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 · 5 years

Total assets $758.4B

Total liabilities $316.0B

Shareholders equity $442.4B

Account	2026	2025	2024	2023	2022
Assets
Cash and Cash Equivalents	$20.9B -30.8%	$30.2B 65.1%	$18.3B -47.2%	$34.7B 149.1%	$13.9B
Short Term Investments	$55.9B -13.1%	$64.3B 12.4%	$57.2B -25.2%	$76.6B -15.7%	$90.8B
Accounts Receivable	$80.9B 15.7%	$69.9B 22.8%	$56.9B 16.9%	$48.7B 10.0%	$44.3B
Inventory	$1.4B 48.9%	$938.0M -24.7%	$1.2B -50.2%	$2.5B -33.2%	$3.7B
Other Current Assets	$48.6B 88.9%	$25.7B -1.1%	$26.0B 19.3%	$21.8B 28.9%	$16.9B
Total Current Assets	$207.7B 8.7%	$191.1B 19.7%	$159.7B -13.3%	$184.3B 8.6%	$169.7B
Property,Plant and Equipment	$313.1B 52.7%	$205.0B 51.2%	$135.6B 41.8%	$95.6B 28.6%	$74.4B
Operating Lease Assets	$24.2B -2.6%	$24.8B 30.9%	$19.0B 32.2%	$14.3B 9.1%	$13.1B
Goodwill	$119.7B 0.1%	$119.5B 0.2%	$119.2B 75.6%	$67.9B 0.5%	$67.5B
Intangible Assets	$18.6B -17.7%	$22.6B -18.1%	$27.6B 194.7%	$9.4B -17.1%	$11.3B
Long Term Investments	$36.3B 135.9%	$15.4B 5.5%	$14.6B 47.8%	$9.9B 43.4%	$6.9B
Other Noncurrent Assets	$38.8B -4.3%	$40.6B 11.3%	$36.5B 19.1%	$30.6B 39.7%	$21.9B
Total Assets	$758.4B 22.5%	$619.0B 20.9%	$512.2B 24.3%	$412.0B 12.9%	$364.8B
Liabilities
Accounts Payable	$42.4B 53.0%	$27.7B 26.0%	$22.0B 21.6%	$18.1B -4.8%	$19.0B
Accrued Liabilities	$17.5B -16.4%	$20.9B 19.0%	$17.6B 16.0%	$15.2B 2.9%	$14.7B
Deferred Revenue	$73.0B 13.0%	$64.6B 12.1%	$57.6B 13.1%	$50.9B 11.8%	$45.5B
Current Portion of Long Term Debt	$9.2B 207.7%	$3.0B -66.5%	$8.9B 70.6%	$5.2B 90.9%	$2.7B
Other Current Liabilities	$26.7B 6.9%	$25.0B 30.4%	$19.2B 30.1%	$14.7B 12.8%	$13.1B
Total Current Liabilities	$168.8B 19.5%	$141.2B 12.7%	$125.3B 20.3%	$104.1B 9.5%	$95.1B
Long Term Debt	$31.1B -22.6%	$40.2B -5.9%	$42.7B 1.7%	$42.0B -10.7%	$47.0B
Deferred Revenue Noncurrent	$2.7B 1.4%	$2.7B 4.2%	$2.6B -10.6%	$2.9B 1.5%	$2.9B
Operating Lease Liabilities Noncurrent	$16.5B -5.2%	$17.4B 12.5%	$15.5B 21.8%	$12.7B 10.8%	$11.5B
Deferred Tax Liabilities	$3.1B 7.7%	$2.8B 8.3%	$2.6B 504.6%	$433.0M 88.3%	$230.0M
Other Noncurrent Liabilities	$93.8B 31.7%	$71.2B 29.4%	$55.0B 26.3%	$43.5B 4.7%	$41.6B
Total Liabilities	$316.0B 14.7%	$275.5B 13.1%	$243.7B 18.4%	$205.8B 3.8%	$198.3B
Equity
Common Stock	$117.4B 7.6%	$109.1B 8.1%	$100.9B 7.7%	$93.7B 7.8%	$86.9B
Retained Earnings	$328.3B 38.1%	$237.7B 37.3%	$173.1B 45.7%	$118.8B 41.0%	$84.3B
Accumulated Other Comprehensive Income	$-3.3B 1.9%	$-3.3B 40.1%	$-5.6B 11.9%	$-6.3B -35.6%	$-4.7B
Total Stockholders Equity	$442.4B 28.8%	$343.5B 27.9%	$268.5B 30.2%	$206.2B 23.8%	$166.5B
Total Liabilitiesand Equity	$758.4B 22.5%	$619.0B 20.9%	$512.2B 24.3%	$412.0B 12.9%	$364.8B

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $331.8B

Operating income $155.2B

Net income $133.7B

Account	2026	2025	2024	2023	2022
IncomeStatement
Revenues Total Revenue	$331.8B 17.8%	$281.7B 14.9%	$245.1B 15.7%	$211.9B 6.9%	$198.3B
Expenses Cost of Revenue	$106.4B 21.1%	$87.8B 18.5%	$74.1B 12.5%	$65.9B 5.1%	$62.6B
Other Income Expense Gross Profit	$225.5B 16.3%	$193.9B 13.4%	$171.0B 17.1%	$146.1B 7.7%	$135.6B
Expenses Research and Development	$35.6B 9.5%	$32.5B 10.1%	$29.5B 8.5%	$27.2B 10.9%	$24.5B
Expenses Selling,General and Administrative	$34.7B 5.4%	$32.9B 2.5%	$32.1B 5.7%	$30.3B 9.4%	$27.7B
Other Income Expense Operating Income	$155.2B 20.8%	$128.5B 17.4%	$109.4B 23.6%	$88.5B 6.2%	$83.4B
Other Income Expense Other Income/expense	$10.7B 318.3%	$-4.9B -197.8%	$-1.6B -308.9%	$788.0M 136.6%	$333.0M
Other Income Expense Income Before Tax	$165.9B 34.2%	$123.6B 14.7%	$107.8B 20.7%	$89.3B 6.7%	$83.7B
Income Tax Income Tax Expense	$32.2B 47.7%	$21.8B 10.9%	$19.7B 15.9%	$16.9B 54.4%	$11.0B
net Income net Income	$133.7B 31.3%	$101.8B 15.5%	$88.1B 21.8%	$72.4B -0.5%	$72.7B
net Income Comprehensive Income	$133.8B 28.6%	$104.1B 17.1%	$88.9B 25.7%	$70.7B 6.7%	$66.2B
Earnings Per Share Basic Eps	$18 31.4%	$14 15.5%	$12 22.0%	$10 0.2%	$10
Earnings Per Share Diluted Eps	$18 31.6%	$14 15.6%	$12 21.9%	$10 0.3%	$10
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

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 5 years

Operating cash flow $182.9B

Investing cash flow $-139.5B

Financing cash flow $-52.5B

Account	2026	2025	2024	2023	2022
CashFlow
Operating Activities net Income	$133.7B 31.3%	$101.8B 15.5%	$88.1B 21.8%	$72.4B -0.5%	$72.7B
Operating Activities Depreciation and Amortization	$38.5B 30.9%	$29.4B 40.4%	$21.0B 51.2%	$13.9B -4.1%	$14.5B
Operating Activities Stock Based Compensation	$12.4B 3.6%	$12.0B 11.6%	$10.7B 11.7%	$9.6B 28.1%	$7.5B
Operating Activities Deferred Income Taxes	$14.2B 301.1%	$-7.1B -48.9%	$-4.7B 21.8%	$-6.1B -6.3%	$-5.7B
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
Operating Activities Other Non Cash Items	$-11.0B -307.3%	$5.3B 226.1%	$1.6B 733.7%	$196.0M 147.9%	$-409.0M
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
Investing Activities Capital Expenditures	$-115.9B -79.6%	$-64.6B -45.1%	$-44.5B -58.2%	$-28.1B -17.7%	$-23.9B
Investing Activities Business Acquisitions	$-1.7B 70.8%	$-6.0B 91.4%	$-69.1B -4039.6%	$-1.7B 92.4%	$-22.0B
Investing Activities Purchases of Investments	$-58.4B -96.0%	$-29.8B -67.9%	$-17.7B 52.9%	$-37.7B -42.3%	$-26.5B
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
Investing Activities Other Investing Activities	$-19.9B -957.2%	$2.3B 278.5%	$-1.3B 58.3%	$-3.1B -10.3%	$-2.8B
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
Financing Activities Proceeds From Debt	$0	$0 -100.0%	$24.4B	$0	$0
Financing Activities Repayment of Debt	$-3.0B 6.7%	$-3.2B 88.9%	$-29.1B -957.1%	$-2.8B 69.5%	$-9.0B
Financing Activities Repurchase of Common Stock	$-22.3B -20.9%	$-18.4B -6.8%	$-17.3B 22.4%	$-22.2B 32.0%	$-32.7B
Financing Activities Dividends Paid	$-26.4B -9.8%	$-24.1B -10.6%	$-21.8B -10.0%	$-19.8B -9.2%	$-18.1B
Financing Activities Proceeds From Stock Issuance	$2.0B -2.3%	$2.1B 2.7%	$2.0B 7.3%	$1.9B 1.4%	$1.8B
Financing Activities Other Financing Activities	$-2.8B 64.7%	$-8.0B -303.9%	$3.9B 491.7%	$-1.0B -16.6%	$-863.0M
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
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
Cash Reconciliation net Change In Cash	$-9.3B -178.0%	$11.9B 172.8%	$-16.4B -178.9%	$20.8B 7189.8%	$-293.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2026	2025	2024	2023	2022
Profitability
Gross margin	+67.9%	+68.8%	+69.8%	+68.9%	+68.4%
Operating margin	+46.8%	+45.6%	+44.6%	+41.8%	+42.1%
Net margin	+40.3%	+36.1%	+36.0%	+34.1%	+36.7%
FCF margin	+20.2%	+25.4%	+30.2%	+28.1%	+32.9%
Growth
Revenue CAGR (3y)	+16.1%	+12.4%	+13.4%	+14.0%	+16.4%
Returns
ROE	+30.2%	+29.6%	+32.8%	+35.1%	+43.7%
ROA	+17.6%	+16.5%	+17.2%	+17.6%	+19.9%
ROIC	+27.1%	+29.7%	+29.6%	+32.8%	+35.8%
Liquidity
Current ratio	1.23x	1.35x	1.27x	1.77x	1.78x
Quick ratio	0.60x	0.71x	0.60x	0.80x	0.61x
Leverage
D/E	0.71x	0.80x	0.91x	1.00x	1.19x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.44x	0.46x	0.48x	0.51x	0.54x
Cash conversion cycle	-52d	-21d	-17d	-3d	-7d

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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