Microsoft

Information Technology Systems Software Redmond, Washington Last filing Jul 29, 2026 · FY2026

                    Revenue
                    FY2026
                
$331.8B
                    3y CAGR +16.1%
                    
                    P80
                    
                    +17.8%
                    
                    Net income
                    FY2026
                
$133.7B
                    Net margin +40.3%
                    
                    P87
                    
                    +31.3%
                    
                    Total assets
                    FY2026
                
$758.4B
                    ROA +17.6%
                    
                    P73
                    
                    +22.5%
                    
                    Operating cash flow
                    FY2026
                
$182.9B
                    FCF margin +20.2%
                    
                    P33
                    
                    +34.4%

19 yrs · FY2008–FY2026 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $758.4B

Total liabilities $316.0B

Shareholders equity $442.4B

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash and Cash Equivalents	$20.9B -30.8%	$30.2B 65.1%	$18.3B -47.2%	$34.7B 149.1%	$13.9B -2.1%	$14.2B 4.8%	$13.6B 19.5%	$11.4B -4.9%	$11.9B 55.9%	$7.7B
Short Term Investments	$55.9B -13.1%	$64.3B 12.4%	$57.2B -25.2%	$76.6B -15.7%	$90.8B -21.8%	$116.1B -5.6%	$123.0B 0.4%	$122.5B 0.5%	$121.8B -2.8%	$125.3B
Accounts Receivable	$80.9B 15.7%	$69.9B 22.8%	$56.9B 16.9%	$48.7B 10.0%	$44.3B 16.3%	$38.0B 18.8%	$32.0B 8.4%	$29.5B 11.5%	$26.5B 33.8%	$19.8B
Inventory	$1.4B 48.9%	$938.0M -24.7%	$1.2B -50.2%	$2.5B -33.2%	$3.7B 42.0%	$2.6B 39.1%	$1.9B -8.1%	$2.1B -22.5%	$2.7B 22.1%	$2.2B
Other Current Assets	$48.6B 88.9%	$25.7B -1.1%	$26.0B 19.3%	$21.8B 28.9%	$16.9B 26.4%	$13.4B 16.6%	$11.5B 13.2%	$10.1B 50.3%	$6.8B 37.9%	$4.9B
Total Current Assets	$207.7B 8.7%	$191.1B 19.7%	$159.7B -13.3%	$184.3B 8.6%	$169.7B -8.0%	$184.4B 1.4%	$181.9B 3.6%	$175.6B 3.5%	$169.7B 6.1%	$159.9B
Property,Plant and Equipment	$313.1B 52.7%	$205.0B 51.2%	$135.6B 41.8%	$95.6B 28.6%	$74.4B 24.6%	$59.7B 35.3%	$44.2B 21.0%	$36.5B 23.8%	$29.5B 24.1%	$23.7B
Operating Lease Assets	$24.2B -2.6%	$24.8B 30.9%	$19.0B 32.2%	$14.3B 9.1%	$13.1B 18.6%	$11.1B 26.7%	$8.8B 18.6%	$7.4B 10.4%	$6.7B	—
Goodwill	$119.7B 0.1%	$119.5B 0.2%	$119.2B 75.6%	$67.9B 0.5%	$67.5B 35.8%	$49.7B 14.7%	$43.4B 3.2%	$42.0B 17.8%	$35.7B 1.6%	$35.1B
Intangible Assets	$18.6B -17.7%	$22.6B -18.1%	$27.6B 194.7%	$9.4B -17.1%	$11.3B 44.8%	$7.8B 10.8%	$7.0B -9.2%	$7.8B -3.8%	$8.1B -20.3%	$10.1B
Long Term Investments	$36.3B 135.9%	$15.4B 5.5%	$14.6B 47.8%	$9.9B 43.4%	$6.9B 15.2%	$6.0B 101.8%	$3.0B 11.9%	$2.6B 42.3%	$1.9B -69.1%	$6.0B
Other Noncurrent Assets	$38.8B -4.3%	$40.6B 11.3%	$36.5B 19.1%	$30.6B 39.7%	$21.9B 45.3%	$15.1B 14.7%	$13.1B -10.8%	$14.7B 97.8%	$7.4B 19.1%	$6.2B
Total Assets	$758.4B 22.5%	$619.0B 20.9%	$512.2B 24.3%	$412.0B 12.9%	$364.8B 9.3%	$333.8B 10.8%	$301.3B 5.1%	$286.6B 10.7%	$258.8B 7.4%	$241.1B
Liabilities
Accounts Payable	$42.4B 53.0%	$27.7B 26.0%	$22.0B 21.6%	$18.1B -4.8%	$19.0B 25.3%	$15.2B 21.0%	$12.5B 33.6%	$9.4B 8.9%	$8.6B 16.6%	$7.4B
Accrued Liabilities	$17.5B -16.4%	$20.9B 19.0%	$17.6B 16.0%	$15.2B 2.9%	$14.7B 20.4%	$12.2B 22.3%	$10.0B -19.9%	$12.5B 51.9%	$8.2B 25.8%	$6.5B
Deferred Revenue	$73.0B 13.0%	$64.6B 12.1%	$57.6B 13.1%	$50.9B 11.8%	$45.5B 9.7%	$41.5B 15.3%	$36.0B 10.2%	$32.7B 13.0%	$28.9B -15.2%	$34.1B
Current Portion of Long Term Debt	$9.2B 207.7%	$3.0B -66.5%	$8.9B 70.6%	$5.2B 90.9%	$2.7B -65.9%	$8.1B 115.3%	$3.7B -32.0%	$5.5B 38.0%	$4.0B -60.5%	$10.1B
Other Current Liabilities	$26.7B 6.9%	$25.0B 30.4%	$19.2B 30.1%	$14.7B 12.8%	$13.1B 12.0%	$11.7B 16.3%	$10.0B 7.2%	$9.4B 6.9%	$8.7B 37.1%	$6.4B
Total Current Liabilities	$168.8B 19.5%	$141.2B 12.7%	$125.3B 20.3%	$104.1B 9.5%	$95.1B 7.2%	$88.7B 22.6%	$72.3B 4.2%	$69.4B 18.7%	$58.5B -9.4%	$64.5B
Long Term Debt	$31.1B -22.6%	$40.2B -5.9%	$42.7B 1.7%	$42.0B -10.7%	$47.0B -6.1%	$50.1B -16.0%	$59.6B -10.6%	$66.7B -7.7%	$72.2B -5.0%	$76.1B
Deferred Revenue Noncurrent	$2.7B 1.4%	$2.7B 4.2%	$2.6B -10.6%	$2.9B 1.5%	$2.9B 9.7%	$2.6B -17.7%	$3.2B -29.8%	$4.5B 18.7%	$3.8B -63.2%	$10.4B
Operating Lease Liabilities Noncurrent	$16.5B -5.2%	$17.4B 12.5%	$15.5B 21.8%	$12.7B 10.8%	$11.5B 19.3%	$9.6B 25.5%	$7.7B 24.0%	$6.2B 11.1%	$5.6B	—
Deferred Tax Liabilities	$3.1B 7.7%	$2.8B 8.3%	$2.6B 504.6%	$433.0M 88.3%	$230.0M 16.2%	$198.0M -2.9%	$204.0M -12.4%	$233.0M -56.9%	$541.0M 1.9%	$531.0M
Other Noncurrent Liabilities	$93.8B 31.7%	$71.2B 29.4%	$55.0B 26.3%	$43.5B 4.7%	$41.6B 2.4%	$40.6B 1.4%	$40.1B 7.7%	$37.2B 4.8%	$35.5B 106.4%	$17.2B
Total Liabilities	$316.0B 14.7%	$275.5B 13.1%	$243.7B 18.4%	$205.8B 3.8%	$198.3B 3.4%	$191.8B 4.8%	$183.0B -0.7%	$184.2B 4.6%	$176.1B 4.4%	$168.7B
Equity
Common Stock	$117.4B 7.6%	$109.1B 8.1%	$100.9B 7.7%	$93.7B 7.8%	$86.9B 4.6%	$83.1B 3.2%	$80.6B 2.6%	$78.5B 10.2%	$71.2B 2.8%	$69.3B
Retained Earnings	$328.3B 38.1%	$237.7B 37.3%	$173.1B 45.7%	$118.8B 41.0%	$84.3B 47.7%	$57.1B 65.1%	$34.6B 43.1%	$24.1B 76.5%	$13.7B 416.7%	$2.6B
Accumulated Other Comprehensive Income	$-3.3B 1.9%	$-3.3B 40.1%	$-5.6B 11.9%	$-6.3B -35.6%	$-4.7B -356.8%	$1.8B -42.8%	$3.2B 1037.1%	$-340.0M 84.5%	$-2.2B -607.4%	$431.0M
Total Stockholders Equity	$442.4B 28.8%	$343.5B 27.9%	$268.5B 30.2%	$206.2B 23.8%	$166.5B 17.3%	$142.0B 20.0%	$118.3B 15.6%	$102.3B 23.7%	$82.7B 14.3%	$72.4B
Total Liabilitiesand Equity	$758.4B 22.5%	$619.0B 20.9%	$512.2B 24.3%	$412.0B 12.9%	$364.8B 9.3%	$333.8B 10.8%	$301.3B 5.1%	$286.6B 10.7%	$258.8B 7.4%	$241.1B

Income Statement

Revenue, expense, and profitability

14 accounts · 10 years

Revenue $331.8B

Operating income $155.2B

Net income $133.7B

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
IncomeStatement
Revenues Total Revenue	$331.8B 17.8%	$281.7B 14.9%	$245.1B 15.7%	$211.9B 6.9%	$198.3B 18.0%	$168.1B 17.5%	$143.0B 13.6%	$125.8B 14.0%	$110.4B 22.7%	$90.0B
Expenses Cost of Revenue	$106.4B 21.1%	$87.8B 18.5%	$74.1B 12.5%	$65.9B 5.1%	$62.6B 19.9%	$52.2B 13.4%	$46.1B 7.4%	$42.9B 11.9%	$38.4B 11.9%	$34.3B
Other Income Expense Gross Profit	$225.5B 16.3%	$193.9B 13.4%	$171.0B 17.1%	$146.1B 7.7%	$135.6B 17.1%	$115.9B 19.5%	$96.9B 16.9%	$82.9B 15.2%	$72.0B 29.3%	$55.7B
Expenses Research and Development	$35.6B 9.5%	$32.5B 10.1%	$29.5B 8.5%	$27.2B 10.9%	$24.5B 18.3%	$20.7B 7.5%	$19.3B 14.2%	$16.9B 14.6%	$14.7B 13.0%	$13.0B
Expenses Selling,General and Administrative	$34.7B 5.4%	$32.9B 2.5%	$32.1B 5.7%	$30.3B 9.4%	$27.7B 9.9%	$25.2B 2.1%	$24.7B 7.0%	$23.1B 3.9%	$22.2B 11.0%	$20.0B
Other Income Expense Operating Income	$155.2B 20.8%	$128.5B 17.4%	$109.4B 23.6%	$88.5B 6.2%	$83.4B 19.3%	$69.9B 32.0%	$53.0B 23.3%	$43.0B 22.5%	$35.1B 57.0%	$22.3B
Other Income Expense Other Income/expense	$10.7B 318.3%	$-4.9B -197.8%	$-1.6B -308.9%	$788.0M 136.6%	$333.0M -71.9%	$1.2B 1440.3%	$77.0M -89.4%	$729.0M -48.5%	$1.4B 72.1%	$823.0M
Other Income Expense Income Before Tax	$165.9B 34.2%	$123.6B 14.7%	$107.8B 20.7%	$89.3B 6.7%	$83.7B 17.7%	$71.1B 34.1%	$53.0B 21.4%	$43.7B 19.8%	$36.5B 57.6%	$23.1B
Income Tax Income Tax Expense	$32.2B 47.7%	$21.8B 10.9%	$19.7B 15.9%	$16.9B 54.4%	$11.0B 11.7%	$9.8B 12.3%	$8.8B 96.8%	$4.4B -77.7%	$19.9B 923.3%	$1.9B
net Income net Income	$133.7B 31.3%	$101.8B 15.5%	$88.1B 21.8%	$72.4B -0.5%	$72.7B 18.7%	$61.3B 38.4%	$44.3B 12.8%	$39.2B 136.8%	$16.6B -21.8%	$21.2B
net Income Comprehensive Income	$133.8B 28.6%	$104.1B 17.1%	$88.9B 25.7%	$70.7B 6.7%	$66.2B 10.6%	$59.9B 25.3%	$47.8B 16.2%	$41.2B 200.1%	$13.7B -31.8%	$20.1B
Earnings Per Share Basic Eps	$18 31.4%	$14 15.5%	$12 22.0%	$10 0.2%	$10 19.5%	$8 39.5%	$6 13.9%	$5 137.7%	$2 -21.5%	$3
Earnings Per Share Diluted Eps	$18 31.6%	$14 15.6%	$12 21.9%	$10 0.3%	$10 19.9%	$8 39.8%	$6 13.8%	$5 137.6%	$2 -21.4%	$3
Earnings Per Share Weighted Average Shares Diluted	$7.5B -0.2%	$7.5B -0.1%	$7.5B 0.0%	$7.5B -0.9%	$7.5B -0.9%	$7.6B -1.0%	$7.7B -0.9%	$7.8B -0.5%	$7.8B -0.5%	$7.8B

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $182.9B

Investing cash flow $-139.5B

Financing cash flow $-52.5B

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
CashFlow
Operating Activities net Income	$133.7B 31.3%	$101.8B 15.5%	$88.1B 21.8%	$72.4B -0.5%	$72.7B 18.7%	$61.3B 38.4%	$44.3B 12.8%	$39.2B 136.8%	$16.6B -35.0%	$25.5B
Operating Activities Depreciation and Amortization	$38.5B 30.9%	$29.4B 40.4%	$21.0B 51.2%	$13.9B -4.1%	$14.5B 23.7%	$11.7B -8.7%	$12.8B 9.5%	$11.7B 13.8%	$10.3B 16.9%	$8.8B
Operating Activities Stock Based Compensation	$12.4B 3.6%	$12.0B 11.6%	$10.7B 11.7%	$9.6B 28.1%	$7.5B 22.6%	$6.1B 15.7%	$5.3B 13.7%	$4.7B 18.1%	$3.9B 20.6%	$3.3B
Operating Activities Deferred Income Taxes	$14.2B 301.1%	$-7.1B -48.9%	$-4.7B 21.8%	$-6.1B -6.3%	$-5.7B -3701.3%	$-150.0M -1463.6%	$11.0M 100.2%	$-6.5B -25.7%	$-5.1B -520.4%	$-829.0M
Operating Activities Changes In Operating Assets and Liabilities	$-4.9B 8.5%	$-5.3B -393.3%	$1.8B 176.4%	$-2.4B -635.4%	$446.0M 147.6%	$-936.0M 36.9%	$-1.5B -138.4%	$3.9B -81.1%	$20.5B 319.7%	$4.9B
Operating Activities Other Non Cash Items	$-11.0B -307.3%	$5.3B 226.1%	$1.6B 733.7%	$196.0M 147.9%	$-409.0M 67.3%	$-1.2B -470.3%	$-219.0M 72.3%	$-792.0M 64.2%	$-2.2B -6.7%	$-2.1B
Operating Activities net Cash From Operating Activities	$182.9B 34.4%	$136.2B 14.9%	$118.5B 35.4%	$87.6B -1.6%	$89.0B 16.0%	$76.7B 26.5%	$60.7B 16.3%	$52.2B 18.9%	$43.9B 11.1%	$39.5B
Investing Activities Capital Expenditures	$-115.9B -79.6%	$-64.6B -45.1%	$-44.5B -58.2%	$-28.1B -17.7%	$-23.9B -15.8%	$-20.6B -33.6%	$-15.4B -10.9%	$-13.9B -19.7%	$-11.6B -43.1%	$-8.1B
Investing Activities Business Acquisitions	$-1.7B 70.8%	$-6.0B 91.4%	$-69.1B -4039.6%	$-1.7B 92.4%	$-22.0B -147.4%	$-8.9B -253.4%	$-2.5B -5.6%	$-2.4B -168.9%	$-888.0M 96.6%	$-25.9B
Investing Activities Purchases of Investments	$-58.4B -96.0%	$-29.8B -67.9%	$-17.7B 52.9%	$-37.7B -42.3%	$-26.5B 58.0%	$-62.9B 18.5%	$-77.2B -33.8%	$-57.7B 58.0%	$-137.4B 22.3%	$-176.9B
Investing Activities Proceeds From Sale of Investments	$56.4B 122.2%	$25.4B -28.8%	$35.7B -25.5%	$47.9B 6.6%	$44.9B -31.8%	$65.8B -21.8%	$84.2B 44.5%	$58.2B -59.5%	$143.9B -12.4%	$164.4B
Investing Activities Other Investing Activities	$-19.9B -957.2%	$2.3B 278.5%	$-1.3B 58.3%	$-3.1B -10.3%	$-2.8B -206.4%	$-922.0M 25.7%	$-1.2B	$0 100.0%	$-98.0M 50.3%	$-197.0M
Investing Activities net Cash From Investing Activities	$-139.5B -92.2%	$-72.6B 25.1%	$-97.0B -327.6%	$-22.7B 25.2%	$-30.3B -9.9%	$-27.6B -125.6%	$-12.2B 22.5%	$-15.8B -160.2%	$-6.1B 87.0%	$-46.8B
Financing Activities Proceeds From Debt	$0	$0 -100.0%	$24.4B	$0	$0	—	—	—	$7.2B -83.8%	$44.3B
Financing Activities Repayment of Debt	$-3.0B 6.7%	$-3.2B 88.9%	$-29.1B -957.1%	$-2.8B 69.5%	$-9.0B -140.6%	$-3.8B 32.0%	$-5.5B -38.0%	$-4.0B 60.2%	$-10.1B -27.0%	$-7.9B
Financing Activities Repurchase of Common Stock	$-22.3B -20.9%	$-18.4B -6.8%	$-17.3B 22.4%	$-22.2B 32.0%	$-32.7B -19.4%	$-27.4B -19.2%	$-23.0B -17.5%	$-19.5B -82.3%	$-10.7B 9.1%	$-11.8B
Financing Activities Dividends Paid	$-26.4B -9.8%	$-24.1B -10.6%	$-21.8B -10.0%	$-19.8B -9.2%	$-18.1B -9.8%	$-16.5B -9.1%	$-15.1B -9.6%	$-13.8B -8.8%	$-12.7B -7.2%	$-11.8B
Financing Activities Proceeds From Stock Issuance	$2.0B -2.3%	$2.1B 2.7%	$2.0B 7.3%	$1.9B 1.4%	$1.8B 8.7%	$1.7B 26.1%	$1.3B 17.6%	$1.1B 14.0%	$1.0B 29.8%	$772.0M
Financing Activities Other Financing Activities	$-2.8B 64.7%	$-8.0B -303.9%	$3.9B 491.7%	$-1.0B -16.6%	$-863.0M 65.8%	$-2.5B 32.7%	$-3.8B -455.7%	$-675.0M 91.9%	$-8.3B -61.0%	$-5.2B
Financing Activities net Cash From Financing Activities	$-52.5B -1.6%	$-51.7B -36.9%	$-37.8B 14.1%	$-43.9B 25.4%	$-58.9B -21.4%	$-48.5B -5.3%	$-46.0B -24.8%	$-36.9B -9.8%	$-33.6B -499.5%	$8.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$-196.0M -411.1%	$63.0M 130.0%	$-210.0M -8.2%	$-194.0M -37.6%	$-141.0M -386.2%	$-29.0M 85.6%	$-201.0M -74.8%	$-115.0M -330.0%	$50.0M 163.2%	$19.0M
Cash Reconciliation net Change In Cash	$-9.3B -178.0%	$11.9B 172.8%	$-16.4B -178.9%	$20.8B 7189.8%	$-293.0M -145.2%	$648.0M -70.8%	$2.2B 476.3%	$-590.0M -113.8%	$4.3B 271.5%	$1.2B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Profitability
Gross margin	+67.9%	+68.8%	+69.8%	+68.9%	+68.4%	+68.9%	+67.8%	+65.9%	+65.2%	+61.9%
Operating margin	+46.8%	+45.6%	+44.6%	+41.8%	+42.1%	+41.6%	+37.0%	+34.1%	+31.8%	+24.8%
Net margin	+40.3%	+36.1%	+36.0%	+34.1%	+36.7%	+36.5%	+31.0%	+31.2%	+15.0%	+23.6%
FCF margin	+20.2%	+25.4%	+30.2%	+28.1%	+32.9%	+33.4%	+31.6%	+30.4%	+29.2%	+34.9%
Growth
Revenue CAGR (3y)	+16.1%	+12.4%	+13.4%	+14.0%	+16.4%	+15.1%	+16.7%	+13.8%	+5.7%	+1.2%
Returns
ROE	+30.2%	+29.6%	+32.8%	+35.1%	+43.7%	+43.2%	+37.4%	+38.3%	+20.0%	+29.3%
ROA	+17.6%	+16.5%	+17.2%	+17.6%	+19.9%	+18.4%	+14.7%	+13.7%	+6.4%	+8.8%
ROIC	+27.1%	+29.7%	+29.6%	+32.8%	+35.8%	+32.4%	+26.3%	+23.6%	+10.8%	+13.5%
Liquidity
Current ratio	1.23x	1.35x	1.27x	1.77x	1.78x	2.08x	2.52x	2.53x	2.90x	2.48x
Quick ratio	0.60x	0.71x	0.60x	0.80x	0.61x	0.59x	0.63x	0.59x	0.66x	0.43x
Leverage
D/E	0.71x	0.80x	0.91x	1.00x	1.19x	1.35x	1.55x	1.80x	2.13x	2.33x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.44x	0.46x	0.48x	0.51x	0.54x	0.50x	0.47x	0.44x	0.43x	0.37x
Cash conversion cycle	-52d	-21d	-17d	-3d	-7d	-5d	-3d	+23d	+31d	+25d

Valuation

Price against fundamentals

MSFT $510 · 2025-09-12 · 414d old · FY2026

Market cap $3.8T

P/E 28.41x

P/S 11.45x

P/B 8.59x

EV $3.8T

EV/EBITDA —

FCF yield +1.8%

Dividend yield +0.7%

Notes

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