Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
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Microsoft Corp., consolidated cash flow 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).
- Net Income
- Net income demonstrates an overall increasing trend from 2019 through 2025, rising from approximately $10.7 billion to around $27.7 billion. There are fluctuations within quarters, but the general trajectory is positive, with notable growth especially after 2021.
- Depreciation, amortization, and other
- This expense fluctuates significantly, increasing sharply in the later periods particularly from 2023 onward, reaching over $13 billion by late 2025. The rise suggests increased capital expenditures or asset base growth with substantial amortization impact.
- Stock-based compensation expense
- Stock-based compensation steadily increases over the periods analyzed, rising from about $1.3 billion in 2019 to approximately $3 billion in late 2025. This reflects growing use of equity-based incentives to attract and retain talent.
- Net recognized gains/losses on investments and derivatives
- These gains and losses show high volatility without a clear trend, oscillating between positive and negative values. This indicates an unpredictable impact of investments and derivatives on net results.
- Deferred income taxes
- The deferred income taxes present substantial variability, with some quarters showing significant negative values and others positive. A major negative spike around late 2020 to early 2022 indicates tax timing differences or adjustments.
- Accounts receivable
- Accounts receivable values are highly volatile, with large positive and negative swings suggesting fluctuations in sales collections or billing cycles. This irregular pattern is notable throughout all periods, complicating cash flow predictability.
- Inventories
- Inventory levels remain relatively small and fluctuating with both positive and negative values. No clear upward or downward trend is evident, implying stable inventory management relative to sales volume.
- Other current assets and other long-term assets
- Both categories show fluctuations with no consistent bias upward or downward but include periods of sizable negative adjustments, potentially reflecting impairments, reclassifications, or asset disposals.
- Accounts payable
- Accounts payable fluctuates extensively, with large positive and negative shifts. This irregularity suggests variable payment timing to suppliers and might reflect strategic management of working capital over time.
- Unearned revenue
- Unearned revenue exhibits marked volatility, including some very high positive spikes in certain quarters, likely reflecting large prepayments from customers or changes in recognition policies. The pattern suggests uneven billing or contract timing impacts.
- Income taxes
- Income tax payments vary widely between quarters, with significant negative and positive amounts, indicating varying tax obligations possibly related to differing profit results and tax planning actions.
- Other current liabilities and other long-term liabilities
- Both liabilities fluctuate substantially between positive and negative changes without a clear directional trend, reflecting dynamic movements in accrued expenses, provisions, or deferred liabilities.
- Changes in operating assets and liabilities
- This adjustment variable is highly volatile, alternating between positive and negative swings, and reflects the company's actively managed working capital and operating cycle adjustments.
- Adjustments to reconcile net income to net cash from operations
- These adjustments vary significantly but generally support strong cash flow from operations, often adding substantial positive amounts, underscoring non-cash expenses and other reconciling items impacting operating cash generation.
- Net cash from operations
- Operating cash flow demonstrates strong growth over the period, increasing from about $13.8 billion in late 2019 to over $45 billion by 2025. Fluctuations occur but the overall trend indicates robust cash generation capability supporting operational and strategic needs.
- Debt activities
- Issuance and repayments of debt show active management. Starting primarily from 2021 periods onwards, debt issuance spikes followed by repayments, indicating refinancing or capital structure adjustments including significant short-term maturities management.
- Common stock issued and repurchased
- Stock issuance generally remains stable with some increase in volumes over time. Stock repurchases are consistently substantial, although a declining pattern is noted from a peak near 2019-2021, signifying ongoing commitment to returning capital to shareholders but with some moderation later.
- Common stock cash dividends paid
- Dividend payments increase modestly over the time frame, rising from roughly $3.5 billion to over $6 billion quarterly, indicating steady growth in shareholder returns through dividends.
- Net cash from (used in) financing
- Cash used in financing activities is predominantly negative, consistent with share repurchases and dividend payments, although a notable positive spike appears in mid-2022, likely related to debt issuance or other financing inflows.
- Additions to property and equipment
- Capital expenditures show a clear upward trend, rising from about $3.4 billion to nearly $19.4 billion, reflecting large investments in property, plant, and equipment across the periods, supporting growth or modernization initiatives.
- Acquisition of companies and intangible assets
- Acquisition spending is highly variable, including some large outlays such as a very significant increase around late 2022, indicating the pursuit of strategic acquisitions and investments in intangible assets.
- Purchases, maturities, and sales of investments
- Investment activities display large fluctuations, with purchases often exceeding sales and maturities, particularly showing a notable liquidation pattern in mid-periods but also aggressive acquisitions of securities in others, indicating active portfolio management.
- Net cash from (used in) investing activities
- Investing cash flow is largely negative, reflecting heavy capital expenditures and acquisition outlays. Sharp negative spikes demonstrate periods of intense investment, notably around mid-2023 onward, consistent with expansion or transformation strategies.
- Effect of foreign exchange rates on cash and cash equivalents
- Foreign exchange impacts on cash are relatively minor with no persistent direction, fluctuating around zero with small positive or negative effects, suggesting currency translation impacts are not a significant driver of cash fluctuations.
- Net change in cash and cash equivalents
- The net change in cash fluctuates significantly, with periods of substantial increase and decrease. Notably, large cash inflows are observed in mid-2023 and 2025, while sharp declines appear notably in late 2022 and late 2023, reflecting the combined influences of operations, investing, and financing activities.