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Keurig Dr Pepper（KDP）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Keurig Dr Pepper的1.1倍（$4.3B vs $4.0B），皇家加勒比集团净利率更高（17.7% vs 6.8%，领先10.9%），皇家加勒比集团同比增速更快（13.3% vs 9.4%），Keurig Dr Pepper自由现金流更多（$184.0M vs $116.0M），过去两年皇家加勒比集团的营收复合增速更高（6.9% 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。
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。
KDP vs RCL — 直观对比
营收规模更大
RCL
是对方的1.1倍
$4.0B
营收增速更快
RCL
高出3.9%
9.4%
净利率更高
RCL
高出10.9%
6.8%
自由现金流更多
KDP
多$68.0M
$116.0M
两年增速更快
RCL
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $4.3B |
| 净利润 | $270.0M | $753.0M |
| 毛利率 | 52.8% | 47.4% |
| 营业利润率 | 19.0% | 21.9% |
| 净利率 | 6.8% | 17.7% |
| 营收同比 | 9.4% | 13.3% |
| 净利润同比 | -47.8% | 36.4% |
| 每股收益（稀释后） | $0.20 | $2.76 |
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KDPRCL
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.5B | $4.3B | ||
| Q3 25 | $4.3B | $5.1B | ||
| Q2 25 | $4.2B | $4.5B | ||
| Q1 25 | $3.6B | $4.0B | ||
| Q4 24 | $4.1B | $3.8B | ||
| Q3 24 | $3.9B | $4.9B | ||
| Q2 24 | $3.9B | $4.1B |
净利润KDPRCL
| Q1 26 | $270.0M | — | ||
| Q4 25 | $353.0M | $753.0M | ||
| Q3 25 | $662.0M | $1.6B | ||
| Q2 25 | $547.0M | $1.2B | ||
| Q1 25 | $517.0M | $730.0M | ||
| Q4 24 | $-144.0M | $552.0M | ||
| Q3 24 | $616.0M | $1.1B | ||
| Q2 24 | $515.0M | $854.0M |
毛利率KDPRCL
| Q1 26 | 52.8% | — | ||
| Q4 25 | 53.8% | 47.4% | ||
| Q3 25 | 54.3% | 51.8% | ||
| Q2 25 | 54.2% | 49.7% | ||
| Q1 25 | 54.6% | 48.0% | ||
| Q4 24 | 55.9% | 45.4% | ||
| Q3 24 | 55.0% | 51.1% | ||
| Q2 24 | 55.4% | 47.6% |
营业利润率KDPRCL
| Q1 26 | 19.0% | — | ||
| Q4 25 | 19.6% | 21.9% | ||
| Q3 25 | 23.1% | 33.1% | ||
| Q2 25 | 21.6% | 29.3% | ||
| Q1 25 | 22.0% | 23.6% | ||
| Q4 24 | 1.5% | 16.6% | ||
| Q3 24 | 23.2% | 33.4% | ||
| Q2 24 | 22.0% | 26.7% |
净利率KDPRCL
| Q1 26 | 6.8% | — | ||
| Q4 25 | 7.8% | 17.7% | ||
| Q3 25 | 15.4% | 30.6% | ||
| Q2 25 | 13.1% | 26.7% | ||
| Q1 25 | 14.2% | 18.3% | ||
| Q4 24 | -3.5% | 14.7% | ||
| Q3 24 | 15.8% | 22.7% | ||
| Q2 24 | 13.1% | 20.8% |
每股收益（稀释后）KDPRCL
| Q1 26 | $0.20 | — | ||
| Q4 25 | $0.26 | $2.76 | ||
| Q3 25 | $0.49 | $5.74 | ||
| Q2 25 | $0.40 | $4.41 | ||
| Q1 25 | $0.38 | $2.70 | ||
| Q4 24 | $-0.11 | $2.27 | ||
| Q3 24 | $0.45 | $4.21 | ||
| Q2 24 | $0.38 | $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 | $898.0M | $825.0M |
| 总债务越低越好 | — | $18.2B |
| 股东权益账面价值 | $25.3B | $10.0B |
| 总资产 | $73.1B | $41.6B |
| 负债/权益比越低杠杆越低 | — | 1.81× |
8季度趋势，按日历期对齐
现金及短期投资KDPRCL
| Q1 26 | $898.0M | — | ||
| Q4 25 | $1.0B | $825.0M | ||
| Q3 25 | $516.0M | $432.0M | ||
| Q2 25 | $509.0M | $735.0M | ||
| Q1 25 | $653.0M | $386.0M | ||
| Q4 24 | $510.0M | $388.0M | ||
| Q3 24 | $552.0M | $418.0M | ||
| Q2 24 | $438.0M | $391.0M |
总债务KDPRCL
| Q1 26 | — | — | ||
| 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KDPRCL
| Q1 26 | $25.3B | — | ||
| Q4 25 | $25.5B | $10.0B | ||
| Q3 25 | $25.3B | $10.1B | ||
| Q2 25 | $25.0B | $9.2B | ||
| Q1 25 | $24.4B | $8.0B | ||
| Q4 24 | $24.2B | $7.6B | ||
| Q3 24 | $25.0B | $7.0B | ||
| Q2 24 | $24.7B | $6.0B |
总资产KDPRCL
| Q1 26 | $73.1B | — | ||
| Q4 25 | $55.5B | $41.6B | ||
| Q3 25 | $54.6B | $40.1B | ||
| Q2 25 | $54.4B | $38.5B | ||
| Q1 25 | $53.7B | $37.5B | ||
| Q4 24 | $53.4B | $37.1B | ||
| Q3 24 | $52.7B | $37.1B | ||
| Q2 24 | $52.3B | $37.0B |
负债/权益比KDPRCL
| Q1 26 | — | — | ||
| 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 | $281.0M | $1.6B |
| 自由现金流经营现金流 - 资本支出 | $184.0M | $116.0M |
| 自由现金流率自由现金流/营收 | 4.6% | 2.7% |
| 资本支出强度资本支出/营收 | — | 35.4% |
| 现金转化率经营现金流/净利润 | 1.04× | 2.16× |
| 过去12个月自由现金流最近4个季度 | $1.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流KDPRCL
| Q1 26 | $281.0M | — | ||
| Q4 25 | $712.0M | $1.6B | ||
| Q3 25 | $639.0M | $1.5B | ||
| Q2 25 | $431.0M | $1.7B | ||
| Q1 25 | $209.0M | $1.6B | ||
| Q4 24 | $849.0M | $1.5B | ||
| Q3 24 | $628.0M | $897.0M | ||
| Q2 24 | $657.0M | $1.6B |
自由现金流KDPRCL
| Q1 26 | $184.0M | — | ||
| Q4 25 | $564.0M | $116.0M | ||
| Q3 25 | $527.0M | $-989.0M | ||
| Q2 25 | $325.0M | $910.0M | ||
| Q1 25 | $89.0M | $1.2B | ||
| Q4 24 | $684.0M | $915.0M | ||
| Q3 24 | $503.0M | $563.0M | ||
| Q2 24 | $542.0M | $-567.0M |
自由现金流率KDPRCL
| Q1 26 | 4.6% | — | ||
| Q4 25 | 12.5% | 2.7% | ||
| Q3 25 | 12.2% | -19.2% | ||
| Q2 25 | 7.8% | 20.1% | ||
| Q1 25 | 2.4% | 30.0% | ||
| Q4 24 | 16.8% | 24.3% | ||
| Q3 24 | 12.9% | 11.5% | ||
| Q2 24 | 13.8% | -13.8% |
资本支出强度KDPRCL
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 35.4% | ||
| Q3 25 | 2.6% | 47.8% | ||
| Q2 25 | 2.5% | 18.4% | ||
| Q1 25 | 3.3% | 10.7% | ||
| Q4 24 | 4.1% | 14.7% | ||
| Q3 24 | 3.2% | 6.8% | ||
| Q2 24 | 2.9% | 52.1% |
现金转化率KDPRCL
| Q1 26 | 1.04× | — | ||
| Q4 25 | 2.02× | 2.16× | ||
| Q3 25 | 0.97× | 0.93× | ||
| Q2 25 | 0.79× | 1.44× | ||
| Q1 25 | 0.40× | 2.23× | ||
| Q4 24 | — | 2.66× | ||
| Q3 24 | 1.02× | 0.81× | ||
| Q2 24 | 1.28× | 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
KDP
| U.S. Refreshment Beverages | $2.6B | 65% |
| U.S. Coffee | $877.0M | 22% |
| International | $435.0M | 11% |
RCL
| Passenger | $2.9B | 69% |
| Other | $1.3B | 31% |
