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卡夫亨氏（KHC）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是卡夫亨氏的1.1倍（$7.0B vs $6.4B），麦当劳净利率更高（30.9% vs 10.2%，领先20.6%），麦当劳同比增速更快（9.7% vs -3.4%），麦当劳自由现金流更多（$1.6B vs $1.2B），过去两年麦当劳的营收复合增速更高（6.6% vs -0.4%）
卡夫亨氏（股票代码：KHC）是美国大型跨国食品企业，由原卡夫食品集团与亨氏公司合并组建，在芝加哥与匹兹堡均设有总部，旗下拥有多款全球知名食品品牌，业务覆盖全球众多市场。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
KHC vs MCD — 直观对比
营收规模更大
MCD
是对方的1.1倍
$6.4B
营收增速更快
MCD
高出13.1%
-3.4%
净利率更高
MCD
高出20.6%
10.2%
自由现金流更多
MCD
多$467.0M
$1.2B
两年增速更快
MCD
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $7.0B |
| 净利润 | $651.0M | $2.2B |
| 毛利率 | 32.6% | — |
| 营业利润率 | 17.1% | 45.0% |
| 净利率 | 10.2% | 30.9% |
| 营收同比 | -3.4% | 9.7% |
| 净利润同比 | -69.5% | 7.3% |
| 每股收益（稀释后） | $0.56 | $3.03 |
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KHCMCD
| Q4 25 | $6.4B | $7.0B | ||
| Q3 25 | $6.2B | $7.1B | ||
| Q2 25 | $6.4B | $6.8B | ||
| Q1 25 | $6.0B | $6.0B | ||
| Q4 24 | $6.6B | $6.4B | ||
| Q3 24 | $6.4B | $6.9B | ||
| Q2 24 | $6.5B | $6.5B | ||
| Q1 24 | $6.4B | $6.2B |
净利润KHCMCD
| Q4 25 | $651.0M | $2.2B | ||
| Q3 25 | $615.0M | $2.3B | ||
| Q2 25 | $-7.8B | $2.3B | ||
| Q1 25 | $712.0M | $1.9B | ||
| Q4 24 | $2.1B | $2.0B | ||
| Q3 24 | $-290.0M | $2.3B | ||
| Q2 24 | $102.0M | $2.0B | ||
| Q1 24 | $801.0M | $1.9B |
毛利率KHCMCD
| Q4 25 | 32.6% | — | ||
| Q3 25 | 31.9% | 90.6% | ||
| Q2 25 | 34.4% | 90.4% | ||
| Q1 25 | 34.4% | 89.6% | ||
| Q4 24 | 34.1% | — | ||
| Q3 24 | 34.2% | 90.6% | ||
| Q2 24 | 35.4% | 90.3% | ||
| Q1 24 | 35.0% | 89.8% |
营业利润率KHCMCD
| Q4 25 | 17.1% | 45.0% | ||
| Q3 25 | 16.4% | 47.4% | ||
| Q2 25 | -125.5% | 47.2% | ||
| Q1 25 | 19.9% | 44.5% | ||
| Q4 24 | -0.6% | 44.9% | ||
| Q3 24 | -1.6% | 46.4% | ||
| Q2 24 | 8.1% | 45.0% | ||
| Q1 24 | 20.3% | 44.4% |
净利率KHCMCD
| Q4 25 | 10.2% | 30.9% | ||
| Q3 25 | 9.9% | 32.2% | ||
| Q2 25 | -123.2% | 32.9% | ||
| Q1 25 | 11.9% | 31.4% | ||
| Q4 24 | 32.4% | 31.6% | ||
| Q3 24 | -4.5% | 32.8% | ||
| Q2 24 | 1.6% | 31.2% | ||
| Q1 24 | 12.5% | 31.3% |
每股收益（稀释后）KHCMCD
| Q4 25 | $0.56 | $3.03 | ||
| Q3 25 | $0.52 | $3.18 | ||
| Q2 25 | $-6.60 | $3.14 | ||
| Q1 25 | $0.59 | $2.60 | ||
| Q4 24 | $1.76 | $2.80 | ||
| Q3 24 | $-0.24 | $3.13 | ||
| Q2 24 | $0.08 | $2.80 | ||
| Q1 24 | $0.66 | $2.66 |
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 | $2.6B | $774.0M |
| 总债务越低越好 | $19.3B | $40.0B |
| 股东权益账面价值 | $41.7B | $-1.8B |
| 总资产 | $81.8B | $59.5B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资KHCMCD
| Q4 25 | $2.6B | $774.0M | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.8B | $1.2B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $900.0M | $792.0M | ||
| Q1 24 | $1.6B | $838.0M |
总债务KHCMCD
| Q4 25 | $19.3B | $40.0B | ||
| Q3 25 | $19.3B | — | ||
| Q2 25 | $19.3B | — | ||
| Q1 25 | $20.9B | — | ||
| Q4 24 | $19.2B | $38.4B | ||
| Q3 24 | $19.4B | — | ||
| Q2 24 | $19.3B | — | ||
| Q1 24 | $19.9B | — |
股东权益KHCMCD
| Q4 25 | $41.7B | $-1.8B | ||
| Q3 25 | $41.5B | $-2.2B | ||
| Q2 25 | $41.4B | $-2.8B | ||
| Q1 25 | $49.5B | $-3.5B | ||
| Q4 24 | $49.2B | $-3.8B | ||
| Q3 24 | $48.3B | $-5.2B | ||
| Q2 24 | $48.9B | $-4.8B | ||
| Q1 24 | $49.5B | $-4.8B |
总资产KHCMCD
| Q4 25 | $81.8B | $59.5B | ||
| Q3 25 | $81.7B | $60.6B | ||
| Q2 25 | $81.6B | $59.6B | ||
| Q1 25 | $90.3B | $56.3B | ||
| Q4 24 | $88.3B | $55.2B | ||
| Q3 24 | $88.6B | $56.2B | ||
| Q2 24 | $88.8B | $53.8B | ||
| Q1 24 | $90.3B | $53.5B |
负债/权益比KHCMCD
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.39× | — | ||
| Q1 24 | 0.40× | — |
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 | $1.4B | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $1.2B | $1.6B |
| 自由现金流率自由现金流/营收 | 18.4% | 23.4% |
| 资本支出强度资本支出/营收 | 3.2% | 15.1% |
| 现金转化率经营现金流/净利润 | 2.11× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $7.2B |
8季度趋势，按日历期对齐
经营现金流KHCMCD
| Q4 25 | $1.4B | $2.7B | ||
| Q3 25 | $1.2B | $3.4B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $720.0M | $2.4B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $942.0M | $1.7B | ||
| Q1 24 | $771.0M | $2.4B |
自由现金流KHCMCD
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $986.0M | $2.4B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $482.0M | $1.9B | ||
| Q4 24 | $1.1B | $1.8B | ||
| Q3 24 | $849.0M | $1.9B | ||
| Q2 24 | $693.0M | $1.1B | ||
| Q1 24 | $477.0M | $1.8B |
自由现金流率KHCMCD
| Q4 25 | 18.4% | 23.4% | ||
| Q3 25 | 15.8% | 34.1% | ||
| Q2 25 | 16.1% | 18.3% | ||
| Q1 25 | 8.0% | 31.5% | ||
| Q4 24 | 17.4% | 28.6% | ||
| Q3 24 | 13.3% | 28.3% | ||
| Q2 24 | 10.7% | 16.3% | ||
| Q1 24 | 7.4% | 29.9% |
资本支出强度KHCMCD
| Q4 25 | 3.2% | 15.1% | ||
| Q3 25 | 2.7% | 14.3% | ||
| Q2 25 | 2.9% | 10.9% | ||
| Q1 25 | 4.0% | 9.3% | ||
| Q4 24 | 3.8% | 12.6% | ||
| Q3 24 | 3.7% | 11.6% | ||
| Q2 24 | 3.8% | 9.7% | ||
| Q1 24 | 4.6% | 8.9% |
现金转化率KHCMCD
| Q4 25 | 2.11× | 1.25× | ||
| Q3 25 | 1.88× | 1.50× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | 1.01× | 1.30× | ||
| Q4 24 | 0.65× | 1.30× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | 9.24× | 0.84× | ||
| Q1 24 | 0.96× | 1.24× |
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
KHC
| Taste Elevation | $2.9B | 46% |
| Easy Ready Meals | $1.1B | 17% |
| Hydration | $471.0M | 7% |
| Cheese | $440.0M | 7% |
| Meats | $438.0M | 7% |
| Substantial Snacking | $351.0M | 6% |
| Desserts | $332.0M | 5% |
| Coffee | $221.0M | 3% |
| Other Platform | $127.0M | 2% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
