vs
Restaurant Brands International Inc.（QSR）与Wingstop Inc.（WING）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Wingstop Inc.的14.0倍（$2.5B vs $175.7M）。Wingstop Inc.净利率更高（15.2% vs 6.3%，领先8.9%）。Wingstop Inc.同比增速更快（8.6% vs 7.4%）。Restaurant Brands International Inc.自由现金流更多（$453.0M vs $34.5M）。过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 9.8%）
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。
Wingstop Inc.是美国知名跨国快餐连锁品牌，核心产品为布法罗鸡翅，旗下门店均采用20世纪30至40年代喷气时代前的航空主题装饰风格，目前业务已覆盖全球多个国家和地区。
QSR vs WING — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $175.7M |
| 净利润 | $155.0M | $26.8M |
| 毛利率 | — | — |
| 营业利润率 | 25.2% | 26.7% |
| 净利率 | 6.3% | 15.2% |
| 营收同比 | 7.4% | 8.6% |
| 净利润同比 | -57.1% | 0.0% |
| 每股收益（稀释后） | $0.33 | $0.99 |
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 | $175.7M | ||
| Q3 25 | $2.4B | $175.7M | ||
| Q2 25 | $2.4B | $174.3M | ||
| Q1 25 | $2.1B | $171.1M | ||
| Q4 24 | $2.3B | $161.8M | ||
| Q3 24 | $2.3B | $162.5M | ||
| Q2 24 | $2.1B | $155.7M | ||
| Q1 24 | $1.7B | $145.8M |
| Q4 25 | $155.0M | $26.8M | ||
| Q3 25 | $436.0M | $28.5M | ||
| Q2 25 | $263.0M | $26.8M | ||
| Q1 25 | $221.0M | $92.3M | ||
| Q4 24 | $361.0M | $26.8M | ||
| Q3 24 | $357.0M | $25.7M | ||
| Q2 24 | $399.0M | $27.5M | ||
| Q1 24 | $328.0M | $28.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 85.6% | ||
| Q3 24 | — | 85.0% | ||
| Q2 24 | — | 85.4% | ||
| Q1 24 | 65.2% | 85.4% |
| Q4 25 | 25.2% | 26.7% | ||
| Q3 25 | 27.1% | 27.9% | ||
| Q2 25 | 20.0% | 25.9% | ||
| Q1 25 | 20.6% | 22.4% | ||
| Q4 24 | 27.7% | 25.9% | ||
| Q3 24 | 25.2% | 24.5% | ||
| Q2 24 | 31.9% | 26.5% | ||
| Q1 24 | 31.3% | 29.3% |
| Q4 25 | 6.3% | 15.2% | ||
| Q3 25 | 17.8% | 16.2% | ||
| Q2 25 | 10.9% | 15.4% | ||
| Q1 25 | 10.5% | 53.9% | ||
| Q4 24 | 15.7% | 16.5% | ||
| Q3 24 | 15.6% | 15.8% | ||
| Q2 24 | 19.2% | 17.7% | ||
| Q1 24 | 18.9% | 19.7% |
| Q4 25 | $0.33 | $0.99 | ||
| Q3 25 | $0.96 | $1.02 | ||
| Q2 25 | $0.57 | $0.96 | ||
| Q1 25 | $0.49 | $3.24 | ||
| Q4 24 | $0.79 | $0.91 | ||
| Q3 24 | $0.79 | $0.88 | ||
| Q2 24 | $0.88 | $0.93 | ||
| Q1 24 | $0.72 | $0.98 |
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 | — | $196.6M |
| 总债务越低越好 | $13.3B | $1.2B |
| 股东权益账面价值 | $3.6B | $-736.8M |
| 总资产 | $25.6B | $693.4M |
| 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 | — | $196.6M | ||
| Q3 25 | — | $237.6M | ||
| Q2 25 | — | $227.9M | ||
| Q1 25 | — | $251.4M | ||
| Q4 24 | — | $315.9M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $96.7M | ||
| Q1 24 | — | $108.3M |
| Q4 25 | $13.3B | $1.2B | ||
| Q3 25 | $13.5B | — | ||
| Q2 25 | $13.6B | — | ||
| Q1 25 | $13.6B | — | ||
| Q4 24 | $13.6B | $1.2B | ||
| Q3 24 | $13.7B | — | ||
| Q2 24 | $13.7B | — | ||
| Q1 24 | $12.9B | — |
| Q4 25 | $3.6B | $-736.8M | ||
| Q3 25 | $3.4B | $-702.6M | ||
| Q2 25 | $3.3B | $-686.0M | ||
| Q1 25 | $3.1B | $-715.0M | ||
| Q4 24 | $3.1B | $-675.6M | ||
| Q3 24 | $3.2B | $-447.5M | ||
| Q2 24 | $3.1B | $-437.5M | ||
| Q1 24 | $3.0B | $-434.4M |
| Q4 25 | $25.6B | $693.4M | ||
| Q3 25 | $25.7B | $721.0M | ||
| Q2 25 | $25.7B | $708.3M | ||
| Q1 25 | $24.9B | $696.8M | ||
| Q4 24 | $24.6B | $716.2M | ||
| Q3 24 | $25.1B | $484.8M | ||
| Q2 24 | $24.8B | $451.8M | ||
| Q1 24 | $23.1B | $412.3M |
| 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 | $57.3M |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $34.5M |
| 自由现金流率自由现金流/营收 | 18.4% | 19.6% |
| 资本支出强度资本支出/营收 | 4.1% | 13.0% |
| 现金转化率经营现金流/净利润 | 3.58× | 2.14× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $105.6M |
8季度趋势，按日历期对齐
| Q4 25 | $555.0M | $57.3M | ||
| Q3 25 | $592.0M | $63.9M | ||
| Q2 25 | $449.0M | $6.6M | ||
| Q1 25 | $118.0M | $25.3M | ||
| Q4 24 | $481.0M | $7.7M | ||
| Q3 24 | $540.0M | $69.0M | ||
| Q2 24 | $334.0M | $36.2M | ||
| Q1 24 | $148.0M | $44.7M |
| Q4 25 | $453.0M | $34.5M | ||
| Q3 25 | $531.0M | $61.7M | ||
| Q2 25 | $411.0M | $-7.8M | ||
| Q1 25 | $54.0M | $17.3M | ||
| Q4 24 | $404.0M | $-8.6M | ||
| Q3 24 | $485.0M | $54.9M | ||
| Q2 24 | $291.0M | $25.9M | ||
| Q1 24 | $122.0M | $33.5M |
| Q4 25 | 18.4% | 19.6% | ||
| Q3 25 | 21.7% | 35.1% | ||
| Q2 25 | 17.1% | -4.5% | ||
| Q1 25 | 2.6% | 10.1% | ||
| Q4 24 | 17.6% | -5.3% | ||
| Q3 24 | 21.2% | 33.8% | ||
| Q2 24 | 14.0% | 16.6% | ||
| Q1 24 | 7.0% | 23.0% |
| Q4 25 | 4.1% | 13.0% | ||
| Q3 25 | 2.5% | 1.3% | ||
| Q2 25 | 1.6% | 8.2% | ||
| Q1 25 | 3.0% | 4.7% | ||
| Q4 24 | 3.4% | 10.1% | ||
| Q3 24 | 2.4% | 8.7% | ||
| Q2 24 | 2.1% | 6.6% | ||
| Q1 24 | 1.5% | 7.7% |
| Q4 25 | 3.58× | 2.14× | ||
| Q3 25 | 1.36× | 2.24× | ||
| Q2 25 | 1.71× | 0.25× | ||
| Q1 25 | 0.53× | 0.27× | ||
| Q4 24 | 1.33× | 0.29× | ||
| Q3 24 | 1.51× | 2.68× | ||
| Q2 24 | 0.84× | 1.32× | ||
| Q1 24 | 0.45× | 1.55× |
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% |
WING
| Royalty | $73.7M | 42% |
| Advertising | $61.4M | 35% |
| Franchisor Owned Outlet | $32.4M | 18% |
| Other | $6.4M | 4% |
| Franchise | $1.8M | 1% |
