10-K 年报仅提供 GAAP 数据 ·
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 营收 Revenue | $281,724M | — | — | — |
| 毛利率 Gross Margin | 68.8% | — | — | — |
| 研发费用 R&D | $32,488M | — | — | — |
| 销售及管理 SG&A | $32,877M | — | — | — |
| 折旧摊销 D&A | $28,000M | — | — | — |
| 股权激励 SBC | $11,974M | — | — | — |
| 营业利润 Operating Income | $128,528M | — | — | — |
| 利息费用 Interest Expense | $2,385M | — | — | — |
| 净利润 Net Income | $101,832M | — | — | — |
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 每股收益 EPS | $13.64 | — | — | — |
| 稀释股数 Diluted Shares | 7,465M | — | — | — |
| 实际税率 Effective Tax Rate | 17.6% | — | — | — |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Server products and cloud services | $98,435M | 34.9% | — | — |
| Microsoft 365 Commercial products and cloud services | $87,767M | 31.2% | — | — |
| Gaming | $23,455M | 8.3% | — | — |
| $17,812M | 6.3% | — | — | |
| Windows and Devices | $17,314M | 6.1% | — | — |
| Search and news advertising | $13,878M | 4.9% | — | — |
| Dynamics products and cloud services | $7,827M | 2.8% | — | — |
| Enterprise and partner services | $7,760M | 2.8% | — | — |
| Microsoft 365 Consumer products and cloud services | $7,404M | 2.6% | — | — |
| Other | $72M | 0.0% | — | — |
FY2025 起因业务板块重组，Microsoft 365 Commercial 和 Consumer 单独列报，Windows 和 Devices 合并列报
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| United States | $144,546M | 51.3% | — | — |
| Other countries | $137,178M | 48.7% | — | — |
美国收入含部分 OEM 和跨国组织账单，因业务性质无法确定地理来源
| 项目 | 占比 |
|---|---|
| No single customer >10% | N/A |
FY2025、FY2024、FY2023 均无单一客户或美国以外单一国家贡献超过 10% 收入
| 债务类型 | 金额 | 利率 | 到期日 |
|---|---|---|---|
| Senior Notes | $520M | 5.20% fixed | 2039 |
| Senior Notes | $486M | 4.50% fixed | 2040 |
| Senior Notes | $718M | 5.30% fixed | 2041 |
| Senior Notes | $454M | 3.50% fixed | 2042 |
| Senior Notes | $314M | 3.75%-4.88% fixed | 2043 |
| Senior Notes (EUR) | $2,700M | 2.63%-3.13% fixed | 2028-2033 |
| Senior Notes | $7,555M | 3.13%-4.75% fixed | 2025-2055 |
| Senior Notes | $7,930M | 2.40%-3.95% fixed | 2026-2056 |
| Senior Notes | $6,833M | 3.30%-4.50% fixed | 2026-2057 |
| Senior Notes | $10,111M | 1.35%-2.68% fixed | 2030-2060 |
| Senior Notes | $8,185M | 2.92%-3.04% fixed | 2052-2062 |
| Senior Notes | $56M | 1.35%-4.50% fixed | 2026-2050 |
| Senior Notes | $3,344M | 1.35%-4.50% fixed | 2026-2050 |
本年度数据
| 指标 | FY2025 | FY2024 | 变化 |
|---|---|---|---|
| 暂无动态指标配置 | |||
以下观点摘自 10-K MD&A 管理层讨论章节（非 CEO 引言，10-K 不含新闻稿）
"Microsoft Cloud 收入增长 23% 至 1,689 亿美元。"
"Azure 和其他云服务收入增长 34%。"
"Microsoft Cloud 毛利率降至 69%，受 AI 基础设施扩张影响，部分被 Azure 效率提升抵消。"
"我们在云和 AI 基础设施及设备方面的投资将持续增加运营成本，并可能降低运营利润率。"
"其他净额主要反映权益法投资（包括 OpenAI）的已确认净亏损。"
| 指标 | 数值 | 备注 |
|---|---|---|
| Microsoft Cloud 收入增速 | +23% YoY | Microsoft Cloud 收入 $168.9B vs FY2024 $137.7B |
| Azure 增速 | +34% YoY | Azure and other cloud services 收入增速，由消费型服务增长驱动 |
| Commercial RPO | $368B | 商业剩余履约义务 $368B，总 RPO $375B；预计 40% 将在未来 12 个月内确认 |
| 经营现金流增速 | +14.9% YoY | 经营现金流 $136.2B vs FY2024 $118.5B，主要受客户回款增加驱动 |
| IRS 税务争议 | $28.9B | IRS 就 2004-2013 年转移定价问题要求补缴 $28.9B 税款加罚息，MSFT 强烈反对并将抗辩 |
| OpenAI 投资亏损 | -$4.7B（其他净额） | 其他收支净额 -$4.9B，主因 OpenAI 等权益法投资已确认净亏损 |
| OBBBA 税法影响 | FY2027 起 GILTI 税率降至 14% | 2025 年 7 月 4 日签署法案，提供加速折旧和研发费用化选择权 |