4.5B vs $2.2B），皇家加勒比集团净利率更高（21.3% vs 1.1%，领先20.2%），皇家加勒比集团同比增速更快（11.3% vs 7.0%），过去两年皇家加勒比集团的营收复合增速更高（4.1% vs 0.2%）
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
GLP vs RCL — 直观对比
营收规模更大
RCL
是对方的2.0倍
$2.2B
营收增速更快
RCL
高出4.3%
7.0%
净利率更高
RCL
高出20.2%
1.1%
两年增速更快
RCL
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $4.5B |
| 净利润 | $25.1M | $950.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 26.1% |
| 净利率 | 1.1% | 21.3% |
| 营收同比 | 7.0% | 11.3% |
| 净利润同比 | 5.0% | 29.1% |
| 每股收益（稀释后） | — | $3.48 |
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GLPRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.2B | $4.3B | ||
| Q3 25 | $2.2B | $5.1B | ||
| Q2 25 | $2.1B | $4.5B | ||
| Q1 25 | $2.2B | $4.0B | ||
| Q4 24 | $2.1B | $3.8B | ||
| Q3 24 | $2.1B | $4.9B | ||
| Q2 24 | $2.3B | $4.1B |
净利润GLPRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $25.1M | $753.0M | ||
| Q3 25 | $29.0M | $1.6B | ||
| Q2 25 | $25.2M | $1.2B | ||
| Q1 25 | $18.7M | $730.0M | ||
| Q4 24 | $23.9M | $552.0M | ||
| Q3 24 | $45.9M | $1.1B | ||
| Q2 24 | $46.1M | $854.0M |
毛利率GLPRCL
| Q1 26 | — | — | ||
| Q4 25 | 11.9% | 47.4% | ||
| Q3 25 | 12.1% | 51.8% | ||
| Q2 25 | 13.1% | 49.7% | ||
| Q1 25 | 11.7% | 48.0% | ||
| Q4 24 | 13.0% | 45.4% | ||
| Q3 24 | 13.4% | 51.1% | ||
| Q2 24 | 12.6% | 47.6% |
营业利润率GLPRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 2.6% | 21.9% | ||
| Q3 25 | 2.7% | 33.1% | ||
| Q2 25 | 2.9% | 29.3% | ||
| Q1 25 | 2.6% | 23.6% | ||
| Q4 24 | 2.8% | 16.6% | ||
| Q3 24 | 3.9% | 33.4% | ||
| Q2 24 | 3.7% | 26.7% |
净利率GLPRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 1.1% | 17.7% | ||
| Q3 25 | 1.3% | 30.6% | ||
| Q2 25 | 1.2% | 26.7% | ||
| Q1 25 | 0.9% | 18.3% | ||
| Q4 24 | 1.2% | 14.7% | ||
| Q3 24 | 2.1% | 22.7% | ||
| Q2 24 | 2.0% | 20.8% |
每股收益（稀释后）GLPRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
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 | — | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | — | $10.0B |
| 总资产 | $3.9B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资GLPRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | — | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | — | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
总债务GLPRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
股东权益GLPRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | — | $10.0B | ||
| Q3 25 | — | $10.1B | ||
| Q2 25 | — | $9.2B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.0B |
总资产GLPRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $3.9B | $41.6B | ||
| Q3 25 | $3.7B | $40.1B | ||
| Q2 25 | $3.8B | $38.5B | ||
| Q1 25 | $3.8B | $37.5B | ||
| Q4 24 | $3.8B | $37.1B | ||
| Q3 24 | $3.7B | $37.1B | ||
| Q2 24 | $3.8B | $37.0B |
负债/权益比GLPRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $101.0M | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $62.2M | — |
| 自由现金流率自由现金流/营收 | 2.8% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 现金转化率经营现金流/净利润 | 4.03× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $193.3M | — |
8季度趋势，按日历期对齐
经营现金流GLPRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $101.0M | $1.6B | ||
| Q3 25 | $19.0M | $1.5B | ||
| Q2 25 | $216.3M | $1.7B | ||
| Q1 25 | $-51.6M | $1.6B | ||
| Q4 24 | $67.2M | $1.5B | ||
| Q3 24 | $122.7M | $897.0M | ||
| Q2 24 | $24.3M | $1.6B |
自由现金流GLPRCL
| Q1 26 | — | — | ||
| Q4 25 | $62.2M | $116.0M | ||
| Q3 25 | $-678.0K | $-989.0M | ||
| Q2 25 | $201.3M | $910.0M | ||
| Q1 25 | $-69.5M | $1.2B | ||
| Q4 24 | $20.4M | $915.0M | ||
| Q3 24 | $98.4M | $563.0M | ||
| Q2 24 | $8.7M | $-567.0M |
自由现金流率GLPRCL
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 2.7% | ||
| Q3 25 | -0.0% | -19.2% | ||
| Q2 25 | 9.7% | 20.1% | ||
| Q1 25 | -3.2% | 30.0% | ||
| Q4 24 | 1.0% | 24.3% | ||
| Q3 24 | 4.6% | 11.5% | ||
| Q2 24 | 0.4% | -13.8% |
资本支出强度GLPRCL
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 35.4% | ||
| Q3 25 | 0.9% | 47.8% | ||
| Q2 25 | 0.7% | 18.4% | ||
| Q1 25 | 0.8% | 10.7% | ||
| Q4 24 | 2.3% | 14.7% | ||
| Q3 24 | 1.1% | 6.8% | ||
| Q2 24 | 0.7% | 52.1% |
现金转化率GLPRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 4.03× | 2.16× | ||
| Q3 25 | 0.66× | 0.93× | ||
| Q2 25 | 8.58× | 1.44× | ||
| Q1 25 | -2.76× | 2.23× | ||
| Q4 24 | 2.82× | 2.66× | ||
| Q3 24 | 2.67× | 0.81× | ||
| Q2 24 | 0.53× | 1.84× |
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
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
