计算机行业研究：海外科技公司2025Q4业绩总结：资本开支指引超预期云业务增速略有分化

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业绩概览：收入端表现稳健，利润端波动较大。25Q4海外四大科技公司营收合计4684亿美元，yoy+16%，合计收入同比增速维持高位；25Q4海外四大科技公司净利润合计1169亿美元，整体净利率约25%，近两个季度多数公司净利率波动较大，主要系一次性收入计入或一次性费用计提等因素影响。资本开支：2025年同比增长加速，2026年指引超出预期。1）2025年资本开支情况：2025年海外四大科技公司合计...

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计算机行业研究：海外科技公司2025Q4业绩总结：资本开支指引超预期 云业务增速略有分化

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计算机行业研究：海外科技公司2025Q4业绩总结：资本开支指引超预期云业务增速略有分化