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微软（MSFT）与Snap Inc（SNAP）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Snap Inc的47.3倍（$81.3B vs $1.7B），微软净利率更高（47.3% vs 2.6%，领先44.7%），微软同比增速更快（16.7% vs 10.2%），微软自由现金流更多（$5.9B vs $205.6M），过去两年Snap Inc的营收复合增速更高（19.9% vs 14.6%）
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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
MSFT vs SNAP — 直观对比
营收规模更大
MSFT
是对方的47.3倍
$1.7B
营收增速更快
MSFT
高出6.5%
10.2%
净利率更高
MSFT
高出44.7%
2.6%
自由现金流更多
MSFT
多$5.7B
$205.6M
两年增速更快
SNAP
近两年复合增速
14.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.3B | $1.7B |
| 净利润 | $38.5B | $45.2M |
| 毛利率 | 68.0% | 59.1% |
| 营业利润率 | 47.1% | 2.9% |
| 净利率 | 47.3% | 2.6% |
| 营收同比 | 16.7% | 10.2% |
| 净利润同比 | 59.5% | 396.7% |
| 每股收益（稀释后） | $5.16 | $0.03 |
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MSFTSNAP
| Q4 25 | $81.3B | $1.7B | ||
| Q3 25 | $77.7B | $1.5B | ||
| Q2 25 | $76.4B | $1.3B | ||
| Q1 25 | $70.1B | $1.4B | ||
| Q4 24 | $69.6B | $1.6B | ||
| Q3 24 | $65.6B | $1.4B | ||
| Q2 24 | $64.7B | $1.2B | ||
| Q1 24 | $61.9B | $1.2B |
净利润MSFTSNAP
| Q4 25 | $38.5B | $45.2M | ||
| Q3 25 | $27.7B | $-103.5M | ||
| Q2 25 | $27.2B | $-262.6M | ||
| Q1 25 | $25.8B | $-139.6M | ||
| Q4 24 | $24.1B | $9.1M | ||
| Q3 24 | $24.7B | $-153.2M | ||
| Q2 24 | $22.0B | $-248.6M | ||
| Q1 24 | $21.9B | $-305.1M |
毛利率MSFTSNAP
| Q4 25 | 68.0% | 59.1% | ||
| Q3 25 | 69.0% | 55.3% | ||
| Q2 25 | 68.6% | 51.4% | ||
| Q1 25 | 68.7% | 53.1% | ||
| Q4 24 | 68.7% | 56.9% | ||
| Q3 24 | 69.4% | 53.5% | ||
| Q2 24 | 69.6% | 52.4% | ||
| Q1 24 | 70.1% | 51.9% |
营业利润率MSFTSNAP
| Q4 25 | 47.1% | 2.9% | ||
| Q3 25 | 48.9% | -8.5% | ||
| Q2 25 | 44.9% | -19.3% | ||
| Q1 25 | 45.7% | -14.2% | ||
| Q4 24 | 45.5% | -1.7% | ||
| Q3 24 | 46.6% | -12.6% | ||
| Q2 24 | 43.1% | -20.5% | ||
| Q1 24 | 44.6% | -27.9% |
净利率MSFTSNAP
| Q4 25 | 47.3% | 2.6% | ||
| Q3 25 | 35.7% | -6.9% | ||
| Q2 25 | 35.6% | -19.5% | ||
| Q1 25 | 36.9% | -10.2% | ||
| Q4 24 | 34.6% | 0.6% | ||
| Q3 24 | 37.6% | -11.2% | ||
| Q2 24 | 34.0% | -20.1% | ||
| Q1 24 | 35.5% | -25.5% |
每股收益（稀释后）MSFTSNAP
| Q4 25 | $5.16 | $0.03 | ||
| Q3 25 | $3.72 | $-0.06 | ||
| Q2 25 | $3.65 | $-0.16 | ||
| Q1 25 | $3.46 | $-0.08 | ||
| Q4 24 | $3.23 | $0.01 | ||
| Q3 24 | $3.30 | $-0.09 | ||
| Q2 24 | $2.94 | $-0.15 | ||
| Q1 24 | $2.94 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $40.3B | $3.5B |
| 股东权益账面价值 | $390.9B | $2.3B |
| 总资产 | $665.3B | $7.7B |
| 负债/权益比越低杠杆越低 | 0.10× | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资MSFTSNAP
| Q4 25 | $89.5B | $2.9B | ||
| Q3 25 | $102.0B | $3.0B | ||
| Q2 25 | $94.6B | $2.9B | ||
| Q1 25 | $79.6B | $3.2B | ||
| Q4 24 | $71.6B | $3.4B | ||
| Q3 24 | $78.4B | $3.2B | ||
| Q2 24 | $75.5B | $3.1B | ||
| Q1 24 | $80.0B | $2.9B |
总债务MSFTSNAP
| Q4 25 | $40.3B | $3.5B | ||
| Q3 25 | $43.2B | $3.5B | ||
| Q2 25 | $43.2B | $3.6B | ||
| Q1 25 | $42.9B | $3.6B | ||
| Q4 24 | $45.0B | $3.6B | ||
| Q3 24 | $45.1B | $3.6B | ||
| Q2 24 | $44.9B | $3.6B | ||
| Q1 24 | $44.9B | $3.3B |
股东权益MSFTSNAP
| Q4 25 | $390.9B | $2.3B | ||
| Q3 25 | $363.1B | $2.2B | ||
| Q2 25 | $343.5B | $2.1B | ||
| Q1 25 | $321.9B | $2.3B | ||
| Q4 24 | $302.7B | $2.5B | ||
| Q3 24 | $287.7B | $2.2B | ||
| Q2 24 | $268.5B | $2.1B | ||
| Q1 24 | $253.2B | $2.1B |
总资产MSFTSNAP
| Q4 25 | $665.3B | $7.7B | ||
| Q3 25 | $636.4B | $7.6B | ||
| Q2 25 | $619.0B | $7.4B | ||
| Q1 25 | $562.6B | $7.6B | ||
| Q4 24 | $533.9B | $7.9B | ||
| Q3 24 | $523.0B | $7.6B | ||
| Q2 24 | $512.2B | $7.4B | ||
| Q1 24 | $484.3B | $7.2B |
负债/权益比MSFTSNAP
| Q4 25 | 0.10× | 1.55× | ||
| Q3 25 | 0.12× | 1.59× | ||
| Q2 25 | 0.13× | 1.73× | ||
| Q1 25 | 0.13× | 1.56× | ||
| Q4 24 | 0.15× | 1.49× | ||
| Q3 24 | 0.16× | 1.65× | ||
| Q2 24 | 0.17× | 1.76× | ||
| Q1 24 | 0.18× | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $5.9B | $205.6M |
| 自由现金流率自由现金流/营收 | 7.2% | 12.0% |
| 资本支出强度资本支出/营收 | 36.8% | 3.7% |
| 现金转化率经营现金流/净利润 | 0.93× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $77.4B | $437.2M |
8季度趋势，按日历期对齐
经营现金流MSFTSNAP
| Q4 25 | $35.8B | $269.6M | ||
| Q3 25 | $45.1B | $146.5M | ||
| Q2 25 | $42.6B | $88.5M | ||
| Q1 25 | $37.0B | $151.6M | ||
| Q4 24 | $22.3B | $230.6M | ||
| Q3 24 | $34.2B | $115.9M | ||
| Q2 24 | $37.2B | $-21.4M | ||
| Q1 24 | $31.9B | $88.4M |
自由现金流MSFTSNAP
| Q4 25 | $5.9B | $205.6M | ||
| Q3 25 | $25.7B | $93.4M | ||
| Q2 25 | $25.6B | $23.8M | ||
| Q1 25 | $20.3B | $114.4M | ||
| Q4 24 | $6.5B | $182.4M | ||
| Q3 24 | $19.3B | $71.8M | ||
| Q2 24 | $23.3B | $-73.4M | ||
| Q1 24 | $21.0B | $37.9M |
自由现金流率MSFTSNAP
| Q4 25 | 7.2% | 12.0% | ||
| Q3 25 | 33.0% | 6.2% | ||
| Q2 25 | 33.4% | 1.8% | ||
| Q1 25 | 29.0% | 8.4% | ||
| Q4 24 | 9.3% | 11.7% | ||
| Q3 24 | 29.4% | 5.2% | ||
| Q2 24 | 36.0% | -5.9% | ||
| Q1 24 | 33.9% | 3.2% |
资本支出强度MSFTSNAP
| Q4 25 | 36.8% | 3.7% | ||
| Q3 25 | 25.0% | 3.5% | ||
| Q2 25 | 22.3% | 4.8% | ||
| Q1 25 | 23.9% | 2.7% | ||
| Q4 24 | 22.7% | 3.1% | ||
| Q3 24 | 22.8% | 3.2% | ||
| Q2 24 | 21.4% | 4.2% | ||
| Q1 24 | 17.7% | 4.2% |
现金转化率MSFTSNAP
| Q4 25 | 0.93× | 5.96× | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.57× | — | ||
| Q1 25 | 1.43× | — | ||
| Q4 24 | 0.92× | 25.34× | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 1.69× | — | ||
| Q1 24 | 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
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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
