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贝宝（PYPL）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
贝宝的季度营收约是皇家加勒比集团的1.9倍（$8.7B vs $4.5B），皇家加勒比集团净利率更高（21.3% vs 16.6%，领先4.8%），皇家加勒比集团同比增速更快（11.3% vs 3.7%），过去两年贝宝的营收复合增速更高（6.2% vs 4.1%）
贝宝控股（PayPal Holdings, Inc.）是美国跨国金融科技企业，在全球多数支持线上转账的国家运营在线支付系统，可作为支票、汇票等传统纸质支付方式的电子替代选项，同时为线上商户、拍卖网站及各类商业用户提供支付处理服务。
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。
PYPL vs RCL — 直观对比
营收规模更大
PYPL
是对方的1.9倍
$4.5B
营收增速更快
RCL
高出7.6%
3.7%
净利率更高
RCL
高出4.8%
16.6%
两年增速更快
PYPL
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.7B | $4.5B |
| 净利润 | $1.4B | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 26.1% |
| 净利率 | 16.6% | 21.3% |
| 营收同比 | 3.7% | 11.3% |
| 净利润同比 | 28.2% | 29.1% |
| 每股收益（稀释后） | $1.53 | $3.48 |
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PYPLRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $8.7B | $4.3B | ||
| Q3 25 | $8.4B | $5.1B | ||
| Q2 25 | $8.3B | $4.5B | ||
| Q1 25 | $7.8B | $4.0B | ||
| Q4 24 | $8.4B | $3.8B | ||
| Q3 24 | $7.8B | $4.9B | ||
| Q2 24 | $7.9B | $4.1B |
净利润PYPLRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $1.4B | $753.0M | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.3B | $730.0M | ||
| Q4 24 | $1.1B | $552.0M | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.1B | $854.0M |
毛利率PYPLRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率PYPLRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 17.4% | 21.9% | ||
| Q3 25 | 18.1% | 33.1% | ||
| Q2 25 | 18.1% | 29.3% | ||
| Q1 25 | 19.6% | 23.6% | ||
| Q4 24 | 17.2% | 16.6% | ||
| Q3 24 | 17.7% | 33.4% | ||
| Q2 24 | 16.8% | 26.7% |
净利率PYPLRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 16.6% | 17.7% | ||
| Q3 25 | 14.8% | 30.6% | ||
| Q2 25 | 15.2% | 26.7% | ||
| Q1 25 | 16.5% | 18.3% | ||
| Q4 24 | 13.4% | 14.7% | ||
| Q3 24 | 12.9% | 22.7% | ||
| Q2 24 | 14.3% | 20.8% |
每股收益（稀释后）PYPLRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $1.53 | $2.76 | ||
| Q3 25 | $1.30 | $5.74 | ||
| Q2 25 | $1.29 | $4.41 | ||
| Q1 25 | $1.29 | $2.70 | ||
| Q4 24 | $1.09 | $2.27 | ||
| Q3 24 | $0.99 | $4.21 | ||
| Q2 24 | $1.08 | $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 | $10.4B | $512.0M |
| 总债务越低越好 | — | $21.1B |
| 股东权益账面价值 | $20.3B | $10.0B |
| 总资产 | $80.2B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资PYPLRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $10.4B | $825.0M | ||
| Q3 25 | $10.8B | $432.0M | ||
| Q2 25 | $10.0B | $735.0M | ||
| Q1 25 | $11.2B | $386.0M | ||
| Q4 24 | $10.8B | $388.0M | ||
| Q3 24 | $11.9B | $418.0M | ||
| Q2 24 | $13.6B | $391.0M |
总债务PYPLRCL
| Q1 26 | — | $21.1B | ||
| 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PYPLRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $20.3B | $10.0B | ||
| Q3 25 | $20.2B | $10.1B | ||
| Q2 25 | $20.2B | $9.2B | ||
| Q1 25 | $20.3B | $8.0B | ||
| Q4 24 | $20.4B | $7.6B | ||
| Q3 24 | $20.2B | $7.0B | ||
| Q2 24 | $20.6B | $6.0B |
总资产PYPLRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $80.2B | $41.6B | ||
| Q3 25 | $79.8B | $40.1B | ||
| Q2 25 | $79.8B | $38.5B | ||
| Q1 25 | $81.3B | $37.5B | ||
| Q4 24 | $81.6B | $37.1B | ||
| Q3 24 | $83.5B | $37.1B | ||
| Q2 24 | $84.0B | $37.0B |
负债/权益比PYPLRCL
| Q1 26 | — | 2.11× | ||
| 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 | $2.4B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | — |
| 自由现金流率自由现金流/营收 | 25.2% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.66× | 1.93× |
| 过去12个月自由现金流最近4个季度 | $5.6B | — |
8季度趋势，按日历期对齐
经营现金流PYPLRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.4B | $1.6B | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $898.0M | $1.7B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $2.4B | $1.5B | ||
| Q3 24 | $1.6B | $897.0M | ||
| Q2 24 | $1.5B | $1.6B |
自由现金流PYPLRCL
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $116.0M | ||
| Q3 25 | $1.7B | $-989.0M | ||
| Q2 25 | $692.0M | $910.0M | ||
| Q1 25 | $964.0M | $1.2B | ||
| Q4 24 | $2.2B | $915.0M | ||
| Q3 24 | $1.4B | $563.0M | ||
| Q2 24 | $1.4B | $-567.0M |
自由现金流率PYPLRCL
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 2.7% | ||
| Q3 25 | 20.4% | -19.2% | ||
| Q2 25 | 8.3% | 20.1% | ||
| Q1 25 | 12.4% | 30.0% | ||
| Q4 24 | 26.2% | 24.3% | ||
| Q3 24 | 18.4% | 11.5% | ||
| Q2 24 | 17.3% | -13.8% |
资本支出强度PYPLRCL
| Q1 26 | — | — | ||
| Q4 25 | 2.2% | 35.4% | ||
| Q3 25 | 3.0% | 47.8% | ||
| Q2 25 | 2.5% | 18.4% | ||
| Q1 25 | 2.5% | 10.7% | ||
| Q4 24 | 2.4% | 14.7% | ||
| Q3 24 | 2.2% | 6.8% | ||
| Q2 24 | 2.0% | 52.1% |
现金转化率PYPLRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.66× | 2.16× | ||
| Q3 25 | 1.58× | 0.93× | ||
| Q2 25 | 0.71× | 1.44× | ||
| Q1 25 | 0.90× | 2.23× | ||
| Q4 24 | 2.14× | 2.66× | ||
| Q3 24 | 1.60× | 0.81× | ||
| Q2 24 | 1.35× | 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
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
