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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Microsoft Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 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).
Operational cash flow demonstrates a sustained upward trajectory over the analyzed period, reflecting a significant increase in the company's ability to generate liquidity from its core business activities. Net income has grown from approximately 10.7 billion US$ in September 2019 to 31.8 billion US$ by March 2026, with net cash from operations rising from 13.8 billion US$ to 46.7 billion US$ over the same interval. This growth indicates strong earnings quality, as cash flow from operations consistently tracks or exceeds net income.
- Operational Efficiency and Non-Cash Adjustments
- A substantial increase in depreciation, amortization, and other non-cash charges is observed, particularly accelerating after 2023. These figures rose from a range of 3 billion US$ to 4 billion US$ per quarter in early periods to peaks exceeding 13 billion US$ in 2025. This pattern correlates with a massive expansion in physical infrastructure. Stock-based compensation has also seen a steady climb, moving from approximately 1.2 billion US$ per quarter in 2019 to over 3 billion US$ per quarter by 2026, indicating an increasing reliance on equity-based incentive structures.
- Capital Expenditure and Strategic Investment
- There is a marked escalation in additions to property and equipment, which transitioned from quarterly spends of 3 billion to 5 billion US$ between 2019 and 2021 to approximately 30 billion US$ per quarter by early 2026. This represents a nearly tenfold increase in capital intensity. Furthermore, a significant outlier occurs in December 2023, where acquisitions of companies resulted in a cash outflow of 65 billion US$, indicating a major strategic acquisition that fundamentally altered the investing cash flow profile for that period.
- Financing Activities and Shareholder Returns
- Financing activities are characterized by consistent net outflows, driven by a disciplined program of shareholder returns. Common stock cash dividends have grown steadily from 3.5 billion US$ per quarter in 2019 to 6.7 billion US$ by March 2026. Simultaneously, common stock repurchases remained a primary use of cash, generally fluctuating between 4 billion and 8 billion US$ per quarter. While the company has occasionally issued debt to manage liquidity—notably in late 2023—the overall trend shows a priority on returning capital to shareholders.
- Working Capital Dynamics
- The analysis reveals high volatility in changes in operating assets and liabilities, particularly concerning accounts receivable and unearned revenue. Large swings in unearned revenue—such as the 18.3 billion US$ increase in June 2025 followed by a 7.4 billion US$ decrease in December 2025—suggest the cyclical nature of large-scale enterprise contract bookings and revenue recognition patterns.
The overall financial profile indicates a transition toward a capital-intensive growth phase. While operational cash generation has scaled aggressively, the concurrent surge in capital expenditures suggests a strategic pivot toward massive infrastructure investment. The company has successfully balanced these heavy investments and a multi-billion dollar acquisition with a consistent and growing commitment to dividends and share buybacks, funded primarily by its robust operational cash flows.