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Restaurant Brands International Inc.（QSR）与TWILIO INC（TWLO）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是TWILIO INC的1.8倍（$2.5B vs $1.4B），Restaurant Brands International Inc.净利率更高（6.3% vs -3.4%，领先9.6%），TWILIO INC同比增速更快（14.3% vs 7.4%），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 14.2%）
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。
Twilio是总部位于美国加利福尼亚州旧金山的云通信企业，提供可编程通信工具，用户可通过其网页服务API实现拨打接听电话、收发短信等多种通信功能，方便企业灵活搭建适配自身需求的通信解决方案，降低相关技术的自研投入。
QSR vs TWLO — 直观对比
营收规模更大
QSR
是对方的1.8倍
$1.4B
营收增速更快
TWLO
高出6.9%
7.4%
净利率更高
QSR
高出9.6%
-3.4%
两年增速更快
QSR
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.4B |
| 净利润 | $155.0M | $-45.9M |
| 毛利率 | — | 48.5% |
| 营业利润率 | 25.2% | 4.2% |
| 净利率 | 6.3% | -3.4% |
| 营收同比 | 7.4% | 14.3% |
| 净利润同比 | -57.1% | -267.7% |
| 每股收益（稀释后） | $0.33 | $-0.28 |
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QSRTWLO
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.4B | $1.3B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.3B | $1.2B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $1.7B | $1.0B |
净利润QSRTWLO
| Q4 25 | $155.0M | $-45.9M | ||
| Q3 25 | $436.0M | $37.2M | ||
| Q2 25 | $263.0M | $22.4M | ||
| Q1 25 | $221.0M | $20.0M | ||
| Q4 24 | $361.0M | $-12.5M | ||
| Q3 24 | $357.0M | $-9.7M | ||
| Q2 24 | $399.0M | $-31.9M | ||
| Q1 24 | $328.0M | $-55.3M |
毛利率QSRTWLO
| Q4 25 | — | 48.5% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 49.1% | ||
| Q1 25 | — | 49.6% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 51.0% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | 65.2% | 52.0% |
营业利润率QSRTWLO
| Q4 25 | 25.2% | 4.2% | ||
| Q3 25 | 27.1% | 3.1% | ||
| Q2 25 | 20.0% | 3.0% | ||
| Q1 25 | 20.6% | 2.0% | ||
| Q4 24 | 27.7% | 1.1% | ||
| Q3 24 | 25.2% | -0.4% | ||
| Q2 24 | 31.9% | -1.8% | ||
| Q1 24 | 31.3% | -4.2% |
净利率QSRTWLO
| Q4 25 | 6.3% | -3.4% | ||
| Q3 25 | 17.8% | 2.9% | ||
| Q2 25 | 10.9% | 1.8% | ||
| Q1 25 | 10.5% | 1.7% | ||
| Q4 24 | 15.7% | -1.0% | ||
| Q3 24 | 15.6% | -0.9% | ||
| Q2 24 | 19.2% | -2.9% | ||
| Q1 24 | 18.9% | -5.3% |
每股收益（稀释后）QSRTWLO
| Q4 25 | $0.33 | $-0.28 | ||
| Q3 25 | $0.96 | $0.23 | ||
| Q2 25 | $0.57 | $0.14 | ||
| Q1 25 | $0.49 | $0.12 | ||
| Q4 24 | $0.79 | $-0.10 | ||
| Q3 24 | $0.79 | $-0.06 | ||
| Q2 24 | $0.88 | $-0.19 | ||
| Q1 24 | $0.72 | $-0.31 |
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 | — | $682.3M |
| 总债务越低越好 | $13.3B | $992.3M |
| 股东权益账面价值 | $3.6B | $7.8B |
| 总资产 | $25.6B | $9.8B |
| 负债/权益比越低杠杆越低 | 3.65× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资QSRTWLO
| Q4 25 | — | $682.3M | ||
| Q3 25 | — | $734.8M | ||
| Q2 25 | — | $969.2M | ||
| Q1 25 | — | $467.1M | ||
| Q4 24 | — | $421.3M | ||
| Q3 24 | — | $584.0M | ||
| Q2 24 | — | $755.1M | ||
| Q1 24 | — | $672.6M |
总债务QSRTWLO
| Q4 25 | $13.3B | $992.3M | ||
| Q3 25 | $13.5B | $991.9M | ||
| Q2 25 | $13.6B | $991.4M | ||
| Q1 25 | $13.6B | $991.0M | ||
| Q4 24 | $13.6B | $990.6M | ||
| Q3 24 | $13.7B | $990.2M | ||
| Q2 24 | $13.7B | $989.8M | ||
| Q1 24 | $12.9B | $989.4M |
股东权益QSRTWLO
| Q4 25 | $3.6B | $7.8B | ||
| Q3 25 | $3.4B | $7.9B | ||
| Q2 25 | $3.3B | $8.0B | ||
| Q1 25 | $3.1B | $8.0B | ||
| Q4 24 | $3.1B | $8.0B | ||
| Q3 24 | $3.2B | $8.2B | ||
| Q2 24 | $3.1B | $8.7B | ||
| Q1 24 | $3.0B | $9.4B |
总资产QSRTWLO
| Q4 25 | $25.6B | $9.8B | ||
| Q3 25 | $25.7B | $9.7B | ||
| Q2 25 | $25.7B | $9.8B | ||
| Q1 25 | $24.9B | $9.8B | ||
| Q4 24 | $24.6B | $9.9B | ||
| Q3 24 | $25.1B | $10.0B | ||
| Q2 24 | $24.8B | $10.5B | ||
| Q1 24 | $23.1B | $11.3B |
负债/权益比QSRTWLO
| Q4 25 | 3.65× | 0.13× | ||
| Q3 25 | 3.99× | 0.13× | ||
| Q2 25 | 4.10× | 0.12× | ||
| Q1 25 | 4.37× | 0.12× | ||
| Q4 24 | 4.39× | 0.12× | ||
| Q3 24 | 4.22× | 0.12× | ||
| Q2 24 | 4.46× | 0.11× | ||
| Q1 24 | 4.35× | 0.10× |
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 | $271.6M |
| 自由现金流经营现金流 - 资本支出 | $453.0M | — |
| 自由现金流率自由现金流/营收 | 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 | 3.58× | — |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流QSRTWLO
| Q4 25 | $555.0M | $271.6M | ||
| Q3 25 | $592.0M | $263.6M | ||
| Q2 25 | $449.0M | $277.1M | ||
| Q1 25 | $118.0M | $191.0M | ||
| Q4 24 | $481.0M | $108.4M | ||
| Q3 24 | $540.0M | $204.3M | ||
| Q2 24 | $334.0M | $213.3M | ||
| Q1 24 | $148.0M | $190.1M |
自由现金流QSRTWLO
| Q4 25 | $453.0M | — | ||
| Q3 25 | $531.0M | — | ||
| Q2 25 | $411.0M | — | ||
| Q1 25 | $54.0M | — | ||
| Q4 24 | $404.0M | — | ||
| Q3 24 | $485.0M | — | ||
| Q2 24 | $291.0M | — | ||
| Q1 24 | $122.0M | — |
自由现金流率QSRTWLO
| Q4 25 | 18.4% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 21.2% | — | ||
| Q2 24 | 14.0% | — | ||
| Q1 24 | 7.0% | — |
资本支出强度QSRTWLO
| Q4 25 | 4.1% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 1.5% | — |
现金转化率QSRTWLO
| Q4 25 | 3.58× | — | ||
| Q3 25 | 1.36× | 7.08× | ||
| Q2 25 | 1.71× | 12.36× | ||
| Q1 25 | 0.53× | 9.54× | ||
| Q4 24 | 1.33× | — | ||
| Q3 24 | 1.51× | — | ||
| Q2 24 | 0.84× | — | ||
| Q1 24 | 0.45× | — |
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% |
TWLO
| US | $879.8M | 64% |
| Non Us | $486.1M | 36% |
