vs
华特迪士尼（DIS）与Meta Platforms（META）财务数据对比。点击上方公司名可切换其他公司
Meta Platforms的季度营收约是华特迪士尼的2.2倍（$56.3B vs $26.0B），Meta Platforms净利率更高（47.5% vs 9.2%，领先38.3%），Meta Platforms同比增速更快（33.1% vs 5.2%），Meta Platforms自由现金流更多（$12.4B vs $-2.3B），过去两年Meta Platforms的营收复合增速更高（20.1% vs 8.5%）
华特迪士尼是总部位于美国加利福尼亚州伯班克的跨国大众传媒及娱乐综合集团，1923年10月16日由华特·迪士尼与罗伊·奥利弗·迪士尼兄弟以动画工作室名义创立，后数度更名，于1986年正式采用现名，在全球娱乐产业拥有极高影响力。
Meta Platforms是总部位于美国加利福尼亚州门洛帕克的跨国科技巨头，属于全球头部科技企业阵营。旗下运营Facebook、Instagram、WhatsApp、Messenger、Threads等多款知名社交媒体及通讯服务，同时开展自有及第三方站点广告业务，2023年广告收入占其总营收的97.8%。
DIS vs META — 直观对比
营收规模更大
META
是对方的2.2倍
$26.0B
营收增速更快
META
高出27.9%
5.2%
净利率更高
META
高出38.3%
9.2%
自由现金流更多
META
多$14.7B
$-2.3B
两年增速更快
META
近两年复合增速
8.5%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $26.0B | $56.3B |
| 净利润 | $2.4B | $26.8B |
| 毛利率 | — | 81.9% |
| 营业利润率 | 17.7% | 40.6% |
| 净利率 | 9.2% | 47.5% |
| 营收同比 | 5.2% | 33.1% |
| 净利润同比 | -6.0% | 60.9% |
| 每股收益（稀释后） | $1.34 | $10.44 |
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DISMETA
| Q1 26 | — | $56.3B | ||
| Q4 25 | $26.0B | $59.9B | ||
| Q3 25 | $22.5B | $51.2B | ||
| Q2 25 | $23.6B | $47.5B | ||
| Q1 25 | $23.6B | $42.3B | ||
| Q4 24 | $24.7B | $48.4B | ||
| Q3 24 | $22.6B | $40.6B | ||
| Q2 24 | $23.2B | $39.1B |
净利润DISMETA
| Q1 26 | — | $26.8B | ||
| Q4 25 | $2.4B | $22.8B | ||
| Q3 25 | $1.3B | $2.7B | ||
| Q2 25 | $5.3B | $18.3B | ||
| Q1 25 | $3.3B | $16.6B | ||
| Q4 24 | $2.6B | $20.8B | ||
| Q3 24 | $460.0M | $15.7B | ||
| Q2 24 | $2.6B | $13.5B |
毛利率DISMETA
| Q1 26 | — | 81.9% | ||
| Q4 25 | — | 81.8% | ||
| Q3 25 | — | 82.0% | ||
| Q2 25 | — | 82.1% | ||
| Q1 25 | — | 82.1% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 81.8% | ||
| Q2 24 | — | 81.3% |
营业利润率DISMETA
| Q1 26 | — | 40.6% | ||
| Q4 25 | 17.7% | 41.3% | ||
| Q3 25 | 15.5% | 40.1% | ||
| Q2 25 | 19.3% | 43.0% | ||
| Q1 25 | 18.8% | 41.5% | ||
| Q4 24 | 20.5% | 48.3% | ||
| Q3 24 | 16.2% | 42.7% | ||
| Q2 24 | 18.2% | 38.0% |
净利率DISMETA
| Q1 26 | — | 47.5% | ||
| Q4 25 | 9.2% | 38.0% | ||
| Q3 25 | 5.8% | 5.3% | ||
| Q2 25 | 22.2% | 38.6% | ||
| Q1 25 | 13.9% | 39.3% | ||
| Q4 24 | 10.3% | 43.1% | ||
| Q3 24 | 2.0% | 38.7% | ||
| Q2 24 | 11.3% | 34.5% |
每股收益（稀释后）DISMETA
| Q1 26 | — | $10.44 | ||
| Q4 25 | $1.34 | $8.87 | ||
| Q3 25 | $0.72 | $1.05 | ||
| Q2 25 | $2.92 | $7.14 | ||
| Q1 25 | $1.81 | $6.43 | ||
| Q4 24 | $1.40 | $7.96 | ||
| Q3 24 | $0.26 | $6.03 | ||
| Q2 24 | $1.43 | $5.16 |
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 | $5.7B | $23.4B |
| 总债务越低越好 | — | $58.7B |
| 股东权益账面价值 | $108.5B | $243.7B |
| 总资产 | $202.1B | $395.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资DISMETA
| Q1 26 | — | $23.4B | ||
| Q4 25 | $5.7B | $81.6B | ||
| Q3 25 | $5.7B | $44.4B | ||
| Q2 25 | $5.4B | $47.1B | ||
| Q1 25 | $5.9B | $70.2B | ||
| Q4 24 | $5.5B | $77.8B | ||
| Q3 24 | $6.0B | $70.9B | ||
| Q2 24 | $6.0B | $58.1B |
总债务DISMETA
| Q1 26 | — | $58.7B | ||
| Q4 25 | — | $58.7B | ||
| Q3 25 | $42.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $28.8B | ||
| Q3 24 | $45.8B | $28.8B | ||
| Q2 24 | — | — |
股东权益DISMETA
| Q1 26 | — | $243.7B | ||
| Q4 25 | $108.5B | $217.2B | ||
| Q3 25 | $109.9B | $194.1B | ||
| Q2 25 | $109.1B | $195.1B | ||
| Q1 25 | $104.3B | $185.0B | ||
| Q4 24 | $101.9B | $182.6B | ||
| Q3 24 | $100.7B | $164.5B | ||
| Q2 24 | $100.6B | $156.8B |
总资产DISMETA
| Q1 26 | — | $395.3B | ||
| Q4 25 | $202.1B | $366.0B | ||
| Q3 25 | $197.5B | $303.8B | ||
| Q2 25 | $196.6B | $294.7B | ||
| Q1 25 | $195.8B | $280.2B | ||
| Q4 24 | $197.0B | $276.1B | ||
| Q3 24 | $196.2B | $256.4B | ||
| Q2 24 | $197.8B | $230.2B |
负债/权益比DISMETA
| Q1 26 | — | 0.24× | ||
| Q4 25 | — | 0.27× | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | 0.45× | 0.18× | ||
| Q2 24 | — | — |
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 | $735.0M | $32.2B |
| 自由现金流经营现金流 - 资本支出 | $-2.3B | $12.4B |
| 自由现金流率自由现金流/营收 | -8.8% | 22.0% |
| 资本支出强度资本支出/营收 | 11.6% | — |
| 现金转化率经营现金流/净利润 | 0.31× | 1.20× |
| 过去12个月自由现金流最近4个季度 | $7.1B | $47.4B |
8季度趋势，按日历期对齐
经营现金流DISMETA
| Q1 26 | — | $32.2B | ||
| Q4 25 | $735.0M | $36.2B | ||
| Q3 25 | $4.5B | $30.0B | ||
| Q2 25 | $3.7B | $25.6B | ||
| Q1 25 | $6.8B | $24.0B | ||
| Q4 24 | $3.2B | $28.0B | ||
| Q3 24 | $5.5B | $24.7B | ||
| Q2 24 | $2.6B | $19.4B |
自由现金流DISMETA
| Q1 26 | — | $12.4B | ||
| Q4 25 | $-2.3B | $14.8B | ||
| Q3 25 | $2.6B | $11.2B | ||
| Q2 25 | $1.9B | $9.0B | ||
| Q1 25 | $4.9B | $11.1B | ||
| Q4 24 | $739.0M | $13.6B | ||
| Q3 24 | $4.0B | $16.5B | ||
| Q2 24 | $1.2B | $11.2B |
自由现金流率DISMETA
| Q1 26 | — | 22.0% | ||
| Q4 25 | -8.8% | 24.8% | ||
| Q3 25 | 11.4% | 21.8% | ||
| Q2 25 | 8.0% | 19.0% | ||
| Q1 25 | 20.7% | 26.2% | ||
| Q4 24 | 3.0% | 28.0% | ||
| Q3 24 | 17.8% | 40.6% | ||
| Q2 24 | 5.3% | 28.7% |
资本支出强度DISMETA
| Q1 26 | — | — | ||
| Q4 25 | 11.6% | 35.7% | ||
| Q3 25 | 8.5% | 36.7% | ||
| Q2 25 | 7.5% | 34.8% | ||
| Q1 25 | 7.9% | 30.6% | ||
| Q4 24 | 10.0% | 29.8% | ||
| Q3 24 | 6.6% | 20.3% | ||
| Q2 24 | 5.9% | 20.9% |
现金转化率DISMETA
| Q1 26 | — | 1.20× | ||
| Q4 25 | 0.31× | 1.59× | ||
| Q3 25 | 3.41× | 11.07× | ||
| Q2 25 | 0.70× | 1.39× | ||
| Q1 25 | 2.06× | 1.44× | ||
| Q4 24 | 1.25× | 1.34× | ||
| Q3 24 | 12.00× | 1.58× | ||
| Q2 24 | 0.99× | 1.44× |
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
DIS
| Subscription And Affiliate Fees | $7.3B | 28% |
| Sports Segment | $4.9B | 19% |
| Sports Third Party | $4.5B | 17% |
| Products | $2.8B | 11% |
| Resortandvacations | $2.4B | 9% |
| Content Sales | $1.9B | 7% |
| Advertising | $1.8B | 7% |
| Other Revenue | $455.0M | 2% |
| License | $193.0M | 1% |
META
| Advertising | $55.0B | 98% |
| Other revenue | $885.0M | 2% |
| Reality Labs | $402.0M | 1% |
