Microsoft (MSFT) Financials

$458.17 -0.70 (-0.15%)

As of 04:00 PM Eastern

Annual Income Statements for Microsoft

This table shows Microsoft's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Net Income / (Loss) Attributable to Common Shareholders	88,136	72,361	72,738	61,271	44,281	39,240	16,571	25,489	20,539	12,193
Consolidated Net Income / (Loss)	88,136	72,361	72,738	61,271	44,281	39,240	16,571	25,489	20,539	12,193
Net Income / (Loss) Continuing Operations	88,136	72,361	72,738	61,271	44,281	39,240	16,571	25,489	20,539	12,193
Total Pre-Tax Income	107,787	89,311	83,716	71,102	53,036	43,688	36,474	29,901	25,639	18,507
Total Operating Income	109,433	88,523	83,383	69,916	52,959	42,959	35,058	29,025	26,078	18,161
Total Gross Profit	171,008	146,052	135,620	115,856	96,937	82,933	72,007	62,310	58,374	60,542
Total Revenue	245,122	211,915	198,270	168,088	143,015	125,843	110,360	96,571	91,154	93,580
Operating Revenue	245,122	211,915	198,270	168,088	143,015	125,843	110,360	96,571	91,154	93,580
Total Cost of Revenue	74,114	65,863	62,650	52,232	46,078	42,910	38,353	34,261	32,780	33,038
Operating Cost of Revenue	74,114	65,863	62,650	52,232	46,078	42,910	38,353	34,261	32,780	33,038
Total Operating Expenses	61,575	57,529	52,237	45,940	43,978	39,974	36,949	33,285	32,296	42,381
Selling, General & Admin Expense	7,609	7,575	5,900	5,107	5,111	4,885	4,754	4,481	4,563	4,611
Marketing Expense	24,456	22,759	21,825	20,117	19,598	18,213	17,469	15,461	14,635	15,713
Research & Development Expense	29,510	27,195	24,512	20,716	19,269	16,876	14,726	13,037	11,988	12,046
Total Other Income / (Expense), net	-1,646	788	333	1,186	77	729	1,416	876	-439	346
Other Income / (Expense), net	-1,646	788	333	1,186	77	729	1,416	876	-439	346
Income Tax Expense	19,651	16,950	10,978	9,831	8,755	4,448	19,903	4,412	5,100	6,314
Basic Earnings per Share	$11.86	$9.72	$9.70	$8.12	$5.82	$5.11	$2.15	$3.29	$2.59	$1.49
Weighted Average Basic Shares Outstanding	7.43B	7.45B	7.50B	7.55B	7.61B	7.67B	7.70B	7.75B	7.93B	8.18B
Diluted Earnings per Share	$11.80	$9.68	$9.65	$8.05	$5.76	$5.06	$2.13	$3.25	$2.56	$1.48
Weighted Average Diluted Shares Outstanding	7.47B	7.47B	7.54B	7.61B	7.68B	7.75B	7.79B	7.83B	8.01B	8.25B
Weighted Average Basic & Diluted Shares Outstanding	7.43B	7.43B	7.46B	7.51B	7.57B	7.68B	7.71B	7.75B	7.92B	8.18B
Cash Dividends to Common per Share	$3.00	$2.72	$2.48	$2.24	$2.04	$1.84	$1.68	$1.56	$1.44	$1.24

This table shows Microsoft's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	25,824	24,108	24,667	22,036	21,939	21,870	22,291	20,081	18,299	16,425	17,556
Consolidated Net Income / (Loss)	25,824	24,108	24,667	22,036	21,939	21,870	22,291	20,081	18,299	16,425	17,556
Net Income / (Loss) Continuing Operations	25,824	24,108	24,667	22,036	21,939	21,870	22,291	20,081	18,299	16,425	17,556
Total Pre-Tax Income	31,377	29,365	30,269	27,250	26,727	26,526	27,284	24,727	22,673	20,339	21,572
Total Operating Income	32,000	31,653	30,552	27,925	27,581	27,032	26,895	24,254	22,352	20,399	21,518
Total Gross Profit	48,147	47,833	45,486	45,043	43,353	42,397	40,215	39,394	36,729	35,259	34,670
Total Revenue	70,066	69,632	65,585	64,727	61,858	62,020	56,517	56,189	52,857	52,747	50,122
Operating Revenue	70,066	69,632	65,585	64,727	61,858	62,020	56,517	56,189	52,857	52,747	50,122
Total Cost of Revenue	21,919	21,799	20,099	19,684	18,505	19,623	16,302	16,795	16,128	17,488	15,452
Operating Cost of Revenue	21,919	21,799	20,099	19,684	18,505	19,623	16,302	16,795	16,128	17,488	15,452
Total Operating Expenses	16,147	16,180	14,934	17,118	15,772	15,365	13,320	15,140	14,377	14,860	13,152
Selling, General & Admin Expense	1,737	1,823	1,673	2,246	1,912	1,977	1,474	2,197	1,643	2,337	1,398
Marketing Expense	6,212	6,440	5,717	6,816	6,207	6,246	5,187	6,204	5,750	5,679	5,126
Research & Development Expense	8,198	7,917	7,544	8,056	7,653	7,142	6,659	6,739	6,984	6,844	6,628
Total Other Income / (Expense), net	-623	-2,288	-283	-675	-854	-506	389	473	321	-60	54
Other Income / (Expense), net	-623	-2,288	-283	-675	-854	-506	389	473	321	-60	54
Income Tax Expense	5,553	5,257	5,602	5,214	4,788	4,656	4,993	4,646	4,374	3,914	4,016
Basic Earnings per Share	$3.47	$3.24	$3.32	$2.97	$2.95	$2.94	$3.00	$2.71	$2.46	$2.20	$2.35
Weighted Average Basic Shares Outstanding	7.43B	7.44B	7.43B	7.43B	7.43B	7.43B	7.43B	7.45B	7.44B	7.45B	7.46B
Diluted Earnings per Share	$3.46	$3.23	$3.30	$2.94	$2.94	$2.93	$2.99	$2.68	$2.45	$2.20	$2.35
Weighted Average Diluted Shares Outstanding	7.46B	7.47B	7.47B	7.47B	7.47B	7.47B	7.46B	7.47B	7.46B	7.47B	7.49B
Weighted Average Basic & Diluted Shares Outstanding	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.44B	7.44B	7.45B
Cash Dividends to Common per Share	$0.83	$0.83	$0.83	$0.75	$0.75	$0.75	$0.75	$0.68	$0.68	$0.68	$0.68

This table details how cash moves in and out of Microsoft's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Net Change in Cash & Equivalents	-16,389	20,773	-293	648	2,220	-590	4,283	1,153	915	-3,074
Net Cash From Operating Activities	118,548	87,582	89,035	76,740	60,675	52,185	43,884	39,507	33,325	29,668
Net Cash From Continuing Operating Activities	118,548	87,582	89,035	76,740	60,675	52,185	43,884	39,507	33,325	29,668
Net Income / (Loss) Continuing Operations	88,136	72,361	72,738	61,271	44,281	39,240	16,571	25,489	20,539	12,193
Consolidated Net Income / (Loss)	88,136	72,361	72,738	61,271	44,281	39,240	16,571	25,489	20,539	12,193
Depreciation Expense	22,287	13,861	14,460	11,686	12,796	11,682	10,261	8,778	6,622	5,957
Non-Cash Adjustments To Reconcile Net Income	6,301	3,748	1,391	4,719	5,081	-2,603	-3,415	364	5,554	10,005
Changes in Operating Assets and Liabilities, net	1,824	-2,388	446	-936	-1,483	3,866	20,467	4,876	610	1,513
Net Cash From Investing Activities	-96,970	-22,680	-30,311	-27,577	-12,223	-15,773	-6,061	-46,781	-23,950	-23,001
Net Cash From Continuing Investing Activities	-96,970	-22,680	-30,311	-27,577	-12,223	-15,773	-6,061	-46,781	-23,950	-23,001
Purchase of Property, Plant & Equipment	-44,477	-28,107	-23,886	-20,622	-15,441	-13,925	-11,632	-8,129	-8,343	-5,944
Acquisitions	-69,132	-1,670	-22,038	-8,909	-2,521	-2,388	-888	-25,944	-1,393	-3,723
Purchase of Investments	-17,732	-37,651	-26,456	-62,924	-77,190	-57,697	-137,380	-177,102	-129,555	-99,195
Sale and/or Maturity of Investments	35,669	47,864	44,894	65,800	84,170	58,237	143,937	164,394	115,341	85,861
Other Investing Activities, net	-1,298	-3,116	-2,825	-922	-1,241	0.00	-98	-	-	-
Net Cash From Financing Activities	-37,757	-43,935	-58,876	-48,486	-46,031	-36,887	-33,590	8,408	-8,393	-9,668
Net Cash From Continuing Financing Activities	-37,757	-43,935	-58,876	-48,486	-46,031	-36,887	-33,590	8,408	-8,393	-9,668
Repayment of Debt	-25,129	-3,756	-9,886	-6,273	-9,269	-4,675	-18,355	-13,075	4,030	-1,138
Repurchase of Common Equity	-17,254	-22,245	-32,696	-27,385	-22,968	-19,543	-10,721	-11,788	-15,969	-14,443
Payment of Dividends	-21,771	-19,800	-18,135	-16,521	-15,137	-13,811	-12,699	-11,845	-11,006	-9,882
Issuance of Debt	24,395	0.00	0.00	-	-	-	7,183	44,344	13,884	15,161
Issuance of Common Equity	2,002	1,866	1,841	1,693	1,343	1,142	1,002	772	668	634
Effect of Exchange Rate Changes	-210	-194	-141	-29	-201	-115	50	19	-67	-73

This table details how cash moves in and out of Microsoft's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	11,346	-3,358	2,525	-1,319	2,329	-63,147	45,748	8,142	10,916	-7,238	8,953
Net Cash From Operating Activities	37,044	22,291	34,180	37,195	31,917	18,853	30,583	28,770	24,441	11,173	23,198
Net Cash From Continuing Operating Activities	37,044	22,291	34,180	37,195	31,917	18,853	30,583	28,770	24,441	11,173	23,198
Net Income / (Loss) Continuing Operations	25,824	24,108	24,667	22,036	21,939	21,870	22,291	20,081	18,299	16,425	17,556
Consolidated Net Income / (Loss)	25,824	24,108	24,667	22,036	21,939	21,870	22,291	20,081	18,299	16,425	17,556
Depreciation Expense	8,740	6,827	7,383	6,380	6,027	5,959	3,921	3,874	3,549	3,648	2,790
Non-Cash Adjustments To Reconcile Net Income	438	2,907	1,274	1,595	1,429	1,324	1,953	572	750	1,447	979
Changes in Operating Assets and Liabilities, net	2,042	-11,551	856	7,184	2,522	-10,300	2,418	4,243	1,843	-10,347	1,873
Net Cash From Investing Activities	-12,714	-14,112	-15,201	-14,848	-10,700	-71,925	503	-9,134	-3,264	-7,150	-3,132
Net Cash From Continuing Investing Activities	-12,714	-14,112	-15,201	-14,848	-10,700	-71,925	503	-9,134	-3,264	-7,150	-3,132
Purchase of Property, Plant & Equipment	-16,745	-15,804	-14,923	-13,873	-10,952	-9,735	-9,917	-8,943	-6,607	-6,274	-6,283
Acquisitions	-981	-1,405	-1,849	-1,342	-1,575	-65,029	-1,186	-341	-301	-679	-349
Purchase of Investments	-4,474	-2,050	-1,620	-2,831	-2,183	-4,258	-8,460	-11,976	-9,063	-11,599	-5,013
Sale and/or Maturity of Investments	8,882	5,163	4,104	3,580	5,291	5,750	21,048	12,395	14,393	11,703	9,373
Other Investing Activities, net	604	-16	-913	-382	-1,281	1,347	-982	-269	-1,686	-301	-860
Net Cash From Financing Activities	-13,036	-11,243	-16,576	-23,563	-18,808	-10,147	14,761	-11,413	-10,290	-11,349	-10,883
Net Cash From Continuing Financing Activities	-13,036	-11,243	-16,576	-23,563	-18,808	-10,147	14,761	-11,413	-10,290	-11,349	-10,883
Repayment of Debt	-2,632	-343	-7,601	-14,510	-15,897	-11,607	16,885	-1,167	-258	-1,067	-1,264
Repurchase of Common Equity	-4,781	-4,986	-4,107	-4,210	-4,213	-4,000	-4,831	-5,704	-5,509	-5,459	-5,573
Payment of Dividends	-6,169	-6,170	-5,574	-5,574	-5,572	-5,574	-5,051	-5,054	-5,059	-5,066	-4,621
Issuance of Common Equity	546	256	706	534	522	261	685	512	536	243	575
Effect of Exchange Rate Changes	52	-294	122	-103	-80	72	-99	-81	29	88	-230

This table presents Microsoft's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Total Assets	512,163	411,976	364,840	333,779	301,311	286,556	258,848	250,312	193,468	174,472
Total Current Assets	159,734	184,257	169,684	184,406	181,915	175,552	169,662	162,696	139,660	122,797
Cash & Equivalents	18,315	34,704	13,931	14,224	13,576	11,356	11,946	7,663	6,510	5,595
Short-Term Investments	57,228	76,558	90,826	116,110	122,951	122,463	121,822	125,318	106,730	90,931
Accounts Receivable	56,924	48,688	44,261	38,043	32,011	29,524	26,481	22,431	18,277	17,908
Inventories, net	1,246	2,500	3,742	2,636	1,895	2,063	2,662	2,181	2,251	2,902
Other Current Assets	26,021	21,807	16,924	13,393	11,482	10,146	6,751	5,103	5,892	5,461
Plant, Property, & Equipment, net	135,591	95,641	74,398	59,715	44,151	36,477	29,460	23,734	18,356	14,731
Total Noncurrent Assets	216,838	132,078	120,758	89,658	75,245	74,527	59,726	63,882	35,452	36,944
Long-Term Investments	14,600	9,879	6,891	5,984	2,965	2,649	1,862	6,023	10,431	12,053
Goodwill	119,220	67,886	67,524	49,711	43,351	42,026	35,683	35,122	17,872	16,939
Intangible Assets	27,597	9,366	11,298	7,800	7,038	7,750	8,053	10,106	3,733	4,835
Other Noncurrent Operating Assets	55,421	44,947	35,045	26,163	21,891	22,102	14,128	12,631	3,416	3,117
Total Liabilities & Shareholders' Equity	512,163	411,976	364,840	333,779	301,311	286,556	258,848	250,312	193,468	174,472
Total Liabilities	243,686	205,753	198,298	191,791	183,007	184,226	176,130	162,601	121,471	94,389
Total Current Liabilities	125,286	104,149	95,082	88,657	72,310	69,420	58,488	55,745	59,357	49,647
Short-Term Debt	8,942	5,247	2,749	8,072	3,749	5,516	3,998	10,121	12,904	7,484
Accounts Payable	21,996	18,095	19,000	15,163	12,530	9,382	8,617	7,390	6,898	6,591
Current Deferred Revenue	57,582	50,901	45,538	41,525	36,000	32,676	28,905	24,013	27,468	23,223
Current Deferred & Payable Income Tax Liabilities	5,017	4,152	4,067	2,174	2,130	5,665	2,121	718	580	606
Current Employee Benefit Liabilities	12,564	11,009	10,661	10,057	7,874	6,830	6,103	5,819	5,264	5,096
Other Current Liabilities	19,185	14,745	13,067	11,666	10,027	9,351	8,744	7,684	5,949	6,555
Total Noncurrent Liabilities	118,400	101,604	103,216	103,134	110,697	114,806	117,642	106,856	62,114	44,742
Long-Term Debt	42,688	41,990	47,032	50,074	59,578	66,662	72,242	76,073	40,557	27,808
Noncurrent Deferred Revenue	30,533	28,472	28,939	29,806	32,612	34,142	34,080	16,128	6,441	2,095
Noncurrent Deferred & Payable Income Tax Liabilities	2,618	433	230	198	204	233	541	5,734	1,476	1,295
Other Noncurrent Operating Liabilities	42,561	30,709	27,015	23,056	18,303	13,769	10,779	8,921	13,640	13,544
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	268,477	206,223	166,542	141,988	118,304	102,330	82,718	87,711	71,997	80,083
Total Preferred & Common Equity	268,477	206,223	166,542	141,988	118,304	102,330	82,718	87,711	71,997	80,083
Total Common Equity	268,477	206,223	166,542	141,988	118,304	102,330	82,718	87,711	71,997	80,083
Common Stock	100,923	93,718	86,939	83,111	80,552	78,520	71,223	69,315	68,178	68,465
Retained Earnings	173,144	118,848	84,281	57,055	34,566	24,150	13,682	17,769	2,282	9,096
Accumulated Other Comprehensive Income / (Loss)	-5,590	-6,343	-4,678	1,822	3,186	-340	-2,187	627	1,537	2,522

This table presents Microsoft's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	562,624	533,898	523,013	512,163	484,275	470,558	445,785	411,976	380,088	364,552	359,784
Total Current Assets	156,644	147,080	149,926	159,734	147,180	147,393	207,586	184,257	163,889	157,823	160,812
Cash & Equivalents	28,828	17,482	20,840	18,315	19,634	17,305	80,452	34,704	26,562	15,646	22,884
Short-Term Investments	50,790	54,073	57,588	57,228	60,387	63,712	63,499	76,558	77,865	83,862	84,378
Accounts Receivable	51,700	48,188	44,148	56,924	44,029	42,831	36,953	48,688	37,420	35,833	31,279
Inventories, net	848	909	1,626	1,246	1,304	1,615	3,000	2,500	2,877	2,980	4,268
Other Current Assets	24,478	26,428	25,724	26,021	21,826	21,930	23,682	21,807	19,165	19,502	18,003
Plant, Property, & Equipment, net	183,939	166,902	152,863	135,591	121,375	112,308	102,502	95,641	88,132	82,755	77,037
Total Noncurrent Assets	222,041	219,916	220,224	216,838	215,720	210,857	135,697	132,078	128,067	123,974	121,935
Long-Term Investments	16,035	15,581	15,778	14,600	14,807	13,367	11,423	9,879	9,415	7,097	6,839
Goodwill	119,329	119,191	119,374	119,220	119,163	118,931	67,790	67,886	67,940	67,905	67,459
Intangible Assets	23,968	25,385	26,751	27,597	28,828	29,896	8,895	9,366	9,879	10,354	10,808
Other Noncurrent Operating Assets	62,709	59,759	58,321	55,421	52,922	48,663	47,589	44,947	40,833	38,618	36,829
Total Liabilities & Shareholders' Equity	562,624	533,898	523,013	512,163	484,275	470,558	445,785	411,976	380,088	364,552	359,784
Total Liabilities	240,733	231,203	235,290	243,686	231,123	232,290	225,071	205,753	185,405	181,416	186,218
Total Current Liabilities	114,206	108,882	115,200	125,286	118,525	121,016	124,792	104,149	85,691	81,718	87,389
Short-Term Debt	2,999	5,248	2,249	8,942	22,784	29,291	29,556	5,247	6,245	3,997	3,248
Accounts Payable	26,250	22,608	22,768	21,996	18,087	17,695	19,307	18,095	15,305	15,354	16,609
Current Deferred Revenue	44,636	45,508	53,026	57,582	41,888	43,068	46,429	50,901	36,903	36,982	41,340
Current Deferred & Payable Income Tax Liabilities	6,805	6,056	9,717	5,017	7,311	5,787	8,035	4,152	4,163	3,553	6,729
Current Employee Benefit Liabilities	10,579	9,176	8,326	12,564	10,432	8,813	6,990	11,009	10,411	9,030	7,405
Other Current Liabilities	22,937	20,286	19,114	19,185	18,023	16,362	14,475	14,745	12,664	12,802	12,058
Total Noncurrent Liabilities	126,527	122,321	120,090	118,400	112,598	111,274	100,279	101,604	99,714	99,698	98,829
Long-Term Debt	39,882	39,722	42,868	42,688	42,658	44,928	41,946	41,990	41,965	44,119	45,374
Noncurrent Deferred Revenue	27,901	26,926	27,115	30,533	29,731	28,856	25,742	28,472	27,698	26,813	26,261
Noncurrent Deferred & Payable Income Tax Liabilities	2,522	2,513	2,581	2,618	2,469	2,548	470	433	302	289	223
Other Noncurrent Operating Liabilities	56,222	53,160	47,526	42,561	37,740	34,942	32,121	30,709	29,749	28,477	26,971
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	321,891	302,695	287,723	268,477	253,152	238,268	220,714	206,223	194,683	183,136	173,566
Total Preferred & Common Equity	321,891	302,695	287,723	268,477	253,152	238,268	220,714	206,223	194,683	183,136	173,566
Total Common Equity	321,891	302,695	287,723	268,477	253,152	238,268	220,714	206,223	194,683	183,136	173,566
Common Stock	106,965	104,829	102,976	100,923	99,193	97,480	95,508	93,718	92,093	90,225	88,535
Retained Earnings	219,759	203,482	188,929	173,144	159,394	145,737	132,143	118,848	108,234	99,368	92,374
Accumulated Other Comprehensive Income / (Loss)	-4,833	-5,616	-4,182	-5,590	-5,435	-4,949	-6,937	-6,343	-5,644	-6,457	-7,343

This table displays calculated financial ratios and metrics derived from Microsoft's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.67%	6.88%	17.96%	17.53%	13.65%	14.03%	14.28%	5.94%	-2.59%	7.77%
EBITDA Growth	26.07%	5.09%	18.59%	25.76%	18.89%	18.48%	20.83%	19.89%	31.87%	-25.94%
EBIT Growth	20.69%	6.68%	17.74%	34.06%	21.40%	19.78%	21.98%	16.62%	38.54%	-33.48%
NOPAT Growth	24.76%	-1.00%	20.25%	36.26%	14.59%	142.25%	-35.63%	18.44%	74.60%	-45.68%
Net Income Growth	21.80%	-0.52%	18.72%	38.37%	12.85%	136.80%	-34.99%	24.10%	68.45%	-44.76%
EPS Growth	21.90%	0.31%	19.88%	39.76%	13.83%	137.56%	-34.46%	26.95%	72.97%	-43.73%
Operating Cash Flow Growth	35.36%	-1.63%	16.02%	26.48%	16.27%	18.92%	11.08%	18.55%	12.33%	-8.72%
Free Cash Flow Firm Growth	-118.52%	39.53%	-18.10%	-3.85%	68.04%	-13.19%	428.49%	-132.32%	49.78%	4.29%
Invested Capital Growth	73.80%	26.41%	64.03%	51.44%	10.78%	63.07%	-33.16%	1,853.05%	-73.71%	-43.94%
Revenue Q/Q Growth	3.61%	2.08%	2.97%	5.08%	3.11%	2.97%	4.23%	-0.87%	4.91%	-1.27%
EBITDA Q/Q Growth	4.02%	4.18%	1.78%	7.57%	2.18%	4.38%	6.60%	-2.14%	54.71%	-25.97%
EBIT Q/Q Growth	2.40%	4.98%	1.31%	9.19%	1.58%	4.59%	8.06%	-4.10%	75.03%	-31.05%
NOPAT Q/Q Growth	3.34%	4.24%	0.83%	9.05%	-3.96%	12.74%	5.36%	4.78%	94.01%	-39.85%
Net Income Q/Q Growth	2.27%	4.84%	0.39%	9.38%	-4.29%	12.35%	5.10%	4.97%	95.96%	-39.04%
EPS Q/Q Growth	2.25%	4.76%	0.73%	9.52%	-3.84%	11.95%	6.50%	5.52%	93.94%	-38.59%
Operating Cash Flow Q/Q Growth	7.65%	4.96%	2.20%	5.55%	4.41%	9.87%	0.95%	6.87%	5.09%	-9.01%
Free Cash Flow Firm Q/Q Growth	-0.45%	7.50%	-2.39%	12.41%	2.45%	10.58%	94.39%	-210.02%	23.46%	41.32%
Invested Capital Q/Q Growth	2.77%	2.53%	3.38%	3.33%	3.22%	12.07%	9.48%	71.60%	-58.76%	-53.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.76%	68.92%	68.40%	68.93%	67.78%	65.90%	65.25%	64.52%	64.04%	64.70%
EBITDA Margin	53.07%	48.69%	49.52%	49.25%	46.03%	44.00%	42.35%	40.05%	35.39%	26.14%
Operating Margin	44.64%	41.77%	42.06%	41.59%	37.03%	34.14%	31.77%	30.06%	28.61%	19.41%
EBIT Margin	43.97%	42.14%	42.22%	42.30%	37.08%	34.72%	33.05%	30.96%	28.13%	19.78%
Profit (Net Income) Margin	35.96%	34.15%	36.69%	36.45%	30.96%	31.18%	15.02%	26.39%	22.53%	13.03%
Tax Burden Percent	81.77%	81.02%	86.89%	86.17%	83.49%	89.82%	45.43%	85.24%	80.11%	65.88%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	18.23%	18.98%	13.11%	13.83%	16.51%	10.18%	54.57%	14.76%	19.89%	34.12%
Return on Invested Capital (ROIC)	49.40%	60.53%	86.00%	113.73%	110.30%	125.75%	54.71%	134.88%	486.79%	126.49%
ROIC Less NNEP Spread (ROIC-NNEP)	51.79%	59.59%	85.58%	112.40%	110.20%	124.69%	53.56%	133.67%	487.28%	126.19%
Return on Net Nonoperating Assets (RNNOA)	-12.27%	-21.70%	-38.85%	-66.65%	-70.16%	-83.34%	-35.26%	-102.96%	-459.78%	-112.13%
Return on Equity (ROE)	37.13%	38.82%	47.15%	47.08%	40.14%	42.41%	19.45%	31.92%	27.01%	14.36%
Cash Return on Invested Capital (CROIC)	-4.51%	37.20%	37.50%	72.81%	100.07%	77.80%	94.46%	-45.64%	603.51%	182.80%
Operating Return on Assets (OROA)	23.33%	22.99%	23.97%	22.39%	18.04%	16.02%	14.33%	13.48%	13.94%	10.67%
Return on Assets (ROA)	19.07%	18.63%	20.82%	19.30%	15.07%	14.39%	6.51%	11.49%	11.16%	7.03%
Return on Common Equity (ROCE)	37.13%	38.82%	47.15%	47.08%	40.14%	42.41%	19.45%	31.92%	27.01%	14.36%
Return on Equity Simple (ROE_SIMPLE)	32.83%	35.09%	43.68%	43.15%	37.43%	38.35%	20.03%	29.06%	28.53%	15.23%
Net Operating Profit after Tax (NOPAT)	89,482	71,723	72,449	60,249	44,217	38,585	15,928	24,742	20,891	11,965
NOPAT Margin	36.51%	33.85%	36.54%	35.84%	30.92%	30.66%	14.43%	25.62%	22.92%	12.79%
Net Nonoperating Expense Percent (NNEP)	-2.39%	0.94%	0.41%	1.32%	0.09%	1.06%	1.15%	1.21%	-0.49%	0.30%
Cost of Revenue to Revenue	30.24%	31.08%	31.60%	31.07%	32.22%	34.10%	34.75%	35.48%	35.96%	35.30%
SG&A Expenses to Revenue	3.10%	3.57%	2.98%	3.04%	3.57%	3.88%	4.31%	4.64%	5.01%	4.93%
R&D to Revenue	12.04%	12.83%	12.36%	12.32%	13.47%	13.41%	13.34%	13.50%	13.15%	12.87%
Operating Expenses to Revenue	25.12%	27.15%	26.35%	27.33%	30.75%	31.77%	33.48%	34.47%	35.43%	45.29%
Earnings before Interest and Taxes (EBIT)	107,787	89,311	83,716	71,102	53,036	43,688	36,474	29,901	25,639	18,507
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	130,074	103,172	98,176	82,788	65,832	55,370	46,735	38,679	32,261	24,464
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.35	12.16	11.31	13.98	12.57	9.55	8.58	5.57	5.01	3.89
Price to Tangible Book Value (P/TBV)	27.26	19.45	21.48	23.50	21.90	18.59	18.21	11.51	7.16	5.34
Price to Revenue (P/Rev)	13.53	11.83	9.50	11.81	10.40	7.77	6.43	5.06	3.96	3.33
Price to Earnings (P/E)	37.62	34.66	25.91	32.40	33.59	24.90	42.83	19.18	17.55	25.55
Dividend Yield	0.66%	0.79%	0.96%	0.83%	1.01%	1.41%	1.79%	2.42%	3.03%	3.14%
Earnings Yield	2.66%	2.89%	3.86%	3.09%	2.98%	4.02%	2.33%	5.21%	5.70%	3.91%
Enterprise Value to Invested Capital (EV/IC)	14.25	18.40	17.41	29.88	33.49	24.00	27.88	12.50	162.48	35.05
Enterprise Value to Revenue (EV/Rev)	13.37	11.49	9.19	11.35	9.87	7.25	5.89	4.52	3.19	2.55
Enterprise Value to EBITDA (EV/EBITDA)	25.20	23.59	18.56	23.04	21.44	16.49	13.92	11.28	9.00	9.74
Enterprise Value to EBIT (EV/EBIT)	30.41	27.25	21.77	26.82	26.61	20.90	17.83	14.59	11.32	12.87
Enterprise Value to NOPAT (EV/NOPAT)	36.63	33.94	25.15	31.65	31.91	23.66	40.83	17.63	13.90	19.91
Enterprise Value to Operating Cash Flow (EV/OCF)	27.65	27.79	20.47	24.85	23.26	17.49	14.82	11.04	8.71	8.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	55.22	57.69	49.44	35.17	38.24	23.65	0.00	11.21	13.78
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	0.23	0.30	0.41	0.54	0.71	0.92	0.98	0.74	0.44
Long-Term Debt to Equity	0.16	0.20	0.28	0.35	0.50	0.65	0.87	0.87	0.56	0.35
Financial Leverage	-0.24	-0.36	-0.45	-0.59	-0.64	-0.67	-0.66	-0.77	-0.94	-0.89
Leverage Ratio	1.95	2.08	2.26	2.44	2.66	2.95	2.99	2.78	2.42	2.04
Compound Leverage Factor	1.95	2.08	2.26	2.44	2.66	2.95	2.99	2.78	2.42	2.04
Debt to Total Capital	16.13%	18.64%	23.01%	29.05%	34.87%	41.36%	47.96%	49.56%	42.61%	30.59%
Short-Term Debt to Total Capital	2.79%	2.07%	1.27%	4.03%	2.06%	3.16%	2.52%	5.82%	10.29%	6.49%
Long-Term Debt to Total Capital	13.34%	16.57%	21.74%	25.02%	32.80%	38.20%	45.45%	43.74%	32.33%	24.10%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	83.87%	81.36%	76.99%	70.95%	65.13%	58.64%	52.04%	50.44%	57.39%	69.41%
Debt to EBITDA	0.40	0.46	0.51	0.70	0.96	1.30	1.63	2.23	1.66	1.44
Net Debt to EBITDA	-0.30	-0.72	-0.63	-0.94	-1.16	-1.16	-1.27	-1.37	-2.18	-3.00
Long-Term Debt to EBITDA	0.33	0.41	0.48	0.60	0.91	1.20	1.55	1.97	1.26	1.14
Debt to NOPAT	0.58	0.66	0.69	0.97	1.43	1.87	4.79	3.48	2.56	2.95
Net Debt to NOPAT	-0.43	-1.03	-0.85	-1.30	-1.72	-1.67	-3.73	-2.13	-3.36	-6.13
Long-Term Debt to NOPAT	0.48	0.59	0.65	0.83	1.35	1.73	4.54	3.07	1.94	2.32
Altman Z-Score	9.89	9.18	7.57	8.00	6.53	4.69	3.90	3.20	3.20	3.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.77	1.78	2.08	2.52	2.53	2.90	2.92	2.35	2.47
Quick Ratio	1.06	1.54	1.57	1.90	2.33	2.35	2.74	2.79	2.22	2.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8,163	44,079	31,590	38,572	40,118	23,873	27,501	-8,372	25,900	17,292
Operating Cash Flow to CapEx	266.54%	311.60%	372.75%	372.13%	392.95%	374.76%	377.27%	486.00%	399.44%	499.13%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.55	0.57	0.53	0.49	0.46	0.43	0.44	0.50	0.54
Accounts Receivable Turnover	4.64	4.56	4.82	4.80	4.65	4.49	4.51	4.74	5.04	5.00
Inventory Turnover	39.57	21.10	19.65	23.06	23.28	18.16	15.84	15.46	12.72	11.88
Fixed Asset Turnover	2.12	2.49	2.96	3.24	3.55	3.82	4.15	4.59	5.51	6.75
Accounts Payable Turnover	3.70	3.55	3.67	3.77	4.21	4.77	4.79	4.80	4.86	4.71
Days Sales Outstanding (DSO)	78.63	80.05	75.76	76.06	78.52	81.22	80.88	76.93	72.45	73.04
Days Inventory Outstanding (DIO)	9.22	17.30	18.58	15.83	15.68	20.10	23.05	23.61	28.69	30.72
Days Payable Outstanding (DPO)	98.72	102.79	99.52	96.76	86.79	76.55	76.17	76.11	75.10	77.46
Cash Conversion Cycle (CCC)	-10.87	-5.44	-5.18	-4.87	7.41	24.76	27.76	24.43	26.04	26.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	229,964	132,319	104,675	63,816	42,139	38,040	23,328	34,901	1,787	6,796
Invested Capital Turnover	1.35	1.79	2.35	3.17	3.57	4.10	7.58	5.26	21.24	9.89
Increase / (Decrease) in Invested Capital	97,645	27,644	40,859	21,677	4,099	14,712	-11,573	33,114	-5,009	-5,327
Enterprise Value (EV)	3,277,379	2,434,003	1,822,421	1,907,095	1,411,110	912,928	650,343	436,168	290,343	238,211
Market Capitalization	3,315,892	2,507,907	1,884,288	1,985,267	1,487,275	977,218	709,733	488,978	360,553	311,498
Book Value per Share	$36.12	$27.74	$22.27	$18.85	$15.60	$13.35	$10.77	$11.36	$9.16	$9.90
Tangible Book Value per Share	$16.37	$17.35	$11.73	$11.22	$8.96	$6.86	$5.07	$5.50	$6.41	$7.21
Total Capital	320,107	253,460	216,323	200,134	181,631	174,508	158,958	173,905	125,458	115,375
Total Debt	51,630	47,237	49,781	58,146	63,327	72,178	76,240	86,194	53,461	35,292
Total Long-Term Debt	42,688	41,990	47,032	50,074	59,578	66,662	72,242	76,073	40,557	27,808
Net Debt	-38,513	-73,904	-61,867	-78,172	-76,165	-64,290	-59,390	-52,810	-70,210	-73,287
Capital Expenditures (CapEx)	44,477	28,107	23,886	20,622	15,441	13,925	11,632	8,129	8,343	5,944
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-32,153	-25,907	-27,406	-26,513	-23,173	-22,171	-18,596	-15,909	-20,033	-15,892
Debt-free Net Working Capital (DFNWC)	43,390	85,355	77,351	103,821	113,354	111,648	115,172	117,072	93,207	80,634
Net Working Capital (NWC)	34,448	80,108	74,602	95,749	109,605	106,132	111,174	106,951	80,303	73,150
Net Nonoperating Expense (NNE)	1,346	-638	-289	-1,022	-64	-655	-643	-747	352	-228
Net Nonoperating Obligations (NNO)	-38,513	-73,904	-61,867	-78,172	-76,165	-64,290	-59,390	-52,810	-70,210	-73,287
Total Depreciation and Amortization (D&A)	22,287	13,861	14,460	11,686	12,796	11,682	10,261	8,778	6,622	5,957
Debt-free, Cash-free Net Working Capital to Revenue	-13.12%	-12.23%	-13.82%	-15.77%	-16.20%	-17.62%	-16.85%	-16.47%	-21.98%	-16.98%
Debt-free Net Working Capital to Revenue	17.70%	40.28%	39.01%	61.77%	79.26%	88.72%	104.36%	121.23%	102.25%	86.17%
Net Working Capital to Revenue	14.05%	37.80%	37.63%	56.96%	76.64%	84.34%	100.74%	110.75%	88.10%	78.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$11.86	$9.72	$9.70	$8.12	$5.82	$5.11	$2.15	$2.74	$2.12	$1.49
Adjusted Weighted Average Basic Shares Outstanding	7.43B	7.45B	7.50B	7.55B	7.61B	7.67B	7.70B	7.75B	7.93B	8.18B
Adjusted Diluted Earnings per Share	$11.80	$9.68	$9.65	$8.05	$5.76	$5.06	$2.13	$2.71	$2.10	$1.48
Adjusted Weighted Average Diluted Shares Outstanding	7.47B	7.47B	7.54B	7.61B	7.68B	7.75B	7.79B	7.83B	8.01B	8.25B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.43B	7.43B	7.46B	7.51B	7.57B	7.64B	7.67B	7.70B	7.79B	8.00B
Normalized Net Operating Profit after Tax (NOPAT)	89,482	71,723	72,449	60,249	44,217	38,585	24,541	25,003	21,780	18,561
Normalized NOPAT Margin	36.51%	33.85%	36.54%	35.84%	30.92%	30.66%	22.24%	25.89%	23.89%	19.83%
Pre Tax Income Margin	43.97%	42.14%	42.22%	42.30%	37.08%	34.72%	33.05%	30.96%	28.13%	19.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.70%	27.36%	24.93%	26.96%	34.18%	35.20%	76.63%	46.47%	53.59%	81.05%
Augmented Payout Ratio	44.28%	58.10%	69.88%	71.66%	86.05%	85.00%	141.33%	92.72%	131.34%	199.50%

This table displays calculated financial ratios and metrics derived from Microsoft's official financial filings.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.27%	12.27%	16.04%	15.20%	17.03%	17.58%	12.76%	8.34%	7.08%	1.97%	10.60%
EBITDA Growth	22.48%	11.41%	20.66%	17.58%	24.91%	35.43%	28.09%	16.90%	9.43%	-7.78%	2.64%
EBIT Growth	17.40%	10.70%	10.94%	10.20%	17.88%	30.42%	26.48%	20.70%	12.30%	-9.66%	5.11%
NOPAT Growth	16.33%	16.60%	13.31%	14.65%	25.50%	35.29%	25.47%	17.39%	6.92%	-11.15%	-13.39%
Net Income Growth	17.71%	10.23%	10.66%	9.74%	19.89%	33.15%	26.97%	19.96%	9.39%	-12.47%	-14.38%
EPS Growth	17.69%	10.24%	10.37%	9.70%	20.00%	33.18%	27.23%	19.64%	10.36%	-11.29%	-13.28%
Operating Cash Flow Growth	16.06%	18.24%	11.76%	29.28%	30.59%	68.74%	31.83%	16.81%	-3.72%	-22.84%	-5.47%
Free Cash Flow Firm Growth	73.62%	76.90%	-1,033.83%	-844.53%	-638.39%	-160.99%	69.61%	67.00%	56.84%	-270.18%	-926.19%
Invested Capital Growth	20.27%	19.45%	74.39%	73.80%	73.39%	74.98%	26.60%	26.41%	27.46%	54.07%	58.35%
Revenue Q/Q Growth	0.62%	6.17%	1.33%	4.64%	-0.26%	9.74%	0.58%	6.30%	0.21%	5.24%	-3.36%
EBITDA Q/Q Growth	10.84%	-3.88%	11.96%	2.67%	0.83%	4.10%	9.10%	9.07%	9.32%	-1.54%	-0.43%
EBIT Q/Q Growth	6.85%	-2.99%	11.08%	1.96%	0.76%	-2.78%	10.34%	9.06%	11.48%	-5.72%	5.30%
NOPAT Q/Q Growth	1.35%	4.37%	10.26%	-0.26%	1.58%	1.43%	11.56%	9.18%	9.51%	-5.93%	4.37%
Net Income Q/Q Growth	7.12%	-2.27%	11.94%	0.44%	0.32%	-1.89%	11.01%	9.74%	11.41%	-6.44%	4.87%
EPS Q/Q Growth	7.12%	-2.12%	12.24%	0.00%	0.34%	-2.01%	11.57%	9.39%	11.36%	-6.38%	4.91%
Operating Cash Flow Q/Q Growth	66.18%	-34.78%	-8.11%	16.54%	69.29%	-38.35%	6.30%	17.71%	118.75%	-51.84%	-5.81%
Free Cash Flow Firm Q/Q Growth	-15.67%	78.62%	-2.44%	-4.15%	-1.27%	-949.41%	14.66%	18.58%	64.20%	-22.19%	7.32%
Invested Capital Q/Q Growth	3.30%	9.18%	3.77%	2.77%	2.60%	59.38%	3.42%	2.53%	3.53%	15.32%	3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.72%	68.69%	69.35%	69.59%	70.08%	68.36%	71.16%	70.11%	69.49%	66.85%	69.17%
EBITDA Margin	57.26%	51.98%	57.41%	51.96%	52.95%	52.38%	55.21%	50.90%	49.61%	45.48%	48.61%
Operating Margin	45.67%	45.46%	46.58%	43.14%	44.59%	43.59%	47.59%	43.17%	42.29%	38.67%	42.93%
EBIT Margin	44.78%	42.17%	46.15%	42.10%	43.21%	42.77%	48.28%	44.01%	42.90%	38.56%	43.04%
Profit (Net Income) Margin	36.86%	34.62%	37.61%	34.04%	35.47%	35.26%	39.44%	35.74%	34.62%	31.14%	35.03%
Tax Burden Percent	82.30%	82.10%	81.49%	80.87%	82.09%	82.45%	81.70%	81.21%	80.71%	80.76%	81.38%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	17.70%	17.90%	18.51%	19.13%	17.91%	17.55%	18.30%	18.79%	19.29%	19.24%	18.62%
Return on Invested Capital (ROIC)	41.18%	40.83%	51.40%	47.21%	49.08%	47.72%	69.31%	62.69%	61.53%	62.02%	80.47%
ROIC Less NNEP Spread (ROIC-NNEP)	42.43%	46.85%	51.75%	48.18%	50.56%	48.78%	68.88%	62.12%	61.12%	62.09%	80.41%
Return on Net Nonoperating Assets (RNNOA)	-6.06%	-5.40%	-13.53%	-11.41%	-10.73%	-9.11%	-26.09%	-22.63%	-21.76%	-24.90%	-36.85%
Return on Equity (ROE)	35.12%	35.43%	37.87%	35.80%	38.36%	38.62%	43.22%	40.06%	39.77%	37.12%	43.62%
Cash Return on Invested Capital (CROIC)	22.09%	22.43%	-5.00%	-4.51%	-4.61%	-6.69%	38.73%	37.20%	35.61%	23.25%	33.88%
Operating Return on Assets (OROA)	23.10%	21.98%	24.22%	22.33%	23.65%	23.31%	26.17%	24.01%	24.57%	22.33%	25.14%
Return on Assets (ROA)	19.01%	18.05%	19.74%	18.06%	19.42%	19.22%	21.38%	19.50%	19.83%	18.03%	20.46%
Return on Common Equity (ROCE)	35.12%	35.43%	37.87%	35.80%	38.36%	38.62%	43.22%	40.06%	39.77%	37.12%	43.62%
Return on Equity Simple (ROE_SIMPLE)	30.02%	30.64%	31.46%	0.00%	34.04%	34.64%	34.93%	0.00%	35.45%	36.83%	40.21%
Net Operating Profit after Tax (NOPAT)	26,337	25,986	24,898	22,582	22,640	22,287	21,973	19,697	18,040	16,473	17,512
NOPAT Margin	37.59%	37.32%	37.96%	34.89%	36.60%	35.94%	38.88%	35.05%	34.13%	31.23%	34.94%
Net Nonoperating Expense Percent (NNEP)	-1.25%	-6.03%	-0.35%	-0.97%	-1.48%	-1.06%	0.43%	0.57%	0.41%	-0.07%	0.06%
Return On Investment Capital (ROIC_SIMPLE)	7.22%	7.47%	-	-	-	7.13%	-	-	-	-	-
Cost of Revenue to Revenue	31.28%	31.31%	30.65%	30.41%	29.92%	31.64%	28.84%	29.89%	30.51%	33.15%	30.83%
SG&A Expenses to Revenue	2.48%	2.62%	2.55%	3.47%	3.09%	3.19%	2.61%	3.91%	3.11%	4.43%	2.79%
R&D to Revenue	11.70%	11.37%	11.50%	12.45%	12.37%	11.52%	11.78%	11.99%	13.21%	12.98%	13.22%
Operating Expenses to Revenue	23.05%	23.24%	22.77%	26.45%	25.50%	24.77%	23.57%	26.94%	27.20%	28.17%	26.24%
Earnings before Interest and Taxes (EBIT)	31,377	29,365	30,269	27,250	26,727	26,526	27,284	24,727	22,673	20,339	21,572
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	40,117	36,192	37,652	33,630	32,754	32,485	31,205	28,601	26,222	23,987	24,362
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.67	10.35	11.12	12.35	12.30	11.64	10.55	12.16	10.89	9.62	9.84
Price to Tangible Book Value (P/TBV)	15.63	19.82	22.59	27.26	29.62	31.02	16.17	19.45	18.15	16.80	17.92
Price to Revenue (P/Rev)	10.34	11.97	12.58	13.53	13.17	12.19	10.67	11.83	10.22	8.64	8.41
Price to Earnings (P/E)	28.88	33.79	35.34	37.62	36.14	33.61	30.20	34.66	30.73	26.13	24.47
Dividend Yield	0.84%	0.73%	0.70%	0.66%	0.68%	0.75%	0.87%	0.79%	0.91%	1.07%	1.08%
Earnings Yield	3.46%	2.96%	2.83%	2.66%	2.77%	2.98%	3.31%	2.89%	3.25%	3.83%	4.09%
Enterprise Value to Invested Capital (EV/IC)	10.17	11.87	13.20	14.25	13.79	12.63	16.40	18.40	15.93	13.67	15.19
Enterprise Value to Revenue (EV/Rev)	10.14	11.81	12.39	13.37	13.04	12.10	10.28	11.49	9.90	8.35	8.09
Enterprise Value to EBITDA (EV/EBITDA)	18.55	22.05	23.07	25.20	24.68	23.24	20.40	23.59	20.75	17.61	16.62
Enterprise Value to EBIT (EV/EBIT)	23.15	27.21	28.43	30.41	29.31	27.21	23.62	27.25	24.16	20.63	19.37
Enterprise Value to NOPAT (EV/NOPAT)	27.43	32.17	34.08	36.63	35.63	33.59	29.46	33.94	29.87	25.19	23.56
Enterprise Value to Operating Cash Flow (EV/OCF)	20.95	24.62	25.78	27.65	28.02	26.83	23.64	27.79	24.63	20.19	18.72
Enterprise Value to Free Cash Flow (EV/FCFF)	50.29	57.60	0.00	0.00	0.00	0.00	47.32	55.22	50.13	71.32	54.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.15	0.16	0.19	0.26	0.31	0.32	0.23	0.25	0.26	0.28
Long-Term Debt to Equity	0.12	0.13	0.15	0.16	0.17	0.19	0.19	0.20	0.22	0.24	0.26
Financial Leverage	-0.14	-0.12	-0.26	-0.24	-0.21	-0.19	-0.38	-0.36	-0.36	-0.40	-0.46
Leverage Ratio	1.82	1.86	1.91	1.95	1.93	1.98	2.04	2.08	2.03	2.05	2.14
Compound Leverage Factor	1.82	1.86	1.91	1.95	1.93	1.98	2.04	2.08	2.03	2.05	2.14
Debt to Total Capital	11.76%	12.93%	13.56%	16.13%	20.54%	23.75%	24.47%	18.64%	19.85%	20.81%	21.88%
Short-Term Debt to Total Capital	0.82%	1.51%	0.68%	2.79%	7.15%	9.37%	10.11%	2.07%	2.57%	1.73%	1.46%
Long-Term Debt to Total Capital	10.93%	11.43%	12.88%	13.34%	13.39%	14.38%	14.35%	16.57%	17.28%	19.08%	20.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	88.24%	87.07%	86.44%	83.87%	79.46%	76.25%	75.53%	81.36%	80.15%	79.19%	78.12%
Debt to EBITDA	0.29	0.32	0.33	0.40	0.52	0.63	0.65	0.46	0.49	0.50	0.49
Net Debt to EBITDA	-0.36	-0.30	-0.36	-0.30	-0.24	-0.17	-0.76	-0.72	-0.66	-0.60	-0.66
Long-Term Debt to EBITDA	0.27	0.28	0.31	0.33	0.34	0.38	0.38	0.41	0.42	0.46	0.46
Debt to NOPAT	0.43	0.47	0.49	0.58	0.76	0.91	0.94	0.66	0.70	0.71	0.70
Net Debt to NOPAT	-0.53	-0.44	-0.53	-0.43	-0.34	-0.25	-1.10	-1.03	-0.95	-0.86	-0.94
Long-Term Debt to NOPAT	0.40	0.41	0.46	0.48	0.49	0.55	0.55	0.59	0.61	0.65	0.65
Altman Z-Score	8.26	9.42	9.42	9.37	9.29	8.34	7.54	8.66	8.25	7.20	6.87
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.35	1.30	1.28	1.24	1.22	1.66	1.77	1.91	1.93	1.84
Quick Ratio	1.15	1.10	1.06	1.06	1.05	1.02	1.45	1.54	1.66	1.66	1.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-19,016	-16,440	-76,894	-75,063	-72,075	-71,169	-6,782	-7,947	-9,761	-27,269	-22,317
Operating Cash Flow to CapEx	221.22%	141.05%	229.04%	268.11%	291.43%	193.66%	308.39%	321.70%	369.93%	178.08%	369.22%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.52	0.52	0.53	0.55	0.55	0.54	0.55	0.57	0.58	0.58
Accounts Receivable Turnover	5.64	5.75	6.27	4.64	5.81	5.79	6.40	4.56	5.93	5.89	6.93
Inventory Turnover	77.60	63.46	33.68	39.57	34.07	29.97	18.36	21.10	21.22	21.66	16.79
Fixed Asset Turnover	1.77	1.88	1.99	2.12	2.26	2.33	2.43	2.49	2.62	2.72	2.88
Accounts Payable Turnover	3.77	3.97	3.70	3.70	4.27	4.17	3.71	3.55	4.17	4.24	4.10
Days Sales Outstanding (DSO)	64.70	63.45	58.23	78.63	62.83	63.08	57.04	80.05	61.57	62.02	52.69
Days Inventory Outstanding (DIO)	4.70	5.75	10.84	9.22	10.71	12.18	19.88	17.30	17.20	16.85	21.74
Days Payable Outstanding (DPO)	96.90	91.84	98.56	98.72	85.56	87.61	98.25	102.79	87.46	86.13	89.02
Cash Conversion Cycle (CCC)	-27.50	-22.64	-29.49	-10.87	-12.02	-12.34	-21.33	-5.44	-8.70	-7.26	-14.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	269,119	260,529	238,634	229,964	223,766	218,103	136,842	132,319	129,051	124,647	108,087
Invested Capital Turnover	1.10	1.09	1.35	1.35	1.34	1.33	1.78	1.79	1.80	1.99	2.30
Increase / (Decrease) in Invested Capital	45,353	42,426	101,792	97,645	94,715	93,456	28,755	27,644	27,801	43,742	39,829
Enterprise Value (EV)	2,737,871	3,091,636	3,149,347	3,277,379	3,085,504	2,753,919	2,244,598	2,434,003	2,055,292	1,703,898	1,642,028
Market Capitalization	2,790,643	3,133,802	3,198,436	3,315,892	3,114,890	2,774,084	2,328,470	2,507,907	2,120,924	1,762,387	1,707,507
Book Value per Share	$43.30	$40.71	$38.71	$36.12	$34.07	$32.06	$29.71	$27.74	$26.15	$24.57	$23.27
Tangible Book Value per Share	$24.02	$21.27	$19.05	$16.37	$14.15	$12.03	$19.39	$17.35	$15.70	$14.07	$12.78
Total Capital	364,772	347,665	332,840	320,107	318,594	312,487	292,216	253,460	242,893	231,252	222,188
Total Debt	42,881	44,970	45,117	51,630	65,442	74,219	71,502	47,237	48,210	48,116	48,622
Total Long-Term Debt	39,882	39,722	42,868	42,688	42,658	44,928	41,946	41,990	41,965	44,119	45,374
Net Debt	-52,772	-42,166	-49,089	-38,513	-29,386	-20,165	-83,872	-73,904	-65,632	-58,489	-65,479
Capital Expenditures (CapEx)	16,745	15,804	14,923	13,873	10,952	9,735	9,917	8,943	6,607	6,274	6,283
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34,181	-28,109	-41,453	-32,153	-28,582	-25,349	-31,601	-25,907	-19,984	-19,406	-30,591
Debt-free Net Working Capital (DFNWC)	45,437	43,446	36,975	43,390	51,439	55,668	112,350	85,355	84,443	80,102	76,671
Net Working Capital (NWC)	42,438	38,198	34,726	34,448	28,655	26,377	82,794	80,108	78,198	76,105	73,423
Net Nonoperating Expense (NNE)	513	1,878	231	546	701	417	-318	-384	-259	48	-44
Net Nonoperating Obligations (NNO)	-52,772	-42,166	-49,089	-38,513	-29,386	-20,165	-83,872	-73,904	-65,632	-58,489	-65,479
Total Depreciation and Amortization (D&A)	8,740	6,827	7,383	6,380	6,027	5,959	3,921	3,874	3,549	3,648	2,790
Debt-free, Cash-free Net Working Capital to Revenue	-12.66%	-10.74%	-16.31%	-13.12%	-12.08%	-11.14%	-14.48%	-12.23%	-9.63%	-9.51%	-15.06%
Debt-free Net Working Capital to Revenue	16.83%	16.60%	14.55%	17.70%	21.74%	24.46%	51.46%	40.28%	40.68%	39.25%	37.76%
Net Working Capital to Revenue	15.72%	14.59%	13.66%	14.05%	12.11%	11.59%	37.93%	37.80%	37.67%	37.29%	36.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.47	$3.24	$3.32	$2.97	$2.95	$2.94	$3.00	$2.71	$2.46	$2.20	$2.35
Adjusted Weighted Average Basic Shares Outstanding	7.43B	7.44B	7.43B	7.43B	7.43B	7.43B	7.43B	7.45B	7.44B	7.45B	7.46B
Adjusted Diluted Earnings per Share	$3.46	$3.23	$3.30	$2.94	$2.94	$2.93	$2.99	$2.68	$2.45	$2.20	$2.35
Adjusted Weighted Average Diluted Shares Outstanding	7.46B	7.47B	7.47B	7.47B	7.47B	7.47B	7.46B	7.47B	7.46B	7.47B	7.49B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.44B	7.44B	7.45B
Normalized Net Operating Profit after Tax (NOPAT)	26,337	25,986	24,898	22,582	22,640	22,287	21,973	19,697	18,040	16,473	17,512
Normalized NOPAT Margin	37.59%	37.32%	37.96%	34.89%	36.60%	35.94%	38.88%	35.05%	34.13%	31.23%	34.94%
Pre Tax Income Margin	44.78%	42.17%	46.15%	42.10%	43.21%	42.77%	48.28%	44.01%	42.90%	38.56%	43.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.30%	24.68%	24.63%	24.70%	24.66%	25.12%	26.24%	27.36%	28.08%	28.12%	26.58%
Augmented Payout Ratio	43.02%	43.56%	42.89%	44.28%	46.41%	49.41%	54.13%	58.10%	64.73%	70.53%	70.41%

Frequently Asked Questions About Microsoft's Financials

When does Microsoft's fiscal year end?

According to the most recent income statement we have on file, Microsoft's financial year ends in June. Their financial year 2024 ended on June 30, 2024.

How has Microsoft's net income changed over the last 9 years?

Microsoft's net income appears to be on an upward trend, with a most recent value of $88.14 billion in 2024, rising from $12.19 billion in 2015. The previous period was $72.36 billion in 2023. Find out what analysts predict for Microsoft in the coming months.

What is Microsoft's operating income?

Microsoft's total operating income in 2024 was $109.43 billion, based on the following breakdown:

Total Gross Profit: $171.01 billion
Total Operating Expenses: $61.58 billion

How has Microsoft revenue changed over the last 9 years?

Over the last 9 years, Microsoft's total revenue changed from $93.58 billion in 2015 to $245.12 billion in 2024, a change of 161.9%.

How much debt does Microsoft have?

Microsoft's total liabilities were at $243.69 billion at the end of 2024, a 18.4% increase from 2023, and a 158.2% increase since 2015.

How much cash does Microsoft have?

In the past 9 years, Microsoft's cash and equivalents has ranged from $5.60 billion in 2015 to $34.70 billion in 2023, and is currently $18.32 billion as of their latest financial filing in 2024.

How has Microsoft's book value per share changed over the last 9 years?

Over the last 9 years, Microsoft's book value per share changed from 9.90 in 2015 to 36.12 in 2024, a change of 264.9%.

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This page (NASDAQ:MSFT) was last updated on 5/20/2025 by MarketBeat.com Staff

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Microsoft (MSFT) Financials

Annual Income Statements for Microsoft

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