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开市客（COST）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开市客的1.2倍（$81.3B vs $67.3B），微软净利率更高（47.3% vs 3.0%，领先44.3%），微软同比增速更快（16.7% vs 8.3%），微软自由现金流更多（$5.9B vs $3.2B），过去两年微软的营收复合增速更高（14.6% vs 7.9%）
开市客是起源于美国的跨国连锁会员制仓储量贩集团，为全球第三大零售企业。截至2024年8月，开市客是全球规模最大的牛肉、禽肉、有机农产品及葡萄酒零售商，约有近三分之一的美国消费者定期前往其线下门店消费。
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。
COST vs MSFT — 直观对比
营收规模更大
MSFT
是对方的1.2倍
$67.3B
营收增速更快
MSFT
高出8.4%
8.3%
净利率更高
MSFT
高出44.3%
3.0%
自由现金流更多
MSFT
多$2.7B
$3.2B
两年增速更快
MSFT
近两年复合增速
7.9%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $67.3B | $81.3B |
| 净利润 | $2.0B | $38.5B |
| 毛利率 | 13.1% | 68.0% |
| 营业利润率 | 3.7% | 47.1% |
| 净利率 | 3.0% | 47.3% |
| 营收同比 | 8.3% | 16.7% |
| 净利润同比 | 11.3% | 59.5% |
| 每股收益（稀释后） | $4.50 | $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COSTMSFT
| Q4 25 | $67.3B | $81.3B | ||
| Q3 25 | $86.2B | $77.7B | ||
| Q2 25 | $63.2B | $76.4B | ||
| Q1 25 | $63.7B | $70.1B | ||
| Q4 24 | $62.2B | $69.6B | ||
| Q3 24 | — | $65.6B | ||
| Q2 24 | $58.5B | $64.7B | ||
| Q1 24 | $58.4B | $61.9B |
净利润COSTMSFT
| Q4 25 | $2.0B | $38.5B | ||
| Q3 25 | $2.6B | $27.7B | ||
| Q2 25 | $1.9B | $27.2B | ||
| Q1 25 | $1.8B | $25.8B | ||
| Q4 24 | $1.8B | $24.1B | ||
| Q3 24 | — | $24.7B | ||
| Q2 24 | $1.7B | $22.0B | ||
| Q1 24 | $1.7B | $21.9B |
毛利率COSTMSFT
| Q4 25 | 13.1% | 68.0% | ||
| Q3 25 | 12.9% | 69.0% | ||
| Q2 25 | 13.0% | 68.6% | ||
| Q1 25 | 12.5% | 68.7% | ||
| Q4 24 | 12.9% | 68.7% | ||
| Q3 24 | — | 69.4% | ||
| Q2 24 | 12.5% | 69.6% | ||
| Q1 24 | 12.5% | 70.1% |
营业利润率COSTMSFT
| Q4 25 | 3.7% | 47.1% | ||
| Q3 25 | 3.9% | 48.9% | ||
| Q2 25 | 4.0% | 44.9% | ||
| Q1 25 | 3.6% | 45.7% | ||
| Q4 24 | 3.5% | 45.5% | ||
| Q3 24 | — | 46.6% | ||
| Q2 24 | 3.8% | 43.1% | ||
| Q1 24 | 3.5% | 44.6% |
净利率COSTMSFT
| Q4 25 | 3.0% | 47.3% | ||
| Q3 25 | 3.0% | 35.7% | ||
| Q2 25 | 3.0% | 35.6% | ||
| Q1 25 | 2.8% | 36.9% | ||
| Q4 24 | 2.9% | 34.6% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | 2.9% | 34.0% | ||
| Q1 24 | 3.0% | 35.5% |
每股收益（稀释后）COSTMSFT
| Q4 25 | $4.50 | $5.16 | ||
| Q3 25 | $5.87 | $3.72 | ||
| Q2 25 | $4.28 | $3.65 | ||
| Q1 25 | $4.02 | $3.46 | ||
| Q4 24 | $4.04 | $3.23 | ||
| Q3 24 | — | $3.30 | ||
| Q2 24 | $3.78 | $2.94 | ||
| Q1 24 | $3.92 | $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 | $17.2B | $89.5B |
| 总债务越低越好 | — | $40.3B |
| 股东权益账面价值 | $30.3B | $390.9B |
| 总资产 | $82.8B | $665.3B |
| 负债/权益比越低杠杆越低 | — | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资COSTMSFT
| Q4 25 | $17.2B | $89.5B | ||
| Q3 25 | $15.3B | $102.0B | ||
| Q2 25 | $14.8B | $94.6B | ||
| Q1 25 | $13.2B | $79.6B | ||
| Q4 24 | $11.8B | $71.6B | ||
| Q3 24 | — | $78.4B | ||
| Q2 24 | $11.5B | $75.5B | ||
| Q1 24 | $10.3B | $80.0B |
总债务COSTMSFT
| Q4 25 | — | $40.3B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $43.2B | ||
| Q1 25 | — | $42.9B | ||
| Q4 24 | — | $45.0B | ||
| Q3 24 | — | $45.1B | ||
| Q2 24 | — | $44.9B | ||
| Q1 24 | — | $44.9B |
股东权益COSTMSFT
| Q4 25 | $30.3B | $390.9B | ||
| Q3 25 | $29.2B | $363.1B | ||
| Q2 25 | $27.1B | $343.5B | ||
| Q1 25 | $25.6B | $321.9B | ||
| Q4 24 | $24.5B | $302.7B | ||
| Q3 24 | — | $287.7B | ||
| Q2 24 | $21.8B | $268.5B | ||
| Q1 24 | $20.8B | $253.2B |
总资产COSTMSFT
| Q4 25 | $82.8B | $665.3B | ||
| Q3 25 | $77.1B | $636.4B | ||
| Q2 25 | $75.5B | $619.0B | ||
| Q1 25 | $73.2B | $562.6B | ||
| Q4 24 | $73.4B | $533.9B | ||
| Q3 24 | — | $523.0B | ||
| Q2 24 | $67.9B | $512.2B | ||
| Q1 24 | $66.3B | $484.3B |
负债/权益比COSTMSFT
| Q4 25 | — | 0.10× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 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 | $4.7B | $35.8B |
| 自由现金流经营现金流 - 资本支出 | $3.2B | $5.9B |
| 自由现金流率自由现金流/营收 | 4.7% | 7.2% |
| 资本支出强度资本支出/营收 | 2.3% | 36.8% |
| 现金转化率经营现金流/净利润 | 2.34× | 0.93× |
| 过去12个月自由现金流最近4个季度 | $9.0B | $77.4B |
8季度趋势，按日历期对齐
经营现金流COSTMSFT
| Q4 25 | $4.7B | $35.8B | ||
| Q3 25 | $3.9B | $45.1B | ||
| Q2 25 | $3.5B | $42.6B | ||
| Q1 25 | $2.7B | $37.0B | ||
| Q4 24 | $3.3B | $22.3B | ||
| Q3 24 | — | $34.2B | ||
| Q2 24 | $3.0B | $37.2B | ||
| Q1 24 | $731.0M | $31.9B |
自由现金流COSTMSFT
| Q4 25 | $3.2B | $5.9B | ||
| Q3 25 | $1.9B | $25.7B | ||
| Q2 25 | $2.3B | $25.6B | ||
| Q1 25 | $1.6B | $20.3B | ||
| Q4 24 | $2.0B | $6.5B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | $1.9B | $23.3B | ||
| Q1 24 | $-300.0M | $21.0B |
自由现金流率COSTMSFT
| Q4 25 | 4.7% | 7.2% | ||
| Q3 25 | 2.2% | 33.0% | ||
| Q2 25 | 3.7% | 33.4% | ||
| Q1 25 | 2.5% | 29.0% | ||
| Q4 24 | 3.2% | 9.3% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | 3.3% | 36.0% | ||
| Q1 24 | -0.5% | 33.9% |
资本支出强度COSTMSFT
| Q4 25 | 2.3% | 36.8% | ||
| Q3 25 | 2.3% | 25.0% | ||
| Q2 25 | 1.8% | 22.3% | ||
| Q1 25 | 1.8% | 23.9% | ||
| Q4 24 | 2.0% | 22.7% | ||
| Q3 24 | — | 22.8% | ||
| Q2 24 | 1.8% | 21.4% | ||
| Q1 24 | 1.8% | 17.7% |
现金转化率COSTMSFT
| Q4 25 | 2.34× | 0.93× | ||
| Q3 25 | 1.48× | 1.62× | ||
| Q2 25 | 1.82× | 1.57× | ||
| Q1 25 | 1.54× | 1.43× | ||
| Q4 24 | 1.81× | 0.92× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 1.78× | 1.69× | ||
| Q1 24 | 0.42× | 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
COST
| Foods And Sundries | $27.1B | 40% |
| Non Foods | $19.2B | 28% |
| Other | $12.1B | 18% |
| Fresh Foods | $9.9B | 15% |
| Membership | $1.4B | 2% |
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% |
