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Meta Platforms（META）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Meta Platforms的1.4倍（$81.3B vs $59.9B），微软净利率更高（47.3% vs 38.0%，领先9.3%），Meta Platforms同比增速更快（23.8% vs 16.7%），Meta Platforms自由现金流更多（$14.8B vs $5.9B），过去两年Meta Platforms的营收复合增速更高（28.2% vs 14.6%）
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%。
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。
META vs MSFT — 直观对比
营收规模更大
MSFT
是对方的1.4倍
$59.9B
营收增速更快
META
高出7.1%
16.7%
净利率更高
MSFT
高出9.3%
38.0%
自由现金流更多
META
多$8.9B
$5.9B
两年增速更快
META
近两年复合增速
14.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $59.9B | $81.3B |
| 净利润 | $22.8B | $38.5B |
| 毛利率 | 81.8% | 68.0% |
| 营业利润率 | 41.3% | 47.1% |
| 净利率 | 38.0% | 47.3% |
| 营收同比 | 23.8% | 16.7% |
| 净利润同比 | 9.3% | 59.5% |
| 每股收益（稀释后） | $8.87 | $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METAMSFT
| Q4 25 | $59.9B | $81.3B | ||
| Q3 25 | $51.2B | $77.7B | ||
| Q2 25 | $47.5B | $76.4B | ||
| Q1 25 | $42.3B | $70.1B | ||
| Q4 24 | $48.4B | $69.6B | ||
| Q3 24 | $40.6B | $65.6B | ||
| Q2 24 | $39.1B | $64.7B | ||
| Q1 24 | $36.5B | $61.9B |
净利润METAMSFT
| Q4 25 | $22.8B | $38.5B | ||
| Q3 25 | $2.7B | $27.7B | ||
| Q2 25 | $18.3B | $27.2B | ||
| Q1 25 | $16.6B | $25.8B | ||
| Q4 24 | $20.8B | $24.1B | ||
| Q3 24 | $15.7B | $24.7B | ||
| Q2 24 | $13.5B | $22.0B | ||
| Q1 24 | $12.4B | $21.9B |
毛利率METAMSFT
| Q4 25 | 81.8% | 68.0% | ||
| Q3 25 | 82.0% | 69.0% | ||
| Q2 25 | 82.1% | 68.6% | ||
| Q1 25 | 82.1% | 68.7% | ||
| Q4 24 | 81.7% | 68.7% | ||
| Q3 24 | 81.8% | 69.4% | ||
| Q2 24 | 81.3% | 69.6% | ||
| Q1 24 | 81.8% | 70.1% |
营业利润率METAMSFT
| Q4 25 | 41.3% | 47.1% | ||
| Q3 25 | 40.1% | 48.9% | ||
| Q2 25 | 43.0% | 44.9% | ||
| Q1 25 | 41.5% | 45.7% | ||
| Q4 24 | 48.3% | 45.5% | ||
| Q3 24 | 42.7% | 46.6% | ||
| Q2 24 | 38.0% | 43.1% | ||
| Q1 24 | 37.9% | 44.6% |
净利率METAMSFT
| Q4 25 | 38.0% | 47.3% | ||
| Q3 25 | 5.3% | 35.7% | ||
| Q2 25 | 38.6% | 35.6% | ||
| Q1 25 | 39.3% | 36.9% | ||
| Q4 24 | 43.1% | 34.6% | ||
| Q3 24 | 38.7% | 37.6% | ||
| Q2 24 | 34.5% | 34.0% | ||
| Q1 24 | 33.9% | 35.5% |
每股收益（稀释后）METAMSFT
| Q4 25 | $8.87 | $5.16 | ||
| Q3 25 | $1.05 | $3.72 | ||
| Q2 25 | $7.14 | $3.65 | ||
| Q1 25 | $6.43 | $3.46 | ||
| Q4 24 | $7.96 | $3.23 | ||
| Q3 24 | $6.03 | $3.30 | ||
| Q2 24 | $5.16 | $2.94 | ||
| Q1 24 | $4.71 | $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 | $81.6B | $89.5B |
| 总债务越低越好 | $58.7B | $40.3B |
| 股东权益账面价值 | $217.2B | $390.9B |
| 总资产 | $366.0B | $665.3B |
| 负债/权益比越低杠杆越低 | 0.27× | 0.10× |
8季度趋势，按日历期对齐
现金及短期投资METAMSFT
| Q4 25 | $81.6B | $89.5B | ||
| Q3 25 | $44.4B | $102.0B | ||
| Q2 25 | $47.1B | $94.6B | ||
| Q1 25 | $70.2B | $79.6B | ||
| Q4 24 | $77.8B | $71.6B | ||
| Q3 24 | $70.9B | $78.4B | ||
| Q2 24 | $58.1B | $75.5B | ||
| Q1 24 | $58.1B | $80.0B |
总债务METAMSFT
| Q4 25 | $58.7B | $40.3B | ||
| Q3 25 | — | $43.2B | ||
| Q2 25 | — | $43.2B | ||
| Q1 25 | — | $42.9B | ||
| Q4 24 | $28.8B | $45.0B | ||
| Q3 24 | $28.8B | $45.1B | ||
| Q2 24 | — | $44.9B | ||
| Q1 24 | — | $44.9B |
股东权益METAMSFT
| Q4 25 | $217.2B | $390.9B | ||
| Q3 25 | $194.1B | $363.1B | ||
| Q2 25 | $195.1B | $343.5B | ||
| Q1 25 | $185.0B | $321.9B | ||
| Q4 24 | $182.6B | $302.7B | ||
| Q3 24 | $164.5B | $287.7B | ||
| Q2 24 | $156.8B | $268.5B | ||
| Q1 24 | $149.5B | $253.2B |
总资产METAMSFT
| Q4 25 | $366.0B | $665.3B | ||
| Q3 25 | $303.8B | $636.4B | ||
| Q2 25 | $294.7B | $619.0B | ||
| Q1 25 | $280.2B | $562.6B | ||
| Q4 24 | $276.1B | $533.9B | ||
| Q3 24 | $256.4B | $523.0B | ||
| Q2 24 | $230.2B | $512.2B | ||
| Q1 24 | $222.8B | $484.3B |
负债/权益比METAMSFT
| Q4 25 | 0.27× | 0.10× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | 0.16× | 0.15× | ||
| Q3 24 | 0.18× | 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 | $36.2B | $35.8B |
| 自由现金流经营现金流 - 资本支出 | $14.8B | $5.9B |
| 自由现金流率自由现金流/营收 | 24.8% | 7.2% |
| 资本支出强度资本支出/营收 | 35.7% | 36.8% |
| 现金转化率经营现金流/净利润 | 1.59× | 0.93× |
| 过去12个月自由现金流最近4个季度 | $46.1B | $77.4B |
8季度趋势，按日历期对齐
经营现金流METAMSFT
| Q4 25 | $36.2B | $35.8B | ||
| Q3 25 | $30.0B | $45.1B | ||
| Q2 25 | $25.6B | $42.6B | ||
| Q1 25 | $24.0B | $37.0B | ||
| Q4 24 | $28.0B | $22.3B | ||
| Q3 24 | $24.7B | $34.2B | ||
| Q2 24 | $19.4B | $37.2B | ||
| Q1 24 | $19.2B | $31.9B |
自由现金流METAMSFT
| Q4 25 | $14.8B | $5.9B | ||
| Q3 25 | $11.2B | $25.7B | ||
| Q2 25 | $9.0B | $25.6B | ||
| Q1 25 | $11.1B | $20.3B | ||
| Q4 24 | $13.6B | $6.5B | ||
| Q3 24 | $16.5B | $19.3B | ||
| Q2 24 | $11.2B | $23.3B | ||
| Q1 24 | $12.8B | $21.0B |
自由现金流率METAMSFT
| Q4 25 | 24.8% | 7.2% | ||
| Q3 25 | 21.8% | 33.0% | ||
| Q2 25 | 19.0% | 33.4% | ||
| Q1 25 | 26.2% | 29.0% | ||
| Q4 24 | 28.0% | 9.3% | ||
| Q3 24 | 40.6% | 29.4% | ||
| Q2 24 | 28.7% | 36.0% | ||
| Q1 24 | 35.2% | 33.9% |
资本支出强度METAMSFT
| Q4 25 | 35.7% | 36.8% | ||
| Q3 25 | 36.7% | 25.0% | ||
| Q2 25 | 34.8% | 22.3% | ||
| Q1 25 | 30.6% | 23.9% | ||
| Q4 24 | 29.8% | 22.7% | ||
| Q3 24 | 20.3% | 22.8% | ||
| Q2 24 | 20.9% | 21.4% | ||
| Q1 24 | 17.6% | 17.7% |
现金转化率METAMSFT
| Q4 25 | 1.59× | 0.93× | ||
| Q3 25 | 11.07× | 1.62× | ||
| Q2 25 | 1.39× | 1.57× | ||
| Q1 25 | 1.44× | 1.43× | ||
| Q4 24 | 1.34× | 0.92× | ||
| Q3 24 | 1.58× | 1.39× | ||
| Q2 24 | 1.44× | 1.69× | ||
| Q1 24 | 1.56× | 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
META
| Advertising | $58.1B | 97% |
| Reality Labs | $955.0M | 2% |
| Service Other | $801.0M | 1% |
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% |
