vs
Meta Platforms（META）与AT&T（T）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AT&T的1.9倍（$59.9B vs $31.5B）。Meta Platforms净利率更高（38.0% vs 13.3%，领先24.7%）。Meta Platforms同比增速更快（23.8% vs 2.9%）。Meta Platforms自由现金流更多（$14.8B vs $2.5B）。过去两年Meta Platforms的营收复合增速更高（28.2% vs 2.8%）
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%。
AT&T是总部位于美国得克萨斯州达拉斯市中心惠塔克大厦的跨国电信集团，前身为美国电话电报公司。按营收计算，AT&T为全球第三大电信运营商，是美国仅次于T-Mobile和威瑞森的第三大无线运营商，同时也是全美规模最大的光纤互联网服务商。
META vs T — 直观对比
营收规模更大
META
是对方的1.9倍
$31.5B
营收增速更快
META
高出20.9%
2.9%
净利率更高
META
高出24.7%
13.3%
自由现金流更多
META
多$12.3B
$2.5B
两年增速更快
META
近两年复合增速
2.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $59.9B | $31.5B |
| 净利润 | $22.8B | $4.2B |
| 毛利率 | 81.8% | — |
| 营业利润率 | 41.3% | 21.1% |
| 净利率 | 38.0% | 13.3% |
| 营收同比 | 23.8% | 2.9% |
| 净利润同比 | 9.3% | -10.9% |
| 每股收益（稀释后） | $8.87 | $0.54 |
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METAT
| Q1 26 | — | $31.5B | ||
| Q4 25 | $59.9B | $33.5B | ||
| Q3 25 | $51.2B | $30.7B | ||
| Q2 25 | $47.5B | $30.8B | ||
| Q1 25 | $42.3B | $30.6B | ||
| Q4 24 | $48.4B | $32.3B | ||
| Q3 24 | $40.6B | $30.2B | ||
| Q2 24 | $39.1B | $29.8B |
净利润METAT
| Q1 26 | — | $4.2B | ||
| Q4 25 | $22.8B | $3.8B | ||
| Q3 25 | $2.7B | $9.3B | ||
| Q2 25 | $18.3B | $4.5B | ||
| Q1 25 | $16.6B | $4.4B | ||
| Q4 24 | $20.8B | $4.1B | ||
| Q3 24 | $15.7B | $-174.0M | ||
| Q2 24 | $13.5B | $3.6B |
毛利率METAT
| Q1 26 | — | — | ||
| 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METAT
| Q1 26 | — | 21.1% | ||
| Q4 25 | 41.3% | 17.3% | ||
| Q3 25 | 40.1% | 19.9% | ||
| Q2 25 | 43.0% | 21.1% | ||
| Q1 25 | 41.5% | 18.8% | ||
| Q4 24 | 48.3% | 16.5% | ||
| Q3 24 | 42.7% | 7.0% | ||
| Q2 24 | 38.0% | 19.3% |
净利率METAT
| Q1 26 | — | 13.3% | ||
| Q4 25 | 38.0% | 11.3% | ||
| Q3 25 | 5.3% | 30.3% | ||
| Q2 25 | 38.6% | 14.6% | ||
| Q1 25 | 39.3% | 14.2% | ||
| Q4 24 | 43.1% | 12.6% | ||
| Q3 24 | 38.7% | -0.6% | ||
| Q2 24 | 34.5% | 12.1% |
每股收益（稀释后）METAT
| Q1 26 | — | $0.54 | ||
| Q4 25 | $8.87 | $0.52 | ||
| Q3 25 | $1.05 | $1.29 | ||
| Q2 25 | $7.14 | $0.62 | ||
| Q1 25 | $6.43 | $0.61 | ||
| Q4 24 | $7.96 | $0.56 | ||
| Q3 24 | $6.03 | $-0.03 | ||
| Q2 24 | $5.16 | $0.49 |
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 | $12.0B |
| 总债务越低越好 | $58.7B | $131.6B |
| 股东权益账面价值 | $217.2B | $125.6B |
| 总资产 | $366.0B | $421.2B |
| 负债/权益比越低杠杆越低 | 0.27× | 1.05× |
8季度趋势，按日历期对齐
现金及短期投资METAT
| Q1 26 | — | $12.0B | ||
| Q4 25 | $81.6B | $18.2B | ||
| Q3 25 | $44.4B | $20.3B | ||
| Q2 25 | $47.1B | $10.5B | ||
| Q1 25 | $70.2B | $6.9B | ||
| Q4 24 | $77.8B | $3.3B | ||
| Q3 24 | $70.9B | $2.6B | ||
| Q2 24 | $58.1B | $3.1B |
总债务METAT
| Q1 26 | — | $131.6B | ||
| Q4 25 | $58.7B | $127.1B | ||
| Q3 25 | — | $128.1B | ||
| Q2 25 | — | $123.1B | ||
| Q1 25 | — | $117.3B | ||
| Q4 24 | $28.8B | $118.4B | ||
| Q3 24 | $28.8B | $126.4B | ||
| Q2 24 | — | $125.4B |
股东权益METAT
| Q1 26 | — | $125.6B | ||
| Q4 25 | $217.2B | $126.5B | ||
| Q3 25 | $194.1B | $126.8B | ||
| Q2 25 | $195.1B | $121.4B | ||
| Q1 25 | $185.0B | $119.9B | ||
| Q4 24 | $182.6B | $118.2B | ||
| Q3 24 | $164.5B | $116.3B | ||
| Q2 24 | $156.8B | $119.3B |
总资产METAT
| Q1 26 | — | $421.2B | ||
| Q4 25 | $366.0B | $420.2B | ||
| Q3 25 | $303.8B | $423.2B | ||
| Q2 25 | $294.7B | $405.5B | ||
| Q1 25 | $280.2B | $397.5B | ||
| Q4 24 | $276.1B | $394.8B | ||
| Q3 24 | $256.4B | $393.7B | ||
| Q2 24 | $230.2B | $398.0B |
负债/权益比METAT
| Q1 26 | — | 1.05× | ||
| Q4 25 | 0.27× | 1.00× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.01× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 0.16× | 1.00× | ||
| Q3 24 | 0.18× | 1.09× | ||
| Q2 24 | — | 1.05× |
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 | $7.6B |
| 自由现金流经营现金流 - 资本支出 | $14.8B | $2.5B |
| 自由现金流率自由现金流/营收 | 24.8% | 8.0% |
| 资本支出强度资本支出/营收 | 35.7% | 15.5% |
| 现金转化率经营现金流/净利润 | 1.59× | 1.82× |
| 过去12个月自由现金流最近4个季度 | $46.1B | $17.2B |
8季度趋势，按日历期对齐
经营现金流METAT
| Q1 26 | — | $7.6B | ||
| Q4 25 | $36.2B | $11.3B | ||
| Q3 25 | $30.0B | $10.2B | ||
| Q2 25 | $25.6B | $9.8B | ||
| Q1 25 | $24.0B | $9.0B | ||
| Q4 24 | $28.0B | $11.9B | ||
| Q3 24 | $24.7B | $10.2B | ||
| Q2 24 | $19.4B | $9.1B |
自由现金流METAT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $14.8B | $4.5B | ||
| Q3 25 | $11.2B | $5.3B | ||
| Q2 25 | $9.0B | $4.9B | ||
| Q1 25 | $11.1B | $4.8B | ||
| Q4 24 | $13.6B | $5.1B | ||
| Q3 24 | $16.5B | $4.9B | ||
| Q2 24 | $11.2B | $4.7B |
自由现金流率METAT
| Q1 26 | — | 8.0% | ||
| Q4 25 | 24.8% | 13.6% | ||
| Q3 25 | 21.8% | 17.1% | ||
| Q2 25 | 19.0% | 15.8% | ||
| Q1 25 | 26.2% | 15.6% | ||
| Q4 24 | 28.0% | 15.6% | ||
| Q3 24 | 40.6% | 16.3% | ||
| Q2 24 | 28.7% | 15.9% |
资本支出强度METAT
| Q1 26 | — | 15.5% | ||
| Q4 25 | 35.7% | 20.3% | ||
| Q3 25 | 36.7% | 15.9% | ||
| Q2 25 | 34.8% | 15.9% | ||
| Q1 25 | 30.6% | 14.0% | ||
| Q4 24 | 29.8% | 21.2% | ||
| Q3 24 | 20.3% | 17.5% | ||
| Q2 24 | 20.9% | 14.6% |
现金转化率METAT
| Q1 26 | — | 1.82× | ||
| Q4 25 | 1.59× | 2.99× | ||
| Q3 25 | 11.07× | 1.09× | ||
| Q2 25 | 1.39× | 2.17× | ||
| Q1 25 | 1.44× | 2.08× | ||
| Q4 24 | 1.34× | 2.92× | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 1.44× | 2.53× |
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% |
T
| Service | $25.5B | 81% |
| Equipment | $6.0B | 19% |
