微软、Alphabet、亚马逊、Meta 和甲骨文在 2026 年前九个月将其业务产生的现金中 9.3% 返还给股东。这是至少 15 年来的最低比例，低于一年前的 27.4%。
Microsoft, Alphabet, Amazon, Meta and Oracle handed 9.3% of the cash their businesses made back to shareholders. That covers the first nine months of 2026. That is the smallest share in at least 15 years, down from 27.4% a year earlier.
这些数据来自路透社对 LSEG 数据和公司报告的分析，由 Patturaja Murugaboopathy 撰写。这五家公司的经营性现金流增长 29%，达到创纪录的 5429 亿美元。其资本支出翻倍至 5569 亿美元。这是自 2011 年有数据以来，资本支出首次超过其赚取的现金。
The figures come from a Reuters analysis of LSEG data and company reports by Patturaja Murugaboopathy. The five companies’ operating cash flow rose 29% to a record $542.9bn. Their capital spending doubled to $556.9bn. It topped the cash they made for the first time in data going back to 2011.
回购首当其冲 这导致合计自由现金流出现 140 亿美元赤字，而一年前为 1435 亿美元盈余。大型科技股回购遭重创，暴跌 83% 至 136 亿美元，低于 818 亿美元。股息则从 339 亿美元增至 370 亿美元。
Buybacks go first That left a combined free cash flow deficit of $14bn, against a surplus of $143.5bn a year earlier. Big Tech buybacks took the hit. They fell 83% to $13.6bn, from $81.8bn. Dividends rose to $37bn from $33.9bn.
Alphabet 和 Meta 今年未回购一股股票。在 2025 年前九个月，它们回购了 665 亿美元股票。亚马逊不派息，且自 2022 年以来未回购股票。微软实施了几乎所有剩余的回购。其在 9 月季度将回购额从 57 亿美元削减至 44 亿美元。
Alphabet and Meta have not bought back a share this year. In the first nine months of 2025, they bought back $66.5bn. Amazon pays no dividend and has not bought back shares since 2022. Microsoft made almost all of the remaining buybacks. It cut them to $4.4bn in the September quarter, from $5.7bn.
路透社发现，由于自由现金流为负，支付的 506 亿美元来自现金储备、借款或股票出售。亚马逊在第三季度筹集了 481 亿美元长期债务。Alphabet 通过股票出售筹集约 124 亿美元，通过债务筹集 290 亿美元。
With free cash flow negative, the $50.6bn paid out came from cash reserves, borrowing or share sales, Reuters found. Amazon raised $48.1bn of long-term debt in the third quarter. Alphabet raised about $12.4bn from share sales and $29bn from debt.
回购为何对投资者重要 回购将利润分摊到更少的股份上，即使利润不增长也能提高每股收益。ING 表示，Alphabet 在 2020 年底至 2025 年间将股份总数削减了 9.5%。仅此一项每年就为其每股收益增加了约 2%。“过去 15 年，公司越来越多地通过回购和股息将多余资本返还给股东，”富兰克林邓普顿投资管理联席主管 Ehren Stanhope 表示。
Why buybacks matter to investors Buybacks spread profits across fewer shares, which lifts earnings per share even when profits do not grow. Alphabet cut its share count by 9.5% between the end of 2020 and 2025, ING said. That alone added about 2% a year to its earnings per“For the last 15 years, companies increasingly returned excess capital to shareholders through buybacks and dividends,” said Ehren Stanhope, co-head of investment management at Franklin Templeton.
“目前的机制可能日益表现为更多的股权和债务发行，即向投资者募集资本，”他说。
“The current regime may increasingly be characterized by greater equity and debt issuance, a request of capital from investors,” he said.
这些公司表示，这笔支出将获得回报。亚马逊首席执行官安迪·贾西周四对分析师表示，他看到了通往诱人回报的清晰路径，并且亚马逊将在2027年投入更多资金。甲骨文设定了到2029年实现300亿美元自由现金流的目标。与此同时，这五家公司为AI建设承诺的资金超过3万亿美元，而亚马逊现在可以利用其购买的AI硬件借款高达800亿美元。
The companies say the spending will pay off. Amazon’s Andy Jassy told analysts on Thursday that he sees a clear line of sight to attractive returns, and that Amazon will spend more in 2027. Oracle has set a free cash flow target of $30bn by 2029. Meanwhile the five hold more than $3tn in commitments for the AI build-out, and Amazon can now borrow up to $80bn against the AI hardware it buys.