Wednesday 28 October 2026 Export MSFT’s income statement to Excel — free account

Microsoft Corporation

Microsoft Corporation’s revenue for fiscal 2026 (year ended June 2026) was $331.8 billion, up 17.8% from fiscal 2025. In the quarter to June 2026, revenue grew 17.8%, EPS grew 31.7%, free cash flow fell 23.2% and total debt fell 6.62%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for ten, operating cash flow growth for three; insiders bought in the last twelve months.

531.51 1.09 −0.20%

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Market cap: $3.95T
P/E: 29.5×
Fwd P/E: 26.6×
Dividend yield: 0.68%
F-score: 6/9
Altman Z: 7.04
Beneish M: −2.62
Dividend safety: 93/100

Overview Business Profile Earnings & Analysis Segments Filings

Latest earnings: fiscal Q4 2026 digest →

Insider Decisions trades per month

Total buys 1.99

Total sells 118.56

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	1	—	—	—	—	—	—	—	—
Sell	1	2	—	—	1	—	1	3	—	2	2	1

Insider Ownership 1.60%

Capital & Financial Ratios $m

Market Cap 3,945,880.00

Revenue 331,839.00

Net Income 133,749.00

Free Cash Flow 66,987.00

Net Debt (36,549.00)

Current Ratio 1.23

Debt/Equity 0.09

P/E ratio 29.51

Fwd P/E 26.60

P/S ratio 11.90

P/B ratio 8.93

Past 5Y EPS Growth 17.40%

This Y EPS Growth 14.51%

Next Y EPS Growth 19.45%

Next Y revenue growth 17.96%

Next 5Y EPS Growth 19.10%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 40.92%

10-year low 10-year high

P/S against its own 10 years 72.87%

10-year low 10-year high

P/B against its own 10 years 28.01%

10-year low 10-year high

EV/Sales against its own 10 years 75.48%

10-year low 10-year high

EV/FCF against its own 10 years 99.67%

10-year low 10-year high

Dividends

Payout Ratio 0.20

Annual Dividend Rate 3.64

Annual Dividend Yield 0.68%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	3.68	0.91 0.91 0.91
2025	3.40	0.83 0.83 0.83 0.91
2024	3.08	0.75 0.75 0.75 0.83
2023	2.79	0.68 0.68 0.68 0.75
2022	2.54	0.62 0.62 0.62 0.68
2021	2.30	0.56 0.56 0.56 0.62
2020	2.09	0.51 0.51 0.51 0.56
2019	1.89	0.46 0.46 0.46 0.51
2018	1.72	0.42 0.42 0.42 0.46
2017	1.59	0.39 0.39 0.39 0.42
2016	1.47	0.36 0.36 0.36 0.39

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	2026
Cash	111,262	75,543	94,565	76,843
Receivables	48,688	56,924	69,905	80,876
Inventory	2,500	1,246	938	1,397
Other	21,807	26,021	25,723	48,594
	184,257	159,734	191,131	207,710

	2023	2024	2025	2026
Payables	18,095	21,996	27,724	42,416
ST’ Debt	5,247	8,942	2,999	9,227
Other	14,745	19,185	25,020	26,738
	104,149	125,286	141,218	168,825

Compound Annual Growth %

	10y	5y	3y
Sales	13.79%	14.57%	16.12%
Cash Flow	18.56%	18.97%	27.83%
Earnings	20.61%	16.90%	22.72%
Book Value	19.91%	25.52%	28.97%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 4.21 Actual 4.74

3.49 3.84 4.20 4.55 4.90

Q1 FY26 Beat +0.48

Q2 FY26 Beat +0.26

Q3 FY26 Beat +0.20

Q4 FY26 Beat +0.53

Q1 FY27 — Oct 28

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q1 FY26	3.65	4.13	Beat by 0.48
Q2 FY26	3.88	4.14	Beat by 0.26
Q3 FY26	4.07	4.27	Beat by 0.20
Q4 FY26	4.21	4.74	Beat by 0.53
Q1 FY27	4.71	—	Reports 28 October 2026

EPS $

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	3.72	5.16	4.27	4.81	17.95
’25	3.30	3.23	3.46	3.65	13.64
’24	2.99	2.93	2.94	2.95	11.80
’23	2.35	2.20	2.45	2.69	9.68
’22	2.71	2.48	2.22	2.23	9.65
’21	1.82	2.03	2.03	2.17	8.05

Fiscal quarters ending in the months shown.

Revenue $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	77,673	81,273	82,886	90,007	331,839
’25	65,585	69,632	70,066	76,441	281,724
’24	56,517	62,020	61,858	64,727	245,122
’23	50,122	52,747	52,857	56,189	211,915
’22	45,317	51,728	49,360	51,865	198,270
’21	37,154	43,076	41,706	46,152	168,088

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	45,057	35,758	46,679	55,441	182,935
’25	34,180	22,291	37,044	42,647	136,162
’24	30,583	18,853	31,917	37,195	118,548
’23	23,198	11,173	24,441	28,770	87,582
’22	24,540	14,480	25,386	24,629	89,035
’21	19,335	12,516	22,179	22,710	76,740

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	25,663	5,882	15,803	19,639	66,987
’25	19,257	6,487	20,299	25,568	71,611
’24	20,666	9,118	20,965	23,322	74,071
’23	16,915	4,899	17,834	19,827	59,475
’22	18,730	8,615	20,046	17,758	65,149
’21	14,428	8,342	17,090	16,258	56,118

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend	10 yrs	2027e	2028e	2029e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	61.95	83.83	97.20	132.52	211.94	213.43	219.35	366.50	344.79	349.20		+21.2%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	87.50	116.18	159.55	232.86	349.67	338.00	384.30	468.35	555.45	551.15		+22.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	124,000	131,000	144,000	163,000	181,000	221,000	221,000	228,000	228,000	223,000		+6.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.78	0.84	0.87	0.88	0.93	0.90	0.96	1.08	1.24	1.49		+7.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724	331,839		+14.7%	391,442	468,677	570,001	+19.8%
	Gross margin, %	64.52	65.25	65.90	67.78	68.93	68.40	68.92	69.76	68.82	67.94		+3.4 pt	Powerpack Microsoft Corporation’s next three years, line by line Analysts expect revenue to grow 19.8% a year to 2029 — faster than the 14.7% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	29,901	36,474	43,688	53,036	71,102	83,716	89,311	107,787	123,627	165,934		+21.0%
	EBT margin, %	30.96	33.05	34.72	37.08	42.30	42.22	42.14	43.97	43.88	50.00		+19.0 pt
	Net income	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832	133,749		+20.2%
	Depreciation	8,778	10,261	11,682	12,796	11,686	14,460	13,861	20,958	29,433	38,534		+17.9%
Per share, $
Per share, $	Revenue	12.47	14.33	16.40	18.79	22.27	26.45	28.46	32.99	37.90	44.67		+15.2%
	Earnings	3.29	2.15	5.11	5.82	8.12	9.70	9.72	11.86	13.70	18.00		+20.8%
	Cash flow	5.10	5.70	6.80	7.97	10.17	11.88	11.76	15.95	18.32	24.62		+19.1%
	Capex	(1.05)	(1.51)	(1.81)	(2.03)	(2.73)	(3.19)	(3.77)	(5.99)	(8.68)	(15.61)		+35.0%
	Free cash flow	4.05	4.19	4.99	5.94	7.44	8.69	7.99	9.97	9.63	9.02		+9.3%
	Book value	11.32	10.74	13.34	15.55	18.81	22.22	27.70	36.13	46.21	59.55		+20.3%
	Shares, m	7,746	7,700	7,673	7,610	7,547	7,496	7,446	7,431	7,433	7,429		(0.5%)
Valuation, ×
Valuation, ×	P/E	25.25	46.73	26.55	34.97	33.32	26.48	35.07	38.54	36.33	20.71		32.4
	P/S	5.53	6.98	8.27	10.83	12.16	9.71	11.97	13.85	13.12	8.35		10.1
	P/B	6.09	9.31	10.17	13.09	14.40	11.56	12.30	12.64	10.76	6.26		10.7
	EV/Sales	5.04	6.46	7.78	10.32	11.73	9.43	11.66	13.75	12.94	8.24		9.7
	EV/FCF	15.53	22.09	25.60	32.62	35.15	28.71	41.56	45.50	50.91	40.82		33.8
Cash, $m
Cash, $m	Operating cash flow	39,507	43,884	52,185	60,675	76,740	89,035	87,582	118,548	136,162	182,935		+18.6%
	Capex	(8,129)	(11,632)	(13,925)	(15,441)	(20,622)	(23,886)	(28,107)	(44,477)	(64,551)	(115,948)		+34.4%
	Free cash flow	31,378	32,252	38,260	45,234	56,118	65,149	59,475	74,071	71,611	66,987		+8.8%
Balance, $m
Balance, $m	Working capital	106,951	111,174	106,132	109,605	95,749	74,602	80,108	34,448	49,913	38,885		(10.6%)
	Total debt	86,194	76,240	72,178	63,327	58,146	49,781	47,237	51,630	43,151	40,294		(8.1%)
	Net debt	(46,787)	(57,528)	(61,641)	(73,200)	(72,188)	(54,976)	(64,025)	(23,913)	(51,414)	(36,549)		(2.7%)
	Shareholders’ equity	87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479	442,387		+19.7%
Returns, %
Returns, %	ROA	11.49	6.51	14.39	15.06	19.30	20.82	18.63	19.07	18.00	19.42		+7.9 pt
	ROIC	44.33	86.98	65.99	73.38	62.60	46.71	38.91	27.97	27.50	23.91		(20.4) pt
	ROE	31.92	19.45	42.41	40.14	47.08	47.15	38.82	37.13	33.28	34.04		+2.1 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Productivity and Business Processes	139,996	42.19%
Intelligent Cloud	137,791	41.52%
More Personal Computing	54,052	16.29%
Gross margin		67.94%
Operating margin		46.78%
Pre-tax margin		50.00%

Revenue by segment since 2009

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MSFT Microsoft Corporation	$3.95T	29.5×	26.6×	+17.75% (above 0%: growing)	+31.69% (above 0%: growing)	−23.19% (below 0%: shrinking)	67.20%	45.11%
PLTR Palantir Technologies Inc.	$477.6B	158×	127×	+92.83% (above 0%: growing)	+214.29% (above 0%: growing)	+126.03% (above 0%: growing)	84.66%	47.12%	Compare
ORCL Oracle Corporation	$394.7B	20.1×	19.0×	+29.61% (above 0%: growing)	+51.92% (above 0%: growing)	−1,390.61% (below 0%: shrinking)	60.03%	34.78%	Compare
PANW Palo Alto Networks, Inc.	$328.6B	759×	241×	+34.46% (above 0%: growing)	n/m	+34.26% (above 0%: growing)	67.57%	5.04%	Compare
CRWD CrowdStrike	$274.4B	7,616×	2,576×	+25.83% (above 0%: growing)	n/m	+32.03% (above 0%: growing)	74.57%	(2.26%)	Compare
FTNT Fortinet, Inc.	$135.7B	64.8×	58.6×	+25.64% (above 0%: growing)	+45.61% (above 0%: growing)	+239.88% (above 0%: growing)	80.24%	33.66%	Compare
NET Cloudflare, Inc.	$116.7B	— (loss-making)	— (loss-making)	+35.87% (above 0%: growing)	n/m	+69.42% (above 0%: growing)	71.76%	(29.55%)	Compare
SNPS Synopsys, Inc.	$90.9B	83.2×	105×	+42.37% (above 0%: growing)	+88.74% (above 0%: growing)	+18.01% (above 0%: growing)	72.57%	14.43%	Compare
XYZ Block, Inc.	$45.0B	129×	45.1×	+9.30% (above 0%: growing)	−82.95% (below 0%: shrinking)	+181.80% (above 0%: growing)	47.84%	6.75%	Compare
Median of peers	$205.1B	129×	105×	+32.04%	+51.92%	+51.84%	72.17%	10.59%

All 184 Software Infrastructure stocks →

Business profile

Updated 19 October 2026

Microsoft is a technology company founded in 1975 and led by Chairman and Chief Executive Officer Satya Nadella. It develops software, cloud services, devices, online advertising, games, business applications, developer tools, security products, and AI-based services for individuals and organizations.

Its three operating segments are Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Productivity and Business Processes includes Microsoft 365, LinkedIn, Dynamics and related cloud services. Intelligent Cloud includes Azure, server products, GitHub, health and life sciences cloud services, and enterprise support. More Personal Computing includes Windows, Surface devices, XBOX, Bing, Microsoft Edge, Copilot and search advertising.

Read the full business profile →

From the latest earnings call

Updated 23 October 2026

Amy Hood said demand continued to exceed available supply, while fleet efficiencies and faster deployment added capacity that was monetized during the quarter.
Satya Nadella said Microsoft is expanding Copilot from per-seat licensing toward a per-seat-plus-usage model integrated with business processes and governance tools.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Wells Fargo	Oct 27, 2026	Reiterated	Outperform	725.00
Oppenheimer	Oct 26, 2026	Target raised	Outperform	570.00 → 625.00
Truist	Oct 23, 2026	Reiterated	Buy	—
BMO Capital	Oct 20, 2026	Target raised	Outperform	515.00 → 600.00
Bernstein	Oct 19, 2026	Target raised	Outperform	660.00 → 662.00
Yorkville Ives	Oct 17, 2026	Initiated	Outperform	615.00
Morgan Stanley	Oct 17, 2026	Reiterated	Outperform	600.00
Mizuho	Oct 15, 2026	Target raised	Outperform	510.00 → 600.00
Citi	Oct 15, 2026	Target raised	Buy	600.00 → 636.00
UBS	Oct 15, 2026	Target raised	—	525.00 → 675.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 73.73%

Held by the ten largest 36.37%

Holder	Shares	Stake	Change
Vanguard	730.93m	9.84%	+4.59m
BlackRock	607.37m	8.18%	+14.04m
State Street	315.65m	4.25%	+8.94m
Capital Group	206.11m	2.78%	−9.19m
Geode Capital Management	189.63m	2.55%	+1.13m
Fidelity (FMR)	185.96m	2.50%	−4.25m
JPMorgan Chase	135.17m	1.82%	+8.04m
Morgan Stanley	127.67m	1.72%	+2.79m
Norges Bank	102.73m	1.38%	+102.73m
UBS	100.26m	1.35%	+3.39m

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 21 October 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2026	90.63m	30.08m	143.00
2025	96.50m	131.14m	190.00
2024	79.11m	171.30m	169.00
2023	48.51m	93.16m	128.00
2022	54.95m	56.94m	96.00

Ownership

Directors and executive officers, together less than 1%

Vanguard Capital Management LLC 7.48%

BlackRock, Inc. 7.30%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement