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微软（MSFT）与甲骨文（ORCL）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甲骨文的5.1倍（$81.3B vs $16.1B），微软净利率更高（47.3% vs 38.2%，领先9.1%），微软同比增速更快（16.7% vs 14.2%），微软自由现金流更多（$5.9B vs $-10.0B），过去两年微软的营收复合增速更高（14.6% vs 10.0%）
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。
甲骨文公司是全球知名的企业软件公司，主打数据库软件、企业级应用软件、云基础设施与云服务等业务，为全球各行业的企业提供数字化转型、数据管理与业务运营的技术解决方案，在全球企业级科技领域占据重要地位。
MSFT vs ORCL — 直观对比
营收规模更大
MSFT
是对方的5.1倍
$16.1B
营收增速更快
MSFT
高出2.5%
14.2%
净利率更高
MSFT
高出9.1%
38.2%
自由现金流更多
MSFT
多$15.8B
$-10.0B
两年增速更快
MSFT
近两年复合增速
10.0%
损益表 — Q2 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $81.3B | $16.1B |
| 净利润 | $38.5B | $6.1B |
| 毛利率 | 68.0% | — |
| 营业利润率 | 47.1% | 29.5% |
| 净利率 | 47.3% | 38.2% |
| 营收同比 | 16.7% | 14.2% |
| 净利润同比 | 59.5% | 94.7% |
| 每股收益（稀释后） | $5.16 | $2.10 |
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MSFTORCL
| Q4 25 | $81.3B | $16.1B | ||
| Q3 25 | $77.7B | $14.9B | ||
| Q2 25 | $76.4B | $15.9B | ||
| Q1 25 | $70.1B | $14.1B | ||
| Q4 24 | $69.6B | $14.1B | ||
| Q3 24 | $65.6B | $13.3B | ||
| Q2 24 | $64.7B | $14.3B | ||
| Q1 24 | $61.9B | $13.3B |
净利润MSFTORCL
| Q4 25 | $38.5B | $6.1B | ||
| Q3 25 | $27.7B | $2.9B | ||
| Q2 25 | $27.2B | $3.4B | ||
| Q1 25 | $25.8B | $2.9B | ||
| Q4 24 | $24.1B | $3.2B | ||
| Q3 24 | $24.7B | $2.9B | ||
| Q2 24 | $22.0B | $3.1B | ||
| Q1 24 | $21.9B | $2.4B |
毛利率MSFTORCL
| Q4 25 | 68.0% | — | ||
| Q3 25 | 69.0% | — | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 68.7% | — | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 69.4% | — | ||
| Q2 24 | 69.6% | — | ||
| Q1 24 | 70.1% | — |
营业利润率MSFTORCL
| Q4 25 | 47.1% | 29.5% | ||
| Q3 25 | 48.9% | 28.7% | ||
| Q2 25 | 44.9% | 32.1% | ||
| Q1 25 | 45.7% | 30.8% | ||
| Q4 24 | 45.5% | 30.0% | ||
| Q3 24 | 46.6% | 30.0% | ||
| Q2 24 | 43.1% | 32.8% | ||
| Q1 24 | 44.6% | 28.2% |
净利率MSFTORCL
| Q4 25 | 47.3% | 38.2% | ||
| Q3 25 | 35.7% | 19.6% | ||
| Q2 25 | 35.6% | 21.5% | ||
| Q1 25 | 36.9% | 20.8% | ||
| Q4 24 | 34.6% | 22.4% | ||
| Q3 24 | 37.6% | 22.0% | ||
| Q2 24 | 34.0% | 22.0% | ||
| Q1 24 | 35.5% | 18.1% |
每股收益（稀释后）MSFTORCL
| Q4 25 | $5.16 | $2.10 | ||
| Q3 25 | $3.72 | $1.01 | ||
| Q2 25 | $3.65 | $1.19 | ||
| Q1 25 | $3.46 | $1.02 | ||
| Q4 24 | $3.23 | $1.10 | ||
| Q3 24 | $3.30 | $1.03 | ||
| Q2 24 | $2.94 | $1.11 | ||
| Q1 24 | $2.94 | $0.85 |
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 | $19.2B |
| 总债务越低越好 | $40.3B | — |
| 股东权益账面价值 | $390.9B | $30.0B |
| 总资产 | $665.3B | $205.0B |
| 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MSFTORCL
| Q4 25 | $89.5B | $19.2B | ||
| Q3 25 | $102.0B | $10.4B | ||
| Q2 25 | $94.6B | $10.8B | ||
| Q1 25 | $79.6B | $17.4B | ||
| Q4 24 | $71.6B | $10.9B | ||
| Q3 24 | $78.4B | $10.6B | ||
| Q2 24 | $75.5B | $10.5B | ||
| Q1 24 | $80.0B | $9.5B |
总债务MSFTORCL
| 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MSFTORCL
| Q4 25 | $390.9B | $30.0B | ||
| Q3 25 | $363.1B | $24.2B | ||
| Q2 25 | $343.5B | $20.5B | ||
| Q1 25 | $321.9B | $16.7B | ||
| Q4 24 | $302.7B | $13.7B | ||
| Q3 24 | $287.7B | $10.8B | ||
| Q2 24 | $268.5B | $8.7B | ||
| Q1 24 | $253.2B | $5.6B |
总资产MSFTORCL
| Q4 25 | $665.3B | $205.0B | ||
| Q3 25 | $636.4B | $180.4B | ||
| Q2 25 | $619.0B | $168.4B | ||
| Q1 25 | $562.6B | $161.4B | ||
| Q4 24 | $533.9B | $148.5B | ||
| Q3 24 | $523.0B | $144.2B | ||
| Q2 24 | $512.2B | $141.0B | ||
| Q1 24 | $484.3B | $137.1B |
负债/权益比MSFTORCL
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $5.9B | $-10.0B |
| 自由现金流率自由现金流/营收 | 7.2% | -62.1% |
| 资本支出强度资本支出/营收 | 36.8% | 74.9% |
| 现金转化率经营现金流/净利润 | 0.93× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $77.4B | $-13.2B |
8季度趋势，按日历期对齐
经营现金流MSFTORCL
| Q4 25 | $35.8B | $2.1B | ||
| Q3 25 | $45.1B | $8.1B | ||
| Q2 25 | $42.6B | $6.2B | ||
| Q1 25 | $37.0B | $5.9B | ||
| Q4 24 | $22.3B | $1.3B | ||
| Q3 24 | $34.2B | $7.4B | ||
| Q2 24 | $37.2B | $6.1B | ||
| Q1 24 | $31.9B | $5.5B |
自由现金流MSFTORCL
| Q4 25 | $5.9B | $-10.0B | ||
| Q3 25 | $25.7B | $-362.0M | ||
| Q2 25 | $25.6B | $-2.9B | ||
| Q1 25 | $20.3B | $71.0M | ||
| Q4 24 | $6.5B | $-2.7B | ||
| Q3 24 | $19.3B | $5.1B | ||
| Q2 24 | $23.3B | $3.3B | ||
| Q1 24 | $21.0B | $3.8B |
自由现金流率MSFTORCL
| Q4 25 | 7.2% | -62.1% | ||
| Q3 25 | 33.0% | -2.4% | ||
| Q2 25 | 33.4% | -18.4% | ||
| Q1 25 | 29.0% | 0.5% | ||
| Q4 24 | 9.3% | -19.0% | ||
| Q3 24 | 29.4% | 38.5% | ||
| Q2 24 | 36.0% | 23.0% | ||
| Q1 24 | 33.9% | 28.6% |
资本支出强度MSFTORCL
| Q4 25 | 36.8% | 74.9% | ||
| Q3 25 | 25.0% | 57.0% | ||
| Q2 25 | 22.3% | 57.1% | ||
| Q1 25 | 23.9% | 41.5% | ||
| Q4 24 | 22.7% | 28.2% | ||
| Q3 24 | 22.8% | 17.3% | ||
| Q2 24 | 21.4% | 19.6% | ||
| Q1 24 | 17.7% | 12.6% |
现金转化率MSFTORCL
| Q4 25 | 0.93× | 0.34× | ||
| Q3 25 | 1.62× | 2.78× | ||
| Q2 25 | 1.57× | 1.80× | ||
| Q1 25 | 1.43× | 2.02× | ||
| Q4 24 | 0.92× | 0.41× | ||
| Q3 24 | 1.39× | 2.54× | ||
| Q2 24 | 1.69× | 1.93× | ||
| Q1 24 | 1.45× | 2.28× |
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% |
ORCL
| Software Support | $4.9B | 31% |
| Cloud Infrastructure | $4.1B | 25% |
| Cloud Applications | $3.9B | 24% |
| Services Business | $1.4B | 9% |
| Software License | $939.0M | 6% |
| Hardware Business | $776.0M | 5% |
