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Restaurant Brands International Inc.（QSR）与Rocket Companies, Inc.（RKT）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, Inc.的季度营收约是Restaurant Brands International Inc.的1.1倍（$2.7B vs $2.5B），Restaurant Brands International Inc.净利率更高（6.3% vs 2.5%，领先3.8%），Rocket Companies, Inc.同比增速更快（52.2% vs 7.4%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% vs 19.1%）
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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
QSR vs RKT — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.7B |
| 净利润 | $155.0M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | 25.2% | 6.3% |
| 净利率 | 6.3% | 2.5% |
| 营收同比 | 7.4% | 52.2% |
| 净利润同比 | -57.1% | 100.8% |
| 每股收益（稀释后） | $0.33 | $0.10 |
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
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.1B | $1.0B | ||
| Q4 24 | $2.3B | $1.8B | ||
| Q3 24 | $2.3B | $646.9M | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $1.7B | $1.4B |
| Q4 25 | $155.0M | $68.0M | ||
| Q3 25 | $436.0M | $-123.9M | ||
| Q2 25 | $263.0M | $-1.8M | ||
| Q1 25 | $221.0M | $-10.4M | ||
| Q4 24 | $361.0M | $33.9M | ||
| Q3 24 | $357.0M | $-22.0M | ||
| Q2 24 | $399.0M | $1.3M | ||
| Q1 24 | $328.0M | $16.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | — | -8.4% | ||
| Q2 24 | — | 47.4% | ||
| Q1 24 | 65.2% | 51.2% |
| Q4 25 | 25.2% | 6.3% | ||
| Q3 25 | 27.1% | -11.5% | ||
| Q2 25 | 20.0% | 1.8% | ||
| Q1 25 | 20.6% | -21.5% | ||
| Q4 24 | 27.7% | 38.1% | ||
| Q3 24 | 25.2% | -76.9% | ||
| Q2 24 | 31.9% | 14.8% | ||
| Q1 24 | 31.3% | 21.6% |
| Q4 25 | 6.3% | 2.5% | ||
| Q3 25 | 17.8% | -7.7% | ||
| Q2 25 | 10.9% | -0.1% | ||
| Q1 25 | 10.5% | -1.0% | ||
| Q4 24 | 15.7% | 1.9% | ||
| Q3 24 | 15.6% | -3.4% | ||
| Q2 24 | 19.2% | 0.1% | ||
| Q1 24 | 18.9% | 1.2% |
| Q4 25 | $0.33 | $0.10 | ||
| Q3 25 | $0.96 | $-0.06 | ||
| Q2 25 | $0.57 | $-0.01 | ||
| Q1 25 | $0.49 | $-0.08 | ||
| Q4 24 | $0.79 | $0.28 | ||
| Q3 24 | $0.79 | $-0.19 | ||
| Q2 24 | $0.88 | $0.01 | ||
| Q1 24 | $0.72 | $0.11 |
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 | — | $2.7B |
| 总债务越低越好 | $13.3B | — |
| 股东权益账面价值 | $3.6B | $22.9B |
| 总资产 | $25.6B | $60.7B |
| 负债/权益比越低杠杆越低 | 3.65× | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $861.4M |
| 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 24 | $12.9B | — |
| Q4 25 | $3.6B | $22.9B | ||
| Q3 25 | $3.4B | $8.9B | ||
| Q2 25 | $3.3B | $7.4B | ||
| Q1 25 | $3.1B | $8.6B | ||
| Q4 24 | $3.1B | $9.0B | ||
| Q3 24 | $3.2B | $8.4B | ||
| Q2 24 | $3.1B | $8.8B | ||
| Q1 24 | $3.0B | $8.6B |
| Q4 25 | $25.6B | $60.7B | ||
| Q3 25 | $25.7B | $33.6B | ||
| Q2 25 | $25.7B | $30.4B | ||
| Q1 25 | $24.9B | $25.3B | ||
| Q4 24 | $24.6B | $24.5B | ||
| Q3 24 | $25.1B | $25.1B | ||
| Q2 24 | $24.8B | $23.6B | ||
| Q1 24 | $23.1B | $22.2B |
| 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× | — | ||
| Q1 24 | 4.35× | — |
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 | $555.0M | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $-1.3B |
| 自由现金流率自由现金流/营收 | 18.4% | -47.2% |
| 资本支出强度资本支出/营收 | 4.1% | 1.5% |
| 现金转化率经营现金流/净利润 | 3.58× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $-4.0B |
8季度趋势，按日历期对齐
| Q4 25 | $555.0M | $-1.2B | ||
| Q3 25 | $592.0M | $-50.3M | ||
| Q2 25 | $449.0M | $-1.9B | ||
| Q1 25 | $118.0M | $-797.0M | ||
| Q4 24 | $481.0M | $1.8B | ||
| Q3 24 | $540.0M | $-1.3B | ||
| Q2 24 | $334.0M | $-122.3M | ||
| Q1 24 | $148.0M | $-3.0B |
| Q4 25 | $453.0M | $-1.3B | ||
| Q3 25 | $531.0M | $-71.8M | ||
| Q2 25 | $411.0M | $-1.9B | ||
| Q1 25 | $54.0M | $-811.0M | ||
| Q4 24 | $404.0M | $1.8B | ||
| Q3 24 | $485.0M | $-1.4B | ||
| Q2 24 | $291.0M | $-138.3M | ||
| Q1 24 | $122.0M | $-3.0B |
| Q4 25 | 18.4% | -47.2% | ||
| Q3 25 | 21.7% | -4.5% | ||
| Q2 25 | 17.1% | -137.2% | ||
| Q1 25 | 2.6% | -78.2% | ||
| Q4 24 | 17.6% | 103.1% | ||
| Q3 24 | 21.2% | -209.6% | ||
| Q2 24 | 14.0% | -10.6% | ||
| Q1 24 | 7.0% | -218.7% |
| Q4 25 | 4.1% | 1.5% | ||
| Q3 25 | 2.5% | 1.3% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 3.0% | 1.4% | ||
| Q4 24 | 3.4% | 1.1% | ||
| Q3 24 | 2.4% | 2.9% | ||
| Q2 24 | 2.1% | 1.2% | ||
| Q1 24 | 1.5% | 1.0% |
| Q4 25 | 3.58× | -18.08× | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.71× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 1.33× | 54.42× | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 0.84× | -94.46× | ||
| Q1 24 | 0.45× | -185.80× |
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
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
