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Salesforce（CRM）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Salesforce的7.9倍（$81.3B vs $10.3B），微软净利率更高（47.3% vs 20.3%，领先27.0%），微软同比增速更快（16.7% vs 8.6%），微软自由现金流更多（$5.9B vs $2.2B），过去两年微软的营收复合增速更高（14.6% vs 5.1%）
Salesforce是总部位于美国加利福尼亚州旧金山的云软件企业，提供销售管理、客户服务、营销自动化、电子商务、数据分析、人工智能、代理式AI及应用开发等领域的企业级数字化解决方案，助力企业提升运营效率、优化客户关系管理。
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。
CRM vs MSFT — 直观对比
营收规模更大
MSFT
是对方的7.9倍
$10.3B
营收增速更快
MSFT
高出8.1%
8.6%
净利率更高
MSFT
高出27.0%
20.3%
自由现金流更多
MSFT
多$3.7B
$2.2B
两年增速更快
MSFT
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.3B | $81.3B |
| 净利润 | $2.1B | $38.5B |
| 毛利率 | 78.0% | 68.0% |
| 营业利润率 | 21.3% | 47.1% |
| 净利率 | 20.3% | 47.3% |
| 营收同比 | 8.6% | 16.7% |
| 净利润同比 | 36.6% | 59.5% |
| 每股收益（稀释后） | $2.19 | $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CRMMSFT
| Q4 25 | $10.3B | $81.3B | ||
| Q3 25 | $10.2B | $77.7B | ||
| Q2 25 | $9.8B | $76.4B | ||
| Q1 25 | $10.0B | $70.1B | ||
| Q4 24 | $9.4B | $69.6B | ||
| Q3 24 | $9.3B | $65.6B | ||
| Q2 24 | $9.1B | $64.7B | ||
| Q1 24 | $9.3B | $61.9B |
净利润CRMMSFT
| Q4 25 | $2.1B | $38.5B | ||
| Q3 25 | $1.9B | $27.7B | ||
| Q2 25 | $1.5B | $27.2B | ||
| Q1 25 | $1.7B | $25.8B | ||
| Q4 24 | $1.5B | $24.1B | ||
| Q3 24 | $1.4B | $24.7B | ||
| Q2 24 | $1.5B | $22.0B | ||
| Q1 24 | $1.4B | $21.9B |
毛利率CRMMSFT
| Q4 25 | 78.0% | 68.0% | ||
| Q3 25 | 78.1% | 69.0% | ||
| Q2 25 | 77.0% | 68.6% | ||
| Q1 25 | 77.8% | 68.7% | ||
| Q4 24 | 77.7% | 68.7% | ||
| Q3 24 | 76.8% | 69.4% | ||
| Q2 24 | 76.3% | 69.6% | ||
| Q1 24 | 76.9% | 70.1% |
营业利润率CRMMSFT
| Q4 25 | 21.3% | 47.1% | ||
| Q3 25 | 22.8% | 48.9% | ||
| Q2 25 | 19.8% | 44.9% | ||
| Q1 25 | 18.2% | 45.7% | ||
| Q4 24 | 20.0% | 45.5% | ||
| Q3 24 | 19.1% | 46.6% | ||
| Q2 24 | 18.7% | 43.1% | ||
| Q1 24 | 17.5% | 44.6% |
净利率CRMMSFT
| Q4 25 | 20.3% | 47.3% | ||
| Q3 25 | 18.4% | 35.7% | ||
| Q2 25 | 15.7% | 35.6% | ||
| Q1 25 | 17.1% | 36.9% | ||
| Q4 24 | 16.2% | 34.6% | ||
| Q3 24 | 15.3% | 37.6% | ||
| Q2 24 | 16.8% | 34.0% | ||
| Q1 24 | 15.6% | 35.5% |
每股收益（稀释后）CRMMSFT
| Q4 25 | $2.19 | $5.16 | ||
| Q3 25 | $1.96 | $3.72 | ||
| Q2 25 | $1.59 | $3.65 | ||
| Q1 25 | $1.75 | $3.46 | ||
| Q4 24 | $1.58 | $3.23 | ||
| Q3 24 | $1.47 | $3.30 | ||
| Q2 24 | $1.56 | $2.94 | ||
| Q1 24 | $1.47 | $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 | $9.0B | $89.5B |
| 总债务越低越好 | $8.4B | $40.3B |
| 股东权益账面价值 | $60.0B | $390.9B |
| 总资产 | $95.1B | $665.3B |
| 负债/权益比越低杠杆越低 | 0.14× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资CRMMSFT
| Q4 25 | $9.0B | $89.5B | ||
| Q3 25 | $10.4B | $102.0B | ||
| Q2 25 | $10.9B | $94.6B | ||
| Q1 25 | $8.8B | $79.6B | ||
| Q4 24 | $8.0B | $71.6B | ||
| Q3 24 | $7.7B | $78.4B | ||
| Q2 24 | $10.0B | $75.5B | ||
| Q1 24 | $8.5B | $80.0B |
总债务CRMMSFT
| Q4 25 | $8.4B | $40.3B | ||
| Q3 25 | $8.4B | $43.2B | ||
| Q2 25 | $8.4B | $43.2B | ||
| Q1 25 | $8.4B | $42.9B | ||
| Q4 24 | $8.4B | $45.0B | ||
| Q3 24 | $8.4B | $45.1B | ||
| Q2 24 | $9.4B | $44.9B | ||
| Q1 24 | $9.4B | $44.9B |
股东权益CRMMSFT
| Q4 25 | $60.0B | $390.9B | ||
| Q3 25 | $61.3B | $363.1B | ||
| Q2 25 | $60.7B | $343.5B | ||
| Q1 25 | $61.2B | $321.9B | ||
| Q4 24 | $58.5B | $302.7B | ||
| Q3 24 | $57.6B | $287.7B | ||
| Q2 24 | $59.7B | $268.5B | ||
| Q1 24 | $59.6B | $253.2B |
总资产CRMMSFT
| Q4 25 | $95.1B | $665.3B | ||
| Q3 25 | $97.6B | $636.4B | ||
| Q2 25 | $98.6B | $619.0B | ||
| Q1 25 | $102.9B | $562.6B | ||
| Q4 24 | $91.4B | $533.9B | ||
| Q3 24 | $92.2B | $523.0B | ||
| Q2 24 | $96.2B | $512.2B | ||
| Q1 24 | $99.8B | $484.3B |
负债/权益比CRMMSFT
| Q4 25 | 0.14× | 0.10× | ||
| Q3 25 | 0.14× | 0.12× | ||
| Q2 25 | 0.14× | 0.13× | ||
| Q1 25 | 0.14× | 0.13× | ||
| Q4 24 | 0.14× | 0.15× | ||
| Q3 24 | 0.15× | 0.16× | ||
| Q2 24 | 0.16× | 0.17× | ||
| Q1 24 | 0.16× | 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 | $2.3B | $35.8B |
| 自由现金流经营现金流 - 资本支出 | $2.2B | $5.9B |
| 自由现金流率自由现金流/营收 | 21.2% | 7.2% |
| 资本支出强度资本支出/营收 | 1.4% | 36.8% |
| 现金转化率经营现金流/净利润 | 1.11× | 0.93× |
| 过去12个月自由现金流最近4个季度 | $12.9B | $77.4B |
8季度趋势，按日历期对齐
经营现金流CRMMSFT
| Q4 25 | $2.3B | $35.8B | ||
| Q3 25 | $740.0M | $45.1B | ||
| Q2 25 | $6.5B | $42.6B | ||
| Q1 25 | $4.0B | $37.0B | ||
| Q4 24 | $2.0B | $22.3B | ||
| Q3 24 | $892.0M | $34.2B | ||
| Q2 24 | $6.2B | $37.2B | ||
| Q1 24 | $3.4B | $31.9B |
自由现金流CRMMSFT
| Q4 25 | $2.2B | $5.9B | ||
| Q3 25 | $605.0M | $25.7B | ||
| Q2 25 | $6.3B | $25.6B | ||
| Q1 25 | $3.8B | $20.3B | ||
| Q4 24 | $1.8B | $6.5B | ||
| Q3 24 | $755.0M | $19.3B | ||
| Q2 24 | $6.1B | $23.3B | ||
| Q1 24 | $3.3B | $21.0B |
自由现金流率CRMMSFT
| Q4 25 | 21.2% | 7.2% | ||
| Q3 25 | 5.9% | 33.0% | ||
| Q2 25 | 64.1% | 33.4% | ||
| Q1 25 | 38.2% | 29.0% | ||
| Q4 24 | 18.8% | 9.3% | ||
| Q3 24 | 8.1% | 29.4% | ||
| Q2 24 | 66.6% | 36.0% | ||
| Q1 24 | 35.1% | 33.9% |
资本支出强度CRMMSFT
| Q4 25 | 1.4% | 36.8% | ||
| Q3 25 | 1.3% | 25.0% | ||
| Q2 25 | 1.8% | 22.3% | ||
| Q1 25 | 1.5% | 23.9% | ||
| Q4 24 | 2.2% | 22.7% | ||
| Q3 24 | 1.5% | 22.8% | ||
| Q2 24 | 1.8% | 21.4% | ||
| Q1 24 | 1.6% | 17.7% |
现金转化率CRMMSFT
| Q4 25 | 1.11× | 0.93× | ||
| Q3 25 | 0.39× | 1.62× | ||
| Q2 25 | 4.20× | 1.57× | ||
| Q1 25 | 2.32× | 1.43× | ||
| Q4 24 | 1.30× | 0.92× | ||
| Q3 24 | 0.62× | 1.39× | ||
| Q2 24 | 4.08× | 1.69× | ||
| Q1 24 | 2.35× | 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
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
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% |
