Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Microsoft Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
- Revenue Trends
- Overall revenue shows a generally increasing trend from September 2019 to September 2025, with some quarterly fluctuations. Product revenue exhibits cyclical quarterly variations with occasional declines, notably dropping significantly in mid-2024 before recovering somewhat. Service and other revenue demonstrates steady growth throughout the period and outpaces product revenue in magnitude by a wide margin, reflecting a strong contribution to total revenue growth.
- Cost of Revenue and Gross Margin
- Cost of revenue consistently rises over the time horizon, paralleling revenue growth but with some volatility. Product cost spikes during quarters with lower product revenue, while costs related to services steadily increase, reflecting expansion in the service segment. Gross margin shows a consistent upward trajectory, increasing nearly every period, which indicates improving profitability on sales despite rising costs.
- Operating Expenses
- Research and development expenses steadily increase from the start to the end of the period, with occasional acceleration in spending, indicating sustained investment in innovation. Sales and marketing expenses also increase over time, albeit with fluctuations that sometimes appear linked to revenue fluctuations. General and administrative costs show a gradual increase but with noticeable spikes that may correspond to specific administrative investments or restructuring activities during certain quarters.
- Profitability
- Operating income rises consistently, reflecting improved operational efficiency and increased revenue scale. Despite fluctuations in other income and expenses, income before taxes follows a generally upward trend, indicating robust earning power. Provision for income taxes fluctuates somewhat but increases in line with rising pre-tax income. Net income demonstrates growth across the timeline, with some quarters showing exceptional gains, particularly toward the later periods, confirming overall strong financial performance.
- Other Income (Expense), Net
- Other income and expenses show considerable variability, with some quarters reporting losses and others gains. Notable large negative entries occur in the later years, impacting income before taxes but not materially altering the overall upward income trend.
- Summary
- The company demonstrates sustained growth in revenue and profitability over the period analyzed. The service segment drives much of the revenue increase and margin improvement, while product revenue experiences more cyclical patterns. Rising operating expenses align with growth strategies but are managed to maintain improving operating income. Variability in other income and expense items introduces some volatility, but core business performance remains robust and upward-trending.