vs
微软（MSFT）与网易（NTES）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网易的20.4倍（$81.3B vs $4.0B），微软净利率更高（47.3% vs 31.0%，领先16.3%），微软自由现金流更多（$5.9B vs $1.8B），过去两年微软的营收复合增速更高（14.6% vs 9.7%）
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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
MSFT vs NTES — 直观对比
营收规模更大
MSFT
是对方的20.4倍
$4.0B
净利率更高
MSFT
高出16.3%
31.0%
自由现金流更多
MSFT
多$4.1B
$1.8B
两年增速更快
MSFT
近两年复合增速
9.7%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.3B | $4.0B |
| 净利润 | $38.5B | $1.2B |
| 毛利率 | 68.0% | 64.1% |
| 营业利润率 | 47.1% | 28.3% |
| 净利率 | 47.3% | 31.0% |
| 营收同比 | 16.7% | — |
| 净利润同比 | 59.5% | — |
| 每股收益（稀释后） | $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MSFTNTES
| Q4 25 | $81.3B | — | ||
| Q3 25 | $77.7B | $4.0B | ||
| Q2 25 | $76.4B | $3.9B | ||
| Q1 25 | $70.1B | $4.0B | ||
| Q4 24 | $69.6B | — | ||
| Q3 24 | $65.6B | $3.7B | ||
| Q2 24 | $64.7B | $3.5B | ||
| Q1 24 | $61.9B | $3.7B |
净利润MSFTNTES
| Q4 25 | $38.5B | — | ||
| Q3 25 | $27.7B | $1.2B | ||
| Q2 25 | $27.2B | $1.3B | ||
| Q1 25 | $25.8B | $1.5B | ||
| Q4 24 | $24.1B | — | ||
| Q3 24 | $24.7B | $955.7M | ||
| Q2 24 | $22.0B | $939.6M | ||
| Q1 24 | $21.9B | $1.1B |
毛利率MSFTNTES
| Q4 25 | 68.0% | — | ||
| Q3 25 | 69.0% | 64.1% | ||
| Q2 25 | 68.6% | 64.7% | ||
| Q1 25 | 68.7% | 64.1% | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 69.4% | 62.9% | ||
| Q2 24 | 69.6% | 62.9% | ||
| Q1 24 | 70.1% | 63.4% |
营业利润率MSFTNTES
| Q4 25 | 47.1% | — | ||
| Q3 25 | 48.9% | 28.3% | ||
| Q2 25 | 44.9% | 32.5% | ||
| Q1 25 | 45.7% | 36.2% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 46.6% | 27.3% | ||
| Q2 24 | 43.1% | 27.4% | ||
| Q1 24 | 44.6% | 28.4% |
净利率MSFTNTES
| Q4 25 | 47.3% | — | ||
| Q3 25 | 35.7% | 31.0% | ||
| Q2 25 | 35.6% | 32.6% | ||
| Q1 25 | 36.9% | 36.6% | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 37.6% | 25.6% | ||
| Q2 24 | 34.0% | 26.8% | ||
| Q1 24 | 35.5% | 29.1% |
每股收益（稀释后）MSFTNTES
| Q4 25 | $5.16 | — | ||
| Q3 25 | $3.72 | — | ||
| Q2 25 | $3.65 | — | ||
| Q1 25 | $3.46 | — | ||
| Q4 24 | $3.23 | — | ||
| Q3 24 | $3.30 | — | ||
| Q2 24 | $2.94 | — | ||
| Q1 24 | $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 | $89.5B | $31.3B |
| 总债务越低越好 | $40.3B | — |
| 股东权益账面价值 | $390.9B | $160.8B |
| 总资产 | $665.3B | $214.5B |
| 负债/权益比越低杠杆越低 | 0.10× | — |
8季度趋势，按日历期对齐
现金及短期投资MSFTNTES
| Q4 25 | $89.5B | — | ||
| Q3 25 | $102.0B | $31.3B | ||
| Q2 25 | $94.6B | $54.4B | ||
| Q1 25 | $79.6B | $41.7B | ||
| Q4 24 | $71.6B | — | ||
| Q3 24 | $78.4B | $20.2B | ||
| Q2 24 | $75.5B | $19.0B | ||
| Q1 24 | $80.0B | $43.0B |
总债务MSFTNTES
| Q4 25 | $40.3B | — | ||
| Q3 25 | $43.2B | — | ||
| Q2 25 | $43.2B | — | ||
| Q1 25 | $42.9B | — | ||
| Q4 24 | $45.0B | — | ||
| Q3 24 | $45.1B | — | ||
| Q2 24 | $44.9B | — | ||
| Q1 24 | $44.9B | — |
股东权益MSFTNTES
| Q4 25 | $390.9B | — | ||
| Q3 25 | $363.1B | $160.8B | ||
| Q2 25 | $343.5B | $154.0B | ||
| Q1 25 | $321.9B | $147.8B | ||
| Q4 24 | $302.7B | — | ||
| Q3 24 | $287.7B | $135.6B | ||
| Q2 24 | $268.5B | $134.2B | ||
| Q1 24 | $253.2B | $130.5B |
总资产MSFTNTES
| Q4 25 | $665.3B | — | ||
| Q3 25 | $636.4B | $214.5B | ||
| Q2 25 | $619.0B | $208.5B | ||
| Q1 25 | $562.6B | $200.9B | ||
| Q4 24 | $533.9B | — | ||
| Q3 24 | $523.0B | $184.9B | ||
| Q2 24 | $512.2B | $183.3B | ||
| Q1 24 | $484.3B | $195.1B |
负债/权益比MSFTNTES
| Q4 25 | 0.10× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 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 | $35.8B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $5.9B | $1.8B |
| 自由现金流率自由现金流/营收 | 7.2% | 44.7% |
| 资本支出强度资本支出/营收 | 36.8% | 1.0% |
| 现金转化率经营现金流/净利润 | 0.93× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $77.4B | $6.3B |
8季度趋势，按日历期对齐
经营现金流MSFTNTES
| Q4 25 | $35.8B | — | ||
| Q3 25 | $45.1B | $1.8B | ||
| Q2 25 | $42.6B | $1.5B | ||
| Q1 25 | $37.0B | $1.7B | ||
| Q4 24 | $22.3B | — | ||
| Q3 24 | $34.2B | $1.5B | ||
| Q2 24 | $37.2B | $898.8M | ||
| Q1 24 | $31.9B | $1.3B |
自由现金流MSFTNTES
| Q4 25 | $5.9B | — | ||
| Q3 25 | $25.7B | $1.8B | ||
| Q2 25 | $25.6B | $1.5B | ||
| Q1 25 | $20.3B | $1.6B | ||
| Q4 24 | $6.5B | — | ||
| Q3 24 | $19.3B | $1.5B | ||
| Q2 24 | $23.3B | $875.6M | ||
| Q1 24 | $21.0B | $1.3B |
自由现金流率MSFTNTES
| Q4 25 | 7.2% | — | ||
| Q3 25 | 33.0% | 44.7% | ||
| Q2 25 | 33.4% | 38.3% | ||
| Q1 25 | 29.0% | 40.4% | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 29.4% | 38.9% | ||
| Q2 24 | 36.0% | 25.0% | ||
| Q1 24 | 33.9% | 34.0% |
资本支出强度MSFTNTES
| Q4 25 | 36.8% | — | ||
| Q3 25 | 25.0% | 1.0% | ||
| Q2 25 | 22.3% | 0.7% | ||
| Q1 25 | 23.9% | 1.6% | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 22.8% | 1.4% | ||
| Q2 24 | 21.4% | 0.7% | ||
| Q1 24 | 17.7% | 1.5% |
现金转化率MSFTNTES
| Q4 25 | 0.93× | — | ||
| Q3 25 | 1.62× | 1.47× | ||
| Q2 25 | 1.57× | 1.20× | ||
| Q1 25 | 1.43× | 1.15× | ||
| Q4 24 | 0.92× | — | ||
| Q3 24 | 1.39× | 1.58× | ||
| Q2 24 | 1.69× | 0.96× | ||
| Q1 24 | 1.45× | 1.22× |
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
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
