<p><strong>Meta Platforms</strong>（META 1.79%）自 7 月底发布业绩以来表现强劲，公司的强劲业绩帮助投资者重新关注其广告业务的实力以及雄心勃勃的长期人工智能（AI）计划。这家社交媒体和广告公司背后是 Facebook、Instagram 和 WhatsApp，同时也延续了自 2021 年开始加大资本回报计划时所提出的主题（首先是回购，几年后再进行分红）：与股东分享更多的丰厚现金。</p>
<p>Meta 的分红尚处于起步阶段且规模适中。但这并不意味着它是一只弱势的分红股票。事实上，三个核心因素表明了相反的情况：保守的派息政策、持续现金回报的承诺，以及能够支持多年分红增长的业务基本面。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NDgvZGl2aWRlbmQtc3RvY2stbWV0YS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NDgvZGl2aWRlbmQtc3RvY2stbWV0YS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 小额派息背后是巨额的、持续的现金流</h2>
<p>Meta 的分红在覆盖分红支付方面尤其具有吸引力。在 2025 年第二季度，Meta 产生了约 86 亿美元的自由现金流（在正常运营和资本支出后剩余的现金流），并支付了 13 亿美元的分红。这大约占季度自由现金流的中等十几个百分点。公司还获得了 183 亿美元的净收入，使得分红仅占季度收益的约 7%——这是一个优先考虑可持续性的保守设置。</p>
<p>此外，Meta 在季度末拥有超过 470.7 亿美元的现金、现金等价物和可交易证券，进一步增加了灵活性。</p>
<p>这些数字很重要，因为它们表明分红并没有拉伸资产负债表或挤压投资。</p>
<h2>2. 管理层已经提高了分红——并通过回购返还了更多</h2>
<p>一只好的分红股票不仅仅关乎收益率。它还关乎政策和行为。自 2024 年底宣布每股 0.50 美元的首个常规分红以来，Meta 在 2025 年 2 月将季度派息提高了 5% 至 0.525 美元，并在年中保持该水平。除了分红，Meta 在回购方面也非常积极。在 2025 年上半年，它回购了超过 230 亿美元的股票，同时在同一时期支付了约 27 亿美元的分红。截至 6 月 30 日，公司仍有超过 280 亿美元的回购授权余额，留有充足的空间继续减少流通股数量并提升每股业绩。</p>
<h2>3. 有韧性的核心业务支持多年分红增长</h2>
<p>为什么投资者应该期待这项分红持续增长？基础业务强劲且效率不断提高。在第二季度，收入同比增长 22%，达到 475.2 亿美元，营业利润率扩大至 43%，每股收益增长 38%，达到 7.14 美元。</p>
<p>此外，参与度和变现驱动因素看起来健康，广告展示量增长 11%，每个广告的平均价格上涨 9%。</p>
<p>展望未来，有很多积极的因素。这家科技公司正在大力投资 AI 基础设施，预计 2025 年的资本支出将在 660 亿到 720 亿美元之间，并暗示 2026 年将再次实现显著的资本支出增长。是的，这存在风险，但 Meta 是在强势的基础上进行这些投资的。在公司第二季度的财报电话会议上，Meta 首席财务官 Susan Li 强调，第二季度的自由现金流为 85 亿美元，即使在资本支出较高的情况下也是如此。</p>
<p>这些动态——强劲的增长、健康的现金生成以及对增长机会的投资——支持了稳定的分红增长与持续再投资的案例。</p>
<p>当然，也有需要关注的风险。Meta 继续面临活跃的监管阻力，特别是在欧洲，潜在的 “少个性化广告” 服务的变化可能会对收入造成压力。而 AI 资本支出的突增将在某些季度对自由现金流造成压力，尤其是在宏观经济条件放缓的情况下。但即使面临意外的法律费用，这家盈利丰厚的公司及其分红也应该表现良好。由于大部分股东回报仍通过回购实现，分红目前的起点非常低，收益率大约在 0.3% 以下。对于投资者而言，这种组合可能具有吸引力：一项已经在增长的谨慎分红，配合由高利润、现金充裕的核心业务资助的实质性回购。</p>

META

<p>Meta Platforms 正在成为一只强劲的分红股票，这得益于其保守的派息政策、对现金回报的承诺以及强大的业务基本面。该公司在 2025 年第二季度产生了 86 亿美元的自由现金流，而仅支付了 13 亿美元的股息，表明其派息可持续。Meta 还增加了股息，并积极回购股票，在 2025 年上半年回购了超过 230 亿美元的股票。凭借强大的核心业务和对人工智能的重大投资，Meta 在未来的分红增长方面处于良好位置，尽管面临潜在的监管风险</p>

<p><strong>Meta Platforms</strong>(META 1.79%) has been on a tear since late July's results, as the company's strong results helped investors refocus on the strength of its ads business and its ambitious long-term artificial intelligence (AI) plans. The social-media and advertising company behind Facebook, Instagram, and WhatsApp also kept up a theme it started when it began ratcheting up its capital return program in 2021 (first with repurchases, followed by dividends a few years later): sharing more of its abundant cash with shareholders.</p>
<div class="lb-trans"><p><strong>Meta Platforms</strong>（META 1.79%）自 7 月底发布业绩以来表现强劲，公司的强劲业绩帮助投资者重新关注其广告业务的实力以及雄心勃勃的长期人工智能（AI）计划。这家社交媒体和广告公司背后是 Facebook、Instagram 和 WhatsApp，同时也延续了自 2021 年开始加大资本回报计划时所提出的主题（首先是回购，几年后再进行分红）：与股东分享更多的丰厚现金。</p>
</div><p>Meta's dividend is young and modest. But that does not make it a weak dividend stock. In fact, three core elements suggest the opposite: a conservative payout policy, a demonstrated commitment to ongoing cash returns, and business fundamentals that can support years of dividend growth.</p>
<div class="lb-trans"><p>Meta 的分红尚处于起步阶段且规模适中。但这并不意味着它是一只弱势的分红股票。事实上，三个核心因素表明了相反的情况：保守的派息政策、持续现金回报的承诺，以及能够支持多年分红增长的业务基本面。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI1NDgvZGl2aWRlbmQtc3RvY2stbWV0YS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832548%2Fdividend-stock-meta.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. A small payout backed by huge, recurring cash flow</h2>
<div class="lb-trans"><h2>1. 小额派息背后是巨额的、持续的现金流</h2>
</div><p>One area Meta's dividend is particularly attractive is when it comes to its ability to cover its dividend payment. In the second quarter of 2025, Meta generated about $8.6 billion of free cash flow (the cash flow left over after both regular operations and capital expenditures are taken care of) and paid $1.3 billion in dividends. That is roughly a mid-teens payout of quarterly free cash flow. The company also earned $18.3 billion of net income, putting the dividend at only about 7% of quarterly earnings -- a conservative setting that prioritizes durability.</p>
<div class="lb-trans"><p>Meta 的分红在覆盖分红支付方面尤其具有吸引力。在 2025 年第二季度，Meta 产生了约 86 亿美元的自由现金流（在正常运营和资本支出后剩余的现金流），并支付了 13 亿美元的分红。这大约占季度自由现金流的中等十几个百分点。公司还获得了 183 亿美元的净收入，使得分红仅占季度收益的约 7%——这是一个优先考虑可持续性的保守设置。</p>
</div><p>Also helping, Meta ended the quarter with over $47.07 billion in cash, cash equivalents, and marketable securities, adding further flexibility.</p>
<div class="lb-trans"><p>此外，Meta 在季度末拥有超过 470.7 亿美元的现金、现金等价物和可交易证券，进一步增加了灵活性。</p>
</div><p>These figures matter because they show the dividend is not stretching the balance sheet or crowding out investment.</p>
<div class="lb-trans"><p>这些数字很重要，因为它们表明分红并没有拉伸资产负债表或挤压投资。</p>
</div><h2>2. Management already raised the dividend -- and is returning far more through buybacks</h2>
<div class="lb-trans"><h2>2. 管理层已经提高了分红——并通过回购返还了更多</h2>
</div><p>A good dividend stock is not just about the yield. It is about policy and behavior. Since declaring its first regular dividend late in 2024 at $0.50 per share, Meta increased the quarterly payout by 5% to $0.525 in February 2025 and has maintained that level through midyear. Beyond the dividend, Meta has been aggressive with repurchases. In the first half of 2025, it bought back over $23 billion worth of stock while paying about $2.7 billion in dividends over the same period. As of June 30, the company still had more than $28 billion remaining on its repurchase authorization, leaving ample capacity to keep shrinking the share count and boosting per-share results over time.</p>
<div class="lb-trans"><p>一只好的分红股票不仅仅关乎收益率。它还关乎政策和行为。自 2024 年底宣布每股 0.50 美元的首个常规分红以来，Meta 在 2025 年 2 月将季度派息提高了 5% 至 0.525 美元，并在年中保持该水平。除了分红，Meta 在回购方面也非常积极。在 2025 年上半年，它回购了超过 230 亿美元的股票，同时在同一时期支付了约 27 亿美元的分红。截至 6 月 30 日，公司仍有超过 280 亿美元的回购授权余额，留有充足的空间继续减少流通股数量并提升每股业绩。</p>
</div><h2>3. A resilient core business supports years of dividend growth</h2>
<div class="lb-trans"><h2>3. 有韧性的核心业务支持多年分红增长</h2>
</div><p>Why should investors expect this dividend to keep growing? The underlying business is strong and getting more efficient. In the second quarter, revenue rose 22% year over year to $47.52 billion, operating margin expanded to 43%, and earnings per share increased 38% to $7.14.</p>
<div class="lb-trans"><p>为什么投资者应该期待这项分红持续增长？基础业务强劲且效率不断提高。在第二季度，收入同比增长 22%，达到 475.2 亿美元，营业利润率扩大至 43%，每股收益增长 38%，达到 7.14 美元。</p>
</div><p>Additionally, engagement and monetization drivers looked healthy, with ad impressions up 11% and average price per ad up 9%.</p>
<div class="lb-trans"><p>此外，参与度和变现驱动因素看起来健康，广告展示量增长 11%，每个广告的平均价格上涨 9%。</p>
</div><p>Looking ahead, there's a lot to be upbeat about. The tech company is investing heavily in AI infrastructure, expecting $66 to $72 billion of 2025 capital expenditures and signaling another year of significant capex dollar growth in 2026. Yes, this is a risk, but Meta is doing this from a position of strength. In the company's second-quarter earnings call, Meta CFO Susan Li underscored that second-quarter free cash flow was $8.5 billion even after elevated capex.</p>
<div class="lb-trans"><p>展望未来，有很多积极的因素。这家科技公司正在大力投资 AI 基础设施，预计 2025 年的资本支出将在 660 亿到 720 亿美元之间，并暗示 2026 年将再次实现显著的资本支出增长。是的，这存在风险，但 Meta 是在强势的基础上进行这些投资的。在公司第二季度的财报电话会议上，Meta 首席财务官 Susan Li 强调，第二季度的自由现金流为 85 亿美元，即使在资本支出较高的情况下也是如此。</p>
</div><p>These dynamics -- strong growth, healthy cash generation, and investments in growth opportunities -- support the case for steady dividend increases alongside continued reinvestment.</p>
<div class="lb-trans"><p>这些动态——强劲的增长、健康的现金生成以及对增长机会的投资——支持了稳定的分红增长与持续再投资的案例。</p>
</div><p>There are risks to watch, of course. Meta continues to flag active regulatory headwinds, particularly in Europe, where potential changes to its &#34;Less Personalized Ads&#34; offering could weigh on revenue. And the step-function in AI capex will pressure free cash flow in some quarters, especially if macro conditions soften. But the lucrative company and its dividend should fare just fine, even if it runs into unexpected legal expenses. The payout starts from a very low base with a small yield today -- roughly below 0.3% at recent prices -- because most of the shareholder return still flows through buybacks. For investors, that combination can be attractive: a cautious dividend that is already growing, paired with material repurchases funded by a high-margin, cash-rich core.</p>
<div class="lb-trans"><p>当然，也有需要关注的风险。Meta 继续面临活跃的监管阻力，特别是在欧洲，潜在的 “少个性化广告” 服务的变化可能会对收入造成压力。而 AI 资本支出的突增将在某些季度对自由现金流造成压力，尤其是在宏观经济条件放缓的情况下。但即使面临意外的法律费用，这家盈利丰厚的公司及其分红也应该表现良好。由于大部分股东回报仍通过回购实现，分红目前的起点非常低，收益率大约在 0.3% 以下。对于投资者而言，这种组合可能具有吸引力：一项已经在增长的谨慎分红，配合由高利润、现金充裕的核心业务资助的实质性回购。</p>
</div>

3 Reasons Meta Platforms Is a Great Dividend Stock

- Meta Platforms 自 2025 年第二季度以来，现金流强劲，股息稳健。  
- 公司在 2025 年第二季度产生约 86 亿美元自由现金流，股息仅占 7%。  
- 未来股息增长可期，因核心业务强劲，广告收入持续上升。  

Meta Platforms 成为优秀股息股票的三个原因