META2025年四季度业绩点评:AI商业化兑现持续 CAPEX持续增长 建议关注模型能力提升

国联民生证券
Feb 06

事件:Meta2025 年第四季度业绩全面超预期,2026 年收入指引强劲,资本开支大幅上调。公司第四季度实现收入599 亿美元,同比增长24%;GAAP EPS8.88 美元,显著超出市场预期。公司指引2026 年一季度收入为535–565 亿美元;同时预计2026年全年资本开支(含融资租赁)为1150–1350 亿美元,大幅高于2025 年水平,主要投向AI 算力、数据中心及核心基础设施建设。...

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