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ServiceNow（NOW）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
ServiceNow的季度营收约是Restaurant Brands International Inc.的1.5倍（$3.8B vs $2.5B），ServiceNow净利率更高（12.4% vs 6.3%，领先6.2%），Restaurant Brands International Inc.同比增速更快（7.4% vs 2.8%），ServiceNow自由现金流更多（$1.7B vs $453.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 19.1%）
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。
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。
NOW vs QSR — 直观对比
营收规模更大
NOW
是对方的1.5倍
$2.5B
营收增速更快
QSR
高出4.6%
2.8%
净利率更高
NOW
高出6.2%
6.3%
自由现金流更多
NOW
多$1.2B
$453.0M
两年增速更快
NOW
近两年复合增速
19.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.5B |
| 净利润 | $469.0M | $155.0M |
| 毛利率 | 75.1% | — |
| 营业利润率 | 13.3% | 25.2% |
| 净利率 | 12.4% | 6.3% |
| 营收同比 | 2.8% | 7.4% |
| 净利润同比 | -53.7% | -57.1% |
| 每股收益（稀释后） | $1.04 | $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
营收NOWQSR
| Q1 26 | $3.8B | — | ||
| Q4 25 | $3.6B | $2.5B | ||
| Q3 25 | $3.4B | $2.4B | ||
| Q2 25 | $3.2B | $2.4B | ||
| Q1 25 | $3.1B | $2.1B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.6B | $2.1B |
净利润NOWQSR
| Q1 26 | $469.0M | — | ||
| Q4 25 | $401.0M | $155.0M | ||
| Q3 25 | $502.0M | $436.0M | ||
| Q2 25 | $385.0M | $263.0M | ||
| Q1 25 | $460.0M | $221.0M | ||
| Q4 24 | $384.0M | $361.0M | ||
| Q3 24 | $432.0M | $357.0M | ||
| Q2 24 | $262.0M | $399.0M |
毛利率NOWQSR
| Q1 26 | 75.1% | — | ||
| Q4 25 | 76.6% | — | ||
| Q3 25 | 77.3% | — | ||
| Q2 25 | 77.5% | — | ||
| Q1 25 | 78.9% | — | ||
| Q4 24 | 78.7% | — | ||
| Q3 24 | 79.1% | — | ||
| Q2 24 | 79.0% | — |
营业利润率NOWQSR
| Q1 26 | 13.3% | — | ||
| Q4 25 | 12.4% | 25.2% | ||
| Q3 25 | 16.8% | 27.1% | ||
| Q2 25 | 11.1% | 20.0% | ||
| Q1 25 | 14.6% | 20.6% | ||
| Q4 24 | 12.6% | 27.7% | ||
| Q3 24 | 14.9% | 25.2% | ||
| Q2 24 | 9.1% | 31.9% |
净利率NOWQSR
| Q1 26 | 12.4% | — | ||
| Q4 25 | 11.2% | 6.3% | ||
| Q3 25 | 14.7% | 17.8% | ||
| Q2 25 | 12.0% | 10.9% | ||
| Q1 25 | 14.9% | 10.5% | ||
| Q4 24 | 13.0% | 15.7% | ||
| Q3 24 | 15.4% | 15.6% | ||
| Q2 24 | 10.0% | 19.2% |
每股收益（稀释后）NOWQSR
| Q1 26 | $1.04 | — | ||
| Q4 25 | $-4.77 | $0.33 | ||
| Q3 25 | $2.40 | $0.96 | ||
| Q2 25 | $1.84 | $0.57 | ||
| Q1 25 | $2.20 | $0.49 | ||
| Q4 24 | $1.84 | $0.79 | ||
| Q3 24 | $2.07 | $0.79 | ||
| Q2 24 | $1.26 | $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 | $2.7B | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | $11.7B | $3.6B |
| 总资产 | $24.4B | $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
现金及短期投资NOWQSR
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $2.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.2B | — |
总债务NOWQSR
| 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 |
股东权益NOWQSR
| Q1 26 | $11.7B | — | ||
| Q4 25 | $13.0B | $3.6B | ||
| Q3 25 | $11.3B | $3.4B | ||
| Q2 25 | $10.9B | $3.3B | ||
| Q1 25 | $10.1B | $3.1B | ||
| Q4 24 | $9.6B | $3.1B | ||
| Q3 24 | $9.3B | $3.2B | ||
| Q2 24 | $8.7B | $3.1B |
总资产NOWQSR
| Q1 26 | $24.4B | — | ||
| Q4 25 | $26.0B | $25.6B | ||
| Q3 25 | $21.8B | $25.7B | ||
| Q2 25 | $22.1B | $25.7B | ||
| Q1 25 | $21.0B | $24.9B | ||
| Q4 24 | $20.4B | $24.6B | ||
| Q3 24 | $18.4B | $25.1B | ||
| Q2 24 | $18.2B | $24.8B |
负债/权益比NOWQSR
| 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 | $1.7B | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $453.0M |
| 自由现金流率自由现金流/营收 | 44.2% | 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 | 3.56× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $1.4B |
8季度趋势，按日历期对齐
经营现金流NOWQSR
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.2B | $555.0M | ||
| Q3 25 | $813.0M | $592.0M | ||
| Q2 25 | $716.0M | $449.0M | ||
| Q1 25 | $1.7B | $118.0M | ||
| Q4 24 | $1.6B | $481.0M | ||
| Q3 24 | $671.0M | $540.0M | ||
| Q2 24 | $620.0M | $334.0M |
自由现金流NOWQSR
| Q1 26 | $1.7B | — | ||
| Q4 25 | $2.0B | $453.0M | ||
| Q3 25 | $578.0M | $531.0M | ||
| Q2 25 | $526.0M | $411.0M | ||
| Q1 25 | $1.5B | $54.0M | ||
| Q4 24 | $1.4B | $404.0M | ||
| Q3 24 | $469.0M | $485.0M | ||
| Q2 24 | $358.0M | $291.0M |
自由现金流率NOWQSR
| Q1 26 | 44.2% | — | ||
| Q4 25 | 56.1% | 18.4% | ||
| Q3 25 | 17.0% | 21.7% | ||
| Q2 25 | 16.4% | 17.1% | ||
| Q1 25 | 47.7% | 2.6% | ||
| Q4 24 | 46.7% | 17.6% | ||
| Q3 24 | 16.8% | 21.2% | ||
| Q2 24 | 13.6% | 14.0% |
资本支出强度NOWQSR
| Q1 26 | — | — | ||
| Q4 25 | 6.7% | 4.1% | ||
| Q3 25 | 6.9% | 2.5% | ||
| Q2 25 | 5.9% | 1.6% | ||
| Q1 25 | 6.6% | 3.0% | ||
| Q4 24 | 8.6% | 3.4% | ||
| Q3 24 | 7.2% | 2.4% | ||
| Q2 24 | 10.0% | 2.1% |
现金转化率NOWQSR
| Q1 26 | 3.56× | — | ||
| Q4 25 | 5.58× | 3.58× | ||
| Q3 25 | 1.62× | 1.36× | ||
| Q2 25 | 1.86× | 1.71× | ||
| Q1 25 | 3.65× | 0.53× | ||
| Q4 24 | 4.26× | 1.33× | ||
| Q3 24 | 1.55× | 1.51× | ||
| Q2 24 | 2.37× | 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
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
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% |
