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Keurig Dr Pepper（KDP）与Restaurant Brands International Inc.（QSR）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Restaurant Brands International Inc.的1.6倍（$4.0B vs $2.5B），Keurig Dr Pepper净利率更高（6.8% vs 6.3%，领先0.5%），Keurig Dr Pepper同比增速更快（9.4% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $184.0M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% 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。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
KDP vs QSR — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.5B |
| 净利润 | $270.0M | $155.0M |
| 毛利率 | 52.8% | — |
| 营业利润率 | 19.0% | 25.2% |
| 净利率 | 6.8% | 6.3% |
| 营收同比 | 9.4% | 7.4% |
| 净利润同比 | -47.8% | -57.1% |
| 每股收益（稀释后） | $0.20 | $0.33 |
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
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $2.5B | ||
| Q3 25 | $4.3B | $2.4B | ||
| Q2 25 | $4.2B | $2.4B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $3.9B | $2.3B | ||
| Q2 24 | $3.9B | $2.1B |
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $155.0M | ||
| Q3 25 | $662.0M | $436.0M | ||
| Q2 25 | $547.0M | $263.0M | ||
| Q1 25 | $517.0M | $221.0M | ||
| Q4 24 | $-144.0M | $361.0M | ||
| Q3 24 | $616.0M | $357.0M | ||
| Q2 24 | $515.0M | $399.0M |
| 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% | — |
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 25.2% | ||
| Q3 25 | 23.1% | 27.1% | ||
| Q2 25 | 21.6% | 20.0% | ||
| Q1 25 | 22.0% | 20.6% | ||
| Q4 24 | 1.5% | 27.7% | ||
| Q3 24 | 23.2% | 25.2% | ||
| Q2 24 | 22.0% | 31.9% |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 6.3% | ||
| Q3 25 | 15.4% | 17.8% | ||
| Q2 25 | 13.1% | 10.9% | ||
| Q1 25 | 14.2% | 10.5% | ||
| Q4 24 | -3.5% | 15.7% | ||
| Q3 24 | 15.8% | 15.6% | ||
| Q2 24 | 13.1% | 19.2% |
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $0.33 | ||
| Q3 25 | $0.49 | $0.96 | ||
| Q2 25 | $0.40 | $0.57 | ||
| Q1 25 | $0.38 | $0.49 | ||
| Q4 24 | $-0.11 | $0.79 | ||
| Q3 24 | $0.45 | $0.79 | ||
| Q2 24 | $0.38 | $0.88 |
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 | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $25.3B | $3.6B |
| 总资产 | $73.1B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $516.0M | — | ||
| Q2 25 | $509.0M | — | ||
| Q1 25 | $653.0M | — | ||
| Q4 24 | $510.0M | — | ||
| Q3 24 | $552.0M | — | ||
| Q2 24 | $438.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B |
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $3.6B | ||
| Q3 25 | $25.3B | $3.4B | ||
| Q2 25 | $25.0B | $3.3B | ||
| Q1 25 | $24.4B | $3.1B | ||
| Q4 24 | $24.2B | $3.1B | ||
| Q3 24 | $25.0B | $3.2B | ||
| Q2 24 | $24.7B | $3.1B |
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $25.6B | ||
| Q3 25 | $54.6B | $25.7B | ||
| Q2 25 | $54.4B | $25.7B | ||
| Q1 25 | $53.7B | $24.9B | ||
| Q4 24 | $53.4B | $24.6B | ||
| Q3 24 | $52.7B | $25.1B | ||
| Q2 24 | $52.3B | $24.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× |
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 | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $453.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 18.4% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | 1.04× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.4B |
8季度趋势，按日历期对齐
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $555.0M | ||
| Q3 25 | $639.0M | $592.0M | ||
| Q2 25 | $431.0M | $449.0M | ||
| Q1 25 | $209.0M | $118.0M | ||
| Q4 24 | $849.0M | $481.0M | ||
| Q3 24 | $628.0M | $540.0M | ||
| Q2 24 | $657.0M | $334.0M |
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $453.0M | ||
| Q3 25 | $527.0M | $531.0M | ||
| Q2 25 | $325.0M | $411.0M | ||
| Q1 25 | $89.0M | $54.0M | ||
| Q4 24 | $684.0M | $404.0M | ||
| Q3 24 | $503.0M | $485.0M | ||
| Q2 24 | $542.0M | $291.0M |
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 18.4% | ||
| Q3 25 | 12.2% | 21.7% | ||
| Q2 25 | 7.8% | 17.1% | ||
| Q1 25 | 2.4% | 2.6% | ||
| Q4 24 | 16.8% | 17.6% | ||
| Q3 24 | 12.9% | 21.2% | ||
| Q2 24 | 13.8% | 14.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 4.1% | ||
| Q3 25 | 2.6% | 2.5% | ||
| Q2 25 | 2.5% | 1.6% | ||
| Q1 25 | 3.3% | 3.0% | ||
| Q4 24 | 4.1% | 3.4% | ||
| Q3 24 | 3.2% | 2.4% | ||
| Q2 24 | 2.9% | 2.1% |
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 3.58× | ||
| Q3 25 | 0.97× | 1.36× | ||
| Q2 25 | 0.79× | 1.71× | ||
| Q1 25 | 0.40× | 0.53× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | 1.02× | 1.51× | ||
| Q2 24 | 1.28× | 0.84× |
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
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $877.0M | 22% |
| International | $435.0M | 11% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
