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Restaurant Brands International Inc.（QSR）与百胜中国（YUMC）财务数据对比。点击上方公司名可切换其他公司
百胜中国的季度营收约是Restaurant Brands International Inc.的1.1倍（$2.8B vs $2.5B）。Restaurant Brands International Inc.净利率更高（6.3% vs 5.0%，领先1.3%）。百胜中国同比增速更快（8.8% vs 7.4%）。Restaurant Brands International Inc.自由现金流更多（$453.0M vs $-116.0M）。过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs -2.3%）
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。
百胜中国是总部位于上海的世界500强快餐企业，2016年从百胜餐饮集团分拆独立上市，获百胜餐饮集团商标授权，按全系统销售额的3%支付授权费。目前在国内1100多座城市运营超8400家餐厅，全球门店总数超10600家，年营收达95亿美元，是全球规模最大的餐饮企业之一。
QSR vs YUMC — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.8B |
| 净利润 | $155.0M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 25.2% | 6.6% |
| 净利率 | 6.3% | 5.0% |
| 营收同比 | 7.4% | 8.8% |
| 净利润同比 | -57.1% | 21.7% |
| 每股收益（稀释后） | $0.33 | $0.40 |
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 | $2.8B | ||
| Q3 25 | $2.4B | $3.2B | ||
| Q2 25 | $2.4B | $2.8B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.3B | $2.6B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.1B | $2.7B | ||
| Q1 24 | $1.7B | $3.0B |
| Q4 25 | $155.0M | $140.0M | ||
| Q3 25 | $436.0M | $282.0M | ||
| Q2 25 | $263.0M | $215.0M | ||
| Q1 25 | $221.0M | $292.0M | ||
| Q4 24 | $361.0M | $115.0M | ||
| Q3 24 | $357.0M | $297.0M | ||
| Q2 24 | $399.0M | $212.0M | ||
| Q1 24 | $328.0M | $287.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 65.2% | — |
| Q4 25 | 25.2% | 6.6% | ||
| Q3 25 | 27.1% | 12.5% | ||
| Q2 25 | 20.0% | 10.9% | ||
| Q1 25 | 20.6% | 13.4% | ||
| Q4 24 | 27.7% | 5.8% | ||
| Q3 24 | 25.2% | 12.1% | ||
| Q2 24 | 31.9% | 9.9% | ||
| Q1 24 | 31.3% | 12.6% |
| Q4 25 | 6.3% | 5.0% | ||
| Q3 25 | 17.8% | 8.8% | ||
| Q2 25 | 10.9% | 7.7% | ||
| Q1 25 | 10.5% | 9.8% | ||
| Q4 24 | 15.7% | 4.4% | ||
| Q3 24 | 15.6% | 9.7% | ||
| Q2 24 | 19.2% | 7.9% | ||
| Q1 24 | 18.9% | 9.7% |
| Q4 25 | $0.33 | $0.40 | ||
| Q3 25 | $0.96 | $0.76 | ||
| Q2 25 | $0.57 | $0.58 | ||
| Q1 25 | $0.49 | $0.77 | ||
| Q4 24 | $0.79 | $0.30 | ||
| Q3 24 | $0.79 | $0.77 | ||
| Q2 24 | $0.88 | $0.55 | ||
| Q1 24 | $0.72 | $0.71 |
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 | — | $1.4B |
| 总债务越低越好 | $13.3B | — |
| 股东权益账面价值 | $3.6B | $5.4B |
| 总资产 | $25.6B | $10.8B |
| 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 | — | $1.4B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.4B |
| 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 | $5.4B | ||
| Q3 25 | $3.4B | $5.7B | ||
| Q2 25 | $3.3B | $5.8B | ||
| Q1 25 | $3.1B | $5.8B | ||
| Q4 24 | $3.1B | $5.7B | ||
| Q3 24 | $3.2B | $6.0B | ||
| Q2 24 | $3.1B | $5.8B | ||
| Q1 24 | $3.0B | $5.9B |
| Q4 25 | $25.6B | $10.8B | ||
| Q3 25 | $25.7B | $11.0B | ||
| Q2 25 | $25.7B | $11.0B | ||
| Q1 25 | $24.9B | $11.0B | ||
| Q4 24 | $24.6B | $11.1B | ||
| Q3 24 | $25.1B | $11.8B | ||
| Q2 24 | $24.8B | $11.6B | ||
| Q1 24 | $23.1B | $11.3B |
| 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 | $125.0M |
| 自由现金流经营现金流 - 资本支出 | $453.0M | $-116.0M |
| 自由现金流率自由现金流/营收 | 18.4% | -4.1% |
| 资本支出强度资本支出/营收 | 4.1% | 8.5% |
| 现金转化率经营现金流/净利润 | 3.58× | 0.89× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $840.0M |
8季度趋势，按日历期对齐
| Q4 25 | $555.0M | $125.0M | ||
| Q3 25 | $592.0M | $477.0M | ||
| Q2 25 | $449.0M | $412.0M | ||
| Q1 25 | $118.0M | $452.0M | ||
| Q4 24 | $481.0M | $167.0M | ||
| Q3 24 | $540.0M | $409.0M | ||
| Q2 24 | $334.0M | $401.0M | ||
| Q1 24 | $148.0M | $442.0M |
| Q4 25 | $453.0M | $-116.0M | ||
| Q3 25 | $531.0M | $351.0M | ||
| Q2 25 | $411.0M | $290.0M | ||
| Q1 25 | $54.0M | $315.0M | ||
| Q4 24 | $404.0M | $-15.0M | ||
| Q3 24 | $485.0M | $244.0M | ||
| Q2 24 | $291.0M | $232.0M | ||
| Q1 24 | $122.0M | $253.0M |
| Q4 25 | 18.4% | -4.1% | ||
| Q3 25 | 21.7% | 10.9% | ||
| Q2 25 | 17.1% | 10.4% | ||
| Q1 25 | 2.6% | 10.6% | ||
| Q4 24 | 17.6% | -0.6% | ||
| Q3 24 | 21.2% | 7.9% | ||
| Q2 24 | 14.0% | 8.7% | ||
| Q1 24 | 7.0% | 8.6% |
| Q4 25 | 4.1% | 8.5% | ||
| Q3 25 | 2.5% | 3.9% | ||
| Q2 25 | 1.6% | 4.4% | ||
| Q1 25 | 3.0% | 4.6% | ||
| Q4 24 | 3.4% | 7.0% | ||
| Q3 24 | 2.4% | 5.4% | ||
| Q2 24 | 2.1% | 6.3% | ||
| Q1 24 | 1.5% | 6.4% |
| Q4 25 | 3.58× | 0.89× | ||
| Q3 25 | 1.36× | 1.69× | ||
| Q2 25 | 1.71× | 1.92× | ||
| Q1 25 | 0.53× | 1.55× | ||
| Q4 24 | 1.33× | 1.45× | ||
| Q3 24 | 1.51× | 1.38× | ||
| Q2 24 | 0.84× | 1.89× | ||
| Q1 24 | 0.45× | 1.54× |
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% |
YUMC
| Revenue From External Customers | $2.1B | 75% |
| Pizza Hut | $540.0M | 19% |
| Corporate And Unallocated | $105.0M | 4% |
| Other Revenue | $45.0M | 2% |
| Franchise Fees And Income | $25.0M | 1% |
