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Microsoft (Nasdaq: MSFT) stock fundamentals

Nasdaq: MSFT · Information technology · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Microsoft (Nasdaq: MSFT) sells cloud computing, productivity software, Windows and gaming products. Its Form 10-K reports revenue of USD 332 billion and net income of USD 134 billion for FY2026, the year ended 30 Jun 2026. Capital expenditure in that year was USD 116 billion, against cash from operations of USD 183 billion.

Data as of Source: Form 10-K for FY2026

Key facts

Data as of

Microsoft (Nasdaq: MSFT) · USD · fiscal year ends 30 June · figures from SEC filings; derived values are marked.

Revenue (USD bn)
332
FY2026 (ended ) · Form 10-K
Revenue, TTM (USD bn)
332
TTM to · Form 10-K
Revenue by quarter, from USD 65.6 bn in Q1 FY2025 to USD 90.0 bn in Q4 FY2026
Net income attributable to shareholders (USD bn)
134
FY2026 (ended ) · Form 10-K
Operating margin
46.8%
FY2026 (ended ) · derived
Free cash flow (USD bn)
67.0
FY2026 (ended ) · derived
Net cash (USD bn)
36.5
at · derived: cash and short-term investments minus total debt
Dividend declared per share (USD)
3.64
FY2026 (ended ) · Form 10-K
Shares outstanding (bn)
7.43
at · Form 10-K cover page

Fundamentals profile

vs Microsoft's own FY2022–FY2026 range (fewer than 5 covered peers) · Data as of

Each row places Microsoft's value against its own FY2022–FY2026 range. It describes; it does not rate. There is no overall score. How we calculate this

Microsoft fundamentals profile compared with its own FY2022–FY2026 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricMicrosoftOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202616.1%Own 5-year median 14.0%Above its 5-year median
Lower (12.4%) Higher (16.4%)
MarginsOperating margin (FY2026)46.8%Own 5-year median 44.6%Above its 5-year median
Lower (41.8%) Higher (46.8%)
LeverageNet debt / EBITDA (FY2026; below zero means net cash)−0.2×Own 5-year median −0.3×Near its 5-year median
Lower (−0.6×) Higher (−0.2×)
Cash flowFCF margin (FY2026)20.2%Own 5-year median 28.1%Below its 5-year median
Lower (20.2%) Higher (32.9%)
Dividend historyConsecutive years of cash dividends, to FY2026Every fiscal year in our data, FY2009 to FY2026, had a dividend; our data starts in FY2009.At least 18Own 5-year median not availablenot availablenot available

Source: Microsoft Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Microsoft's own FY2022–FY2026 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Microsoft's capital expenditure compare with its cash from operations from FY2022 to FY2026?

Microsoft's capital expenditure rose from USD 23.9 billion in FY2022 to USD 116 billion in FY2026, the year ended 30 Jun 2026. Cash from operations rose from USD 89.0 billion to USD 183 billion over the same years. Free cash flow, our calculation, was USD 65.1 billion in FY2022 and USD 67.0 billion in FY2026.

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Table 1 Microsoft cash flow, dividends paid and buybacks, FY2022–FY2026 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2026ended FY2025ended FY2024ended FY2023ended FY2022ended
Cash from operations182,935136,162118,54887,58289,035
Capital expenditure−115,948−64,551−44,477−28,107−23,886
Free cash flow66,987 D71,611 D74,071 D59,475 D65,149 D
Dividends paid−26,445−24,082−21,771−19,800−18,135
Share buybacks−22,271−18,420−17,254−22,245−32,696
(opens in new tab)

Source: Microsoft Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Microsoft's free cash flow stayed between USD 59.5 billion in FY2023 and USD 74.1 billion in FY2024 across the 5 fiscal years. In FY2026 it was USD 67.0 billion, below the USD 71.6 billion of FY2025, as capital expenditure rose by more than cash from operations did. Capital expenditure was USD 64.6 billion in FY2025 and USD 44.5 billion in FY2024.

Dividends paid rose in each year after FY2022, from USD 18.1 billion in FY2022 to USD 26.4 billion in FY2026. Buybacks moved less steadily: USD 32.7 billion in FY2022, a low of USD 17.3 billion in FY2024, and USD 22.3 billion in FY2026. In FY2026, dividends paid and buybacks together were smaller than free cash flow.

The full cash flow statement is on the Microsoft financial statements page. The NVIDIA stock fundamentals page shows the same lines for a company that supplies accelerated computing platforms to data centres.

What was Microsoft's net cash position at the end of FY2026?

Microsoft held USD 76.8 billion of cash and short-term investments and USD 40.3 billion of total debt at 30 Jun 2026. Its net debt, our calculation, was therefore negative USD 36.5 billion, which means a net cash position rather than net debt.

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Table 2 Microsoft cash, debt and net debt, Q4 FY2025–Q4 FY2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ4 FY2026at Q3 FY2026at Q2 FY2026at Q1 FY2026at Q4 FY2025at
Cash and short-term investments76,84378,27289,462102,01294,565
Total debt40,294 D40,262 D40,262 D43,208 D43,151 D
Net debt / (net cash)−36,549 D−38,010 D−49,200 D−58,804 D−51,414 D
(opens in new tab)

Source: Microsoft Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Across those 5 quarters, cash and short-term investments peaked at USD 102 billion in Q1 FY2026 and were USD 94.6 billion in Q4 FY2025. Total debt was USD 43.2 billion in both of those quarters and USD 40.3 billion in Q4 FY2026. So the movement in net cash across the 5 quarters came mostly from cash, not from borrowing.

Net cash was USD 51.4 billion in Q4 FY2025, USD 58.8 billion in Q1 FY2026 and USD 49.2 billion in Q2 FY2026. It then fell to USD 38.0 billion in Q3 FY2026 and USD 36.5 billion in Q4 FY2026. The section above shows FY2026 capital expenditure of USD 116 billion. A balance sheet does not tie a given cash movement to a given use, so this page draws no link between the two.

How did Microsoft's gross and operating margins change from FY2022 to FY2026?

Microsoft's gross margin, our calculation, was 68.4% in FY2022 and 67.9% in FY2026. Its operating margin, our calculation, rose from 42.1% to 46.8% over the same years, on revenue that grew from USD 198 billion to USD 332 billion, by 17.8% in FY2026.

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Table 3 Microsoft annual revenue and margins, FY2022–FY2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 30 June
USD mFY2026ended FY2025ended FY2024ended FY2023ended FY2022ended
Revenue331,839281,724245,122211,915198,270
Revenue YoY %increased 17.8%increased 14.9%increased 15.7%increased 6.9%increased 18.0%
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%
(opens in new tab)

Source: Microsoft Forms 10-Q and 10-K, SEC EDGAR Data as of

Arrows show direction of change only, not whether a change is good or bad.

Gross margin peaked at 69.8% in FY2024 and was lower in each of the 2 years after that, at 68.8% in FY2025 and 67.9% in FY2026. Operating margin moved the other way in those years, from 44.6% in FY2024 to 45.6% in FY2025 and 46.8% in FY2026. Its low was 41.8% in FY2023, a year in which revenue growth slowed to 6.9%, against 18.0% in FY2022 and 17.8% in FY2026.

Net margin, our calculation, was 36.7% in FY2022, 34.1% in FY2023 and 40.3% in FY2026. The margin lines are the only part of the income statement this section covers; the quarterly figures for revenue, operating income and net income are in the full statements.

How we got these numbers

Every figure comes from Microsoft's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q1 FY2025 to Q3 FY2026) and 10-K (FY2019 to FY2026)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Microsoft's own last five fiscal years, FY2022 to FY2026: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Microsoft's figures, newest first.

(opens in new tab)
  1. Filing Form 10-K, fiscal year ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-Q, quarter ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-K, fiscal year ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-Q, quarter ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Microsoft Corporation
Exchange
Nasdaq
Ticker
MSFT
Sector
Information technology
Country
United States
Fiscal year end
30 June (FY2026 ended 30 Jun 2026)
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000789019
Latest filing in this page's data
Form 10-K, fiscal year ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-K, fiscal year ended 30 Jun 2026 Microsoft Corporation · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Microsoft Corporation · · sec.gov
  3. [3] Filing Form 10-Q, quarter ended 31 Dec 2025 Microsoft Corporation · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Microsoft Corporation · · sec.gov
  5. [5] Filing Form 10-K, fiscal year ended 30 Jun 2025 Microsoft Corporation · · sec.gov
  6. [6] Filing Form 10-K, fiscal year ended 30 Jun 2024 Microsoft Corporation · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 30 Jun 2023 Microsoft Corporation · · sec.gov
  8. [8] Filing Form 10-K, fiscal year ended 30 Jun 2022 Microsoft Corporation · · sec.gov
  9. [9] Filing Form 10-Q, quarter ended 31 Mar 2025 Microsoft Corporation · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 31 Dec 2024 Microsoft Corporation · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Sep 2024 Microsoft Corporation · · sec.gov
  12. [12] Filing Form 10-K, fiscal year ended 30 Jun 2021 Microsoft Corporation · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 30 Jun 2020 Microsoft Corporation · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 30 Jun 2019 Microsoft Corporation · · sec.gov
  15. [15] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Microsoft (Nasdaq: MSFT) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/msft/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

  • The filings behind the figures on this page are listed in Sources and data above.
  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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StockFactsheet is not a licensed investment adviser, broker or dealer, and does not give personal recommendations.

How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.