Microsoft Corporation (MSFT)财务
NASDAQ · Technology · Software - Infrastructure · 员工223,000人 · CEO Satya Nadella
- 股价
- $521.91 -1.55%
- 市值
- $3.88万亿
- 企业价值
- $3.99万亿
- 最近财报
- Q1 '27 2026-10-28提交
- 下次财报
- 2027-01-27 EPS预期 $4.85
营收(TTM)$3460亿+17.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)47.1%+0.8 百分点 对比去年同期营业利润 $1630亿
净利润(TTM)$1430亿+36.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$600亿-23.1% 对比去年同期资本支出 $1360亿
稀释EPS(TTM)$19.15+36.2% 对比去年同期最近4个季度之和
净现金-$693亿-277.2% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $3.88万亿 EV $3.99万亿
- 营收
- $3460亿 过去12个月
- 营收增速
- +19% FY2027年一致预期
- 净利润率
- 41.2% 净利润 / 营收,TTM
- P/E
- 27.2× 预期 26.1×(FY2027)
- P/S
- 11.2× 股价 / 营收,TTM
- EV / EBITDA
- 17.9× TTM
- 自由现金流
- $600亿 过去12个月
- 净利润
- $1430亿 过去12个月
- 营收预期
- $3950亿 FY2027年一致预期
- 盈利
- 2027-01-27 营收预期 $965亿
- 股息
- $3.64 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-28):营收超预期1.8%,EPS 超预期3.6%营收$923亿,预期$906亿(+1.8%);EPS $4.89,预期$4.72(+3.6%)。
- 营收增长加速:同比18.8%Q1 '27营收$923亿,此前四个季度的平均值为17.8%。
- 营业利润率47.1%(TTM),较去年同期+0.8 百分点营收增长17.9%,营业利润增长20.0%。
- 资本支出占营收的39.2%(去年为23.5%)最近4个季度投入$1360亿(同比+96.9%)。自由现金流$600亿,相当于净利润的42.0%。
- 股东回报$480亿 = 自由现金流的80.1%回购$210亿(去年为$200亿),股息$270亿,股权激励$126亿(TTM)。
- 稀释股数一年内减少0.3%Q1 '27稀释股数74.5亿,一年前为74.7亿。
- 净债务 $693亿现金 + 短期投资 $646亿,含租赁债务 $1340亿;一年前净债务 $184亿。
- Agents And Infra:营收+24.5%,利润率52.8%(此前为53.1%)Q1 '27增长最快的披露分部:营收$768亿,营业利润$406亿(来自财报的分部附注)。
上一季度:Q1 '27
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q1 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $923亿 | $777亿 | +18.8% |
| 毛利率 | 67.8% | 69.0% | -1.3 百分点 |
| 营业利润 | $459亿 | $380亿 | +21.0% |
| 营业利润率 | 49.8% | 48.9% | +0.9 百分点 |
| 净利润 | $366亿 | $277亿 | +32.0% |
| 稀释EPS | $4.92 | $3.72 | +32.3% |
| 经营现金流 | $580亿 | $451亿 | +28.7% |
| 资本支出 | $394亿 | $194亿 | +103.0% |
| 自由现金流 | $186亿 | $257亿 | -27.4% |
| R&D | $90.5亿 | $81.5亿 | +11.1% |
| 股权激励费用 | $31.3亿 | $29.8亿 | +5.1% |
实际 vs 一致预期
2026-10-28| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $923亿 | $906亿 | +1.8% |
| EPS(一致预期口径) | $4.89 | $4.72 | +3.6% |
来自2026-10-28发布的Q1 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Server products and cloud services | $371亿 | +33.1% | 41.2% | $1290亿 | +31.5% | |
| Microsoft 365 Commercial products and cloud services | $279亿 | +14.8% | 31.0% | $1020亿 | +16.2% | |
| Gaming | – | – | – | – | – | |
| $51.9亿 | +12.3% | 5.8% | $198亿 | +11.3% | ||
| XBOX | $49.8亿 | – | 5.5% | – | – | |
| Windows and Devices | $40.1亿 | -7.3% | 4.5% | $171亿 | -1.3% | |
| Search advertising | $38.6亿 | – | 4.3% | – | – | |
| Search and news advertising | – | – | – | – | – | |
| Dynamics products and cloud services | $23.7亿 | +11.1% | 2.6% | $90.1亿 | +15.1% | |
| Microsoft 365 Consumer products and cloud services | $23.7亿 | +16.4% | 2.6% | $91.8亿 | +23.9% | |
| Enterprise and partner services | $21.1亿 | +6.0% | 2.3% | $82.6亿 | +6.4% | |
| Other | $9700万 | +1,516.7% | 0.1% | $1.09亿 | +51.4% |
按地区划分的营收
占总额比例| 分部 | Q4 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $495亿 | +23.4% | 53.6% | $1800亿 | +19.6% | |
| Non Us | $428亿 | +13.9% | 46.4% | $1660亿 | +16.2% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q1 '27分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Agents And Infra | $768亿 | +24.5% | $406亿 | +24.0% | 52.8% | 53.1% | – |
| Intelligent Cloud | – | – | – | – | – | 43.3% | – |
| Productivity And Business Processes | – | – | – | – | – | 61.8% | – |
| Devices And Consumer | $155亿 | -3.2% | $53.6亿 | +2.2% | 34.6% | 32.8% | – |
| More Personal Computing | – | – | – | – | – | 30.3% | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $1960亿
- 资本支出
- -$1360亿
- 股票回购
- -$210亿
- 股息
- -$270亿
- 收购
- -$15.6亿
- 债务净发行
- -$78.5亿
- 股权激励费用
- $126亿
- 自由现金流
- $600亿
- 股东回报 / FCF
- 80.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 27.2× | 31.4× | 20.7× – 38.5× |
| EV / EBITDA | 17.9× | 21.6× | 13.9× – 26.1× |
| EV / 营收 | 11.5× | 11.7× | 8.7× – 14.2× |
| 股价 / FCF | 64.6× | 42.2× | 29.6× – 51.6× |
| 股价 / 净资产 | 8.2× | 10.7× | 6.3× – 12.6× |
| FCF收益率 | 1.5% | 2.5% | 1.9% – 3.4% |
| 投入资本回报率 | 20.4% | 22.7% | 20.6% – 26.3% |
| 净资产收益率 | 33.2% | 34.3% | 29.6% – 43.7% |
分析师
一致目标价 $611.74 (+17.2%)
区间 $440.00 – $750.00 · 评级 Buy
强烈买入0
买入68
持有15
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $3950亿 | +18.9% | $20.01 | +11.5% | 26.1× | 27 |
| FY2028 | $4750亿 | +20.5% | $24.03 | +20.1% | 21.7× | 28 |
| FY2029 | $5810亿 | +22.2% | $29.50 | +22.8% | 17.7× | 15 |
| FY2030 | $6810亿 | +17.2% | $34.18 | +15.9% | 15.3× | 6 |
| FY2031 | $8960亿 | +31.6% | $46.31 | +35.5% | 11.3× | 14 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Microsoft Corporation在近期10-Q / 10-K文件中标记的全部269项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| – | – | – | $7.99亿 | – | – | |
| – | – | – | 0.5% | – | – | |
| – | – | – | $6.03亿 | – | – | |
| – | – | – | $50.7亿 | – | – | |
| – | – | – | 3.1% | – | – | |
| – | – | – | $62.5亿 | – | – | |
| – | – | – | $29.2亿 | – | – | |
| Accounts Payable, Current | $426亿 | $326亿 | +30.8% | $424亿 | $277亿 | +53.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $621亿 | $529亿 | +17.4% | $809亿 | $699亿 | +15.7% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $56亿 | $50亿 | +12.0% | $55亿 | $52亿 | +5.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $7.28亿 | $6.87亿 | +6.0% | $10.4亿 | $9.44亿 | +10.2% |
| Accrued Income Taxes, Current | $14.5亿 | $36.6亿 | -60.4% | $25.3亿 | $72.1亿 | -64.9% |
| Accrued Income Taxes, Noncurrent | $292亿 | $266亿 | +10.0% | $286亿 | $260亿 | +10.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $1270亿 | $989亿 | +28.6% | $1190亿 | $937亿 | +26.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$38.6亿 | -$27.6亿 | -39.7% | -$32.8亿 | -$33.5亿 | +1.9% |
| Advertising Expense | – | – | – | $27亿 | $21亿 | +28.6% |
| Amortization of Intangible Assets | $10亿 | $15亿 | -33.3% | $47亿 | $60亿 | -21.7% |
| Assets | $7790亿 | $6360亿 | +22.5% | $7580亿 | $6190亿 | +22.5% |
| Assets, Current | $1860亿 | $1890亿 | -1.5% | $2080亿 | $1910亿 | +8.7% |
| Buildings and Improvements, Gross | $1950亿 | $1520亿 | +27.7% | $1830亿 | $1380亿 | +32.5% |
| Cash and Cash Equivalents, at Carrying Value | $203亿 | $288亿 | -29.7% | $209亿 | $302亿 | -30.8% |
| Cash, Cash Equivalents, and Short-term Investments | $645亿 | $1020亿 | -36.8% | $768亿 | $946亿 | -18.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $203亿 | $288亿 | -29.7% | $209亿 | $302亿 | -30.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$6.54亿 | -$13.9亿 | +53.1% | -$93.1亿 | $119亿 | -178.0% |
| Commercial Paper | – | – | – | $02025-06-30 | $66.9亿 | -100.0% |
| Common Stock, Dividends, Per Share, Declared | $0.98 | $0.91 | +7.7% | $3.64 | $3.32 | +9.6% |
| Common Stock, Shares Authorized | 240亿 | 240亿 | 0.0% | 240亿 | 240亿 | 0.0% |
| Common Stock, Shares, Issued | 74.3亿 | – | – | 74.3亿 | 74.3亿 | -0.1% |
| Common Stock, Shares, Outstanding | 74.3亿 | 74.3亿 | -0.1% | 74.3亿 | 74.3亿 | -0.1% |
| Common Stocks, Including Additional Paid in Capital | $1200亿 | $1110亿 | +7.8% | $1170亿 | $1090亿 | +7.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $361亿 | $283亿 | +27.3% | $1340亿 | $1040亿 | +28.6% |
| Contract with Customer, Liability | $696亿 | $615亿 | +13.0% | $757亿 | $673亿 | +12.6% |
| Contract with Customer, Liability, Current | $669亿 | $590亿 | +13.4% | $730亿 | $646亿 | +13.0% |
| Contract with Customer, Liability, Noncurrent | $27亿 | $25.5亿 | +5.9% | $27.5亿 | $27.1亿 | +1.4% |
| Cost of Goods and Services Sold | $297亿 | $240亿 | +23.6% | $1060亿 | $878亿 | +21.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $24.6亿 | $141亿 | -82.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $126亿 | $114亿 | +10.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $178亿 | $289亿 | -38.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $27.1亿 | $33.4亿 | -18.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $10.6亿 | $11.4亿 | -6.3% | $10.8亿 | $11.6亿 | -6.4% |
| Debt Securities, Available-for-sale | $589亿 | $919亿 | -35.9% | $711亿 | $843亿 | -15.6% |
| Debt Securities, Available-for-sale, Amortized Cost | $607亿 | $924亿 | -34.3% | $722亿 | $856亿 | -15.7% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $209亿 | $359亿 | -41.7% | $232亿 | $382亿 | -39.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $13.2亿 | $13亿 | +1.8% | $11.4亿 | $15.6亿 | -27.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $262亿 | $6.42亿 | +3,986.1% | $251亿 | $45.6亿 | +451.4% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $6.1亿 | $5500万 | +1,009.1% | $1.37亿 | $6500万 | +110.8% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $12.2亿 | $14.7亿 | -17.3% | $15.4亿 | $14.9亿 | +3.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $11亿 | $14亿 | -21.6% | $14.1亿 | $14亿 | +0.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $40.4亿 | $54亿 | -25.1% | $34.9亿 | $65.3亿 | -46.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $40.5亿 | $58.8亿 | -31.1% | $35.9亿 | $64.2亿 | -44.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $369亿 | $482亿 | -23.5% | $384亿 | $425亿 | -9.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $353亿 | $475亿 | -25.7% | $374亿 | $415亿 | -9.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $185亿 | $373亿 | -50.3% | $288亿 | $351亿 | -18.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $185亿 | $372亿 | -50.3% | $287亿 | $350亿 | -17.9% |
| Debt Securities, Available-for-sale, Realized Gain | $1200万 | $1600万 | -25.0% | $1.03亿 | $4000万 | +157.5% |
| Debt Securities, Available-for-sale, Realized Loss | $1800万 | $1000万 | +80.0% | $5600万 | $6500万 | -13.8% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $472亿 | $365亿 | +29.1% | $484亿 | $427亿 | +13.2% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $19.3亿 | $13.6亿 | +42.6% | $12.7亿 | $16.3亿 | -21.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $128亿 | -$62.5亿 | +304.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $5.31亿 | $2.81亿 | +89.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01