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思科（CSCO）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思科的5.3倍（$81.3B vs $15.3B），微软净利率更高（47.3% vs 20.7%，领先26.6%），微软同比增速更快（16.7% vs 9.7%），微软自由现金流更多（$5.9B vs $1.5B），过去两年微软的营收复合增速更高（14.6% vs 9.9%）
思科是总部位于美国加利福尼亚州圣何塞的跨国数字通信科技集团，专注于研发、生产及销售网络硬件、软件、通信设备等各类高科技产品，同时提供配套高端技术服务，为全球各领域客户提供可靠的数字化通信相关解决方案。
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。
CSCO vs MSFT — 直观对比
营收规模更大
MSFT
是对方的5.3倍
$15.3B
营收增速更快
MSFT
高出7.0%
9.7%
净利率更高
MSFT
高出26.6%
20.7%
自由现金流更多
MSFT
多$4.3B
$1.5B
两年增速更快
MSFT
近两年复合增速
9.9%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $15.3B | $81.3B |
| 净利润 | $3.2B | $38.5B |
| 毛利率 | 65.0% | 68.0% |
| 营业利润率 | 24.6% | 47.1% |
| 净利率 | 20.7% | 47.3% |
| 营收同比 | 9.7% | 16.7% |
| 净利润同比 | 30.8% | 59.5% |
| 每股收益（稀释后） | $0.80 | $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CSCOMSFT
| Q1 26 | $15.3B | — | ||
| Q4 25 | $14.9B | $81.3B | ||
| Q3 25 | $14.7B | $77.7B | ||
| Q2 25 | $14.1B | $76.4B | ||
| Q1 25 | $14.0B | $70.1B | ||
| Q4 24 | $13.8B | $69.6B | ||
| Q3 24 | $13.6B | $65.6B | ||
| Q2 24 | $12.7B | $64.7B |
净利润CSCOMSFT
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.9B | $38.5B | ||
| Q3 25 | $2.5B | $27.7B | ||
| Q2 25 | $2.5B | $27.2B | ||
| Q1 25 | $2.4B | $25.8B | ||
| Q4 24 | $2.7B | $24.1B | ||
| Q3 24 | $2.2B | $24.7B | ||
| Q2 24 | $1.9B | $22.0B |
毛利率CSCOMSFT
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | 68.0% | ||
| Q3 25 | 63.2% | 69.0% | ||
| Q2 25 | 65.6% | 68.6% | ||
| Q1 25 | 65.1% | 68.7% | ||
| Q4 24 | 65.9% | 68.7% | ||
| Q3 24 | 64.4% | 69.4% | ||
| Q2 24 | 65.1% | 69.6% |
营业利润率CSCOMSFT
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | 47.1% | ||
| Q3 25 | 21.0% | 48.9% | ||
| Q2 25 | 22.6% | 44.9% | ||
| Q1 25 | 22.3% | 45.7% | ||
| Q4 24 | 17.0% | 45.5% | ||
| Q3 24 | 19.2% | 46.6% | ||
| Q2 24 | 17.2% | 43.1% |
净利率CSCOMSFT
| Q1 26 | 20.7% | — | ||
| Q4 25 | 19.2% | 47.3% | ||
| Q3 25 | 17.4% | 35.7% | ||
| Q2 25 | 17.6% | 35.6% | ||
| Q1 25 | 17.4% | 36.9% | ||
| Q4 24 | 19.6% | 34.6% | ||
| Q3 24 | 15.8% | 37.6% | ||
| Q2 24 | 14.8% | 34.0% |
每股收益（稀释后）CSCOMSFT
| Q1 26 | $0.80 | — | ||
| Q4 25 | $0.72 | $5.16 | ||
| Q3 25 | $0.64 | $3.72 | ||
| Q2 25 | $0.62 | $3.65 | ||
| Q1 25 | $0.61 | $3.46 | ||
| Q4 24 | $0.68 | $3.23 | ||
| Q3 24 | $0.54 | $3.30 | ||
| Q2 24 | $0.46 | $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 | $15.8B | $89.5B |
| 总债务越低越好 | $24.6B | $40.3B |
| 股东权益账面价值 | $47.7B | $390.9B |
| 总资产 | $123.4B | $665.3B |
| 负债/权益比越低杠杆越低 | 0.52× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资CSCOMSFT
| Q1 26 | $15.8B | — | ||
| Q4 25 | $15.7B | $89.5B | ||
| Q3 25 | $16.1B | $102.0B | ||
| Q2 25 | $15.6B | $94.6B | ||
| Q1 25 | $16.9B | $79.6B | ||
| Q4 24 | $18.7B | $71.6B | ||
| Q3 24 | $17.9B | $78.4B | ||
| Q2 24 | $18.8B | $75.5B |
总债务CSCOMSFT
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | $40.3B | ||
| Q3 25 | $24.6B | $43.2B | ||
| Q2 25 | $25.1B | $43.2B | ||
| Q1 25 | $20.1B | $42.9B | ||
| Q4 24 | $20.1B | $45.0B | ||
| Q3 24 | $20.1B | $45.1B | ||
| Q2 24 | $20.1B | $44.9B |
股东权益CSCOMSFT
| Q1 26 | $47.7B | — | ||
| Q4 25 | $46.9B | $390.9B | ||
| Q3 25 | $46.8B | $363.1B | ||
| Q2 25 | $45.9B | $343.5B | ||
| Q1 25 | $45.5B | $321.9B | ||
| Q4 24 | $45.3B | $302.7B | ||
| Q3 24 | $45.5B | $287.7B | ||
| Q2 24 | $45.8B | $268.5B |
总资产CSCOMSFT
| Q1 26 | $123.4B | — | ||
| Q4 25 | $121.1B | $665.3B | ||
| Q3 25 | $122.3B | $636.4B | ||
| Q2 25 | $119.8B | $619.0B | ||
| Q1 25 | $121.4B | $562.6B | ||
| Q4 24 | $123.3B | $533.9B | ||
| Q3 24 | $124.4B | $523.0B | ||
| Q2 24 | $123.0B | $512.2B |
负债/权益比CSCOMSFT
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | 0.10× | ||
| Q3 25 | 0.53× | 0.12× | ||
| Q2 25 | 0.55× | 0.13× | ||
| Q1 25 | 0.44× | 0.13× | ||
| Q4 24 | 0.44× | 0.15× | ||
| Q3 24 | 0.44× | 0.16× | ||
| Q2 24 | 0.44× | 0.17× |
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 | $1.8B | $35.8B |
| 自由现金流经营现金流 - 资本支出 | $1.5B | $5.9B |
| 自由现金流率自由现金流/营收 | 10.0% | 7.2% |
| 资本支出强度资本支出/营收 | 1.8% | 36.8% |
| 现金转化率经营现金流/净利润 | 0.57× | 0.93× |
| 过去12个月自由现金流最近4个季度 | $12.2B | $77.4B |
8季度趋势，按日历期对齐
经营现金流CSCOMSFT
| Q1 26 | $1.8B | — | ||
| Q4 25 | $3.2B | $35.8B | ||
| Q3 25 | $4.2B | $45.1B | ||
| Q2 25 | $4.1B | $42.6B | ||
| Q1 25 | $2.2B | $37.0B | ||
| Q4 24 | $3.7B | $22.3B | ||
| Q3 24 | $3.7B | $34.2B | ||
| Q2 24 | $4.0B | $37.2B |
自由现金流CSCOMSFT
| Q1 26 | $1.5B | — | ||
| Q4 25 | $2.9B | $5.9B | ||
| Q3 25 | $4.0B | $25.7B | ||
| Q2 25 | $3.8B | $25.6B | ||
| Q1 25 | $2.0B | $20.3B | ||
| Q4 24 | $3.4B | $6.5B | ||
| Q3 24 | $3.5B | $19.3B | ||
| Q2 24 | $3.8B | $23.3B |
自由现金流率CSCOMSFT
| Q1 26 | 10.0% | — | ||
| Q4 25 | 19.4% | 7.2% | ||
| Q3 25 | 27.4% | 33.0% | ||
| Q2 25 | 26.8% | 33.4% | ||
| Q1 25 | 14.5% | 29.0% | ||
| Q4 24 | 24.9% | 9.3% | ||
| Q3 24 | 25.9% | 29.4% | ||
| Q2 24 | 29.9% | 36.0% |
资本支出强度CSCOMSFT
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.2% | 36.8% | ||
| Q3 25 | 1.5% | 25.0% | ||
| Q2 25 | 1.8% | 22.3% | ||
| Q1 25 | 1.5% | 23.9% | ||
| Q4 24 | 1.6% | 22.7% | ||
| Q3 24 | 1.5% | 22.8% | ||
| Q2 24 | 1.3% | 21.4% |
现金转化率CSCOMSFT
| Q1 26 | 0.57× | — | ||
| Q4 25 | 1.12× | 0.93× | ||
| Q3 25 | 1.66× | 1.62× | ||
| Q2 25 | 1.63× | 1.57× | ||
| Q1 25 | 0.92× | 1.43× | ||
| Q4 24 | 1.35× | 0.92× | ||
| Q3 24 | 1.73× | 1.39× | ||
| Q2 24 | 2.11× | 1.69× |
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
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 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% |
