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Texas Roadhouse, Inc.（TXRH）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Texas Roadhouse, Inc.的1.9倍（$2.8B vs $1.5B）。Texas Roadhouse, Inc.净利率更高（5.8% vs 5.0%，领先0.9%）。百胜中国同比增速更快（8.8% vs 3.1%）。过去两年Texas Roadhouse, Inc.的营收复合增速更高（12.8% vs -2.3%）
Texas Roadhouse是美国知名牛排连锁餐厅，主打德克萨斯及美国西南部风味餐食，核心产品为各类牛排。品牌总部位于肯塔基州路易斯维尔，旗下还运营另外两个餐饮品牌。截至2025年8月，品牌在美国49个州拥有约800家门店，同时在11个国家开设了70家海外门店。
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。
TXRH vs YUMC — 直观对比
营收规模更大
YUMC
是对方的1.9倍
$1.5B
营收增速更快
YUMC
高出5.7%
3.1%
净利率更高
TXRH
高出0.9%
5.0%
两年增速更快
TXRH
近两年复合增速
-2.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.8B |
| 净利润 | $86.7M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.5% | 6.6% |
| 净利率 | 5.8% | 5.0% |
| 营收同比 | 3.1% | 8.8% |
| 净利润同比 | -26.9% | 21.7% |
| 每股收益（稀释后） | $1.29 | $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
营收TXRHYUMC
| Q4 25 | $1.5B | $2.8B | ||
| Q3 25 | $1.4B | $3.2B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.3B | $3.1B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.3B | $3.0B |
净利润TXRHYUMC
| Q4 25 | $86.7M | $140.0M | ||
| Q3 25 | $84.9M | $282.0M | ||
| Q2 25 | $116.1M | $215.0M | ||
| Q1 25 | — | $292.0M | ||
| Q4 24 | $118.5M | $115.0M | ||
| Q3 24 | $86.8M | $297.0M | ||
| Q2 24 | $123.1M | $212.0M | ||
| Q1 24 | $116.0M | $287.0M |
营业利润率TXRHYUMC
| Q4 25 | 6.5% | 6.6% | ||
| Q3 25 | 6.7% | 12.5% | ||
| Q2 25 | 9.3% | 10.9% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | 9.6% | 5.8% | ||
| Q3 24 | 8.0% | 12.1% | ||
| Q2 24 | 10.6% | 9.9% | ||
| Q1 24 | 10.1% | 12.6% |
净利率TXRHYUMC
| Q4 25 | 5.8% | 5.0% | ||
| Q3 25 | 5.9% | 8.8% | ||
| Q2 25 | 8.0% | 7.7% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | 8.2% | 4.4% | ||
| Q3 24 | 6.8% | 9.7% | ||
| Q2 24 | 9.2% | 7.9% | ||
| Q1 24 | 8.8% | 9.7% |
每股收益（稀释后）TXRHYUMC
| Q4 25 | $1.29 | $0.40 | ||
| Q3 25 | $1.25 | $0.76 | ||
| Q2 25 | $1.70 | $0.58 | ||
| Q1 25 | — | $0.77 | ||
| Q4 24 | $1.73 | $0.30 | ||
| Q3 24 | $1.26 | $0.77 | ||
| Q2 24 | $1.79 | $0.55 | ||
| Q1 24 | $1.69 | $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 | $134.7M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $5.4B |
| 总资产 | $3.5B | $10.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资TXRHYUMC
| Q4 25 | $134.7M | $1.4B | ||
| Q3 25 | $108.2M | $2.1B | ||
| Q2 25 | $221.1M | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $245.2M | $1.8B | ||
| Q3 24 | $189.2M | $2.5B | ||
| Q2 24 | $197.5M | $2.5B | ||
| Q1 24 | $213.4M | $2.4B |
股东权益TXRHYUMC
| Q4 25 | $1.5B | $5.4B | ||
| Q3 25 | $1.5B | $5.7B | ||
| Q2 25 | $1.4B | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | $1.4B | $5.7B | ||
| Q3 24 | $1.3B | $6.0B | ||
| Q2 24 | $1.3B | $5.8B | ||
| Q1 24 | $1.2B | $5.9B |
总资产TXRHYUMC
| Q4 25 | $3.5B | $10.8B | ||
| Q3 25 | $3.3B | $11.0B | ||
| Q2 25 | $3.2B | $11.0B | ||
| Q1 25 | — | $11.0B | ||
| Q4 24 | $3.2B | $11.1B | ||
| Q3 24 | $2.9B | $11.8B | ||
| Q2 24 | $2.9B | $11.6B | ||
| Q1 24 | $2.8B | $11.3B |
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 | — | $125.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-116.0M |
| 自由现金流率自由现金流/营收 | — | -4.1% |
| 资本支出强度资本支出/营收 | — | 8.5% |
| 现金转化率经营现金流/净利润 | — | 0.89× |
| 过去12个月自由现金流最近4个季度 | — | $840.0M |
8季度趋势，按日历期对齐
经营现金流TXRHYUMC
| Q4 25 | — | $125.0M | ||
| Q3 25 | $143.6M | $477.0M | ||
| Q2 25 | $237.7M | $412.0M | ||
| Q1 25 | — | $452.0M | ||
| Q4 24 | $237.5M | $167.0M | ||
| Q3 24 | $138.7M | $409.0M | ||
| Q2 24 | $133.9M | $401.0M | ||
| Q1 24 | $243.4M | $442.0M |
自由现金流TXRHYUMC
| Q4 25 | — | $-116.0M | ||
| Q3 25 | $14.7M | $351.0M | ||
| Q2 25 | $160.4M | $290.0M | ||
| Q1 25 | — | $315.0M | ||
| Q4 24 | $129.7M | $-15.0M | ||
| Q3 24 | $47.7M | $244.0M | ||
| Q2 24 | $56.1M | $232.0M | ||
| Q1 24 | $165.8M | $253.0M |
自由现金流率TXRHYUMC
| Q4 25 | — | -4.1% | ||
| Q3 25 | 1.0% | 10.9% | ||
| Q2 25 | 11.1% | 10.4% | ||
| Q1 25 | — | 10.6% | ||
| Q4 24 | 9.0% | -0.6% | ||
| Q3 24 | 3.7% | 7.9% | ||
| Q2 24 | 4.2% | 8.7% | ||
| Q1 24 | 12.5% | 8.6% |
资本支出强度TXRHYUMC
| Q4 25 | — | 8.5% | ||
| Q3 25 | 9.0% | 3.9% | ||
| Q2 25 | 5.3% | 4.4% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | 7.5% | 7.0% | ||
| Q3 24 | 7.2% | 5.4% | ||
| Q2 24 | 5.8% | 6.3% | ||
| Q1 24 | 5.9% | 6.4% |
现金转化率TXRHYUMC
| Q4 25 | — | 0.89× | ||
| Q3 25 | 1.69× | 1.69× | ||
| Q2 25 | 2.05× | 1.92× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | 2.00× | 1.45× | ||
| Q3 24 | 1.60× | 1.38× | ||
| Q2 24 | 1.09× | 1.89× | ||
| Q1 24 | 2.10× | 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
TXRH
| Food And Beverage | $1.5B | 99% |
| Texas Roadhouse Segment | $21.2M | 1% |
| Franchise | $8.2M | 1% |
| Franchise Royalty | $7.4M | 0% |
| Bubba S33Segment | $2.3M | 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% |
