Microsoft (MSFT) Financials

$414.72 +3.34 (+0.81%)

As of 11:10 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Consolidated Net Income / (Loss)	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Net Income / (Loss) Continuing Operations	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Total Pre-Tax Income	18,507	25,639	29,901	36,474	43,688	53,036	71,102	83,716	89,311	107,787	123,627
Total Operating Income	18,161	26,078	29,025	35,058	42,959	52,959	69,916	83,383	88,523	109,433	128,528
Total Gross Profit	60,542	58,374	62,310	72,007	82,933	96,937	115,856	135,620	146,052	171,008	193,893
Total Revenue	93,580	91,154	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724
Operating Revenue	93,580	91,154	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724
Total Cost of Revenue	33,038	32,780	34,261	38,353	42,910	46,078	52,232	62,650	65,863	74,114	87,831
Operating Cost of Revenue	33,038	32,780	34,261	38,353	42,910	46,078	52,232	62,650	65,863	74,114	87,831
Total Operating Expenses	42,381	32,296	33,285	36,949	39,974	43,978	45,940	52,237	57,529	61,575	65,365
Selling, General & Admin Expense	4,611	4,563	4,481	4,754	4,885	5,111	5,107	5,900	7,575	7,609	7,223
Marketing Expense	15,713	14,635	15,461	17,469	18,213	19,598	20,117	21,825	22,759	24,456	25,654
Research & Development Expense	12,046	11,988	13,037	14,726	16,876	19,269	20,716	24,512	27,195	29,510	32,488
Total Other Income / (Expense), net	346	-439	876	1,416	729	77	1,186	333	788	-1,646	-4,901
Other Income / (Expense), net	346	-439	876	1,416	729	77	1,186	333	788	-1,646	-4,901
Income Tax Expense	6,314	5,100	4,412	19,903	4,448	8,755	9,831	10,978	16,950	19,651	21,795
Basic Earnings per Share	$1.49	$2.59	$3.29	$2.15	$5.11	$5.82	$8.12	$9.70	$9.72	$11.86	$13.70
Weighted Average Basic Shares Outstanding	8.18B	7.93B	7.75B	7.70B	7.67B	7.61B	7.55B	7.50B	7.45B	7.43B	7.43B
Diluted Earnings per Share	$1.48	$2.56	$3.25	$2.13	$5.06	$5.76	$8.05	$9.65	$9.68	$11.80	$13.64
Weighted Average Diluted Shares Outstanding	8.25B	8.01B	7.83B	7.79B	7.75B	7.68B	7.61B	7.54B	7.47B	7.47B	7.47B
Weighted Average Basic & Diluted Shares Outstanding	8.18B	7.92B	7.75B	7.71B	7.68B	7.57B	7.51B	7.46B	7.43B	7.43B	7.43B
Cash Dividends to Common per Share	$1.24	$1.44	$1.56	$1.68	$1.84	$2.04	$2.24	$2.48	$2.72	$3.00	$3.32

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	22,291	21,870	21,939	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Consolidated Net Income / (Loss)	22,291	21,870	21,939	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Net Income / (Loss) Continuing Operations	22,291	21,870	21,939	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Total Pre-Tax Income	27,284	26,526	26,727	27,250	30,269	29,365	31,377	32,616	34,301	48,246	39,340
Total Operating Income	26,895	27,032	27,581	27,925	30,552	31,653	32,000	34,323	37,961	38,275	38,398
Total Gross Profit	40,215	42,397	43,353	45,043	45,486	47,833	48,147	52,427	53,630	55,295	56,058
Total Revenue	56,517	62,020	61,858	64,727	65,585	69,632	70,066	76,441	77,673	81,273	82,886
Operating Revenue	56,517	62,020	61,858	64,727	65,585	69,632	70,066	76,441	77,673	81,273	82,886
Total Cost of Revenue	16,302	19,623	18,505	19,684	20,099	21,799	21,919	24,014	24,043	25,978	26,828
Operating Cost of Revenue	16,302	19,623	18,505	19,684	20,099	21,799	21,919	24,014	24,043	25,978	26,828
Total Operating Expenses	13,320	15,365	15,772	17,118	14,934	16,180	16,147	18,104	15,669	17,020	17,660
Selling, General & Admin Expense	1,474	1,977	1,912	2,246	1,673	1,823	1,737	1,990	1,806	1,932	1,931
Marketing Expense	5,187	6,246	6,207	6,816	5,717	6,440	6,212	7,285	5,717	6,584	6,814
Research & Development Expense	6,659	7,142	7,653	8,056	7,544	7,917	8,198	8,829	8,146	8,504	8,915
Total Other Income / (Expense), net	389	-506	-854	-675	-283	-2,288	-623	-1,707	-3,660	9,971	942
Other Income / (Expense), net	389	-506	-854	-675	-283	-2,288	-623	-1,707	-3,660	9,971	942
Income Tax Expense	4,993	4,656	4,788	5,214	5,602	5,257	5,553	5,383	6,554	9,788	7,562
Basic Earnings per Share	$3.00	$2.94	$2.95	$2.97	$3.32	$3.24	$3.47	$3.67	$3.73	$5.18	$4.28
Weighted Average Basic Shares Outstanding	7.43B	7.43B	7.43B	7.43B	7.43B	7.44B	7.43B	7.43B	7.43B	7.43B	7.43B
Diluted Earnings per Share	$2.99	$2.93	$2.94	$2.94	$3.30	$3.23	$3.46	$3.65	$3.72	$5.16	$4.27
Weighted Average Diluted Shares Outstanding	7.46B	7.47B	7.47B	7.47B	7.47B	7.47B	7.46B	7.47B	7.47B	7.46B	7.45B
Weighted Average Basic & Diluted Shares Outstanding	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B	7.43B
Cash Dividends to Common per Share	$0.75	$0.75	$0.75	$0.75	-	$0.83	$0.83	-	-	$0.91	$0.91

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	-3,074	915	1,153	4,283	-590	2,220	648	-293	20,773	-16,389	11,927
Net Cash From Operating Activities	29,668	33,325	39,507	43,884	52,185	60,675	76,740	89,035	87,582	118,548	136,162
Net Cash From Continuing Operating Activities	29,668	33,325	39,507	43,884	52,185	60,675	76,740	89,035	87,582	118,548	136,162
Net Income / (Loss) Continuing Operations	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Consolidated Net Income / (Loss)	12,193	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832
Depreciation Expense	5,957	6,622	8,778	10,261	11,682	12,796	11,686	14,460	13,861	22,287	34,153
Non-Cash Adjustments To Reconcile Net Income	10,005	5,554	364	-3,415	-2,603	5,081	4,719	1,391	9,807	6,301	12,583
Changes in Operating Assets and Liabilities, net	1,513	610	4,876	20,467	3,866	-1,483	-936	446	-8,447	1,824	-12,406
Net Cash From Investing Activities	-23,001	-23,950	-46,781	-6,061	-15,773	-12,223	-27,577	-30,311	-22,680	-96,970	-72,599
Net Cash From Continuing Investing Activities	-23,001	-23,950	-46,781	-6,061	-15,773	-12,223	-27,577	-30,311	-22,680	-96,970	-72,599
Purchase of Property, Plant & Equipment	-5,944	-8,343	-8,129	-11,632	-13,925	-15,441	-20,622	-23,886	-28,107	-44,477	-64,551
Acquisitions	-3,723	-1,393	-25,944	-888	-2,388	-2,521	-8,909	-22,038	-1,670	-69,132	-5,978
Purchase of Investments	-99,195	-129,555	-177,102	-137,380	-57,697	-77,190	-62,924	-26,456	-37,651	-17,732	-29,775
Sale and/or Maturity of Investments	85,861	115,341	164,394	143,937	58,237	84,170	65,800	44,894	47,864	35,669	25,388
Other Investing Activities, net	-	-	-	-98	0.00	-1,241	-922	-2,825	-3,116	-1,298	2,317
Net Cash From Financing Activities	-9,668	-8,393	8,408	-33,590	-36,887	-46,031	-48,486	-58,876	-43,935	-37,757	-51,699
Net Cash From Continuing Financing Activities	-9,668	-8,393	8,408	-33,590	-36,887	-46,031	-48,486	-58,876	-43,935	-37,757	-51,699
Repayment of Debt	-1,138	4,030	-13,075	-18,355	-4,675	-9,269	-6,273	-9,886	-3,756	-25,129	-5,507
Repurchase of Common Equity	-14,443	-15,969	-11,788	-10,721	-19,543	-22,968	-27,385	-32,696	-22,245	-17,254	-18,420
Payment of Dividends	-9,882	-11,006	-11,845	-12,699	-13,811	-15,137	-16,521	-18,135	-19,800	-21,771	-24,082
Issuance of Debt	15,161	13,884	44,344	7,183	-	-	-	0.00	0.00	24,395	-5,746
Issuance of Common Equity	634	668	772	1,002	1,142	1,343	1,693	1,841	1,866	2,002	2,056
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-194	-	63

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	45,748	-63,147	2,329	-1,319	2,525	-3,358	11,346	1,414	-1,393	-4,553	7,809
Net Cash From Operating Activities	30,583	18,853	31,917	37,195	34,180	22,291	37,044	42,647	45,057	35,758	46,679
Net Cash From Continuing Operating Activities	30,583	18,853	31,917	37,195	34,180	22,291	37,044	42,647	45,057	35,758	46,679
Net Income / (Loss) Continuing Operations	22,291	21,870	21,939	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Consolidated Net Income / (Loss)	22,291	21,870	21,939	22,036	24,667	24,108	25,824	27,233	27,747	38,458	31,778
Depreciation Expense	3,921	5,959	6,027	6,380	7,383	6,827	8,740	11,203	13,061	4,284	10,167
Non-Cash Adjustments To Reconcile Net Income	1,953	1,324	1,429	1,595	2,707	2,907	438	7,964	1,976	5,139	-5,136
Changes in Operating Assets and Liabilities, net	2,418	-10,300	2,522	7,184	-577	-11,551	2,042	-3,753	2,273	-12,123	9,870
Net Cash From Investing Activities	503	-71,925	-10,700	-14,848	-15,201	-14,112	-12,714	-30,572	-34,559	-22,705	-27,405
Net Cash From Continuing Investing Activities	503	-71,925	-10,700	-14,848	-15,201	-14,112	-12,714	-30,572	-34,559	-22,705	-27,405
Purchase of Property, Plant & Equipment	-9,917	-9,735	-10,952	-13,873	-14,923	-15,804	-16,745	-17,079	-19,394	-29,876	-30,876
Acquisitions	-1,186	-65,029	-1,575	-1,342	-1,849	-1,405	-981	-1,743	-578	-455	-258
Purchase of Investments	-8,460	-4,258	-2,183	-2,831	-1,620	-2,050	-4,474	-21,631	-17,671	-9,845	-12,006
Sale and/or Maturity of Investments	21,048	5,750	5,291	3,580	4,104	5,163	8,882	7,239	9,293	18,108	18,334
Other Investing Activities, net	-982	1,347	-1,281	-382	-913	-16	604	2,642	-6,209	-637	-2,599
Net Cash From Financing Activities	14,761	-10,147	-18,808	-23,563	-16,576	-11,243	-13,036	-10,844	-11,799	-17,617	-11,351
Net Cash From Continuing Financing Activities	14,761	-10,147	-18,808	-23,563	-16,576	-11,243	-13,036	-10,844	-11,799	-17,617	-11,351
Repayment of Debt	16,885	-11,607	-15,897	-14,510	-1,855	-343	-2,632	5,069	-669	-3,699	-509
Repurchase of Common Equity	-4,831	-4,000	-4,213	-4,210	-4,107	-4,986	-4,781	-4,546	-5,650	-7,415	-4,627
Payment of Dividends	-5,051	-5,574	-5,572	-5,574	-5,574	-6,170	-6,169	-6,169	-6,169	-6,762	-6,756
Issuance of Common Equity	685	261	522	534	706	256	546	548	689	259	541

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Total Assets	174,472	193,468	250,312	258,848	286,556	301,311	333,779	364,840	411,976	512,163	619,003
Total Current Assets	122,797	139,660	162,696	169,662	175,552	181,915	184,406	169,684	184,257	159,734	191,131
Cash & Equivalents	5,595	6,510	7,663	11,946	11,356	13,576	14,224	13,931	34,704	18,315	30,242
Short-Term Investments	90,931	106,730	125,318	121,822	122,463	122,951	116,110	90,826	76,558	57,228	64,323
Accounts Receivable	17,908	18,277	22,431	26,481	29,524	32,011	38,043	44,261	48,688	56,924	69,905
Inventories, net	2,902	2,251	2,181	2,662	2,063	1,895	2,636	3,742	2,500	1,246	938
Other Current Assets	5,461	5,892	5,103	6,751	10,146	11,482	13,393	16,924	21,807	26,021	25,723
Plant, Property, & Equipment, net	14,731	18,356	23,734	29,460	36,477	44,151	59,715	74,398	95,641	135,591	204,966
Total Noncurrent Assets	36,944	35,452	63,882	59,726	74,527	75,245	89,658	120,758	132,078	216,838	222,906
Long-Term Investments	12,053	10,431	6,023	1,862	2,649	2,965	5,984	6,891	9,879	14,600	15,405
Goodwill	16,939	17,872	35,122	35,683	42,026	43,351	49,711	67,524	67,886	119,220	119,509
Intangible Assets	4,835	3,733	10,106	8,053	7,750	7,038	7,800	11,298	9,366	27,597	22,604
Other Noncurrent Operating Assets	3,117	3,416	12,631	14,128	22,102	21,891	26,163	35,045	44,947	55,421	65,388
Total Liabilities & Shareholders' Equity	174,472	193,468	250,312	258,848	286,556	301,311	333,779	364,840	411,976	512,163	619,003
Total Liabilities	94,389	121,471	162,601	176,130	184,226	183,007	191,791	198,298	205,753	243,686	275,524
Total Current Liabilities	49,647	59,357	55,745	58,488	69,420	72,310	88,657	95,082	104,149	125,286	141,218
Short-Term Debt	7,484	12,904	10,121	3,998	5,516	3,749	8,072	2,749	5,247	8,942	2,999
Accounts Payable	6,591	6,898	7,390	8,617	9,382	12,530	15,163	19,000	18,095	21,996	27,724
Current Deferred Revenue	23,223	27,468	24,013	28,905	32,676	36,000	41,525	45,538	50,901	57,582	64,555
Current Deferred & Payable Income Tax Liabilities	606	580	718	2,121	5,665	2,130	2,174	4,067	4,152	5,017	7,211
Current Employee Benefit Liabilities	5,096	5,264	5,819	6,103	6,830	7,874	10,057	10,661	11,009	12,564	13,709
Other Current Liabilities	6,555	5,949	7,684	8,744	9,351	10,027	11,666	13,067	14,745	19,185	25,020
Total Noncurrent Liabilities	44,742	62,114	106,856	117,642	114,806	110,697	103,134	103,216	101,604	118,400	134,306
Long-Term Debt	27,808	40,557	76,073	72,242	66,662	59,578	50,074	47,032	41,990	42,688	40,152
Noncurrent Deferred Revenue	2,095	6,441	16,128	34,080	34,142	32,612	29,806	28,939	28,472	30,533	28,696
Noncurrent Deferred & Payable Income Tax Liabilities	1,295	1,476	5,734	541	233	204	198	230	433	2,618	2,835
Other Noncurrent Operating Liabilities	13,544	13,640	8,921	10,779	13,769	18,303	23,056	27,015	30,709	42,561	62,623
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	80,083	71,997	87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479
Total Preferred & Common Equity	80,083	71,997	87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479
Total Common Equity	80,083	71,997	87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479
Common Stock	68,465	68,178	69,315	71,223	78,520	80,552	83,111	86,939	93,718	100,923	109,095
Retained Earnings	9,096	2,282	17,769	13,682	24,150	34,566	57,055	84,281	118,848	173,144	237,731
Accumulated Other Comprehensive Income / (Loss)	2,522	1,537	627	-2,187	-340	3,186	1,822	-4,678	-6,343	-5,590	-3,347

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	411,976	445,785	470,558	484,275	512,163	523,013	533,898	562,624	636,351	665,302	694,228
Total Current Assets	184,257	207,586	147,393	147,180	159,734	149,926	147,080	156,644	189,066	180,190	175,329
Cash & Equivalents	34,704	80,452	17,305	19,634	18,315	20,840	17,482	28,828	28,849	24,296	32,105
Short-Term Investments	76,558	63,499	63,712	60,387	57,228	57,588	54,073	50,790	73,163	65,166	46,167
Accounts Receivable	48,688	36,953	42,831	44,029	56,924	44,148	48,188	51,700	52,894	56,535	60,041
Inventories, net	2,500	3,000	1,615	1,304	1,246	1,626	909	848	1,130	1,059	1,219
Other Current Assets	21,807	23,682	21,930	21,826	26,021	25,724	26,428	24,478	33,030	33,134	35,797
Plant, Property, & Equipment, net	95,641	102,502	112,308	121,375	135,591	152,863	166,902	183,939	230,861	261,126	283,228
Total Noncurrent Assets	132,078	135,697	210,857	215,720	216,838	220,224	219,916	222,041	216,424	223,986	235,671
Long-Term Investments	9,879	11,423	13,367	14,807	14,600	15,778	15,581	16,035	11,465	21,202	33,683
Goodwill	67,886	67,790	118,931	119,163	119,220	119,374	119,191	119,329	119,497	119,622	119,661
Intangible Assets	9,366	8,895	29,896	28,828	27,597	26,751	25,385	23,968	21,236	20,289	19,325
Other Noncurrent Operating Assets	44,947	47,589	48,663	52,922	55,421	58,321	59,759	62,709	64,226	62,873	63,002
Total Liabilities & Shareholders' Equity	411,976	445,785	470,558	484,275	512,163	523,013	533,898	562,624	636,351	665,302	694,228
Total Liabilities	205,753	225,071	232,290	231,123	243,686	235,290	231,203	240,733	273,275	274,427	279,861
Total Current Liabilities	104,149	124,792	121,016	118,525	125,286	115,200	108,882	114,206	134,996	130,005	136,661
Short-Term Debt	5,247	29,556	29,291	22,784	8,942	2,249	5,248	2,999	7,832	4,837	8,839
Accounts Payable	18,095	19,307	17,695	18,087	21,996	22,768	22,608	26,250	32,580	37,328	37,513
Current Deferred Revenue	50,901	46,429	43,068	41,888	57,582	53,026	45,508	44,636	58,987	51,376	50,924
Current Deferred & Payable Income Tax Liabilities	4,152	8,035	5,787	7,311	5,017	9,717	6,056	6,805	3,655	2,050	3,563
Current Employee Benefit Liabilities	11,009	6,990	8,813	10,432	12,564	8,326	9,176	10,579	9,201	10,103	11,270
Other Current Liabilities	14,745	14,475	16,362	18,023	19,185	19,114	20,286	22,937	22,741	24,311	24,552
Total Noncurrent Liabilities	101,604	100,279	111,274	112,598	118,400	120,090	122,321	126,527	138,279	144,422	143,200
Long-Term Debt	41,990	41,946	44,928	42,658	42,688	42,868	39,722	39,882	35,376	35,425	31,423
Noncurrent Deferred Revenue	28,472	25,742	28,856	29,731	30,533	27,115	26,926	27,901	29,115	29,924	30,694
Noncurrent Deferred & Payable Income Tax Liabilities	433	470	2,548	2,469	2,618	2,581	2,513	2,522	2,852	2,876	2,899
Other Noncurrent Operating Liabilities	30,709	32,121	34,942	37,740	42,561	47,526	53,160	56,222	70,936	76,197	78,184
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	206,223	220,714	238,268	253,152	268,477	287,723	302,695	321,891	363,076	390,875	414,367
Total Preferred & Common Equity	206,223	220,714	238,268	253,152	268,477	287,723	302,695	321,891	363,076	390,875	414,367
Total Common Equity	206,223	220,714	238,268	253,152	268,477	287,723	302,695	321,891	363,076	390,875	414,367
Common Stock	93,718	95,508	97,480	99,193	100,923	102,976	104,829	106,965	110,964	112,788	115,069
Retained Earnings	118,848	132,143	145,737	159,394	173,144	188,929	203,482	219,759	254,873	280,789	302,526
Accumulated Other Comprehensive Income / (Loss)	-6,343	-6,937	-4,949	-5,435	-5,590	-4,182	-5,616	-4,833	-2,761	-2,702	-3,228

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.77%	-2.59%	5.94%	14.28%	14.03%	13.65%	17.53%	17.96%	6.88%	15.67%	14.93%
EBITDA Growth	-25.94%	31.87%	19.89%	20.83%	18.48%	18.89%	25.76%	18.59%	5.09%	26.07%	21.30%
EBIT Growth	-33.48%	38.54%	16.62%	21.98%	19.78%	21.40%	34.06%	17.74%	6.68%	20.69%	14.70%
NOPAT Growth	-45.68%	74.60%	18.44%	-35.63%	142.25%	14.59%	36.26%	20.25%	-1.00%	24.76%	18.31%
Net Income Growth	-44.76%	68.45%	24.10%	-34.99%	136.80%	12.85%	38.37%	18.72%	-0.52%	21.80%	15.54%
EPS Growth	-43.73%	72.97%	26.95%	-34.46%	137.56%	13.83%	39.76%	19.88%	0.31%	21.90%	15.59%
Operating Cash Flow Growth	-8.72%	12.33%	18.55%	11.08%	18.92%	16.27%	26.48%	16.02%	-1.63%	35.36%	14.86%
Free Cash Flow Firm Growth	4.29%	49.78%	-132.32%	428.49%	-13.19%	68.04%	-3.85%	-18.10%	39.53%	-118.52%	824.88%
Invested Capital Growth	-43.94%	-73.71%	1,853.05%	-33.16%	63.07%	10.78%	51.44%	64.03%	26.41%	73.80%	20.31%
Revenue Q/Q Growth	-1.27%	4.91%	-0.87%	4.23%	2.97%	3.11%	5.08%	2.97%	2.08%	3.61%	4.34%
EBITDA Q/Q Growth	-25.97%	54.71%	-2.14%	6.60%	4.38%	2.18%	7.57%	1.78%	4.18%	4.02%	6.90%
EBIT Q/Q Growth	-31.05%	75.03%	-4.10%	8.06%	4.59%	1.58%	9.19%	1.31%	4.98%	2.40%	4.54%
NOPAT Q/Q Growth	-39.85%	94.01%	4.78%	5.36%	12.74%	-3.96%	9.05%	0.83%	4.24%	3.34%	6.08%
Net Income Q/Q Growth	-39.04%	95.96%	4.97%	5.10%	12.35%	-4.29%	9.38%	0.39%	4.84%	2.27%	5.38%
EPS Q/Q Growth	-38.59%	93.94%	5.52%	6.50%	11.95%	-3.84%	9.52%	0.73%	4.76%	2.25%	5.49%
Operating Cash Flow Q/Q Growth	-9.01%	5.09%	6.87%	0.95%	9.87%	4.41%	5.55%	2.20%	4.96%	7.65%	4.17%
Free Cash Flow Firm Q/Q Growth	41.32%	23.46%	-210.02%	94.39%	10.58%	2.45%	12.41%	-2.39%	7.50%	-0.45%	8.69%
Invested Capital Q/Q Growth	-53.27%	-58.76%	71.60%	9.48%	12.07%	3.22%	3.33%	3.38%	2.53%	2.77%	2.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.70%	64.04%	64.52%	65.25%	65.90%	67.78%	68.93%	68.40%	68.92%	69.76%	68.82%
EBITDA Margin	26.14%	35.39%	40.05%	42.35%	44.00%	46.03%	49.25%	49.52%	48.69%	53.07%	56.01%
Operating Margin	19.41%	28.61%	30.06%	31.77%	34.14%	37.03%	41.59%	42.06%	41.77%	44.64%	45.62%
EBIT Margin	19.78%	28.13%	30.96%	33.05%	34.72%	37.08%	42.30%	42.22%	42.14%	43.97%	43.88%
Profit (Net Income) Margin	13.03%	22.53%	26.39%	15.02%	31.18%	30.96%	36.45%	36.69%	34.15%	35.96%	36.15%
Tax Burden Percent	65.88%	80.11%	85.24%	45.43%	89.82%	83.49%	86.17%	86.89%	81.02%	81.77%	82.37%
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	34.12%	19.89%	14.76%	54.57%	10.18%	16.51%	13.83%	13.11%	18.98%	18.23%	17.63%
Return on Invested Capital (ROIC)	126.49%	486.79%	134.88%	54.71%	125.75%	110.30%	113.73%	86.00%	60.53%	49.40%	41.79%
ROIC Less NNEP Spread (ROIC-NNEP)	126.19%	487.28%	133.67%	53.56%	124.69%	110.20%	112.40%	85.58%	59.59%	51.79%	49.46%
Return on Net Nonoperating Assets (RNNOA)	-112.13%	-459.78%	-102.96%	-35.26%	-83.34%	-70.16%	-66.65%	-38.85%	-21.70%	-12.27%	-8.51%
Return on Equity (ROE)	14.36%	27.01%	31.92%	19.45%	42.41%	40.14%	47.08%	47.15%	38.82%	37.13%	33.28%
Cash Return on Invested Capital (CROIC)	182.80%	603.51%	-45.64%	94.46%	77.80%	100.07%	72.81%	37.50%	37.20%	-4.51%	23.36%
Operating Return on Assets (OROA)	10.67%	13.94%	13.48%	14.33%	16.02%	18.04%	22.39%	23.97%	22.99%	23.33%	21.86%
Return on Assets (ROA)	7.03%	11.16%	11.49%	6.51%	14.39%	15.07%	19.30%	20.82%	18.63%	19.07%	18.00%
Return on Common Equity (ROCE)	14.36%	27.01%	31.92%	19.45%	42.41%	40.14%	47.08%	47.15%	38.82%	37.13%	33.28%
Return on Equity Simple (ROE_SIMPLE)	15.23%	28.53%	29.06%	20.03%	38.35%	37.43%	43.15%	43.68%	35.09%	32.83%	0.00%
Net Operating Profit after Tax (NOPAT)	11,965	20,891	24,742	15,928	38,585	44,217	60,249	72,449	71,723	89,482	105,869
NOPAT Margin	12.79%	22.92%	25.62%	14.43%	30.66%	30.92%	35.84%	36.54%	33.85%	36.51%	37.58%
Net Nonoperating Expense Percent (NNEP)	0.30%	-0.49%	1.21%	1.15%	1.06%	0.09%	1.32%	0.41%	0.94%	-2.39%	-7.67%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	27.38%
Cost of Revenue to Revenue	35.30%	35.96%	35.48%	34.75%	34.10%	32.22%	31.07%	31.60%	31.08%	30.24%	31.18%
SG&A Expenses to Revenue	4.93%	5.01%	4.64%	4.31%	3.88%	3.57%	3.04%	2.98%	3.57%	3.10%	2.56%
R&D to Revenue	12.87%	13.15%	13.50%	13.34%	13.41%	13.47%	12.32%	12.36%	12.83%	12.04%	11.53%
Operating Expenses to Revenue	45.29%	35.43%	34.47%	33.48%	31.77%	30.75%	27.33%	26.35%	27.15%	25.12%	23.20%
Earnings before Interest and Taxes (EBIT)	18,507	25,639	29,901	36,474	43,688	53,036	71,102	83,716	89,311	107,787	123,627
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24,464	32,261	38,679	46,735	55,370	65,832	82,788	98,176	103,172	130,074	157,780
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.89	5.01	5.57	8.58	9.55	12.57	13.98	11.31	12.16	12.35	10.76
Price to Tangible Book Value (P/TBV)	5.34	7.16	11.51	18.21	18.59	21.90	23.50	21.48	19.45	27.26	18.36
Price to Revenue (P/Rev)	3.33	3.96	5.06	6.43	7.77	10.40	11.81	9.50	11.83	13.53	13.12
Price to Earnings (P/E)	25.55	17.55	19.18	42.83	24.90	33.59	32.40	25.91	34.66	37.62	36.31
Dividend Yield	3.14%	3.03%	2.42%	1.79%	1.41%	1.01%	0.83%	0.96%	0.79%	0.66%	0.65%
Earnings Yield	3.91%	5.70%	5.21%	2.33%	4.02%	2.98%	3.09%	3.86%	2.89%	2.66%	2.75%
Enterprise Value to Invested Capital (EV/IC)	35.05	162.48	12.50	27.88	24.00	33.49	29.88	17.41	18.40	14.25	13.12
Enterprise Value to Revenue (EV/Rev)	2.55	3.19	4.52	5.89	7.25	9.87	11.35	9.19	11.49	13.37	12.89
Enterprise Value to EBITDA (EV/EBITDA)	9.74	9.00	11.28	13.92	16.49	21.44	23.04	18.56	23.59	25.20	23.01
Enterprise Value to EBIT (EV/EBIT)	12.87	11.32	14.59	17.83	20.90	26.61	26.82	21.77	27.25	30.41	29.36
Enterprise Value to NOPAT (EV/NOPAT)	19.91	13.90	17.63	40.83	23.66	31.91	31.65	25.15	33.94	36.63	34.29
Enterprise Value to Operating Cash Flow (EV/OCF)	8.03	8.71	11.04	14.82	17.49	23.26	24.85	20.47	27.79	27.65	26.66
Enterprise Value to Free Cash Flow (EV/FCFF)	13.78	11.21	0.00	23.65	38.24	35.17	49.44	57.69	55.22	0.00	61.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.74	0.98	0.92	0.71	0.54	0.41	0.30	0.23	0.19	0.13
Long-Term Debt to Equity	0.35	0.56	0.87	0.87	0.65	0.50	0.35	0.28	0.20	0.16	0.12
Financial Leverage	-0.89	-0.94	-0.77	-0.66	-0.67	-0.64	-0.59	-0.45	-0.36	-0.24	-0.17
Leverage Ratio	2.04	2.42	2.78	2.99	2.95	2.66	2.44	2.26	2.08	1.95	1.85
Compound Leverage Factor	2.04	2.42	2.78	2.99	2.95	2.66	2.44	2.26	2.08	1.95	1.85
Debt to Total Capital	30.59%	42.61%	49.56%	47.96%	41.36%	34.87%	29.05%	23.01%	18.64%	16.13%	11.16%
Short-Term Debt to Total Capital	6.49%	10.29%	5.82%	2.52%	3.16%	2.06%	4.03%	1.27%	2.07%	2.79%	0.78%
Long-Term Debt to Total Capital	24.10%	32.33%	43.74%	45.45%	38.20%	32.80%	25.02%	21.74%	16.57%	13.34%	10.39%
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	69.41%	57.39%	50.44%	52.04%	58.64%	65.13%	70.95%	76.99%	81.36%	83.87%	88.84%
Debt to EBITDA	1.44	1.66	2.23	1.63	1.30	0.96	0.70	0.51	0.46	0.40	0.27
Net Debt to EBITDA	-3.00	-2.18	-1.37	-1.27	-1.16	-1.16	-0.94	-0.63	-0.72	-0.30	-0.42
Long-Term Debt to EBITDA	1.14	1.26	1.97	1.55	1.20	0.91	0.60	0.48	0.41	0.33	0.25
Debt to NOPAT	2.95	2.56	3.48	4.79	1.87	1.43	0.97	0.69	0.66	0.58	0.41
Net Debt to NOPAT	-6.13	-3.36	-2.13	-3.73	-1.67	-1.72	-1.30	-0.85	-1.03	-0.43	-0.63
Long-Term Debt to NOPAT	2.32	1.94	3.07	4.54	1.73	1.35	0.83	0.65	0.59	0.48	0.38
Altman Z-Score	3.44	3.20	3.20	3.90	4.69	6.53	8.00	7.57	9.18	9.89	9.80
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	2.47	2.35	2.92	2.90	2.53	2.52	2.08	1.78	1.77	1.28	1.35
Quick Ratio	2.31	2.22	2.79	2.74	2.35	2.33	1.90	1.57	1.54	1.06	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	17,292	25,900	-8,372	27,501	23,873	40,118	38,572	31,590	44,079	-8,163	59,173
Operating Cash Flow to CapEx	499.13%	399.44%	486.00%	377.27%	374.76%	392.95%	372.13%	372.75%	311.60%	266.54%	210.94%
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	0.54	0.50	0.44	0.43	0.46	0.49	0.53	0.57	0.55	0.53	0.50
Accounts Receivable Turnover	5.00	5.04	4.74	4.51	4.49	4.65	4.80	4.82	4.56	4.64	4.44
Inventory Turnover	11.88	12.72	15.46	15.84	18.16	23.28	23.06	19.65	21.10	39.57	80.43
Fixed Asset Turnover	6.75	5.51	4.59	4.15	3.82	3.55	3.24	2.96	2.49	2.12	1.65
Accounts Payable Turnover	4.71	4.86	4.80	4.79	4.77	4.21	3.77	3.67	3.55	3.70	3.53
Days Sales Outstanding (DSO)	73.04	72.45	76.93	80.88	81.22	78.52	76.06	75.76	80.05	78.63	82.16
Days Inventory Outstanding (DIO)	30.72	28.69	23.61	23.05	20.10	15.68	15.83	18.58	17.30	9.22	4.54
Days Payable Outstanding (DPO)	77.46	75.10	76.11	76.17	76.55	86.79	96.76	99.52	102.79	98.72	103.31
Cash Conversion Cycle (CCC)	26.30	26.04	24.43	27.76	24.76	7.41	-4.87	-5.18	-5.44	-10.87	-16.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,796	1,787	34,901	23,328	38,040	42,139	63,816	104,675	132,319	229,964	276,660
Invested Capital Turnover	9.89	21.24	5.26	7.58	4.10	3.57	3.17	2.35	1.79	1.35	1.11
Increase / (Decrease) in Invested Capital	-5,327	-5,009	33,114	-11,573	14,712	4,099	21,677	40,859	27,644	97,645	46,696
Enterprise Value (EV)	238,211	290,343	436,168	650,343	912,928	1,411,110	1,907,095	1,822,421	2,434,003	3,277,379	3,630,203
Market Capitalization	311,498	360,553	488,978	709,733	977,218	1,487,275	1,985,267	1,884,288	2,507,907	3,315,892	3,697,022
Book Value per Share	$9.90	$9.16	$11.36	$10.77	$13.35	$15.60	$18.85	$22.27	$27.74	$36.12	$46.21
Tangible Book Value per Share	$7.21	$6.41	$5.50	$5.07	$6.86	$8.96	$11.22	$11.73	$17.35	$16.37	$27.09
Total Capital	115,375	125,458	173,905	158,958	174,508	181,631	200,134	216,323	253,460	320,107	386,630
Total Debt	35,292	53,461	86,194	76,240	72,178	63,327	58,146	49,781	47,237	51,630	43,151
Total Long-Term Debt	27,808	40,557	76,073	72,242	66,662	59,578	50,074	47,032	41,990	42,688	40,152
Net Debt	-73,287	-70,210	-52,810	-59,390	-64,290	-76,165	-78,172	-61,867	-73,904	-38,513	-66,819
Capital Expenditures (CapEx)	5,944	8,343	8,129	11,632	13,925	15,441	20,622	23,886	28,107	44,477	64,551
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15,892	-20,033	-15,909	-18,596	-22,171	-23,173	-26,513	-27,406	-25,907	-32,153	-41,653
Debt-free Net Working Capital (DFNWC)	80,634	93,207	117,072	115,172	111,648	113,354	103,821	77,351	85,355	43,390	52,912
Net Working Capital (NWC)	73,150	80,303	106,951	111,174	106,132	109,605	95,749	74,602	80,108	34,448	49,913
Net Nonoperating Expense (NNE)	-228	352	-747	-643	-655	-64	-1,022	-289	-638	1,346	4,037
Net Nonoperating Obligations (NNO)	-73,287	-70,210	-52,810	-59,390	-64,290	-76,165	-78,172	-61,867	-73,904	-38,513	-66,819
Total Depreciation and Amortization (D&A)	5,957	6,622	8,778	10,261	11,682	12,796	11,686	14,460	13,861	22,287	34,153
Debt-free, Cash-free Net Working Capital to Revenue	-16.98%	-21.98%	-16.47%	-16.85%	-17.62%	-16.20%	-15.77%	-13.82%	-12.23%	-13.12%	-14.79%
Debt-free Net Working Capital to Revenue	86.17%	102.25%	121.23%	104.36%	88.72%	79.26%	61.77%	39.01%	40.28%	17.70%	18.78%
Net Working Capital to Revenue	78.17%	88.10%	110.75%	100.74%	84.34%	76.64%	56.96%	37.63%	37.80%	14.05%	17.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.49	$2.12	$2.74	$2.15	$5.11	$5.82	$8.12	$9.70	$9.72	$11.86	$13.70
Adjusted Weighted Average Basic Shares Outstanding	8.18B	7.93B	7.75B	7.70B	7.67B	7.61B	7.55B	7.50B	7.45B	7.43B	7.43B
Adjusted Diluted Earnings per Share	$1.48	$2.10	$2.71	$2.13	$5.06	$5.76	$8.05	$9.65	$9.68	$11.80	$13.64
Adjusted Weighted Average Diluted Shares Outstanding	8.25B	8.01B	7.83B	7.79B	7.75B	7.68B	7.61B	7.54B	7.47B	7.47B	7.47B
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	8.00B	7.79B	7.70B	7.67B	7.64B	7.57B	7.51B	7.46B	7.43B	7.43B	7.43B
Normalized Net Operating Profit after Tax (NOPAT)	18,561	21,780	25,003	24,541	38,585	44,217	60,249	72,449	71,723	89,482	105,869
Normalized NOPAT Margin	19.83%	23.89%	25.89%	22.24%	30.66%	30.92%	35.84%	36.54%	33.85%	36.51%	37.58%
Pre Tax Income Margin	19.78%	28.13%	30.96%	33.05%	34.72%	37.08%	42.30%	42.22%	42.14%	43.97%	43.88%
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	81.05%	53.59%	46.47%	76.63%	35.20%	34.18%	26.96%	24.93%	27.36%	24.70%	23.65%
Augmented Payout Ratio	199.50%	131.34%	92.72%	141.33%	85.00%	86.05%	71.66%	69.88%	58.10%	44.28%	41.74%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	7,425,629,076.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	7,425,629,076.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.76%	17.58%	17.03%	15.20%	16.04%	12.27%	13.27%	18.10%	18.43%	16.72%	18.30%
EBITDA Growth	28.09%	35.43%	24.91%	17.58%	20.66%	11.41%	22.48%	30.30%	25.79%	52.86%	26.58%
EBIT Growth	26.48%	30.42%	17.88%	10.20%	10.94%	10.70%	17.40%	19.69%	13.32%	64.30%	25.38%
NOPAT Growth	25.47%	35.29%	25.50%	14.65%	13.31%	16.60%	16.33%	26.91%	23.34%	17.41%	17.77%
Net Income Growth	26.97%	33.15%	19.89%	9.74%	10.66%	10.23%	17.71%	23.58%	12.49%	59.52%	23.06%
EPS Growth	27.23%	33.18%	20.00%	9.70%	10.37%	10.24%	17.69%	24.15%	12.73%	59.75%	23.41%
Operating Cash Flow Growth	31.83%	68.74%	30.59%	29.28%	11.76%	18.24%	16.06%	14.66%	31.82%	60.41%	26.01%
Free Cash Flow Firm Growth	69.61%	-160.99%	-638.39%	-844.53%	-1,033.83%	76.90%	73.62%	75.97%	69.48%	-79.04%	-123.69%
Invested Capital Growth	26.60%	74.98%	73.39%	73.80%	74.39%	19.45%	20.27%	20.31%	22.70%	23.01%	27.33%
Revenue Q/Q Growth	0.58%	9.74%	-0.26%	4.64%	1.33%	6.17%	0.62%	9.10%	1.61%	4.63%	1.98%
EBITDA Q/Q Growth	9.10%	4.10%	0.83%	2.67%	11.96%	-3.88%	10.84%	9.23%	8.09%	10.91%	-5.75%
EBIT Q/Q Growth	10.34%	-2.78%	0.76%	1.96%	11.08%	-2.99%	6.85%	3.95%	5.17%	40.65%	-18.46%
NOPAT Q/Q Growth	11.56%	1.43%	1.58%	-0.26%	10.26%	4.37%	1.35%	8.81%	7.15%	-0.64%	1.66%
Net Income Q/Q Growth	11.01%	-1.89%	0.32%	0.44%	11.94%	-2.27%	7.12%	5.46%	1.89%	38.60%	-17.37%
EPS Q/Q Growth	11.57%	-2.01%	0.34%	0.00%	12.24%	-2.12%	7.12%	5.49%	1.92%	38.71%	-17.25%
Operating Cash Flow Q/Q Growth	6.30%	-38.35%	69.29%	16.54%	-8.11%	-34.78%	66.18%	15.13%	5.65%	-20.64%	30.54%
Free Cash Flow Firm Q/Q Growth	14.66%	-949.41%	-1.27%	-4.15%	-2.44%	78.62%	-15.67%	5.15%	-30.09%	-25.44%	-44.52%
Invested Capital Q/Q Growth	3.42%	59.38%	2.60%	2.77%	3.77%	9.18%	3.30%	2.80%	5.84%	9.45%	6.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.16%	68.36%	70.08%	69.59%	69.35%	68.69%	68.72%	68.58%	69.05%	68.04%	67.63%
EBITDA Margin	55.21%	52.38%	52.95%	51.96%	57.41%	51.98%	57.26%	57.32%	60.98%	64.63%	59.73%
Operating Margin	47.59%	43.59%	44.59%	43.14%	46.58%	45.46%	45.67%	44.90%	48.87%	47.09%	46.33%
EBIT Margin	48.28%	42.77%	43.21%	42.10%	46.15%	42.17%	44.78%	42.67%	44.16%	59.36%	47.46%
Profit (Net Income) Margin	39.44%	35.26%	35.47%	34.04%	37.61%	34.62%	36.86%	35.63%	35.72%	47.32%	38.34%
Tax Burden Percent	81.70%	82.45%	82.09%	80.87%	81.49%	82.10%	82.30%	83.50%	80.89%	79.71%	80.78%
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	18.30%	17.55%	17.91%	19.13%	18.51%	17.90%	17.70%	16.50%	19.11%	20.29%	19.22%
Return on Invested Capital (ROIC)	69.31%	47.72%	49.08%	47.21%	51.40%	40.83%	41.18%	41.70%	43.71%	39.47%	38.94%
ROIC Less NNEP Spread (ROIC-NNEP)	68.88%	48.78%	50.56%	48.18%	51.75%	46.85%	42.43%	44.40%	48.68%	25.35%	37.71%
Return on Net Nonoperating Assets (RNNOA)	-26.09%	-9.11%	-10.73%	-11.41%	-13.53%	-5.40%	-6.06%	-7.64%	-8.93%	-4.11%	-6.38%
Return on Equity (ROE)	43.22%	38.62%	38.36%	35.80%	37.87%	35.43%	35.12%	34.05%	34.79%	35.36%	32.56%
Cash Return on Invested Capital (CROIC)	38.73%	-6.69%	-4.61%	-4.51%	-5.00%	22.43%	22.09%	23.36%	21.66%	19.30%	15.42%
Operating Return on Assets (OROA)	26.17%	23.31%	23.65%	22.33%	24.22%	21.98%	23.10%	21.25%	22.38%	30.24%	24.04%
Return on Assets (ROA)	21.38%	19.22%	19.42%	18.06%	19.74%	18.05%	19.01%	17.75%	18.11%	24.11%	19.42%
Return on Common Equity (ROCE)	43.22%	38.62%	38.36%	35.80%	37.87%	35.43%	35.12%	34.05%	34.79%	35.36%	32.56%
Return on Equity Simple (ROE_SIMPLE)	34.93%	34.64%	34.04%	0.00%	31.46%	30.64%	30.02%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	21,973	22,287	22,640	22,582	24,898	25,986	26,337	28,658	30,708	30,510	31,017
NOPAT Margin	38.88%	35.94%	36.60%	34.89%	37.96%	37.32%	37.59%	37.49%	39.53%	37.54%	37.42%
Net Nonoperating Expense Percent (NNEP)	0.43%	-1.06%	-1.48%	-0.97%	-0.35%	-6.03%	-1.25%	-2.71%	-4.96%	14.12%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-	7.13%	-	-	-	7.47%	7.22%	7.41%	7.56%	7.08%	6.82%
Cost of Revenue to Revenue	28.84%	31.64%	29.92%	30.41%	30.65%	31.31%	31.28%	31.42%	30.95%	31.96%	32.37%
SG&A Expenses to Revenue	2.61%	3.19%	3.09%	3.47%	2.55%	2.62%	2.48%	2.60%	2.33%	2.38%	2.33%
R&D to Revenue	11.78%	11.52%	12.37%	12.45%	11.50%	11.37%	11.70%	11.55%	10.49%	10.46%	10.76%
Operating Expenses to Revenue	23.57%	24.77%	25.50%	26.45%	22.77%	23.24%	23.05%	23.68%	20.17%	20.94%	21.31%
Earnings before Interest and Taxes (EBIT)	27,284	26,526	26,727	27,250	30,269	29,365	31,377	32,616	34,301	48,246	39,340
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31,205	32,485	32,754	33,630	37,652	36,192	40,117	43,819	47,362	52,530	49,507
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.55	11.64	12.30	12.35	11.12	10.35	8.67	10.76	10.60	9.20	6.63
Price to Tangible Book Value (P/TBV)	16.17	31.02	29.62	27.26	22.59	19.82	15.63	18.36	17.32	14.32	9.98
Price to Revenue (P/Rev)	10.67	12.19	13.17	13.53	12.58	11.97	10.34	13.12	13.10	11.77	8.64
Price to Earnings (P/E)	30.20	33.61	36.14	37.62	35.34	33.79	28.88	36.31	36.70	30.14	21.95
Dividend Yield	0.87%	0.75%	0.68%	0.66%	0.70%	0.73%	0.84%	0.65%	0.64%	0.70%	0.94%
Earnings Yield	3.31%	2.98%	2.77%	2.66%	2.83%	2.96%	3.46%	2.75%	2.73%	3.32%	4.56%
Enterprise Value to Invested Capital (EV/IC)	16.40	12.63	13.79	14.25	13.20	11.87	10.17	13.12	12.91	11.00	7.81
Enterprise Value to Revenue (EV/Rev)	10.28	12.10	13.04	13.37	12.39	11.81	10.14	12.89	12.86	11.54	8.41
Enterprise Value to EBITDA (EV/EBITDA)	20.40	23.24	24.68	25.20	23.07	22.05	18.55	23.01	22.57	18.98	13.65
Enterprise Value to EBIT (EV/EBIT)	23.62	27.21	29.31	30.41	28.43	27.21	23.15	29.36	29.61	24.05	17.33
Enterprise Value to NOPAT (EV/NOPAT)	29.46	33.59	35.63	36.63	34.08	32.17	27.43	34.29	33.83	30.37	22.18
Enterprise Value to Operating Cash Flow (EV/OCF)	23.64	26.83	28.02	27.65	25.78	24.62	20.95	26.66	25.71	21.96	15.73
Enterprise Value to Free Cash Flow (EV/FCFF)	47.32	0.00	0.00	0.00	0.00	57.60	50.29	61.35	65.69	62.84	56.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.31	0.26	0.19	0.16	0.15	0.13	0.13	0.12	0.10	0.10
Long-Term Debt to Equity	0.19	0.19	0.17	0.16	0.15	0.13	0.12	0.12	0.10	0.09	0.08
Financial Leverage	-0.38	-0.19	-0.21	-0.24	-0.26	-0.12	-0.14	-0.17	-0.18	-0.16	-0.17
Leverage Ratio	2.04	1.98	1.93	1.95	1.91	1.86	1.82	1.85	1.78	1.73	1.71
Compound Leverage Factor	2.04	1.98	1.93	1.95	1.91	1.86	1.82	1.85	1.78	1.73	1.71
Debt to Total Capital	24.47%	23.75%	20.54%	16.13%	13.56%	12.93%	11.76%	11.16%	10.63%	9.34%	8.86%
Short-Term Debt to Total Capital	10.11%	9.37%	7.15%	2.79%	0.68%	1.51%	0.82%	0.78%	1.93%	1.12%	1.94%
Long-Term Debt to Total Capital	14.35%	14.38%	13.39%	13.34%	12.88%	11.43%	10.93%	10.39%	8.71%	8.22%	6.91%
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	75.53%	76.25%	79.46%	83.87%	86.44%	87.07%	88.24%	88.84%	89.37%	90.66%	91.14%
Debt to EBITDA	0.65	0.63	0.52	0.40	0.33	0.32	0.29	0.27	0.26	0.22	0.21
Net Debt to EBITDA	-0.76	-0.17	-0.24	-0.30	-0.36	-0.30	-0.36	-0.42	-0.42	-0.38	-0.37
Long-Term Debt to EBITDA	0.38	0.38	0.34	0.33	0.31	0.28	0.27	0.25	0.21	0.19	0.16
Debt to NOPAT	0.94	0.91	0.76	0.58	0.49	0.47	0.43	0.41	0.39	0.35	0.33
Net Debt to NOPAT	-1.10	-0.25	-0.34	-0.43	-0.53	-0.44	-0.53	-0.63	-0.63	-0.61	-0.59
Long-Term Debt to NOPAT	0.55	0.55	0.49	0.48	0.46	0.41	0.40	0.38	0.32	0.31	0.26
Altman Z-Score	7.54	8.34	9.29	9.37	9.42	9.42	8.26	9.31	9.76	9.24	7.22
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	1.66	1.22	1.24	1.28	1.30	1.35	1.37	1.35	1.40	1.39	1.28
Quick Ratio	1.45	1.02	1.05	1.06	1.06	1.10	1.15	1.16	1.15	1.12	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,782	-71,169	-72,075	-75,063	-76,894	-16,440	-19,016	-18,038	-23,465	-29,434	-42,538
Operating Cash Flow to CapEx	308.39%	193.66%	291.43%	268.11%	229.04%	141.05%	221.22%	249.70%	232.32%	119.69%	151.18%
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	0.54	0.55	0.55	0.53	0.52	0.52	0.52	0.50	0.51	0.51	0.51
Accounts Receivable Turnover	6.40	5.79	5.81	4.64	6.27	5.75	5.64	4.44	6.06	5.83	5.70
Inventory Turnover	18.36	29.97	34.07	39.57	33.68	63.46	77.60	80.43	66.60	97.51	97.59
Fixed Asset Turnover	2.43	2.33	2.26	2.12	1.99	1.88	1.77	1.65	1.53	1.43	1.36
Accounts Payable Turnover	3.71	4.17	4.27	3.70	3.70	3.97	3.77	3.53	3.32	3.20	3.16
Days Sales Outstanding (DSO)	57.04	63.08	62.83	78.63	58.23	63.45	64.70	82.16	60.28	62.57	64.07
Days Inventory Outstanding (DIO)	19.88	12.18	10.71	9.22	10.84	5.75	4.70	4.54	5.48	3.74	3.74
Days Payable Outstanding (DPO)	98.25	87.61	85.56	98.72	98.56	91.84	96.90	103.31	110.06	114.00	115.37
Cash Conversion Cycle (CCC)	-21.33	-12.34	-12.02	-10.87	-29.49	-22.64	-27.50	-16.61	-44.31	-47.68	-47.56
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	136,842	218,103	223,766	229,964	238,634	260,529	269,119	276,660	292,807	320,473	342,674
Invested Capital Turnover	1.78	1.33	1.34	1.35	1.35	1.09	1.10	1.11	1.11	1.05	1.04
Increase / (Decrease) in Invested Capital	28,755	93,456	94,715	97,645	101,792	42,426	45,353	46,696	54,173	59,944	73,555
Enterprise Value (EV)	2,244,598	2,753,919	3,085,504	3,277,379	3,149,347	3,091,636	2,737,871	3,630,203	3,779,740	3,524,044	2,677,052
Market Capitalization	2,328,470	2,774,084	3,114,890	3,315,892	3,198,436	3,133,802	2,790,643	3,697,022	3,850,009	3,594,446	2,748,745
Book Value per Share	$29.71	$32.06	$34.07	$36.12	$38.71	$40.71	$43.30	$46.21	$48.85	$52.59	$55.80
Tangible Book Value per Share	$19.39	$12.03	$14.15	$16.37	$19.05	$21.27	$24.02	$27.09	$29.91	$33.77	$37.09
Total Capital	292,216	312,487	318,594	320,107	332,840	347,665	364,772	386,630	406,284	431,137	454,629
Total Debt	71,502	74,219	65,442	51,630	45,117	44,970	42,881	43,151	43,208	40,262	40,262
Total Long-Term Debt	41,946	44,928	42,658	42,688	42,868	39,722	39,882	40,152	35,376	35,425	31,423
Net Debt	-83,872	-20,165	-29,386	-38,513	-49,089	-42,166	-52,772	-66,819	-70,269	-70,402	-71,693
Capital Expenditures (CapEx)	9,917	9,735	10,952	13,873	14,923	15,804	16,745	17,079	19,394	29,876	30,876
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-31,601	-25,349	-28,582	-32,153	-41,453	-28,109	-34,181	-41,653	-40,110	-34,440	-30,765
Debt-free Net Working Capital (DFNWC)	112,350	55,668	51,439	43,390	36,975	43,446	45,437	52,912	61,902	55,022	47,507
Net Working Capital (NWC)	82,794	26,377	28,655	34,448	34,726	38,198	42,438	49,913	54,070	50,185	38,668
Net Nonoperating Expense (NNE)	-318	417	701	546	231	1,878	513	1,425	2,961	-7,948	-761
Net Nonoperating Obligations (NNO)	-83,872	-20,165	-29,386	-38,513	-49,089	-42,166	-52,772	-66,819	-70,269	-70,402	-71,693
Total Depreciation and Amortization (D&A)	3,921	5,959	6,027	6,380	7,383	6,827	8,740	11,203	13,061	4,284	10,167
Debt-free, Cash-free Net Working Capital to Revenue	-14.48%	-11.14%	-12.08%	-13.12%	-16.31%	-10.74%	-12.66%	-14.79%	-13.65%	-11.28%	-9.67%
Debt-free Net Working Capital to Revenue	51.46%	24.46%	21.74%	17.70%	14.55%	16.60%	16.83%	18.78%	21.07%	18.01%	14.93%
Net Working Capital to Revenue	37.93%	11.59%	12.11%	14.05%	13.66%	14.59%	15.72%	17.72%	18.40%	16.43%	12.15%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.00	$2.94	$2.95	$2.97	$3.32	$3.24	$3.47	$3.67	$3.73	$5.18	$4.28
Adjusted Weighted Average Basic Shares Outstanding	7.43B	7.43B	7.43B	7.43B	7.43B	7.44B	7.43B	7.43B	7.43B	7.43B	7.43B
Adjusted Diluted Earnings per Share	$2.99	$2.93	$2.94	$2.94	$3.30	$3.23	$3.46	$3.65	$3.72	$5.16	$4.27
Adjusted Weighted Average Diluted Shares Outstanding	7.46B	7.47B	7.47B	7.47B	7.47B	7.47B	7.46B	7.47B	7.47B	7.46B	7.45B
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	7.43B	7.43B	7.43B
Normalized Net Operating Profit after Tax (NOPAT)	21,973	22,287	22,640	22,582	24,898	25,986	26,337	28,658	30,708	30,510	31,017
Normalized NOPAT Margin	38.88%	35.94%	36.60%	34.89%	37.96%	37.32%	37.59%	37.49%	39.53%	37.54%	37.42%
Pre Tax Income Margin	48.28%	42.77%	43.21%	42.10%	46.15%	42.17%	44.78%	42.67%	44.16%	59.36%	47.46%
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	26.24%	25.12%	24.66%	24.70%	24.63%	24.68%	24.30%	23.65%	23.52%	21.19%	20.65%
Augmented Payout Ratio	54.13%	49.41%	46.41%	44.28%	42.89%	43.56%	43.02%	41.74%	42.55%	39.96%	38.41%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Microsoft (MSFT) drawn from the last four years of quarterly statements (cash flow, income statement, and balance sheet). The focus is on points most relevant to retail investors, highlighting growth, profitability, cash flow, liquidity, and capital allocation.

Revenue growth: Operating revenue has trended higher over the period, with quarterly figures rising to about 81.3B in Q2 2026 from the mid-60s to around 70–75B in 2024–2025, signaling sustained top-line expansion across core segments like cloud and productivity software.
Net income and EPS expansion: Net income from continuing operations reached about 38.46B in Q2 2026, with diluted EPS around 5.16, reflecting solid profitability alongside revenue growth.
Robust operating cash flow: Cash flow from continuing operating activities remains strong, with quarterly CFO in the 22–45B range and Q2 2026 around 35.8B, supporting capex and shareholder returns.
Shareholder returns: The company continues to return capital, as shown by sizable share repurchases (around 7.4B in Q2 2026) and dividends (about 6.76B in Q2 2026), contributing to negative financing cash flow while signaling confidence in sustainable profitability.
Healthy balance sheet and growing equity: Total assets reached about 665B in Q2 2026, while total equity stood near 391B, reflecting a strong balance sheet with a large, persistent equity cushion to support continued investment and returns.
Stable margins: Gross margins are robust, with gross profit around 55.3B on 81.3B revenue in Q2 2026 (roughly 68% gross margin), indicating durable profitability across product lines.
Ongoing R&D and AI investment: Research & Development expense runs around 8.0–8.8B per quarter in recent periods, underscoring a continued commitment to product and cloud innovations that support long-term growth.
Manageable debt with strong liquidity: Long-term debt sits at roughly 35–42B in recent quarters, while cash and short-term investments total about 89B (cash ~24B and short-term investments ~65B in Q2 2026). This offers a healthy liquidity cushion alongside a manageable leverage profile.
Asset composition is diversified: Noncurrent assets (~223–224B) exceed current assets (~180B) in several quarters, indicating a broad, long-horizon asset base beyond cash, which supports ongoing strategic investments while maintaining liquidity.

05/06/26 11:10 AM ETAI Generated. May Contain Errors.

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 2025 ended on June 30, 2025.

How has Microsoft's net income changed over the last 10 years?

Microsoft's net income appears to be on an upward trend, with a most recent value of $101.83 billion in 2025, rising from $12.19 billion in 2015. The previous period was $88.14 billion in 2024. See Microsoft's forecast for analyst expectations on whatâ€™s next for the company.

What is Microsoft's operating income?

Microsoft's total operating income in 2025 was $128.53 billion, based on the following breakdown:

Total Gross Profit: $193.89 billion
Total Operating Expenses: $65.37 billion

How has Microsoft's revenue changed over the last 10 years?

Over the last 10 years, Microsoft's total revenue changed from $93.58 billion in 2015 to $281.72 billion in 2025, a change of 201.1%.

How much debt does Microsoft have?

Microsoft's total liabilities were at $275.52 billion at the end of 2025, a 13.1% increase from 2024, and a 191.9% increase since 2015.

How much cash does Microsoft have?

In the past 10 years, Microsoft's cash and equivalents has ranged from $5.60 billion in 2015 to $34.70 billion in 2023, and is currently $30.24 billion as of their latest financial filing in 2025.

How has Microsoft's book value per share changed over the last 10 years?

Over the last 10 years, Microsoft's book value per share changed from 9.90 in 2015 to 46.21 in 2025, a change of 366.8%.

Related Companies

Financial statements for NASDAQ:MSFT last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Microsoft (MSFT) Financials

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Microsoft (MSFT) Financials

Annual Income Statements for Microsoft

Quarterly Income Statements for Microsoft

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Quarterly Cash Flow Statements for Microsoft

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Quarterly Balance Sheets for Microsoft

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Quarterly Metrics And Ratios for Microsoft

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Key Financial Trends

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