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Keurig Dr Pepper（KDP）与ServiceNow（NOW）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ServiceNow的1.1倍（$4.0B vs $3.8B），ServiceNow净利率更高（12.4% vs 6.8%，领先5.6%），Keurig Dr Pepper同比增速更快（9.4% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $184.0M），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
KDP vs NOW — 直观对比
营收规模更大
KDP
是对方的1.1倍
$3.8B
营收增速更快
KDP
高出6.6%
2.8%
净利率更高
NOW
高出5.6%
6.8%
自由现金流更多
NOW
多$1.5B
$184.0M
两年增速更快
NOW
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $3.8B |
| 净利润 | $270.0M | $469.0M |
| 毛利率 | 52.8% | 75.1% |
| 营业利润率 | 19.0% | 13.3% |
| 净利率 | 6.8% | 12.4% |
| 营收同比 | 9.4% | 2.8% |
| 净利润同比 | -47.8% | -53.7% |
| 每股收益（稀释后） | $0.20 | $1.04 |
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KDPNOW
| Q1 26 | $4.0B | $3.8B | ||
| Q4 25 | $4.5B | $3.6B | ||
| Q3 25 | $4.3B | $3.4B | ||
| Q2 25 | $4.2B | $3.2B | ||
| Q1 25 | $3.6B | $3.1B | ||
| Q4 24 | $4.1B | $3.0B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $3.9B | $2.6B |
净利润KDPNOW
| Q1 26 | $270.0M | $469.0M | ||
| Q4 25 | $353.0M | $401.0M | ||
| Q3 25 | $662.0M | $502.0M | ||
| Q2 25 | $547.0M | $385.0M | ||
| Q1 25 | $517.0M | $460.0M | ||
| Q4 24 | $-144.0M | $384.0M | ||
| Q3 24 | $616.0M | $432.0M | ||
| Q2 24 | $515.0M | $262.0M |
毛利率KDPNOW
| Q1 26 | 52.8% | 75.1% | ||
| Q4 25 | 53.8% | 76.6% | ||
| Q3 25 | 54.3% | 77.3% | ||
| Q2 25 | 54.2% | 77.5% | ||
| Q1 25 | 54.6% | 78.9% | ||
| Q4 24 | 55.9% | 78.7% | ||
| Q3 24 | 55.0% | 79.1% | ||
| Q2 24 | 55.4% | 79.0% |
营业利润率KDPNOW
| Q1 26 | 19.0% | 13.3% | ||
| Q4 25 | 19.6% | 12.4% | ||
| Q3 25 | 23.1% | 16.8% | ||
| Q2 25 | 21.6% | 11.1% | ||
| Q1 25 | 22.0% | 14.6% | ||
| Q4 24 | 1.5% | 12.6% | ||
| Q3 24 | 23.2% | 14.9% | ||
| Q2 24 | 22.0% | 9.1% |
净利率KDPNOW
| Q1 26 | 6.8% | 12.4% | ||
| Q4 25 | 7.8% | 11.2% | ||
| Q3 25 | 15.4% | 14.7% | ||
| Q2 25 | 13.1% | 12.0% | ||
| Q1 25 | 14.2% | 14.9% | ||
| Q4 24 | -3.5% | 13.0% | ||
| Q3 24 | 15.8% | 15.4% | ||
| Q2 24 | 13.1% | 10.0% |
每股收益（稀释后）KDPNOW
| Q1 26 | $0.20 | $1.04 | ||
| Q4 25 | $0.26 | $-4.77 | ||
| Q3 25 | $0.49 | $2.40 | ||
| Q2 25 | $0.40 | $1.84 | ||
| Q1 25 | $0.38 | $2.20 | ||
| Q4 24 | $-0.11 | $1.84 | ||
| Q3 24 | $0.45 | $2.07 | ||
| Q2 24 | $0.38 | $1.26 |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $25.3B | $11.7B |
| 总资产 | $73.1B | $24.4B |
| 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KDPNOW
| Q1 26 | $898.0M | $2.7B | ||
| Q4 25 | $1.0B | $3.7B | ||
| Q3 25 | $516.0M | $2.7B | ||
| Q2 25 | $509.0M | $3.1B | ||
| Q1 25 | $653.0M | $3.4B | ||
| Q4 24 | $510.0M | $2.3B | ||
| Q3 24 | $552.0M | $1.9B | ||
| Q2 24 | $438.0M | $2.2B |
股东权益KDPNOW
| Q1 26 | $25.3B | $11.7B | ||
| Q4 25 | $25.5B | $13.0B | ||
| Q3 25 | $25.3B | $11.3B | ||
| Q2 25 | $25.0B | $10.9B | ||
| Q1 25 | $24.4B | $10.1B | ||
| Q4 24 | $24.2B | $9.6B | ||
| Q3 24 | $25.0B | $9.3B | ||
| Q2 24 | $24.7B | $8.7B |
总资产KDPNOW
| Q1 26 | $73.1B | $24.4B | ||
| Q4 25 | $55.5B | $26.0B | ||
| Q3 25 | $54.6B | $21.8B | ||
| Q2 25 | $54.4B | $22.1B | ||
| Q1 25 | $53.7B | $21.0B | ||
| Q4 24 | $53.4B | $20.4B | ||
| Q3 24 | $52.7B | $18.4B | ||
| Q2 24 | $52.3B | $18.2B |
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 | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 4.6% | 44.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.04× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $4.8B |
8季度趋势，按日历期对齐
经营现金流KDPNOW
| Q1 26 | $281.0M | $1.7B | ||
| Q4 25 | $712.0M | $2.2B | ||
| Q3 25 | $639.0M | $813.0M | ||
| Q2 25 | $431.0M | $716.0M | ||
| Q1 25 | $209.0M | $1.7B | ||
| Q4 24 | $849.0M | $1.6B | ||
| Q3 24 | $628.0M | $671.0M | ||
| Q2 24 | $657.0M | $620.0M |
自由现金流KDPNOW
| Q1 26 | $184.0M | $1.7B | ||
| Q4 25 | $564.0M | $2.0B | ||
| Q3 25 | $527.0M | $578.0M | ||
| Q2 25 | $325.0M | $526.0M | ||
| Q1 25 | $89.0M | $1.5B | ||
| Q4 24 | $684.0M | $1.4B | ||
| Q3 24 | $503.0M | $469.0M | ||
| Q2 24 | $542.0M | $358.0M |
自由现金流率KDPNOW
| Q1 26 | 4.6% | 44.2% | ||
| Q4 25 | 12.5% | 56.1% | ||
| Q3 25 | 12.2% | 17.0% | ||
| Q2 25 | 7.8% | 16.4% | ||
| Q1 25 | 2.4% | 47.7% | ||
| Q4 24 | 16.8% | 46.7% | ||
| Q3 24 | 12.9% | 16.8% | ||
| Q2 24 | 13.8% | 13.6% |
资本支出强度KDPNOW
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 6.7% | ||
| Q3 25 | 2.6% | 6.9% | ||
| Q2 25 | 2.5% | 5.9% | ||
| Q1 25 | 3.3% | 6.6% | ||
| Q4 24 | 4.1% | 8.6% | ||
| Q3 24 | 3.2% | 7.2% | ||
| Q2 24 | 2.9% | 10.0% |
现金转化率KDPNOW
| Q1 26 | 1.04× | 3.56× | ||
| Q4 25 | 2.02× | 5.58× | ||
| Q3 25 | 0.97× | 1.62× | ||
| Q2 25 | 0.79× | 1.86× | ||
| Q1 25 | 0.40× | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 1.02× | 1.55× | ||
| Q2 24 | 1.28× | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
