财务数据
金额单位：亿美元；每股数据：美元；股数：亿股。* 为推导值（如第四季度 = 全年 − 前三季度；半年报公司的下半年 = 全年 − 上半年），悬停任一数字可查看来源（XBRL 标签 / PDF 页码 / 计算公式）。
租赁分类变更（FY2027Q1 起）：随使用年限变更，未来更多数据中心租约由融资租赁改为经营租赁；融资租赁计入资本开支，经营租赁不计入；公司披露的影响：公司称 2026 自然年资本开支预期因此调整为约 1750 亿美元（投入计划本身不变）（受影响：融资租赁新增资产（非现金）、经营租赁新增使用权资产（非现金）、资本开支（含融资租赁）、资本开支（含融资租赁）/折旧摊销、扣融资租赁本金自由现金流）；同比不可比：FY2027、FY2027Q1、FY2027Q2、FY2027Q3、FY2027Q4
分部口径变更（FY2027Q1 起）：自 FY2027Q1 起按 9 月宣布的新分部架构披露报告分部：智能体与基础设施（Agents and Infra）、设备与消费（Devices and Consumer），替代原三大分部（生产力与业务流程、智能云、更多个人计算）；FY2026Q1 同期对比数已按新口径重述（受影响：智能体与基础设施 分部收入、智能体与基础设施 分部营业利润、智能体与基础设施 分部营业利润率、设备与消费 分部收入、设备与消费 分部营业利润、设备与消费 分部营业利润率）；同比不可比：FY2027、FY2027Q1、FY2027Q2、FY2027Q3、FY2027Q4
折旧/摊销年限变更（FY2027Q1 起）：数据中心与办公楼的预计使用年限由 15 年延长至 25 年；公司披露的影响：公司称只影响未来折旧的时间分布，对 FY2027 营业利润的好处很小（minimal benefit）（受影响：折旧摊销、资本开支/折旧摊销、资本开支（含融资租赁）/折旧摊销、营业利润率、智能云 分部营业利润率）；同比不可比：FY2027、FY2027Q1、FY2027Q2、FY2027Q3、FY2027Q4
年度营收（亿美元）
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 965.7 | 1,104 | 1,258 | 1,430 | 1,681 | 1,983 | 2,119 | 2,451 | 2,817 | 3,318 |
年度利润（亿美元）
营业利润净利润
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 290.2 | 350.6 | 429.6 | 529.6 | 699.2 | 833.8 | 885.2 | 1,094 | 1,285 | 1,552 |
| 净利润 | 254.9 | 165.7 | 392.4 | 442.8 | 612.7 | 727.4 | 723.6 | 881.4 | 1,018 | 1,337 |
市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（账面口径）实际市盈率（主业口径）
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| FY23 | FY24 | FY25 | FY26 | TTM | |
|---|---|---|---|---|---|
| 表观市盈率（账面口径） | 52.0x | 42.7x | 36.9x | 28.1x | 26.4x |
| 实际市盈率（主业口径） | 52.4x | 42.0x | 35.5x | 30.0x | 28.7x |
最新滚动 12 个月（FY2026Q2–FY2027Q1）：总市值 37,594.5 亿美元；账面净利润 1,426.3 亿美元 → 表观市盈率 26.4x；剔除税后非主业净收益 115.6 亿美元（投资/股权及利息等营业外收支税前 144.0 亿，有效税率 19.7%）后，实际主业盈利 1,310.7 亿美元 → 实际市盈率 28.7x（表观市盈率被非主业收益拉低 2.3x）。
年度账面盈利 vs 实际主业盈利（亿美元，含 TTM）
账面净利润实际主业盈利
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 254.9 | 165.7 | 392.4 | 442.8 | 612.7 | 727.4 | 723.6 | 881.4 | 1,018 | 1,337 | 1,426 |
| 实际主业盈利 | 247.4 | 159.3 | 385.9 | 442.2 | 602.5 | 724.5 | 717.2 | 894.8 | 1,059 | 1,251 | 1,311 |
年度利润率
毛利率营业利润率税后营业利润率净利率
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 64.5% | 65.2% | 65.9% | 67.8% | 68.9% | 68.4% | 68.9% | 69.8% | 68.8% | 67.9% |
| 营业利润率 | 30.1% | 31.8% | 34.1% | 37.0% | 41.6% | 42.1% | 41.8% | 44.6% | 45.6% | 46.8% |
| 税后营业利润率 | 25.6% | 14.4% | 30.7% | 30.9% | 35.8% | 36.5% | 33.8% | 36.5% | 37.6% | 37.7% |
| 净利率 | 26.4% | 15.0% | 31.2% | 31.0% | 36.5% | 36.7% | 34.1% | 36.0% | 36.1% | 40.3% |
资本开支与自由现金流（亿美元）
资本开支自由现金流
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 81.3 | 116.3 | 139.2 | 154.4 | 206.2 | 238.9 | 281.1 | 444.8 | 645.5 | 1,159 |
| 自由现金流 | 313.8 | 322.5 | 382.6 | 452.3 | 561.2 | 651.5 | 594.8 | 740.7 | 716.1 | 669.9 |
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.8% | 19.4% | 42.4% | 40.1% | 47.1% | 47.2% | 38.8% | 37.1% | 33.3% | 34.0% |
| ROIC | 15.8% | 11.1% | 24.5% | 26.9% | 33.9% | 36.3% | 33.6% | 30.6% | 30.0% | 27.7% |
| 三年增量 ROIC | 5.0% | 9.7% | 43.7% | 127.3% | 80.6% | 55.9% | 25.4% | 21.7% | 22.3% |
FY2026 ROIC 27.7% = 税后营业利润（NOPAT）1,251.3 亿美元 ÷ 投入资本 4,525.2 亿美元（杜邦拆解：税后营业利润率 37.7% × 投入资本周转率 0.73x）；三年增量 ROIC 22.3%。
年度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 247.4 | 159.3 | 385.9 | 442.2 | 602.5 | 724.5 | 717.2 | 894.8 | 1,059 | 1,251 |
| 投入资本 | 1,561 | 1,430 | 1,576 | 1,643 | 1,778 | 1,996 | 2,135 | 2,928 | 3,534 | 4,525 |
| 科目 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 965.7 | 1,103.6 | 1,258.4 | 1,430.2 | 1,680.9 | 1,982.7 | 2,119.2 | 2,451.2 | 2,817.2 | 3,318.4 |
| 营业成本IS_COGS | 342.6 | 383.5 | 429.1 | 460.8 | 522.3 | 626.5 | 658.6 | 741.1 | 878.3 | 1,063.7 |
| 毛利IS_GROSS_PROFIT | 623.1 | 720.1 | 829.3 | 969.4 | 1,158.6 | 1,356.2 | 1,460.5 | 1,710.1 | 1,938.9 | 2,254.6 |
| 研发费用IS_RND | 130.4 | 147.3 | 168.8 | 192.7 | 207.2 | 245.1 | 272.0 | 295.1 | 324.9 | 355.6 |
| 营业费用IS_OPEX | 575.3 | 615.8 | 653.6 | 702.3 | ||||||
| 营业利润IS_OPERATING_PROFIT | 290.2 | 350.6 | 429.6 | 529.6 | 699.2 | 833.8 | 885.2 | 1,094.3 | 1,285.3 | 1,552.4 |
| 营业外收支净额IS_NONOPERATING | 8.8 | 14.2 | 7.3 | 0.8 | 11.9 | 3.3 | 7.9 | -16.5 | -49.0 | 107.0 |
| 税前利润IS_PRETAX_PROFIT | 299.0 | 364.7 | 436.9 | 530.4 | 711.0 | 837.2 | 893.1 | 1,077.9 | 1,236.3 | 1,659.3 |
| 所得税IS_TAX | 44.1 | 199.0 | 44.5 | 87.6 | 98.3 | 109.8 | 169.5 | 196.5 | 218.0 | 321.8 |
| 净利润IS_NET_PROFIT | 254.9 | 165.7 | 392.4 | 442.8 | 612.7 | 727.4 | 723.6 | 881.4 | 1,018.3 | 1,337.5 |
| 基本每股收益IS_EPS_BASIC | 3.29 | 2.15 | 5.11 | 5.82 | 8.12 | 9.70 | 9.72 | 11.86 | 13.70 | 18.00 |
| 摊薄每股收益IS_EPS_DILUTED | 3.25 | 2.13 | 5.06 | 5.76 | 8.05 | 9.65 | 9.68 | 11.80 | 13.64 | 17.95 |
| 基本加权股数IS_SHARES_BASIC | 77.46 | 77.00 | 76.73 | 76.10 | 75.47 | 74.96 | 74.46 | 74.31 | 74.33 | 74.29 |
| 摊薄加权股数IS_SHARES_DILUTED | 78.32 | 77.94 | 77.53 | 76.83 | 76.08 | 75.40 | 74.72 | 74.69 | 74.65 | 74.53 |
| 每股宣派股息IS_DPS_DECLARED | 1.56 | 1.68 | 1.84 | 2.04 | 2.24 | 2.48 | 2.72 | 3.00 | 3.32 | 3.64 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 2,503.1 | 2,588.5 | 2,865.6 | 3,013.1 | 3,337.8 | 3,648.4 | 4,119.8 | 5,121.6 | 6,190.0 | 7,583.8 |
| 流动资产BS_CURRENT_ASSETS | 1,627.0 | 1,696.6 | 1,755.5 | 1,819.2 | 1,844.1 | 1,696.8 | 1,842.6 | 1,597.3 | 1,911.3 | 2,077.1 |
| 现金及等价物BS_CASH | 76.6 | 119.5 | 113.6 | 135.8 | 142.2 | 139.3 | 347.0 | 183.2 | 302.4 | 209.4 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 1,253.2 | 1,218.2 | 1,224.6 | 1,229.5 | 1,161.1 | 908.3 | 765.6 | 572.3 | 643.2 | 559.1 |
| 应收账款BS_AR | 224.3 | 264.8 | 295.2 | 320.1 | 380.4 | 442.6 | 486.9 | 569.2 | 699.0 | 808.8 |
| 存货BS_INVENTORY | 21.8 | 26.6 | 20.6 | 19.0 | 26.4 | 37.4 | 25.0 | 12.5 | 9.4 | 14.0 |
| 固定资产净值BS_PPE_NET | 237.3 | 294.6 | 364.8 | 441.5 | 597.2 | 744.0 | 956.4 | 1,355.9 | 2,049.7 | 3,130.8 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 60.2 | 18.6 | 26.5 | 29.6 | 59.8 | 68.9 | 98.8 | 146.0 | 154.0 | 363.5 |
| 总负债BS_TOTAL_LIABILITIES | 1,626.0 | 1,761.3 | 1,842.3 | 1,830.1 | 1,917.9 | 1,983.0 | 2,057.5 | 2,436.9 | 2,755.2 | 3,159.9 |
| 流动负债BS_CURRENT_LIABILITIES | 557.4 | 584.9 | 694.2 | 723.1 | 886.6 | 950.8 | 1,041.5 | 1,252.9 | 1,412.2 | 1,688.2 |
| 一年内到期借款BS_ST_DEBT | 192.2 | 40.0 | 55.2 | 37.5 | 80.7 | 27.5 | 52.5 | 89.4 | 30.0 | 92.3 |
| 应付账款BS_AP | 73.9 | 86.2 | 93.8 | 125.3 | 151.6 | 190.0 | 181.0 | 220.0 | 277.2 | 424.2 |
| 合同负债BS_CONTRACT_LIAB | 240.1 | 289.0 | 326.8 | 360.0 | 415.2 | 455.4 | 509.0 | 575.8 | 645.6 | 729.6 |
| 长期借款BS_LT_DEBT | 760.7 | 722.4 | 666.6 | 595.8 | 500.7 | 470.3 | 419.9 | 426.9 | 401.5 | 310.7 |
| 股东权益BS_TOTAL_EQUITY | 877.1 | 827.2 | 1,023.3 | 1,183.0 | 1,419.9 | 1,665.4 | 2,062.2 | 2,684.8 | 3,434.8 | 4,423.9 |
| 剩余履约义务（RPO）BS_RPO | 730.0 | 910.0 | 1,110.0 | 1,460.0 | 1,930.0 | 2,290.0 | 2,750.0 | 3,750.0 | 6,840.0 | |
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 395.1 | 438.8 | 521.8 | 606.8 | 767.4 | 890.4 | 875.8 | 1,185.5 | 1,361.6 | 1,829.4 |
| 折旧摊销CF_DEPRECIATION | 61.0 | 77.0 | 97.0 | 107.0 | 93.0 | 126.0 | 110.0 | 152.0 | 220.0 | 343.0 |
| 股权激励费用CF_SBC | 32.7 | 39.4 | 46.5 | 52.9 | 61.2 | 75.0 | 96.1 | 107.3 | 119.7 | 124.0 |
| 投资活动现金流CF_INVESTING | -467.8 | -60.6 | -157.7 | -122.2 | -275.8 | -303.1 | -226.8 | -969.7 | -726.0 | -1,395.0 |
| 资本开支CF_CAPEX | 81.3 | 116.3 | 139.2 | 154.4 | 206.2 | 238.9 | 281.1 | 444.8 | 645.5 | 1,159.5 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 17.7 | 19.3 | 25.3 | 34.7 | 32.9 | 42.3 | 31.3 | 116.3 | 205.1 | 246.1 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 12.7 | 15.7 | 23.0 | 36.8 | 43.8 | 52.7 | 35.1 | 67.0 | 78.3 | 45.6 |
| 筹资活动现金流CF_FINANCING | 84.1 | -335.9 | -368.9 | -460.3 | -484.9 | -588.8 | -439.4 | -377.6 | -517.0 | -525.5 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 0.5 | 1.4 | 2.2 | 4.1 | 6.5 | 9.0 | 10.6 | 12.9 | 22.8 | 31.0 |
| 派息CF_DIVIDEND | 118.4 | 127.0 | 138.1 | 151.4 | 165.2 | 181.4 | 198.0 | 217.7 | 240.8 | 264.4 |
| 回购CF_BUYBACK | 117.9 | 107.2 | 195.4 | 229.7 | 273.8 | 327.0 | 222.4 | 172.5 | 184.2 | 222.7 |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 64.5% | 65.2% | 65.9% | 67.8% | 68.9% | 68.4% | 68.9% | 69.8% | 68.8% | 67.9% |
| 营业利润率OPERATING_MARGIN | 30.1% | 31.8% | 34.1% | 37.0% | 41.6% | 42.1% | 41.8% | 44.6% | 45.6% | 46.8% |
| 净利率NET_MARGIN | 26.4% | 15.0% | 31.2% | 31.0% | 36.5% | 36.7% | 34.1% | 36.0% | 36.1% | 40.3% |
| 税后营业利润NOPAT | 247.4 | 159.3 | 385.9 | 442.2 | 602.5 | 724.5 | 717.2 | 894.8 | 1,058.7 | 1,251.3 |
| 税后营业利润率NOPAT_MARGIN | 25.6% | 14.4% | 30.7% | 30.9% | 35.8% | 36.5% | 33.8% | 36.5% | 37.6% | 37.7% |
| 投入资本INVESTED_CAPITAL | 1,561.2 | 1,430.1 | 1,576.4 | 1,643.1 | 1,778.4 | 1,996.4 | 2,135.1 | 2,928.5 | 3,533.9 | 4,525.2 |
| 投入资本周转率CAPITAL_TURNOVER | 0.62 | 0.77 | 0.80 | 0.87 | 0.95 | 0.99 | 0.99 | 0.84 | 0.80 | 0.73 |
| ROEROE | 29.8% | 19.4% | 42.4% | 40.1% | 47.1% | 47.2% | 38.8% | 37.1% | 33.3% | 34.0% |
| ROICROIC | 15.8% | 11.1% | 24.5% | 26.9% | 33.9% | 36.3% | 33.6% | 30.6% | 30.0% | 27.7% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | 5.0% | 9.7% | 43.7% | 127.3% | 80.6% | 55.9% | 25.4% | 21.7% | 22.3% | |
| 资产负债率DEBT_RATIO | 65.0% | 68.0% | 64.3% | 60.7% | 57.5% | 54.4% | 49.9% | 47.6% | 44.5% | 41.7% |
| 经营现金流/净利润OCF_TO_PROFIT | 155.0% | 264.8% | 133.0% | 137.0% | 125.2% | 122.4% | 121.0% | 134.5% | 133.7% | 136.8% |
| 应计比率ACCRUAL_RATIO | -5.6% | -10.6% | -4.5% | -5.4% | -4.6% | -4.5% | -3.7% | -5.9% | -5.5% | -6.5% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 2.9% | 3.9% | 1.7% | 0.1% | 1.7% | 0.4% | 0.9% | -1.5% | -4.0% | 6.4% |
| 自由现金流FCF | 313.8 | 322.5 | 382.6 | 452.3 | 561.2 | 651.5 | 594.8 | 740.7 | 716.1 | 669.9 |
| 自由现金流利润率FCF_MARGIN | 32.5% | 29.2% | 30.4% | 31.6% | 33.4% | 32.9% | 28.1% | 30.2% | 25.4% | 20.2% |
| 股权激励/营收SBC_TO_REVENUE | 3.4% | 3.6% | 3.7% | 3.7% | 3.6% | 3.8% | 4.5% | 4.4% | 4.3% | 3.7% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 281.1 | 283.1 | 336.1 | 399.4 | 500.0 | 576.5 | 498.6 | 633.4 | 596.4 | 545.8 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | 313.3 | 321.1 | 380.4 | 448.2 | 554.7 | 642.5 | 584.2 | 727.8 | 693.3 | 638.9 |
| 资本开支/折旧摊销CAPEX_TO_DA | 1.33 | 1.51 | 1.44 | 1.44 | 2.22 | 1.90 | 2.56 | 2.93 | 2.93 | 3.38 |
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 99.0 | 135.6 | 164.6 | 189.1 | 239.1 | 281.2 | 312.4 | 561.1 | 850.6 | 1,405.6 |
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 1.62 | 1.76 | 1.70 | 1.77 | 2.57 | 2.23 | 2.84 | 3.69 | 3.87 | 4.10 |
| 固定资产周转率PPE_TURNOVER | 4.07 | 3.75 | 3.45 | 3.24 | 2.81 | 2.66 | 2.22 | 1.81 | 1.37 | 1.06 |
| 总资产周转率ASSET_TURNOVER | 0.44 | 0.43 | 0.46 | 0.49 | 0.53 | 0.57 | 0.55 | 0.53 | 0.50 | 0.48 |
| 权益乘数EQUITY_MULTIPLIER | 2.60 | 2.99 | 2.95 | 2.66 | 2.44 | 2.26 | 2.08 | 1.95 | 1.85 | 1.75 |
| 应收周转天数DSO | 84.8 | 87.6 | 85.6 | 81.7 | 82.6 | 81.5 | 83.9 | 84.8 | 90.6 | 89.0 |
| 存货周转天数DIO | 23.2 | 25.3 | 17.5 | 15.0 | 18.4 | 21.8 | 13.9 | 6.1 | 3.9 | 4.8 |
| 应付周转天数DPO | 78.7 | 82.0 | 79.8 | 99.3 | 106.0 | 110.7 | 100.3 | 108.3 | 115.2 | 145.5 |
| 现金转换周期CCC | 29.3 | 30.9 | 23.4 | -2.5 | -4.9 | -7.4 | -2.6 | -17.4 | -20.7 | -51.8 |
| 合同负债同比CONTRACT_LIAB_YOY | -12.6% | 20.4% | 13.0% | 10.2% | 15.3% | 9.7% | 11.8% | 13.1% | 12.1% | 13.0% |
| RPO 同比RPO_YOY | 24.7% | 22.0% | 31.5% | 32.2% | 18.7% | 20.1% | 36.4% | 82.4% | ||
| 所有者盈余OWNER_EARNINGS | 334.1 | 361.8 | 424.8 | 499.8 | 674.4 | 764.4 | 765.8 | 1,033.5 | 1,141.6 | 1,486.4 |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 236.3 | 234.2 | 333.5 | 381.0 | 439.1 | 508.3 | 420.4 | 390.2 | 425.0 | 487.2 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 75.3% | 72.6% | 87.2% | 84.2% | 78.2% | 78.0% | 70.7% | 52.7% | 59.4% | 72.7% |
| 派息率PAYOUT_RATIO | 46.5% | 76.6% | 35.2% | 34.2% | 27.0% | 24.9% | 27.4% | 24.7% | 23.6% | 19.8% |
| 稀释率DILUTION_RATE | 1.1% | 1.2% | 1.0% | 1.0% | 0.8% | 0.6% | 0.3% | 0.5% | 0.4% | 0.3% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | -2.3% | -0.5% | -0.5% | -0.9% | -1.0% | -0.9% | -0.9% | -0.0% | -0.1% | -0.2% |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | 27.0% | -34.5% | 137.6% | 13.8% | 39.8% | 19.9% | 0.3% | 21.9% | 15.6% | 31.6% |
勾稽校验（所示期间）：10 项， 全部通过
季度营收（亿美元）
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 620.2 | 618.6 | 647.3 | 655.9 | 696.3 | 700.7 | 764.4 | 776.7 | 812.7 | 828.9 | 900.1 | 922.8 |
季度利润（亿美元）
营业利润净利润
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 270.3 | 275.8 | 279.2 | 305.5 | 316.5 | 320.0 | 343.2 | 379.6 | 382.8 | 384.0 | 406.0 | 459.1 |
| 净利润 | 218.7 | 219.4 | 220.4 | 246.7 | 241.1 | 258.2 | 272.3 | 277.5 | 384.6 | 317.8 | 357.7 | 366.3 |
滚动 TTM 市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（TTM）实际市盈率（TTM）
查看数据表
| 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|
| 表观市盈率（TTM） | 40.5x | 38.9x | 36.9x | 35.8x | 31.5x | 30.0x | 28.1x | 26.4x |
| 实际市盈率（TTM） | 39.1x | 37.7x | 35.5x | 33.7x | 32.4x | 31.1x | 30.0x | 28.7x |
季度账面盈利 vs 实际主业盈利（亿美元）
账面净利润实际主业盈利
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 218.7 | 219.4 | 220.4 | 246.7 | 241.1 | 258.2 | 272.3 | 277.5 | 384.6 | 317.8 | 357.7 | 366.3 |
| 实际主业盈利 | 222.9 | 226.4 | 225.8 | 249.0 | 259.9 | 263.4 | 286.6 | 307.1 | 305.1 | 310.2 | 329.7 | 366.0 |
季度利润率
毛利率营业利润率税后营业利润率净利率
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 68.4% | 70.1% | 69.6% | 69.4% | 68.7% | 68.7% | 68.6% | 69.0% | 68.0% | 67.6% | 67.2% | 67.8% |
| 营业利润率 | 43.6% | 44.6% | 43.1% | 46.6% | 45.5% | 45.7% | 44.9% | 48.9% | 47.1% | 46.3% | 45.1% | 49.8% |
| 税后营业利润率 | 35.9% | 36.6% | 34.9% | 38.0% | 37.3% | 37.6% | 37.5% | 39.5% | 37.5% | 37.4% | 36.6% | 39.7% |
| 净利率 | 35.3% | 35.5% | 34.0% | 37.6% | 34.6% | 36.9% | 35.6% | 35.7% | 47.3% | 38.3% | 39.7% | 39.7% |
资本开支与自由现金流（亿美元）
资本开支自由现金流
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 97.3 | 109.5 | 138.7 | 149.2 | 158.0 | 167.4 | 170.8 | 193.9 | 298.8 | 308.8 | 358.0 | 393.7 |
| 自由现金流 | 91.2 | 209.7 | 233.2 | 192.6 | 64.9 | 203.0 | 255.7 | 256.6 | 58.8 | 158.0 | 196.4 | 186.3 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.2% | 8.7% | 8.2% | 8.6% | 8.0% | 8.0% | 7.9% | 7.6% | 9.8% | 7.7% | 8.1% | 7.8% |
| ROIC | 8.4% | 8.2% | 7.7% | 8.0% | 8.0% | 7.9% | 8.1% | 8.3% | 7.6% | 7.5% | 7.3% | 7.6% |
FY2027Q1 ROIC 7.6% = 税后营业利润（NOPAT）366.0 亿美元 ÷ 投入资本 4,813.2 亿美元（杜邦拆解：税后营业利润率 39.7% × 投入资本周转率 0.77x）。
季度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
查看数据表
| 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 222.9 | 226.4 | 225.8 | 249.0 | 259.9 | 263.4 | 286.6 | 307.1 | 305.1 | 310.2 | 329.7 | 366.0 |
| 投入资本 | 2,659 | 2,762 | 2,928 | 3,098 | 3,249 | 3,329 | 3,534 | 3,696 | 4,020 | 4,137 | 4,525 | 4,813 |
| 科目 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 620.2 | 618.6 | 647.3 | 655.8 | 696.3 | 700.7 | 764.4 | 776.7 | 812.7 | 828.9 | 900.1 | 922.8 |
| 营业成本IS_COGS | 196.2 | 185.0 | 196.8 | 201.0 | 218.0 | 219.2 | 240.1 | 240.4 | 259.8 | 268.3 | 295.2 | 297.2 |
| 毛利IS_GROSS_PROFIT | 424.0 | 433.5 | 450.4 | 454.9 | 478.3 | 481.5 | 524.3 | 536.3 | 553.0 | 560.6 | 604.8 | 625.6 |
| 研发费用IS_RND | 71.4 | 76.5 | 80.6 | 75.4 | 79.2 | 82.0 | 88.3 | 81.5 | 85.0 | 89.2 | 100.0 | 90.5 |
| 营业费用IS_OPEX | 149.3 | 161.8 | 161.5 | 181.0 | 156.7 | 170.2 | 176.6 | 198.8 | 166.4 | |||
| 营业利润IS_OPERATING_PROFIT | 270.3 | 275.8 | 279.2 | 305.5 | 316.5 | 320.0 | 343.2 | 379.6 | 382.8 | 384.0 | 406.0 | 459.2 |
| 营业外收支净额IS_NONOPERATING | -5.1 | -8.5 | -6.8 | -2.8 | -22.9 | -6.2 | -17.1 | -36.6 | 99.7 | 9.4 | 34.4 | 0.4 |
| 税前利润IS_PRETAX_PROFIT | 265.3 | 267.3 | 272.5 | 302.7 | 293.6 | 313.8 | 326.2 | 343.0 | 482.5 | 393.4 | 440.5 | 459.5 |
| 所得税IS_TAX | 46.6 | 47.9 | 52.1 | 56.0 | 52.6 | 55.5 | 53.8 | 65.5 | 97.9 | 75.6 | 82.8 | 93.2 |
| 净利润IS_NET_PROFIT | 218.7 | 219.4 | 220.4 | 246.7 | 241.1 | 258.2 | 272.3 | 277.5 | 384.6 | 317.8 | 357.7 | 366.3 |
| 基本每股收益IS_EPS_BASIC | 2.94 | 2.95 | 3.32 | 3.24 | 3.47 | 3.73 | 5.18 | 4.28 | 4.93 | |||
| 摊薄每股收益IS_EPS_DILUTED | 2.93 | 2.94 | 3.30 | 3.23 | 3.46 | 3.72 | 5.16 | 4.27 | 4.92 | |||
| 基本加权股数IS_SHARES_BASIC | 74.32 | 74.31 | 74.33 | 74.35 | 74.34 | 74.33 | 74.31 | 74.26 | 74.26 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 74.68 | 74.72 | 74.70 | 74.68 | 74.61 | 74.66 | 74.60 | 74.45 | 74.46 | |||
| 每股宣派股息IS_DPS_DECLARED | 0.75 | 0.75 | 0.75 | 0.83 | 0.83 | 0.83 | 0.83 | 0.91 | 0.91 | 0.91 | 0.91 | 0.98 |
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 4,705.6 | 4,842.8 | 5,121.6 | 5,230.1 | 5,339.0 | 5,626.2 | 6,190.0 | 6,363.5 | 6,653.0 | 6,942.3 | 7,583.8 | 7,794.0 |
| 流动资产BS_CURRENT_ASSETS | 1,473.9 | 1,471.8 | 1,597.3 | 1,499.3 | 1,470.8 | 1,566.4 | 1,911.3 | 1,890.7 | 1,801.9 | 1,753.3 | 2,077.1 | 1,861.4 |
| 现金及等价物BS_CASH | 173.0 | 196.3 | 183.2 | 208.4 | 174.8 | 288.3 | 302.4 | 288.5 | 243.0 | 321.0 | 209.4 | 202.8 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 637.1 | 603.9 | 572.3 | 575.9 | 540.7 | 507.9 | 643.2 | 731.6 | 651.7 | 461.7 | 559.1 | 442.3 |
| 应收账款BS_AR | 428.3 | 440.3 | 569.2 | 441.5 | 481.9 | 517.0 | 699.0 | 528.9 | 565.4 | 600.4 | 808.8 | 620.8 |
| 存货BS_INVENTORY | 16.2 | 13.0 | 12.5 | 16.3 | 9.1 | 8.5 | 9.4 | 11.3 | 10.6 | 12.2 | 14.0 | 18.4 |
| 固定资产净值BS_PPE_NET | 1,123.1 | 1,213.8 | 1,355.9 | 1,528.6 | 1,669.0 | 1,839.4 | 2,049.7 | 2,308.6 | 2,611.3 | 2,832.3 | 3,130.8 | 3,468.4 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 133.7 | 148.1 | 146.0 | 157.8 | 155.8 | 160.4 | 154.0 | 114.6 | 212.0 | 336.8 | 363.5 | 378.1 |
| 总负债BS_TOTAL_LIABILITIES | 2,322.9 | 2,311.2 | 2,436.9 | 2,352.9 | 2,312.0 | 2,407.3 | 2,755.2 | 2,732.8 | 2,744.3 | 2,798.6 | 3,159.9 | 3,088.9 |
| 流动负债BS_CURRENT_LIABILITIES | 1,210.2 | 1,185.2 | 1,252.9 | 1,152.0 | 1,088.8 | 1,142.1 | 1,412.2 | 1,350.0 | 1,300.0 | 1,366.6 | 1,688.2 | 1,519.7 |
| 一年内到期借款BS_ST_DEBT | 292.9 | 227.8 | 89.4 | 22.5 | 52.5 | 30.0 | 30.0 | 78.3 | 48.4 | 88.4 | 92.3 | 43.9 |
| 应付账款BS_AP | 177.0 | 180.9 | 220.0 | 227.7 | 226.1 | 262.5 | 277.2 | 325.8 | 373.3 | 375.1 | 424.2 | 426.2 |
| 合同负债BS_CONTRACT_LIAB | 430.7 | 418.9 | 575.8 | 530.3 | 455.1 | 446.4 | 645.6 | 589.9 | 513.8 | 509.2 | 729.6 | 668.7 |
| 长期借款BS_LT_DEBT | 449.3 | 426.6 | 426.9 | 428.7 | 397.2 | 398.8 | 401.5 | 353.8 | 354.2 | 314.2 | 310.7 | 310.9 |
| 股东权益BS_TOTAL_EQUITY | 2,382.7 | 2,531.5 | 2,684.8 | 2,877.2 | 3,027.0 | 3,218.9 | 3,434.8 | 3,630.8 | 3,908.8 | 4,143.7 | 4,423.9 | 4,705.1 |
| 剩余履约义务（RPO）BS_RPO | 2,290.0 | 2,420.0 | 2,750.0 | 2,660.0 | 3,040.0 | 3,210.0 | 3,750.0 | 3,980.0 | 6,310.0 | 6,330.0 | 6,840.0 | 6,830.0 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 188.5 | 319.2 | 372.0 | 341.8 | 222.9 | 370.4 | 426.5 | 450.6 | 357.6 | 466.8 | 554.4 | 580.0 |
| 折旧摊销CF_DEPRECIATION | 47.0 | 52.0 | 58.0 | 63.0 | 71.0 | 79.0 | 90.0 | 103.0 | 111.0 | |||
| 股权激励费用CF_SBC | 28.3 | 27.0 | 27.0 | 28.3 | 30.9 | 29.8 | 30.7 | 29.8 | 32.2 | 30.8 | 31.2 | 31.3 |
| 投资活动现金流CF_INVESTING | -719.2 | -107.0 | -148.5 | -152.0 | -141.1 | -127.1 | -305.7 | -345.6 | -227.0 | -274.0 | -548.3 | -419.6 |
| 资本开支CF_CAPEX | 97.4 | 109.5 | 138.7 | 149.2 | 158.0 | 167.4 | 170.8 | 193.9 | 298.8 | 308.8 | 358.0 | 393.7 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 18.0 | 34.2 | 47.1 | 43.3 | 64.4 | 32.4 | 65.0 | 91.5 | 63.3 | 40.1 | 51.2 | 51.9 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 8.5 | 18.3 | 22.2 | 18.9 | 31.0 | 19.2 | 9.2 | 14.2 | 14.8 | 7.9 | 8.7 | 65.2 |
| 筹资活动现金流CF_FINANCING | -101.5 | -188.1 | -235.6 | -165.8 | -112.4 | -130.4 | -108.4 | -118.0 | -176.2 | -113.5 | -117.8 | -166.4 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 2.9 | 3.2 | 3.9 | 8.0 | 4.8 | 3.5 | 6.5 | 6.4 | 7.0 | 8.4 | 9.2 | 10.0 |
| 派息CF_DIVIDEND | 55.7 | 55.7 | 55.7 | 55.7 | 61.7 | 61.7 | 61.7 | 61.7 | 67.6 | 67.6 | 67.6 | 67.6 |
| 回购CF_BUYBACK | 40.0 | 42.1 | 42.1 | 41.1 | 49.9 | 47.8 | 45.5 | 56.5 | 74.2 | 46.3 | 45.8 | 43.8 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 68.4% | 70.1% | 69.6% | 69.4% | 68.7% | 68.7% | 68.6% | 69.0% | 68.0% | 67.6% | 67.2% | 67.8% |
| 营业利润率OPERATING_MARGIN | 43.6% | 44.6% | 43.1% | 46.6% | 45.5% | 45.7% | 44.9% | 48.9% | 47.1% | 46.3% | 45.1% | 49.8% |
| 净利率NET_MARGIN | 35.3% | 35.5% | 34.0% | 37.6% | 34.6% | 36.9% | 35.6% | 35.7% | 47.3% | 38.3% | 39.7% | 39.7% |
| 税后营业利润NOPAT | 222.9 | 226.4 | 225.8 | 249.0 | 259.9 | 263.4 | 286.6 | 307.1 | 305.1 | 310.2 | 329.7 | 366.0 |
| 税后营业利润率NOPAT_MARGIN | 35.9% | 36.6% | 34.9% | 38.0% | 37.3% | 37.6% | 37.5% | 39.5% | 37.5% | 37.4% | 36.6% | 39.7% |
| 投入资本INVESTED_CAPITAL | 2,658.9 | 2,761.8 | 2,928.5 | 3,097.5 | 3,249.4 | 3,329.4 | 3,533.9 | 3,696.0 | 4,020.0 | 4,136.8 | 4,525.2 | 4,813.2 |
| 投入资本周转率CAPITAL_TURNOVER | 0.93 | 0.90 | 0.88 | 0.85 | 0.86 | 0.84 | 0.87 | 0.84 | 0.81 | 0.80 | 0.80 | 0.77 |
| ROEROE | 9.2% | 8.7% | 8.2% | 8.6% | 8.0% | 8.0% | 7.9% | 7.6% | 9.8% | 7.7% | 8.1% | 7.8% |
| ROICROIC | 8.4% | 8.2% | 7.7% | 8.0% | 8.0% | 7.9% | 8.1% | 8.3% | 7.6% | 7.5% | 7.3% | 7.6% |
| 资产负债率DEBT_RATIO | 49.4% | 47.7% | 47.6% | 45.0% | 43.3% | 42.8% | 44.5% | 42.9% | 41.2% | 40.3% | 41.7% | 39.6% |
| 经营现金流/净利润OCF_TO_PROFIT | 86.2% | 145.5% | 168.8% | 138.6% | 92.5% | 143.4% | 156.6% | 162.4% | 93.0% | 146.9% | 155.0% | 158.3% |
| 应计比率ACCRUAL_RATIO | 0.6% | -2.1% | -3.0% | -1.8% | 0.3% | -2.0% | -2.5% | -2.7% | 0.4% | -2.1% | -2.6% | -2.7% |
| 营业外收支/税前利润NONOP_TO_PRETAX | -1.9% | -3.2% | -2.5% | -0.9% | -7.8% | -2.0% | -5.2% | -10.7% | 20.7% | 2.4% | 7.8% | 0.1% |
| 自由现金流FCF | 91.2 | 209.6 | 233.2 | 192.6 | 64.9 | 203.0 | 255.7 | 256.6 | 58.8 | 158.0 | 196.4 | 186.3 |
| 自由现金流利润率FCF_MARGIN | 14.7% | 33.9% | 36.0% | 29.4% | 9.3% | 29.0% | 33.4% | 33.0% | 7.2% | 19.1% | 21.8% | 20.2% |
| 股权激励/营收SBC_TO_REVENUE | 4.6% | 4.4% | 4.2% | 4.3% | 4.4% | 4.3% | 4.0% | 3.8% | 4.0% | 3.7% | 3.5% | 3.4% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 62.9 | 182.6 | 206.3 | 164.2 | 34.0 | 173.2 | 225.0 | 226.8 | 26.6 | 127.2 | 165.2 | 155.0 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | 88.3 | 206.4 | 229.3 | 184.6 | 60.1 | 199.5 | 249.2 | 250.2 | 51.8 | 149.6 | 187.2 | 176.3 |
| 资本开支/折旧摊销CAPEX_TO_DA | 3.18 | 3.04 | 2.89 | 2.71 | 2.73 | 3.78 | 3.43 | 3.48 | 3.55 | |||
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 115.3 | 143.7 | 185.8 | 192.6 | 222.4 | 199.9 | 235.8 | 285.4 | 362.1 | 348.8 | 409.2 | 445.6 |
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 4.10 | 4.28 | 3.45 | 3.74 | 4.02 | 4.58 | 3.88 | 3.97 | 4.01 | |||
| 固定资产周转率PPE_TURNOVER | 2.21 | 2.04 | 1.91 | 1.72 | 1.67 | 1.52 | 1.49 | 1.35 | 1.24 | 1.17 | 1.15 | 1.06 |
| 应收周转天数DSO | 63.0 | 64.9 | 80.2 | 61.4 | 63.1 | 67.3 | 83.4 | 62.1 | 63.5 | 66.1 | 82.0 | 61.4 |
| 存货周转天数DIO | 7.5 | 6.4 | 5.8 | 7.4 | 3.8 | 3.5 | 3.6 | 4.3 | 3.7 | 4.1 | 4.3 | 5.6 |
| 应付周转天数DPO | 82.3 | 89.2 | 102.0 | 103.4 | 94.6 | 109.3 | 105.3 | 123.7 | 131.1 | 127.6 | 131.1 | 130.9 |
| 现金转换周期CCC | -11.8 | -17.8 | -15.9 | -34.6 | -27.7 | -38.4 | -18.3 | -57.2 | -63.9 | -57.3 | -44.8 | -63.8 |
| 合同负债同比CONTRACT_LIAB_YOY | 16.5% | 13.5% | 13.1% | 14.2% | 5.7% | 6.6% | 12.1% | 11.2% | 12.9% | 14.1% | 13.0% | 13.4% |
| RPO 同比RPO_YOY | 18.7% | 20.4% | 20.1% | 23.1% | 32.8% | 32.6% | 36.4% | 49.6% | 107.6% | 97.2% | 82.4% | 71.6% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 95.7 | 97.8 | 97.8 | 96.8 | 111.6 | 109.5 | 107.2 | 118.2 | 141.8 | 113.8 | 113.4 | 111.4 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 105.0% | 46.7% | 42.0% | 50.3% | 172.0% | 53.9% | 41.9% | 46.1% | 241.0% | 72.0% | 57.7% | 59.8% |
| 派息率PAYOUT_RATIO | 25.5% | 25.4% | 25.3% | 22.6% | 25.6% | 23.9% | 22.7% | 22.2% | 17.6% | 21.3% | 18.9% | 18.4% |
| 稀释率DILUTION_RATE | 0.5% | 0.6% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | |||
勾稽校验（所示期间）：12 项， 全部通过