vs
携程集团（TCOM）与猫途鹰（TRIP）财务数据对比。点击上方公司名可切换其他公司
猫途鹰的季度营收约是携程集团的1.3倍（$411.0M vs $304.6M），携程集团净利率更高（27.8% vs -9.2%，领先37.0%）
携程集团是总部位于中国上海的跨国旅行服务企业，为全球最大的在线旅行服务提供商，业务覆盖机票预订、酒店预订、度假产品、商旅管理等领域，面向全球用户提供一站式旅行综合服务。
TripAdvisor是美国知名在线旅游服务企业，旗下运营在线旅行社平台、旅游产品比价网站及移动应用，平台拥有大量用户生成的真实旅行内容，为全球消费者提供出行规划、预订等多元服务。
TCOM vs TRIP — 直观对比
营收规模更大
TRIP
是对方的1.3倍
$304.6M
净利率更高
TCOM
高出37.0%
-9.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $304.6M | $411.0M |
| 净利润 | $84.6M | $-38.0M |
| 毛利率 | 78.8% | 91.5% |
| 营业利润率 | 16.5% | -8.3% |
| 净利率 | 27.8% | -9.2% |
| 营收同比 | — | 0.0% |
| 净利润同比 | — | -3900.0% |
| 每股收益（稀释后） | $0.12 | $-0.32 |
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TCOMTRIP
| Q4 25 | $304.6M | $411.0M | ||
| Q3 25 | — | $553.0M | ||
| Q2 25 | — | $529.0M | ||
| Q1 25 | — | $398.0M | ||
| Q4 24 | — | $411.0M | ||
| Q3 24 | — | $532.0M | ||
| Q2 24 | $242.7M | $497.0M | ||
| Q1 24 | — | $395.0M |
净利润TCOMTRIP
| Q4 25 | $84.6M | $-38.0M | ||
| Q3 25 | — | $53.0M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | — | $-11.0M | ||
| Q4 24 | — | $1.0M | ||
| Q3 24 | — | $39.0M | ||
| Q2 24 | $73.8M | $24.0M | ||
| Q1 24 | — | $-59.0M |
毛利率TCOMTRIP
| Q4 25 | 78.8% | 91.5% | ||
| Q3 25 | — | 92.6% | ||
| Q2 25 | — | 92.1% | ||
| Q1 25 | — | 93.2% | ||
| Q4 24 | — | 93.4% | ||
| Q3 24 | — | 92.5% | ||
| Q2 24 | 81.8% | 92.8% | ||
| Q1 24 | — | 93.7% |
营业利润率TCOMTRIP
| Q4 25 | 16.5% | -8.3% | ||
| Q3 25 | — | 12.7% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | -3.8% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | 27.8% | 7.2% | ||
| Q1 24 | — | -3.8% |
净利率TCOMTRIP
| Q4 25 | 27.8% | -9.2% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | -2.8% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | 30.4% | 4.8% | ||
| Q1 24 | — | -14.9% |
每股收益（稀释后）TCOMTRIP
| Q4 25 | $0.12 | $-0.32 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | $0.11 | $0.17 | ||
| Q1 24 | — | $-0.43 |
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 | $10.8B | $1.0B |
| 总债务越低越好 | $4.2B | $819.0M |
| 股东权益账面价值 | $23.8B | $645.0M |
| 总资产 | $36.9B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.18× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资TCOMTRIP
| Q4 25 | $10.8B | $1.0B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $12.4B | $1.2B | ||
| Q1 24 | — | $1.2B |
总债务TCOMTRIP
| Q4 25 | $4.2B | $819.0M | ||
| Q3 25 | — | $821.0M | ||
| Q2 25 | — | $822.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $831.0M | ||
| Q3 24 | — | $832.0M | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | — | — |
股东权益TCOMTRIP
| Q4 25 | $23.8B | $645.0M | ||
| Q3 25 | — | $707.0M | ||
| Q2 25 | — | $627.0M | ||
| Q1 25 | — | $643.0M | ||
| Q4 24 | — | $943.0M | ||
| Q3 24 | — | $944.0M | ||
| Q2 24 | $18.1B | $857.0M | ||
| Q1 24 | — | $825.0M |
总资产TCOMTRIP
| Q4 25 | $36.9B | $2.6B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $34.2B | $2.8B | ||
| Q1 24 | — | $2.7B |
负债/权益比TCOMTRIP
| Q4 25 | 0.18× | 1.27× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.81× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | — | — |
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 | — | $-103.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-122.0M |
| 自由现金流率自由现金流/营收 | — | -29.7% |
| 资本支出强度资本支出/营收 | — | 4.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $163.0M |
8季度趋势，按日历期对齐
经营现金流TCOMTRIP
| Q4 25 | — | $-103.0M | ||
| Q3 25 | — | $44.0M | ||
| Q2 25 | — | $202.0M | ||
| Q1 25 | — | $102.0M | ||
| Q4 24 | — | $-3.0M | ||
| Q3 24 | — | $-43.0M | ||
| Q2 24 | — | $51.0M | ||
| Q1 24 | — | $139.0M |
自由现金流TCOMTRIP
| Q4 25 | — | $-122.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | — | $83.0M | ||
| Q4 24 | — | $-26.0M | ||
| Q3 24 | — | $-63.0M | ||
| Q2 24 | — | $36.0M | ||
| Q1 24 | — | $123.0M |
自由现金流率TCOMTRIP
| Q4 25 | — | -29.7% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 33.5% | ||
| Q1 25 | — | 20.9% | ||
| Q4 24 | — | -6.3% | ||
| Q3 24 | — | -11.8% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 31.1% |
资本支出强度TCOMTRIP
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 4.1% |
现金转化率TCOMTRIP
| Q4 25 | — | — | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 5.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -3.00× | ||
| Q3 24 | — | -1.10× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | — |
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
TCOM
| Others | $273.0M | 90% |
| Other | $31.6M | 10% |
TRIP
| Third Party | $327.0M | 80% |
| The Fork | $58.0M | 14% |
| Other | $26.0M | 6% |
