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

Each cell as a share of that year’s revenue.

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	6.3%	10.7%	7.5%	16.4%	7.0%	8.5%	9.5%	9.0%	10.8%	8.5%
Short Term Investments	16.8%	22.8%	23.3%	36.1%	45.8%	69.1%	86.0%	97.3%	110.4%	139.3%
Accounts Receivable	24.4%	24.8%	23.2%	23.0%	22.3%	22.6%	22.4%	23.5%	24.0%	22.0%
Inventory	0.4%	0.3%	0.5%	1.2%	1.9%	1.6%	1.3%	1.6%	2.4%	2.4%
Other Current Assets	14.6%	9.1%	10.6%	10.3%	8.5%	8.0%	8.0%	8.1%	6.1%	5.4%
Total Current Assets	62.6%	67.8%	65.2%	86.9%	85.6%	109.7%	127.2%	139.5%	153.7%	177.7%
Property,Plant and Equipment	94.3%	72.8%	55.3%	45.1%	37.5%	35.5%	30.9%	29.0%	26.7%	26.4%
Operating Lease Assets	7.3%	8.8%	7.7%	6.8%	6.6%	6.6%	6.1%	5.9%	6.1%	—
Goodwill	36.1%	42.4%	48.6%	32.0%	34.1%	29.6%	30.3%	33.4%	32.3%	39.0%
Intangible Assets	5.6%	8.0%	11.3%	4.4%	5.7%	4.6%	4.9%	6.2%	7.3%	11.2%
Long Term Investments	11.0%	5.5%	6.0%	4.7%	3.5%	3.6%	2.1%	2.1%	1.7%	6.7%
Other Noncurrent Assets	11.7%	14.4%	14.9%	14.4%	11.0%	9.0%	9.2%	11.7%	6.7%	6.9%
Total Assets	228.5%	219.7%	208.9%	194.4%	184.0%	198.6%	210.7%	227.7%	234.5%	268.0%
Liabilities
Accounts Payable	12.8%	9.8%	9.0%	8.5%	9.6%	9.0%	8.8%	7.5%	7.8%	8.2%
Accrued Liabilities	5.3%	7.4%	7.2%	7.2%	7.4%	7.3%	7.0%	9.9%	7.5%	7.3%
Deferred Revenue	22.0%	22.9%	23.5%	24.0%	23.0%	24.7%	25.2%	26.0%	26.2%	37.9%
Current Portion of Long Term Debt	2.8%	1.1%	3.7%	2.5%	1.4%	4.8%	2.6%	4.4%	3.6%	11.3%
Other Current Liabilities	8.1%	8.9%	7.8%	7.0%	6.6%	6.9%	7.0%	7.4%	7.9%	7.1%
Total Current Liabilities	50.9%	50.1%	51.1%	49.1%	48.0%	52.7%	50.6%	55.2%	53.0%	71.7%
Long Term Debt	9.4%	14.3%	17.4%	19.8%	23.7%	29.8%	41.7%	53.0%	65.5%	84.6%
Deferred Revenue Noncurrent	0.8%	1.0%	1.1%	1.4%	1.4%	1.6%	2.2%	3.6%	3.5%	11.5%
Operating Lease Liabilities Noncurrent	5.0%	6.2%	6.3%	6.0%	5.8%	5.7%	5.4%	4.9%	5.0%	—
Deferred Tax Liabilities	0.9%	1.0%	1.1%	0.2%	0.1%	0.1%	0.1%	0.2%	0.5%	0.6%
Other Noncurrent Liabilities	28.3%	25.3%	22.4%	20.5%	21.0%	24.2%	28.0%	29.6%	32.1%	19.1%
Total Liabilities	95.2%	97.8%	99.4%	97.1%	100.0%	114.1%	128.0%	146.4%	159.6%	187.5%
Equity
Common Stock	35.4%	38.7%	41.2%	44.2%	43.8%	49.4%	56.3%	62.4%	64.5%	77.1%
Retained Earnings	98.9%	84.4%	70.6%	56.1%	42.5%	33.9%	24.2%	19.2%	12.4%	2.9%
Accumulated Other Comprehensive Income	-1.0%	-1.2%	-2.3%	-3.0%	-2.4%	1.1%	2.2%	-0.3%	-2.0%	0.5%
Total Stockholders Equity	133.3%	121.9%	109.5%	97.3%	84.0%	84.5%	82.7%	81.3%	75.0%	80.5%
Total Liabilitiesand Equity	228.5%	219.7%	208.9%	194.4%	184.0%	198.6%	210.7%	227.7%	234.5%	268.0%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	32.1%	31.2%	30.2%	31.1%	31.6%	31.1%	32.2%	34.1%	34.8%	38.1%
Other Income Expense Gross Profit	67.9%	68.8%	69.8%	68.9%	68.4%	68.9%	67.8%	65.9%	65.2%	61.9%
Expenses Research and Development	10.7%	11.5%	12.0%	12.8%	12.4%	12.3%	13.5%	13.4%	13.3%	14.5%
Expenses Selling,General and Administrative	10.4%	11.7%	13.1%	14.3%	14.0%	15.0%	17.3%	18.4%	20.1%	22.3%
Other Income Expense Operating Income	46.8%	45.6%	44.6%	41.8%	42.1%	41.6%	37.0%	34.1%	31.8%	24.8%
Other Income Expense Other Income/expense	3.2%	-1.7%	-0.7%	0.4%	0.2%	0.7%	0.1%	0.6%	1.3%	0.9%
Other Income Expense Income Before Tax	50.0%	43.9%	44.0%	42.1%	42.2%	42.3%	37.1%	34.7%	33.1%	25.7%
Income Tax Income Tax Expense	9.7%	7.7%	8.0%	8.0%	5.5%	5.8%	6.1%	3.5%	18.0%	2.2%
net Income net Income	40.3%	36.1%	36.0%	34.1%	36.7%	36.5%	31.0%	31.2%	15.0%	23.6%
net Income Comprehensive Income	40.3%	36.9%	36.3%	33.4%	33.4%	35.6%	33.4%	32.7%	12.4%	22.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.2%	2.6%	3.0%	3.5%	3.8%	4.5%	5.4%	6.2%	7.1%	8.7%

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	40.3%	36.1%	36.0%	34.1%	36.7%	36.5%	31.0%	31.2%	15.0%	28.3%
Operating Activities Depreciation and Amortization	11.6%	10.4%	8.6%	6.5%	7.3%	7.0%	8.9%	9.3%	9.3%	9.8%
Operating Activities Stock Based Compensation	3.7%	4.3%	4.4%	4.5%	3.8%	3.6%	3.7%	3.7%	3.6%	3.6%
Operating Activities Deferred Income Taxes	4.3%	-2.5%	-1.9%	-2.9%	-2.9%	-0.1%	0.0%	-5.1%	-4.7%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	-1.5%	-1.9%	0.7%	-1.1%	0.2%	-0.6%	-1.0%	3.1%	18.5%	5.4%
Operating Activities Other Non Cash Items	-3.3%	1.9%	0.7%	0.1%	-0.2%	-0.7%	-0.2%	-0.6%	-2.0%	-2.3%
Operating Activities net Cash From Operating Activities	55.1%	48.3%	48.4%	41.3%	44.9%	45.7%	42.4%	41.5%	39.8%	43.9%
Investing Activities Capital Expenditures	-34.9%	-22.9%	-18.1%	-13.3%	-12.0%	-12.3%	-10.8%	-11.1%	-10.5%	-9.0%
Investing Activities Business Acquisitions	-0.5%	-2.1%	-28.2%	-0.8%	-11.1%	-5.3%	-1.8%	-1.9%	-0.8%	-28.8%
Investing Activities Purchases of Investments	-17.6%	-10.6%	-7.2%	-17.8%	-13.3%	-37.4%	-54.0%	-45.8%	-124.5%	-196.7%
Investing Activities Proceeds From Sale of Investments	17.0%	9.0%	14.6%	22.6%	22.6%	39.1%	58.9%	46.3%	130.4%	182.8%
Investing Activities Other Investing Activities	-6.0%	0.8%	-0.5%	-1.5%	-1.4%	-0.5%	-0.9%	0.0%	-0.1%	-0.2%
Investing Activities net Cash From Investing Activities	-42.0%	-25.8%	-39.6%	-10.7%	-15.3%	-16.4%	-8.5%	-12.5%	-5.5%	-52.0%
Financing Activities Proceeds From Debt	0.0%	0.0%	10.0%	0.0%	0.0%	—	—	—	6.5%	49.3%
Financing Activities Repayment of Debt	-0.9%	-1.1%	-11.9%	-1.3%	-4.6%	-2.2%	-3.9%	-3.2%	-9.1%	-8.8%
Financing Activities Repurchase of Common Stock	-6.7%	-6.5%	-7.0%	-10.5%	-16.5%	-16.3%	-16.1%	-15.5%	-9.7%	-13.1%
Financing Activities Dividends Paid	-8.0%	-8.5%	-8.9%	-9.3%	-9.1%	-9.8%	-10.6%	-11.0%	-11.5%	-13.2%
Financing Activities Proceeds From Stock Issuance	0.6%	0.7%	0.8%	0.9%	0.9%	1.0%	0.9%	0.9%	0.9%	0.9%
Financing Activities Other Financing Activities	-0.9%	-2.9%	1.6%	-0.5%	-0.4%	-1.5%	-2.6%	-0.5%	-7.5%	-5.7%
Financing Activities net Cash From Financing Activities	-15.8%	-18.4%	-15.4%	-20.7%	-29.7%	-28.8%	-32.2%	-29.3%	-30.4%	9.3%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.1%	0.0%	-0.1%	-0.1%	-0.1%	-0.0%	-0.1%	-0.1%	0.0%	0.0%
Cash Reconciliation net Change In Cash	-2.8%	4.2%	-6.7%	9.8%	-0.1%	0.4%	1.6%	-0.5%	3.9%	1.3%

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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