vs
Restaurant Brands International Inc.（QSR）与United Rentals（URI）财务数据对比。点击上方公司名可切换其他公司
United Rentals的季度营收约是Restaurant Brands International Inc.的1.6倍（$4.0B vs $2.5B），United Rentals净利率更高（13.3% vs 6.3%，领先7.0%），Restaurant Brands International Inc.同比增速更快（7.4% vs 7.2%），United Rentals自由现金流更多（$1.1B vs $453.0M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
QSR vs URI — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.0B |
| 净利润 | $155.0M | $531.0M |
| 毛利率 | — | 36.9% |
| 营业利润率 | 25.2% | 21.8% |
| 净利率 | 6.3% | 13.3% |
| 营收同比 | 7.4% | 7.2% |
| 净利润同比 | -57.1% | 2.5% |
| 每股收益（稀释后） | $0.33 | $8.43 |
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
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.5B | $992.0M | ||
| Q3 25 | $2.4B | $938.0M | ||
| Q2 25 | $2.4B | $872.0M | ||
| Q1 25 | $2.1B | $893.0M | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.3B | $874.0M | ||
| Q2 24 | $2.1B | $870.0M |
| Q1 26 | — | $531.0M | ||
| Q4 25 | $155.0M | $653.0M | ||
| Q3 25 | $436.0M | $701.0M | ||
| Q2 25 | $263.0M | $622.0M | ||
| Q1 25 | $221.0M | $518.0M | ||
| Q4 24 | $361.0M | $689.0M | ||
| Q3 24 | $357.0M | $708.0M | ||
| Q2 24 | $399.0M | $636.0M |
| Q1 26 | — | 36.9% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 21.8% | ||
| Q4 25 | 25.2% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 20.0% | — | ||
| Q1 25 | 20.6% | 90.0% | ||
| Q4 24 | 27.7% | — | ||
| Q3 24 | 25.2% | — | ||
| Q2 24 | 31.9% | — |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 6.3% | 65.8% | ||
| Q3 25 | 17.8% | 74.7% | ||
| Q2 25 | 10.9% | 71.3% | ||
| Q1 25 | 10.5% | 58.0% | ||
| Q4 24 | 15.7% | 67.6% | ||
| Q3 24 | 15.6% | 81.0% | ||
| Q2 24 | 19.2% | 73.1% |
| Q1 26 | — | $8.43 | ||
| Q4 25 | $0.33 | $10.20 | ||
| Q3 25 | $0.96 | $10.91 | ||
| Q2 25 | $0.57 | $9.59 | ||
| Q1 25 | $0.49 | $7.91 | ||
| Q4 24 | $0.79 | $10.41 | ||
| Q3 24 | $0.79 | $10.70 | ||
| Q2 24 | $0.88 | $9.54 |
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 | — | $156.0M |
| 总债务越低越好 | $13.3B | $13.9B |
| 股东权益账面价值 | $3.6B | $9.0B |
| 总资产 | $25.6B | $29.9B |
| 负债/权益比越低杠杆越低 | 3.65× | 1.55× |
8季度趋势，按日历期对齐
| Q1 26 | — | $156.0M | ||
| Q4 25 | — | $459.0M | ||
| Q3 25 | — | $512.0M | ||
| Q2 25 | — | $548.0M | ||
| Q1 25 | — | $542.0M | ||
| Q4 24 | — | $457.0M | ||
| Q3 24 | — | $479.0M | ||
| Q2 24 | — | $467.0M |
| Q1 26 | — | $13.9B | ||
| Q4 25 | $13.3B | $12.7B | ||
| Q3 25 | $13.5B | $12.6B | ||
| Q2 25 | $13.6B | $12.1B | ||
| Q1 25 | $13.6B | $11.5B | ||
| Q4 24 | $13.6B | $12.2B | ||
| Q3 24 | $13.7B | $11.9B | ||
| Q2 24 | $13.7B | $11.5B |
| Q1 26 | — | $9.0B | ||
| Q4 25 | $3.6B | $9.0B | ||
| Q3 25 | $3.4B | $9.0B | ||
| Q2 25 | $3.3B | $9.0B | ||
| Q1 25 | $3.1B | $8.8B | ||
| Q4 24 | $3.1B | $8.6B | ||
| Q3 24 | $3.2B | $8.6B | ||
| Q2 24 | $3.1B | $8.3B |
| Q1 26 | — | $29.9B | ||
| Q4 25 | $25.6B | $29.9B | ||
| Q3 25 | $25.7B | $30.1B | ||
| Q2 25 | $25.7B | $29.2B | ||
| Q1 25 | $24.9B | $28.1B | ||
| Q4 24 | $24.6B | $28.2B | ||
| Q3 24 | $25.1B | $28.4B | ||
| Q2 24 | $24.8B | $27.6B |
| Q1 26 | — | 1.55× | ||
| Q4 25 | 3.65× | 1.41× | ||
| Q3 25 | 3.99× | 1.40× | ||
| Q2 25 | 4.10× | 1.34× | ||
| Q1 25 | 4.37× | 1.31× | ||
| Q4 24 | 4.39× | 1.42× | ||
| Q3 24 | 4.22× | 1.38× | ||
| Q2 24 | 4.46× | 1.39× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 18.4% | 26.4% |
| 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× | 2.85× |
| 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
| Q1 26 | — | $1.5B | ||
| Q4 25 | $555.0M | $1.3B | ||
| Q3 25 | $592.0M | $1.2B | ||
| Q2 25 | $449.0M | $1.3B | ||
| Q1 25 | $118.0M | $1.4B | ||
| Q4 24 | $481.0M | $1.0B | ||
| Q3 24 | $540.0M | $1.2B | ||
| Q2 24 | $334.0M | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $453.0M | — | ||
| Q3 25 | $531.0M | — | ||
| Q2 25 | $411.0M | — | ||
| Q1 25 | $54.0M | — | ||
| Q4 24 | $404.0M | $471.0M | ||
| Q3 24 | $485.0M | $-168.0M | ||
| Q2 24 | $291.0M | $-263.0M |
| Q1 26 | — | 26.4% | ||
| Q4 25 | 18.4% | — | ||
| Q3 25 | 21.7% | — | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 17.6% | 46.2% | ||
| Q3 24 | 21.2% | -19.2% | ||
| Q2 24 | 14.0% | -30.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 3.4% | 56.6% | ||
| Q3 24 | 2.4% | 157.0% | ||
| Q2 24 | 2.1% | 175.6% |
| Q1 26 | — | 2.85× | ||
| Q4 25 | 3.58× | 1.92× | ||
| Q3 25 | 1.36× | 1.68× | ||
| Q2 25 | 1.71× | 2.14× | ||
| Q1 25 | 0.53× | 2.75× | ||
| Q4 24 | 1.33× | 1.52× | ||
| Q3 24 | 1.51× | 1.70× | ||
| Q2 24 | 0.84× | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
