Microsoft Corporation Common Stock (MSFT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.24	$4.74	+11.8%	—	—	—
Q4 26	$4.07	$4.27	+4.9%	—	—	—
Q3 26	$3.92	$4.14	+5.6%	—	—	—
Q2 26	$3.66	$4.13	+12.8%	—	—	—
Q1 26	$3.38	$3.65	+8.0%	—	—	—
Q4 25	$3.22	$3.46	+7.5%	—	—	—
Q3 25	$3.12	$3.23	+3.5%	—	—	—
Q2 25	$3.11	$3.3	+6.1%	—	—	—
Q1 25	$2.94	$2.95	+0.3%	—	—	—
Q4 24	$2.84	$2.94	+3.5%	—	—	—
Q3 24	$2.77	$2.93	+5.8%	—	—	—
Q2 24	$2.65	$2.99	+12.8%	—	—	—
Q1 24	$2.55	$2.69	+5.5%	—	—	—
Q4 23	$2.23	$2.45	+9.9%	—	—	—
Q3 23	$2.29	$2.32	+1.3%	—	—	—
Q2 23	$2.3	$2.35	+2.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$18	—	—	$331.8B	—
FY25	—	$13.7	—	—	$281.7B	—
FY24	—	$11.9	—	—	$245.1B	—
FY23	—	$9.72	—	—	$211.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$96.6B	$110.4B	$125.8B	$143B	$168.1B	$198.3B	$211.9B	$245.1B	$281.7B	$331.8B
YoY change	+5.94%	+14.3%	+14%	+13.6%	+17.5%	+18%	+6.88%	+15.7%	+14.9%	+17.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	96.6B	110.4B	125.8B	143B	168.1B	198.3B	211.9B	245.1B	281.7B	331.8B
Cost of revenue	34.3B	38.4B	42.9B	46.1B	52.2B	62.6B	65.9B	74.1B	87.8B	106.4B
Gross profit	62.3B	72B	82.9B	96.9B	115.9B	135.6B	146.1B	171B	193.9B	225.5B
Gross margin	64.5%	65.2%	65.9%	67.8%	68.9%	68.4%	68.9%	69.8%	68.8%	67.9%
Research & development	13B	14.7B	16.9B	19.3B	20.7B	24.5B	27.2B	29.5B	32.5B	35.6B
Selling, general & administrative	19.9B	22.2B	23.1B	24.7B	25.2B	27.7B	30.3B	32.1B	32.9B	34.7B
Operating expenses	33B	36.9B	40B	44B	45.9B	52.2B	57.5B	61.6B	65.4B	70.2B
Operating income	29.3B	35.1B	43B	53B	69.9B	83.4B	88.5B	109.4B	128.5B	155.2B
Operating margin	30.4%	31.8%	34.1%	37%	41.6%	42.1%	41.8%	44.6%	45.6%	46.8%
Non-operating income, net	1.4B	1.9B	653M	-12M	1.4B	302M	-238M	-1.9B	-5.2B	10.4B
Pretax income	29.9B	36.5B	43.7B	53B	71.1B	83.7B	89.3B	107.8B	123.6B	165.9B
Income tax	4.4B	19.9B	4.4B	8.8B	9.8B	11B	16.9B	19.7B	21.8B	32.2B
Net income	25.5B	16.6B	39.2B	44.3B	61.3B	72.7B	72.4B	88.1B	101.8B	133.7B
Net margin	26.4%	15%	31.2%	31%	36.5%	36.7%	34.1%	36%	36.1%	40.3%
EBITDA	39.2B	47.5B	57.3B	68.4B	83.8B	99.9B	105.2B	133.6B	160.6B	201.8B
EPS	2.74	2.15	5.11	5.82	8.12	9.7	9.72	11.9	13.7	18
Diluted EPS	2.71	2.13	5.06	5.76	8.05	9.65	9.68	11.8	13.6	17.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	56.5B	62B	61.9B	64.7B	65.6B	69.6B	70.1B	76.4B	77.7B	81.3B	82.9B	90B
Cost of revenue	16.3B	19.6B	18.5B	19.7B	20.1B	21.8B	21.9B	24B	24B	26B	26.8B	29.5B
Gross profit	40.2B	42.4B	43.4B	45B	45.5B	47.8B	48.1B	52.4B	53.6B	55.3B	56.1B	60.5B
Gross margin	71.2%	68.4%	70.1%	69.6%	69.4%	68.7%	68.7%	68.6%	69%	68%	67.6%	67.2%
Research & development	6.7B	7.1B	7.7B	8.1B	7.5B	7.9B	8.2B	8.8B	8.1B	8.5B	8.9B	10B
Selling, general & administrative	6.7B	8.2B	8.1B	9.1B	7.4B	8.3B	7.9B	9.3B	7.5B	8.5B	8.7B	9.9B
Operating expenses	13.3B	15.4B	15.8B	17.1B	14.9B	16.2B	16.1B	18.1B	15.7B	17B	17.7B	19.9B
Operating income	26.9B	27B	27.6B	27.9B	30.6B	31.7B	32B	34.3B	38B	38.3B	38.4B	40.6B
Operating margin	47.6%	43.6%	44.6%	43.1%	46.6%	45.5%	45.7%	44.9%	48.9%	47.1%	46.3%	45.1%
Non-operating income, net	-252M	-331M	-673M	-612M	-382M	-2.3B	-626M	-1.9B	-3.9B	9.9B	990M	3.5B
Pretax income	27.3B	26.5B	26.7B	27.3B	30.3B	29.4B	31.4B	32.6B	34.3B	48.2B	39.3B	44B
Income tax	5B	4.7B	4.8B	5.2B	5.6B	5.3B	5.6B	5.4B	6.6B	9.8B	7.6B	8.3B
Net income	22.3B	21.9B	21.9B	22B	24.7B	24.1B	25.8B	27.2B	27.7B	38.5B	31.8B	35.8B
Net margin	39.4%	35.3%	35.5%	34%	37.6%	34.6%	36.9%	35.6%	35.7%	47.3%	38.3%	39.7%
EBITDA	31.8B	33.6B	33.7B	34.4B	37.9B	37.9B	40.3B	44.4B	47.1B	57.9B	48.8B	53B
EPS	3	2.94	2.95	2.96	3.32	3.24	3.47	3.66	3.73	5.18	4.28	4.82
Diluted EPS	2.99	2.93	2.94	2.95	3.3	3.23	3.46	3.65	3.72	5.16	4.27	4.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	533.9B	759.3B	1T	1.5T	2T	1.9T	2.5T	3.3T	3.7T	2.8T	3.8T
Enterprise value	492.5B	707.4B	972.4B	1.5T	2T	1.9T	2.5T	3.3T	3.7T	2.8T	3.9T
Shares outstanding	7.7B	7.7B	7.7B	7.6B	7.5B	7.5B	7.4B	7.4B	7.4B	7.4B	7.4B

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	20.9	45.8	26.2	35	33.4	26.5	35	37.7	36.3	20.7	28.4
P/S	5.53	6.88	8.17	10.8	12.2	9.71	12	13.5	13.1	8.35	11.4
P/B	6.09	9.18	10	13.1	14.4	11.6	12.3	12.4	10.8	6.26	8.56
EV/EBITDA	12.5	14.9	17	21.7	23.6	18.8	23.6	24.8	22.8	13.6	20
EV/Sales	5.1	6.41	7.73	10.4	11.8	9.49	11.7	13.5	13	8.29	11.7
Earnings yield	4.77%	2.18%	3.82%	2.86%	3%	3.78%	2.85%	2.65%	2.75%	4.83%	3.52%
FCF yield	5.88%	4.25%	3.72%	2.92%	2.74%	3.38%	2.35%	2.23%	1.94%	2.42%	0.44%
PEG	—	—	—	—	—	—	—	—	—	—	0.9

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	64.5%	65.2%	65.9%	67.8%	68.9%	68.4%	68.9%	69.8%	68.8%	67.9%	67.2%
Operating margin	30.4%	31.8%	34.1%	37%	41.6%	42.1%	41.8%	44.6%	45.6%	46.8%	45.1%
Net margin	26.4%	15%	31.2%	31%	36.5%	36.7%	34.1%	36%	36.1%	40.3%	40.3%
ROE	29.1%	20%	38.3%	37.4%	43.2%	43.7%	35.1%	32.8%	29.6%	30.2%	34%
ROA	10.2%	6.4%	13.7%	14.7%	18.4%	19.9%	17.6%	17.2%	16.5%	17.6%	14.1%
ROIC	54%	51.6%	82.3%	83.7%	75.8%	58.9%	46.3%	34.4%	34.2%	29.6%	29.6%
Return on tangible assets	15.9%	9.67%	21%	22.1%	28%	35.1%	28.1%	40.3%	30.4%	27.8%	27.8%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	2.92	2.9	2.53	2.52	2.08	1.78	1.77	1.27	1.35	1.23	1.23
Quick ratio	2.88	2.86	2.5	2.49	2.05	1.75	1.75	1.27	1.35	1.22	1.22
Debt / equity	1.04	0.99	0.77	0.6	0.48	0.37	0.29	0.25	0.18	0.13	0.29
Debt / assets	0.37	0.32	0.27	0.24	0.2	0.17	0.15	0.13	0.1	0.07	0.07
Net debt / EBITDA	-1.06	-1.09	-0.97	-0.96	-0.75	-0.44	-0.49	-0.06	-0.21	-0.1	-0.1
Interest coverage	14.5	14.3	17.3	21.5	31.3	41.6	46.4	37.7	52.8	55.4	55.4
Effective tax rate	14.8%	54.6%	10.2%	16.5%	13.8%	13.1%	19%	18.2%	17.6%	19.4%	19.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	12.5	14.3	16.4	18.8	22.3	26.5	28.5	33	37.9	44.7	44.7
EPS (basic)	2.74	2.15	5.11	5.82	8.12	9.7	9.72	11.9	13.7	18	18
EPS (diluted)	2.71	2.13	5.06	5.76	8.05	9.65	9.68	11.8	13.6	17.9	18
Book value per share	11.3	10.7	13.3	15.5	18.8	22.2	27.7	36.1	46.2	59.5	59.6
FCF per share	4.05	4.19	4.99	5.94	7.44	8.69	7.99	9.97	9.63	9.02	9
Cash per share	17.2	17.4	17.4	17.9	17.3	14	14.9	10.2	12.7	10.3	10.3
Capex per share	1.05	1.51	1.81	2.03	2.73	3.19	3.77	5.99	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	8.42%	10.5%	11.1%	10.8%	12.3%	12%	13.3%	18.1%	—	—	—
Capex / operating cash flow	16.3%	41.7%	27.8%	23.9%	25.7%	26.9%	32%	38.2%	—	—	—
Payout ratio	46.5%	76.6%	35.2%	34.2%	27%	24.9%	27.4%	24.7%	23.6%	19.8%	19.8%
Dividend yield	2.22%	1.67%	1.34%	0.98%	0.81%	0.94%	0.78%	0.66%	0.65%	0.95%	0.77%

Yield

0.77%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.98

ex-dividend Nov 19, 2026

Payout ratio

20%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 19, 2026upcoming	$0.98
Aug 20, 2026	$0.91
May 21, 2026	$0.91
Feb 19, 2026	$0.91

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$56.5B	$62B	$61.9B	$64.7B	$65.6B	$69.6B	$70.1B	$76.4B	$77.7B	$81.3B	$82.9B	$90B
YoY change	+12.8%	+17.6%	+17%	+15.2%	+16%	+12.3%	+13.3%	+18.1%	+18.4%	+16.7%	+18.3%	+17.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	133B	133.7B	133.8B	136.5B	130.3B	104.7B	111.3B	75.5B	94.6B	76.7B
Receivables	22.4B	26.5B	29.5B	32B	38B	44.3B	48.7B	56.9B	69.9B	80.9B
Inventory	2.2B	2.7B	2.1B	1.9B	2.6B	3.7B	2.5B	1.2B	938M	1.4B
Total current assets	162.7B	169.7B	175.6B	181.9B	184.4B	169.7B	184.3B	159.7B	191.1B	207.7B
Property, plant & equipment	14B	15.5B	17.6B	18.9B	26.9B	32.5B	41.5B	60.6B	91.9B	154.5B
Goodwill & intangibles	90.5B	87.5B	99.6B	100.8B	115B	157.6B	154.5B	293.6B	284.2B	276.5B
Total assets	250.3B	258.8B	286.6B	301.3B	333.8B	364.8B	412B	512.2B	619B	758.4B
Accounts payable	7.4B	8.6B	9.4B	12.5B	15.2B	19B	18.1B	22B	27.7B	42.4B
Short-term debt	10.1B	4B	5.5B	3.7B	8.1B	2.7B	5.2B	8.9B	3B	9.2B
Total current liabilities	55.7B	58.5B	69.4B	72.3B	88.7B	95.1B	104.1B	125.3B	141.2B	168.8B
Long-term debt	81.4B	77.8B	72.8B	67.2B	59.7B	58.5B	54.7B	58.2B	57.6B	47.6B
Total liabilities	162.6B	176.1B	184.2B	183B	191.8B	198.3B	205.8B	243.7B	275.5B	316B
Shareholders' equity	87.7B	82.7B	102.3B	118.3B	142B	166.5B	206.2B	268.5B	343.5B	442.4B
Total debt	91.6B	81.8B	78.4B	71B	67.8B	61.3B	60B	67.1B	60.6B	56.8B
Net debt	83.9B	69.9B	67B	57.4B	53.6B	47.3B	25.3B	48.8B	30.3B	35.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	143.9B	81B	80B	75.5B	78.4B	71.6B	79.6B	94.6B	102B	89.5B	78.2B	76.7B
Receivables	37B	42.8B	44B	56.9B	44.1B	48.2B	51.7B	69.9B	52.9B	56.5B	60B	80.9B
Inventory	3B	1.6B	1.3B	1.2B	1.6B	909M	848M	938M	1.1B	1.1B	1.2B	1.4B
Total current assets	207.6B	147.4B	147.2B	159.7B	149.9B	147.1B	156.6B	191.1B	189.1B	180.2B	175.3B	207.7B
Property, plant & equipment	117.9B	128.7B	138.7B	60.6B	173.4B	189.7B	208.4B	91.9B	103.2B	122.2B	135.4B	154.5B
Goodwill & intangibles	153.4B	297.7B	296B	293.6B	292.3B	289.2B	286.6B	284.2B	281.5B	279.8B	278B	276.5B
Total assets	445.8B	470.6B	484.3B	512.2B	523B	533.9B	562.6B	619B	636.4B	665.3B	694.2B	758.4B
Accounts payable	19.3B	17.7B	18.1B	22B	22.8B	22.6B	26.3B	27.7B	32.6B	37.3B	37.5B	42.4B
Short-term debt	29.6B	29.3B	22.8B	8.9B	2.2B	5.2B	3B	3B	7.8B	4.8B	8.8B	9.2B
Total current liabilities	124.8B	121B	118.5B	125.3B	115.2B	108.9B	114.2B	141.2B	135B	130B	136.7B	168.8B
Long-term debt	55.4B	59.1B	57.1B	58.2B	59.2B	57B	57.6B	57.6B	52.7B	52.8B	48.1B	47.6B
Total liabilities	225.1B	232.3B	231.1B	243.7B	235.3B	231.2B	240.7B	275.5B	273.3B	274.4B	279.9B	316B
Shareholders' equity	220.7B	238.3B	253.2B	268.5B	287.7B	302.7B	321.9B	343.5B	363.1B	390.9B	414.4B	442.4B
Total debt	85B	88.4B	79.9B	67.1B	61.5B	62.2B	60.6B	60.6B	60.6B	57.6B	57B	56.8B
Net debt	4.5B	71.1B	60.3B	48.8B	40.6B	44.7B	31.7B	30.3B	31.7B	33.3B	24.9B	35.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	25.5B	16.6B	39.2B	44.3B	61.3B	72.7B	72.4B	88.1B	101.8B	133.7B
Depreciation & amortization	8.8B	10.3B	11.7B	12.8B	11.7B	14.5B	13.9B	22.3B	34.2B	38.5B
Stock-based compensation	3.3B	3.9B	4.7B	5.3B	6.1B	7.5B	9.6B	10.7B	12B	12.4B
Change in working capital	3.1B	2.3B	937M	2.1B	1.4B	-250M	-2B	137M	-5.3B	-4.9B
Operating cash flow	49.8B	27.9B	50B	64.5B	80.3B	88.7B	87.7B	116.6B	136.2B	182.9B
Capital expenditure	-8.1B	-11.6B	-13.9B	-15.4B	-20.6B	-23.9B	-28.1B	-44.5B	—	—
Investing cash flow	-46.8B	-6.1B	-15.8B	-12.2B	-27.6B	-30.3B	-22.7B	-97B	-8B	-23.6B
Dividends paid	-11.8B	-12.7B	-13.8B	-15.1B	-16.5B	-18.1B	-19.8B	-21.8B	-24.1B	-26.4B
Share repurchases	-11.8B	-10.7B	-19.5B	-23B	-27.4B	-32.7B	-22.2B	-17.3B	-18.4B	-22.3B
Financing cash flow	3.4B	-40.9B	-36.9B	-46B	-48.5B	-58.9B	-43.9B	-37.8B	-51.7B	-52.5B
Net change in cash	6.4B	-19.1B	-2.6B	6.3B	4.2B	-439M	21.1B	-18.2B	76.4B	106.8B
Free cash flow	31.4B	32.3B	38.3B	45.2B	56.1B	65.1B	59.5B	74.1B	71.6B	67B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	22.3B	21.9B	21.9B	22B	24.7B	24.1B	25.8B	27.2B	27.7B	38.5B	31.8B	35.8B
Depreciation & amortization	3.9B	6B	6B	6.4B	7.4B	6.8B	8.7B	11.2B	13.1B	9.2B	10.2B	11B
Stock-based compensation	2.5B	2.8B	2.7B	2.7B	2.8B	3.1B	3B	3.1B	3B	3.2B	3.1B	3.1B
Change in working capital	993M	-8.7B	-100M	8B	856M	-11.6B	2B	3.3B	-218M	-9.6B	331M	4.6B
Operating cash flow	29.1B	20.2B	29.2B	38B	34.3B	21.3B	37.3B	42.6B	45.1B	35.8B	46.7B	55.4B
Capital expenditure	-9.9B	-9.7B	-11B	-13.9B	-14.9B	-15.8B	-16.7B	—	—	—	—	—
Investing cash flow	503M	-71.9B	-10.7B	-14.8B	-15.2B	-14.1B	-12.7B	-13.5B	-15.2B	7.2B	3.5B	-19B
Dividends paid	-5.1B	-5.6B	-5.6B	-5.6B	-5.6B	-6.2B	-6.2B	-6.2B	-6.2B	-6.8B	-6.8B	-6.8B
Share repurchases	-4.8B	-4B	-4.2B	-4.2B	-4.1B	-5B	-4.8B	-4.5B	-5.7B	-7.4B	-4.6B	-4.6B
Financing cash flow	14.8B	-10.1B	-18.8B	-23.6B	-16.6B	-11.2B	-13B	-10.8B	-11.8B	-17.6B	-11.4B	-11.8B
Net change in cash	44.4B	-61.9B	-262M	-454M	2.5B	-4B	11.6B	18.3B	18.1B	25.3B	38.8B	24.6B
Free cash flow	20.7B	9.1B	21B	23.3B	19.3B	6.5B	20.3B	25.6B	25.7B	5.9B	15.8B	19.6B

Date	Ratio
Feb 18, 2003	2:1
Mar 29, 1999	2:1
Feb 23, 1998	2:1
Dec 9, 1996	2:1
May 23, 1994	2:1
Jun 15, 1992	3:2
Jun 27, 1991	3:2
Apr 16, 1990	2:1
Sep 21, 1987	2:1

Microsoft Corporation Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history