MSFT

MSFT

Microsoft Corporation

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Microsoft Corporation (MSFT) Financial Statements

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$168.09B	$198.27B ↑18.0%	$211.91B ↑6.9%	$245.12B ↑15.7%	$281.72B ↑14.9%
Cost of Revenue	$52.23B	$62.65B ↑19.9%	$65.86B ↑5.1%	$74.11B ↑12.5%	$87.83B ↑18.5%
Gross Profit	$115.86B	$135.62B ↑17.1%	$146.05B ↑7.7%	$171.01B ↑17.1%	$193.89B ↑13.4%
R&D Expenses	$20.72B	$24.51B ↑18.3%	$27.20B ↑10.9%	$29.51B ↑8.5%	$32.49B ↑10.1%
SG&A Expenses	$25.22B	$27.73B ↑9.9%	$30.33B ↑9.4%	$32.06B ↑5.7%	$32.88B ↑2.5%
Operating Income	$69.92B	$83.38B ↑19.3%	$88.52B ↑6.2%	$109.43B ↑23.6%	$128.53B ↑17.4%
Interest Expense	$2.35B	$2.06B ↓12.1%	$1.97B ↓4.6%	$2.94B ↑49.1%	$2.38B ↓18.7%
Income Tax	$9.83B	$10.98B ↑11.7%	$16.95B ↑54.4%	$19.65B ↑15.9%	$21.80B ↑10.9%
Net Income	$61.27B	$72.74B ↑18.7%	$72.36B ↓0.5%	$88.14B ↑21.8%	$101.83B ↑15.5%
EBITDA	$85.13B	$100.24B ↑17.7%	$105.14B ↑4.9%	$133.01B ↑26.5%	$160.16B ↑20.4%
EPS	8.12	9.70 ↑19.5%	9.72 ↑0.2%	11.86 ↑22.0%	13.70 ↑15.5%
EPS (Diluted)	8.05	9.65 ↑19.9%	9.68 ↑0.3%	11.80 ↑21.9%	13.64 ↑15.6%
Shares Out (Diluted)	7.61B	7.54B ↓0.9%	7.47B ↓0.9%	7.47B ↓0.0%	7.46B ↓0.1%

Metric	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Revenue	$69.63B	$70.07B ↑0.6%	$76.44B ↑9.1%	$77.67B ↑1.6%	$81.27B ↑4.6%
Cost of Revenue	$21.80B	$21.92B ↑0.6%	$24.01B ↑9.6%	$24.04B ↑0.1%	$25.98B ↑8.0%
Gross Profit	$47.83B	$48.15B ↑0.7%	$52.43B ↑8.9%	$53.63B ↑2.3%	$55.30B ↑3.1%
R&D Expenses	$7.92B	$8.20B ↑3.5%	$8.83B ↑7.7%	$8.15B ↓7.7%	$8.50B ↑4.4%
SG&A Expenses	$8.26B	$7.95B ↓3.8%	$9.28B ↑16.7%	$7.52B ↓18.9%	$8.52B ↑13.2%
Operating Income	$31.65B	$32.00B ↑1.1%	$34.32B ↑7.3%	$37.96B ↑10.6%	$38.27B ↑0.8%
Interest Expense	$594.00M	$594.00M -	$615.00M ↑3.5%	$698.00M ↑13.5%	$736.00M ↑5.4%
Income Tax	$5.26B	$5.55B ↑5.6%	$5.38B ↓3.1%	$6.55B ↑21.8%	$9.79B ↑49.3%
Net Income	$24.11B	$25.82B ↑7.1%	$27.23B ↑5.5%	$27.75B ↑1.9%	$38.46B ↑38.6%
EBITDA	$36.79B	$40.71B ↑10.7%	$44.43B ↑9.1%	$48.06B ↑8.2%	$58.18B ↑21.1%
EPS	3.24	3.47 ↑7.1%	3.66 ↑5.5%	3.73 ↑1.9%	5.18 ↑38.9%
EPS (Diluted)	3.23	3.46 ↑7.1%	3.65 ↑5.5%	3.72 ↑1.9%	5.16 ↑38.7%
Shares Out (Diluted)	7.47B	7.46B ↓0.1%	7.46B -	7.47B ↑0.1%	7.46B ↓0.1%

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Cash & Equiv.	$14.22B	$13.93B ↓2.1%	$34.70B ↑149.1%	$18.32B ↓47.2%	$30.24B ↑65.1%
Accounts Receivable	$38.04B	$44.26B ↑16.3%	$48.69B ↑10.0%	$56.92B ↑16.9%	$69.91B ↑22.8%
Inventory	$2.64B	$3.74B ↑42.0%	$2.50B ↓33.2%	$1.25B ↓50.2%	$938.00M ↓24.7%
Current Assets	$184.41B	$169.68B ↓8.0%	$184.26B ↑8.6%	$159.73B ↓13.3%	$191.13B ↑19.7%
Goodwill & Intangibles	$57.51B	$78.82B ↑37.1%	$77.25B ↓2.0%	$146.82B ↑90.0%	$142.11B ↓3.2%
Total Assets	$333.78B	$364.84B ↑9.3%	$411.98B ↑12.9%	$512.16B ↑24.3%	$619.00B ↑20.9%
Current Liabilities	$88.66B	$95.08B ↑7.2%	$104.15B ↑9.5%	$125.29B ↑20.3%	$141.22B ↑12.7%
Long-term Debt	$50.07B	$47.03B ↓6.1%	$41.99B ↓10.7%	$42.69B ↑1.7%	$40.15B ↓5.9%
Total Debt	$82.28B	$78.40B ↓4.7%	$79.44B ↑1.3%	$97.85B ↑23.2%	$112.18B ↑14.6%
Retained Earnings	$57.05B	$84.28B ↑47.7%	$118.85B ↑41.0%	$173.14B ↑45.7%	$237.73B ↑37.3%
Total Equity	$141.99B	$166.54B ↑17.3%	$206.22B ↑23.8%	$268.48B ↑30.2%	$343.48B ↑27.9%

Metric	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Cash & Equiv.	$17.48B	$28.83B ↑64.9%	$30.24B ↑4.9%	$28.85B ↓4.6%	$24.30B ↓15.8%
Accounts Receivable	$48.19B	$51.70B ↑7.3%	$69.91B ↑35.2%	$52.89B ↓24.3%	$56.53B ↑6.9%
Inventory	$909.00M	$848.00M ↓6.7%	$938.00M ↑10.6%	$1.13B ↑20.5%	$1.06B ↓6.3%
Current Assets	$147.08B	$156.64B ↑6.5%	$191.13B ↑22.0%	$189.07B ↓1.1%	$180.19B ↓4.7%
Goodwill & Intangibles	$144.58B	$143.30B ↓0.9%	$142.11B ↓0.8%	$140.73B ↓1.0%	$139.91B ↓0.6%
Total Assets	$533.90B	$562.62B ↑5.4%	$619.00B ↑10.0%	$636.35B ↑2.8%	$665.30B ↑4.5%
Current Liabilities	$108.88B	$114.21B ↑4.9%	$141.22B ↑23.7%	$135.00B ↓4.4%	$130.00B ↓3.7%
Long-term Debt	$39.72B	$39.88B ↑0.4%	$40.15B ↑0.7%	$35.38B ↓11.9%	$35.42B ↑0.1%
Total Debt	$102.91B	$105.02B ↑2.1%	$112.18B ↑6.8%	$120.38B ↑7.3%	$123.28B ↑2.4%
Retained Earnings	$203.48B	$219.76B ↑8.0%	$237.73B ↑8.2%	$254.87B ↑7.2%	$280.79B ↑10.2%
Total Equity	$302.69B	$321.89B ↑6.3%	$343.48B ↑6.7%	$363.08B ↑5.7%	$390.88B ↑7.7%

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Net Income	$61.27B	$72.74B ↑18.7%	$72.36B ↓0.5%	$88.14B ↑21.8%	$101.83B ↑15.5%
D&A	$11.69B	$14.46B ↑23.7%	$13.86B ↓4.1%	$22.29B ↑60.8%	$34.15B ↑53.2%
Stock-Based Comp	$6.12B	$7.50B ↑22.6%	$9.61B ↑28.1%	$10.73B ↑11.7%	$11.97B ↑11.6%
Operating Cash Flow	$76.74B	$89.03B ↑16.0%	$87.58B ↓1.6%	$118.55B ↑35.4%	$136.16B ↑14.9%
Capital Expenditure	-$20.62B	-$23.89B ↓15.8%	-$28.11B ↓17.7%	-$44.48B ↓58.2%	-$64.55B ↓45.1%
Free Cash Flow	$56.12B	$65.15B ↑16.1%	$59.48B ↓8.7%	$74.07B ↑24.5%	$71.61B ↓3.3%
Dividends Paid	-$16.52B	-$18.14B ↓9.8%	-$19.80B ↓9.2%	-$21.77B ↓10.0%	-$24.08B ↓10.6%
Share Buybacks	-$27.39B	-$32.70B ↓19.4%	-$22.25B ↑32.0%	-$17.25B ↑22.4%	-$18.42B ↓6.8%

Metric	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Net Income	$24.11B	$25.82B ↑7.1%	$27.23B ↑5.5%	$27.75B ↑1.9%	$38.46B ↑38.6%
D&A	$5.67B	$8.74B ↑54.2%	$11.20B ↑28.2%	$13.06B ↑16.6%	$9.20B ↓29.6%
Stock-Based Comp	$3.09B	$2.98B ↓3.5%	$3.07B ↑3.1%	$2.98B ↓2.9%	$3.22B ↑7.9%
Operating Cash Flow	$22.29B	$37.04B ↑66.2%	$42.65B ↑15.1%	$45.06B ↑5.7%	$35.76B ↓20.6%
Capital Expenditure	-$15.80B	-$16.75B ↓6.0%	-$17.08B ↓2.0%	-$19.39B ↓13.6%	-$29.88B ↓54.0%
Free Cash Flow	$6.49B	$20.30B ↑212.9%	$25.57B ↑26.0%	$25.66B ↑0.4%	$5.88B ↓77.1%
Dividends Paid	-$6.17B	-$6.17B ↑0.0%	-$6.17B -	-$6.17B -	-$6.76B ↓9.6%
Share Buybacks	-$4.99B	-$4.78B ↑4.1%	-$4.55B ↑4.9%	-$5.65B ↓24.3%	-$7.42B ↓31.2%