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京东（JD）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的季度营收约是京东的1.1倍（$59.9B vs $53.9B），Meta Platforms净利率更高（38.0% vs -0.1%，领先38.2%），Meta Platforms同比增速更快（23.8% vs 12.2%），Meta Platforms自由现金流更多（$14.8B vs $2.7B），过去两年Meta Platforms的营收复合增速更高（28.2% vs 26.8%）
京东是总部位于北京的中国知名电商企业，前身为360buy。2024年营收超1588亿美元，是中国收入规模最大的零售商，位列《财富》世界500强第47位。作为国内两大头部B2C线上零售商之一，与阿里巴巴旗下天猫直接竞争，业务覆盖零售、科技、物流、医疗健康、工业、地产管理等多个领域。
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%。
JD vs META — 直观对比
营收规模更大
META
是对方的1.1倍
$53.9B
营收增速更快
META
高出11.5%
12.2%
净利率更高
META
高出38.2%
-0.1%
自由现金流更多
META
多$12.1B
$2.7B
两年增速更快
META
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $53.9B | $59.9B |
| 净利润 | $-78.0M | $22.8B |
| 毛利率 | 14.6% | 81.8% |
| 营业利润率 | -1.5% | 41.3% |
| 净利率 | -0.1% | 38.0% |
| 营收同比 | 12.2% | 23.8% |
| 净利润同比 | -105.0% | 9.3% |
| 每股收益（稀释后） | $-0.15 | $8.87 |
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JDMETA
| Q4 25 | $53.9B | $59.9B | ||
| Q3 25 | $42.0B | $51.2B | ||
| Q2 25 | $49.8B | $47.5B | ||
| Q1 25 | $41.5B | $42.3B | ||
| Q4 24 | $48.0B | $48.4B | ||
| Q3 24 | $37.1B | $40.6B | ||
| Q2 24 | $40.1B | $39.1B | ||
| Q1 24 | $33.5B | $36.5B |
净利润JDMETA
| Q4 25 | $-78.0M | $22.8B | ||
| Q3 25 | $896.0M | $2.7B | ||
| Q2 25 | $937.0M | $18.3B | ||
| Q1 25 | $1.6B | $16.6B | ||
| Q4 24 | $1.6B | $20.8B | ||
| Q3 24 | $1.8B | $15.7B | ||
| Q2 24 | $1.9B | $13.5B | ||
| Q1 24 | $855.5M | $12.4B |
毛利率JDMETA
| Q4 25 | 14.6% | 81.8% | ||
| Q3 25 | 16.9% | 82.0% | ||
| Q2 25 | 15.9% | 82.1% | ||
| Q1 25 | 15.9% | 82.1% | ||
| Q4 24 | 15.2% | 81.7% | ||
| Q3 24 | 17.3% | 81.8% | ||
| Q2 24 | 15.8% | 81.3% | ||
| Q1 24 | 14.8% | 81.8% |
营业利润率JDMETA
| Q4 25 | -1.5% | 41.3% | ||
| Q3 25 | -0.4% | 40.1% | ||
| Q2 25 | -0.2% | 43.0% | ||
| Q1 25 | 3.5% | 41.5% | ||
| Q4 24 | 2.6% | 48.3% | ||
| Q3 24 | 4.6% | 42.7% | ||
| Q2 24 | 3.6% | 38.0% | ||
| Q1 24 | 2.6% | 37.9% |
净利率JDMETA
| Q4 25 | -0.1% | 38.0% | ||
| Q3 25 | 2.1% | 5.3% | ||
| Q2 25 | 1.9% | 38.6% | ||
| Q1 25 | 3.7% | 39.3% | ||
| Q4 24 | 3.3% | 43.1% | ||
| Q3 24 | 4.9% | 38.7% | ||
| Q2 24 | 4.7% | 34.5% | ||
| Q1 24 | 2.6% | 33.9% |
每股收益（稀释后）JDMETA
| Q4 25 | $-0.15 | $8.87 | ||
| Q3 25 | $0.24 | $1.05 | ||
| Q2 25 | $0.29 | $7.14 | ||
| Q1 25 | $0.50 | $6.43 | ||
| Q4 24 | $0.44 | $7.96 | ||
| Q3 24 | $0.55 | $6.03 | ||
| Q2 24 | $0.56 | $5.16 | ||
| Q1 24 | — | $4.71 |
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 | $30.5B | $81.6B |
| 总债务越低越好 | $41.7B | $58.7B |
| 股东权益账面价值 | $32.2B | $217.2B |
| 总资产 | $99.4B | $366.0B |
| 负债/权益比越低杠杆越低 | 1.30× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资JDMETA
| Q4 25 | $30.5B | $81.6B | ||
| Q3 25 | $27.9B | $44.4B | ||
| Q2 25 | $29.9B | $47.1B | ||
| Q1 25 | $26.8B | $70.2B | ||
| Q4 24 | $32.1B | $77.8B | ||
| Q3 24 | $27.2B | $70.9B | ||
| Q2 24 | $27.8B | $58.1B | ||
| Q1 24 | $3.3B | $58.1B |
总债务JDMETA
| Q4 25 | $41.7B | $58.7B | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $7.8B | — | ||
| Q4 24 | $31.7B | $28.8B | ||
| Q3 24 | $7.7B | $28.8B | ||
| Q2 24 | $7.8B | — | ||
| Q1 24 | $2.1B | — |
股东权益JDMETA
| Q4 25 | $32.2B | $217.2B | ||
| Q3 25 | $42.8B | $194.1B | ||
| Q2 25 | $41.5B | $195.1B | ||
| Q1 25 | $42.5B | $185.0B | ||
| Q4 24 | $32.8B | $182.6B | ||
| Q3 24 | $42.2B | $164.5B | ||
| Q2 24 | $39.5B | $156.8B | ||
| Q1 24 | $5.5B | $149.5B |
总资产JDMETA
| Q4 25 | $99.4B | $366.0B | ||
| Q3 25 | $100.2B | $303.8B | ||
| Q2 25 | $98.7B | $294.7B | ||
| Q1 25 | $93.4B | $280.2B | ||
| Q4 24 | $95.7B | $276.1B | ||
| Q3 24 | $91.7B | $256.4B | ||
| Q2 24 | $89.7B | $230.2B | ||
| Q1 24 | $11.5B | $222.8B |
负债/权益比JDMETA
| Q4 25 | 1.30× | 0.27× | ||
| Q3 25 | 0.20× | — | ||
| Q2 25 | 0.19× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.97× | 0.16× | ||
| Q3 24 | 0.18× | 0.18× | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.37× | — |
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 | $3.0B | $36.2B |
| 自由现金流经营现金流 - 资本支出 | $2.7B | $14.8B |
| 自由现金流率自由现金流/营收 | 5.0% | 24.8% |
| 资本支出强度资本支出/营收 | 0.5% | 35.7% |
| 现金转化率经营现金流/净利润 | — | 1.59× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $46.1B |
8季度趋势，按日历期对齐
经营现金流JDMETA
| Q4 25 | $3.0B | $36.2B | ||
| Q3 25 | $-1.1B | $30.0B | ||
| Q2 25 | $3.4B | $25.6B | ||
| Q1 25 | $-2.5B | $24.0B | ||
| Q4 24 | $3.4B | $28.0B | ||
| Q3 24 | $-886.0M | $24.7B | ||
| Q2 24 | $7.0B | $19.4B | ||
| Q1 24 | — | $19.2B |
自由现金流JDMETA
| Q4 25 | $2.7B | $14.8B | ||
| Q3 25 | $-1.1B | $11.2B | ||
| Q2 25 | $3.3B | $9.0B | ||
| Q1 25 | $-2.6B | $11.1B | ||
| Q4 24 | $3.3B | $13.6B | ||
| Q3 24 | $-1.4B | $16.5B | ||
| Q2 24 | $6.8B | $11.2B | ||
| Q1 24 | — | $12.8B |
自由现金流率JDMETA
| Q4 25 | 5.0% | 24.8% | ||
| Q3 25 | -2.7% | 21.8% | ||
| Q2 25 | 6.5% | 19.0% | ||
| Q1 25 | -6.4% | 26.2% | ||
| Q4 24 | 6.9% | 28.0% | ||
| Q3 24 | -3.7% | 40.6% | ||
| Q2 24 | 16.9% | 28.7% | ||
| Q1 24 | — | 35.2% |
资本支出强度JDMETA
| Q4 25 | 0.5% | 35.7% | ||
| Q3 25 | 0.0% | 36.7% | ||
| Q2 25 | 0.3% | 34.8% | ||
| Q1 25 | 0.3% | 30.6% | ||
| Q4 24 | 0.2% | 29.8% | ||
| Q3 24 | 1.3% | 20.3% | ||
| Q2 24 | 0.5% | 20.9% | ||
| Q1 24 | — | 17.6% |
现金转化率JDMETA
| Q4 25 | — | 1.59× | ||
| Q3 25 | -1.26× | 11.07× | ||
| Q2 25 | 3.64× | 1.39× | ||
| Q1 25 | -1.62× | 1.44× | ||
| Q4 24 | 2.18× | 1.34× | ||
| Q3 24 | -0.48× | 1.58× | ||
| Q2 24 | 3.73× | 1.44× | ||
| Q1 24 | — | 1.56× |
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
JD
| JD Retail | $43.2B | 80% |
| JD Logistics | $9.1B | 17% |
| New Businesses | $2.0B | 4% |
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
