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AppLovin Corp（APP）与微软（MSFT）财务数据对比。点击上方公司名可切换其他公司
微软的季度营收约是AppLovin Corp的61.0倍（$81.3B vs $1.3B），AppLovin Corp净利率更高（82.7% vs 47.3%，领先35.4%），微软同比增速更快（16.7% vs -2.9%），过去两年微软的营收复合增速更高（14.6% vs 12.2%）
AppLovin是总部位于美国加利福尼亚州帕洛阿尔托的移动科技公司，成立于2012年，旗下拥有SSP MAX、DSP AppDiscovery营销平台及SparkLabs创意工作室，可为开发者提供应用推广、变现、分析及发行服务，同时也对多家移动游戏发行商开展投资。
微软是总部位于美国华盛顿州雷德蒙德的跨国科技集团，1975年成立。凭借Windows等软件推动个人计算机普及并奠定行业影响力，目前业务已覆盖互联网服务、云计算、人工智能、电子游戏等多个领域。
APP vs MSFT — 直观对比
营收规模更大
MSFT
是对方的61.0倍
$1.3B
营收增速更快
MSFT
高出19.6%
-2.9%
净利率更高
APP
高出35.4%
47.3%
两年增速更快
MSFT
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $81.3B |
| 净利润 | $1.1B | $38.5B |
| 毛利率 | 95.2% | 68.0% |
| 营业利润率 | — | 47.1% |
| 净利率 | 82.7% | 47.3% |
| 营收同比 | -2.9% | 16.7% |
| 净利润同比 | 84.0% | 59.5% |
| 每股收益（稀释后） | $3.24 | $5.16 |
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APPMSFT
| Q4 25 | $1.3B | $81.3B | ||
| Q3 25 | $1.4B | $77.7B | ||
| Q2 25 | $1.3B | $76.4B | ||
| Q1 25 | $1.5B | $70.1B | ||
| Q4 24 | $1.4B | $69.6B | ||
| Q3 24 | $1.2B | $65.6B | ||
| Q2 24 | $1.1B | $64.7B | ||
| Q1 24 | $1.1B | $61.9B |
净利润APPMSFT
| Q4 25 | $1.1B | $38.5B | ||
| Q3 25 | $835.5M | $27.7B | ||
| Q2 25 | $819.5M | $27.2B | ||
| Q1 25 | $576.4M | $25.8B | ||
| Q4 24 | $599.2M | $24.1B | ||
| Q3 24 | $434.4M | $24.7B | ||
| Q2 24 | $310.0M | $22.0B | ||
| Q1 24 | $236.2M | $21.9B |
毛利率APPMSFT
| Q4 25 | 95.2% | 68.0% | ||
| Q3 25 | 87.6% | 69.0% | ||
| Q2 25 | 87.7% | 68.6% | ||
| Q1 25 | 81.7% | 68.7% | ||
| Q4 24 | 76.7% | 68.7% | ||
| Q3 24 | 77.5% | 69.4% | ||
| Q2 24 | 73.8% | 69.6% | ||
| Q1 24 | 72.2% | 70.1% |
营业利润率APPMSFT
| Q4 25 | — | 47.1% | ||
| Q3 25 | 76.8% | 48.9% | ||
| Q2 25 | 76.1% | 44.9% | ||
| Q1 25 | 44.7% | 45.7% | ||
| Q4 24 | 44.3% | 45.5% | ||
| Q3 24 | 44.6% | 46.6% | ||
| Q2 24 | 36.2% | 43.1% | ||
| Q1 24 | 32.1% | 44.6% |
净利率APPMSFT
| Q4 25 | 82.7% | 47.3% | ||
| Q3 25 | 59.5% | 35.7% | ||
| Q2 25 | 65.1% | 35.6% | ||
| Q1 25 | 38.8% | 36.9% | ||
| Q4 24 | 43.6% | 34.6% | ||
| Q3 24 | 36.3% | 37.6% | ||
| Q2 24 | 28.7% | 34.0% | ||
| Q1 24 | 22.3% | 35.5% |
每股收益（稀释后）APPMSFT
| Q4 25 | $3.24 | $5.16 | ||
| Q3 25 | $2.45 | $3.72 | ||
| Q2 25 | $2.39 | $3.65 | ||
| Q1 25 | $1.67 | $3.46 | ||
| Q4 24 | $1.72 | $3.23 | ||
| Q3 24 | $1.25 | $3.30 | ||
| Q2 24 | $0.89 | $2.94 | ||
| Q1 24 | $0.67 | $2.94 |
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 | $2.5B | $89.5B |
| 总债务越低越好 | $3.5B | $40.3B |
| 股东权益账面价值 | $2.1B | $390.9B |
| 总资产 | $7.3B | $665.3B |
| 负债/权益比越低杠杆越低 | 1.65× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资APPMSFT
| Q4 25 | $2.5B | $89.5B | ||
| Q3 25 | $1.7B | $102.0B | ||
| Q2 25 | $1.2B | $94.6B | ||
| Q1 25 | $551.0M | $79.6B | ||
| Q4 24 | $741.4M | $71.6B | ||
| Q3 24 | $567.6M | $78.4B | ||
| Q2 24 | $460.4M | $75.5B | ||
| Q1 24 | $436.3M | $80.0B |
总债务APPMSFT
| Q4 25 | $3.5B | $40.3B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $43.2B | ||
| Q1 25 | — | $42.9B | ||
| Q4 24 | $3.5B | $45.0B | ||
| Q3 24 | — | $45.1B | ||
| Q2 24 | — | $44.9B | ||
| Q1 24 | — | $44.9B |
股东权益APPMSFT
| Q4 25 | $2.1B | $390.9B | ||
| Q3 25 | $1.5B | $363.1B | ||
| Q2 25 | $1.2B | $343.5B | ||
| Q1 25 | $575.4M | $321.9B | ||
| Q4 24 | $1.1B | $302.7B | ||
| Q3 24 | $938.2M | $287.7B | ||
| Q2 24 | $814.8M | $268.5B | ||
| Q1 24 | $760.2M | $253.2B |
总资产APPMSFT
| Q4 25 | $7.3B | $665.3B | ||
| Q3 25 | $6.3B | $636.4B | ||
| Q2 25 | $6.0B | $619.0B | ||
| Q1 25 | $5.7B | $562.6B | ||
| Q4 24 | $5.9B | $533.9B | ||
| Q3 24 | $5.4B | $523.0B | ||
| Q2 24 | $5.3B | $512.2B | ||
| Q1 24 | $5.3B | $484.3B |
负债/权益比APPMSFT
| Q4 25 | 1.65× | 0.10× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 3.22× | 0.15× | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.17× | ||
| Q1 24 | — | 0.18× |
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 | $1.3B | $35.8B |
| 自由现金流经营现金流 - 资本支出 | — | $5.9B |
| 自由现金流率自由现金流/营收 | — | 7.2% |
| 资本支出强度资本支出/营收 | — | 36.8% |
| 现金转化率经营现金流/净利润 | 1.19× | 0.93× |
| 过去12个月自由现金流最近4个季度 | — | $77.4B |
8季度趋势，按日历期对齐
经营现金流APPMSFT
| Q4 25 | $1.3B | $35.8B | ||
| Q3 25 | $1.1B | $45.1B | ||
| Q2 25 | $772.2M | $42.6B | ||
| Q1 25 | $831.7M | $37.0B | ||
| Q4 24 | $701.0M | $22.3B | ||
| Q3 24 | $550.7M | $34.2B | ||
| Q2 24 | $454.5M | $37.2B | ||
| Q1 24 | $392.8M | $31.9B |
自由现金流APPMSFT
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $25.7B | ||
| Q2 25 | — | $25.6B | ||
| Q1 25 | — | $20.3B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $23.3B | ||
| Q1 24 | — | $21.0B |
自由现金流率APPMSFT
| Q4 25 | — | 7.2% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | 9.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 36.0% | ||
| Q1 24 | — | 33.9% |
资本支出强度APPMSFT
| Q4 25 | — | 36.8% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 22.3% | ||
| Q1 25 | — | 23.9% | ||
| Q4 24 | — | 22.7% | ||
| Q3 24 | — | 22.8% | ||
| Q2 24 | — | 21.4% | ||
| Q1 24 | — | 17.7% |
现金转化率APPMSFT
| Q4 25 | 1.19× | 0.93× | ||
| Q3 25 | 1.26× | 1.62× | ||
| Q2 25 | 0.94× | 1.57× | ||
| Q1 25 | 1.44× | 1.43× | ||
| Q4 24 | 1.17× | 0.92× | ||
| Q3 24 | 1.27× | 1.39× | ||
| Q2 24 | 1.47× | 1.69× | ||
| Q1 24 | 1.66× | 1.45× |
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
APP
| Other | $673.9M | 51% |
| US | $659.0M | 49% |
MSFT
| Microsoft Three Six Five Commercial Products And Cloud Services | $24.5B | 30% |
| Products | $16.5B | 20% |
| More Personal Computing | $14.3B | 18% |
| Gaming | $6.0B | 7% |
| Linked In Corporation | $5.1B | 6% |
| Windows And Devices | $4.5B | 6% |
| Search And News Advertising | $3.8B | 5% |
| Microsoft Three Six Five Consumer Products And Cloud Services | $2.3B | 3% |
| Dynamics Products And Cloud Services | $2.2B | 3% |
| Enterprise And Partner Services | $2.0B | 3% |
| Other Products And Services | $6.0M | 0% |
