Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Revenues as Reported
Microsoft Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2026-06-30), 10-K (reporting date: 2025-06-30), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30).
Total revenue exhibits a consistent upward trajectory, growing from US$ 168,088 million in 2021 to a projected US$ 331,839 million by 2026. This expansion is characterized by a significant acceleration in growth starting in 2024, driven primarily by the scaling of cloud-based services and enterprise solutions.
- Primary Growth Engines
- Server products and cloud services represent the most substantial area of growth, increasing from US$ 52,589 million in 2021 to US$ 129,425 million by 2026. This segment demonstrates an accelerating growth rate, particularly in the final two projected years. Similarly, Microsoft 365 Commercial products and cloud services show a strong ascent, rising from US$ 39,872 million in 2021 to US$ 101,997 million in 2026, with a notable surge occurring between 2022 and 2023.
- Diversified Revenue Streams
- LinkedIn and Search advertising demonstrate steady, linear growth. LinkedIn revenues increased from US$ 10,289 million in 2021 to US$ 19,817 million in 2026. Search advertising grew from US$ 9,267 million to US$ 15,176 million over the same period. Dynamics products and cloud services exhibit a high relative growth rate, more than doubling from US$ 3,754 million in 2021 to US$ 9,006 million by 2026.
- Stagnant and Declining Segments
- Windows and Devices experienced a peak in 2022 at US$ 24,732 million before entering a period of decline and stabilization, ending at US$ 17,084 million in 2026. Microsoft 365 Consumer products and cloud services remained relatively flat, with marginal growth from US$ 7,143 million in 2021 to US$ 9,175 million in 2026. Enterprise and partner services showed minimal volatility and slow growth, moving from US$ 6,943 million to US$ 8,260 million.
- Cyclical and Marginal Items
- XBOX revenue displays cyclicality, peaking at US$ 23,455 million in 2025 before a slight projected decrease to US$ 21,790 million in 2026. The "Other" category has remained negligible, trending downward from US$ 373 million in 2021 to US$ 109 million in 2026.
The overall financial profile indicates a strategic shift in revenue composition. The company has successfully transitioned from a reliance on traditional software and device sales toward a high-growth, cloud-centric model, where server and commercial cloud services now constitute the vast majority of total revenue.