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Keurig Dr Pepper（KDP）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
Keurig Dr Pepper的季度营收约是MPLX LP的1.6倍（$4.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 6.8%，领先42.3%），Keurig Dr Pepper同比增速更快（9.4% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $184.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs 0.7%）
Keurig Dr Pepper是美国上市的饮品与咖啡机综合企业，2018年由克里格绿山和胡椒博士斯奈普集团合并成立，在马萨诸塞州伯灵顿及得克萨斯州弗里斯科设有双总部，旗下拥有超125款冷热饮品，加拿大区域业务由当地子公司负责运营。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
KDP vs MPLX — 直观对比
营收规模更大
KDP
是对方的1.6倍
$2.5B
营收增速更快
KDP
高出8.0%
1.4%
净利率更高
MPLX
高出42.3%
6.8%
自由现金流更多
MPLX
多$598.0M
$184.0M
两年增速更快
MPLX
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.5B |
| 净利润 | $270.0M | $1.2B |
| 毛利率 | 52.8% | — |
| 营业利润率 | 19.0% | 60.5% |
| 净利率 | 6.8% | 49.1% |
| 营收同比 | 9.4% | 1.4% |
| 净利润同比 | -47.8% | 8.5% |
| 每股收益（稀释后） | $0.20 | — |
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KDPMPLX
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $2.5B | ||
| Q3 25 | $4.3B | $2.5B | ||
| Q2 25 | $4.2B | $2.4B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.9B | $2.3B | ||
| Q2 24 | $3.9B | $2.3B |
净利润KDPMPLX
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $1.2B | ||
| Q3 25 | $662.0M | $1.6B | ||
| Q2 25 | $547.0M | $1.1B | ||
| Q1 25 | $517.0M | $1.1B | ||
| Q4 24 | $-144.0M | $1.1B | ||
| Q3 24 | $616.0M | $1.0B | ||
| Q2 24 | $515.0M | $1.2B |
毛利率KDPMPLX
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.3% | — | ||
| Q2 25 | 54.2% | — | ||
| Q1 25 | 54.6% | — | ||
| Q4 24 | 55.9% | — | ||
| Q3 24 | 55.0% | — | ||
| Q2 24 | 55.4% | — |
营业利润率KDPMPLX
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 60.5% | ||
| Q3 25 | 23.1% | 73.2% | ||
| Q2 25 | 21.6% | 54.9% | ||
| Q1 25 | 22.0% | 55.5% | ||
| Q4 24 | 1.5% | 55.6% | ||
| Q3 24 | 23.2% | 54.4% | ||
| Q2 24 | 22.0% | 62.9% |
净利率KDPMPLX
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 49.1% | ||
| Q3 25 | 15.4% | 63.2% | ||
| Q2 25 | 13.1% | 44.9% | ||
| Q1 25 | 14.2% | 46.2% | ||
| Q4 24 | -3.5% | 45.9% | ||
| Q3 24 | 15.8% | 44.6% | ||
| Q2 24 | 13.1% | 52.6% |
每股收益（稀释后）KDPMPLX
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | — | ||
| Q3 25 | $0.49 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $0.38 | — | ||
| Q4 24 | $-0.11 | — | ||
| Q3 24 | $0.45 | — | ||
| Q2 24 | $0.38 | — |
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 | $898.0M | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $25.3B | — |
| 总资产 | $73.1B | $43.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资KDPMPLX
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $516.0M | $1.8B | ||
| Q2 25 | $509.0M | $1.4B | ||
| Q1 25 | $653.0M | $2.5B | ||
| Q4 24 | $510.0M | $1.5B | ||
| Q3 24 | $552.0M | $2.4B | ||
| Q2 24 | $438.0M | $2.5B |
总债务KDPMPLX
| Q1 26 | — | — | ||
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B |
股东权益KDPMPLX
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | — | ||
| Q3 25 | $25.3B | — | ||
| Q2 25 | $25.0B | — | ||
| Q1 25 | $24.4B | — | ||
| Q4 24 | $24.2B | — | ||
| Q3 24 | $25.0B | — | ||
| Q2 24 | $24.7B | — |
总资产KDPMPLX
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $43.0B | ||
| Q3 25 | $54.6B | $43.2B | ||
| Q2 25 | $54.4B | $37.8B | ||
| Q1 25 | $53.7B | $39.0B | ||
| Q4 24 | $53.4B | $37.5B | ||
| Q3 24 | $52.7B | $38.5B | ||
| Q2 24 | $52.3B | $38.4B |
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 | $281.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 31.9% |
| 资本支出强度资本支出/营收 | — | 29.1% |
| 现金转化率经营现金流/净利润 | 1.04× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $4.1B |
8季度趋势，按日历期对齐
经营现金流KDPMPLX
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $1.5B | ||
| Q3 25 | $639.0M | $1.4B | ||
| Q2 25 | $431.0M | $1.7B | ||
| Q1 25 | $209.0M | $1.2B | ||
| Q4 24 | $849.0M | $1.7B | ||
| Q3 24 | $628.0M | $1.4B | ||
| Q2 24 | $657.0M | $1.6B |
自由现金流KDPMPLX
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $782.0M | ||
| Q3 25 | $527.0M | $905.0M | ||
| Q2 25 | $325.0M | $1.4B | ||
| Q1 25 | $89.0M | $979.0M | ||
| Q4 24 | $684.0M | $1.4B | ||
| Q3 24 | $503.0M | $1.1B | ||
| Q2 24 | $542.0M | $1.4B |
自由现金流率KDPMPLX
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 31.9% | ||
| Q3 25 | 12.2% | 36.8% | ||
| Q2 25 | 7.8% | 60.9% | ||
| Q1 25 | 2.4% | 39.8% | ||
| Q4 24 | 16.8% | 56.6% | ||
| Q3 24 | 12.9% | 48.4% | ||
| Q2 24 | 13.8% | 60.0% |
资本支出强度KDPMPLX
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 29.1% | ||
| Q3 25 | 2.6% | 21.4% | ||
| Q2 25 | 2.5% | 12.8% | ||
| Q1 25 | 3.3% | 10.9% | ||
| Q4 24 | 4.1% | 12.7% | ||
| Q3 24 | 3.2% | 11.9% | ||
| Q2 24 | 2.9% | 9.4% |
现金转化率KDPMPLX
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 1.24× | ||
| Q3 25 | 0.97× | 0.92× | ||
| Q2 25 | 0.79× | 1.64× | ||
| Q1 25 | 0.40× | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | 1.02× | 1.35× | ||
| Q2 24 | 1.28× | 1.32× |
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
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $877.0M | 22% |
| International | $435.0M | 11% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
