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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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) 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: 2025-03-31), 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), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Net Income Trend
- Net income shows a generally increasing trend over the analyzed periods, with notable growth spikes, particularly from the end of 2020 through 2025. The increase from 2020 to 2025 indicates a strong profitability improvement.
- Depreciation, Amortization, and Other
- This expense category fluctuates but generally increases, with a significant jump beginning around 2022. This suggests increased capital expenditures or asset base growth influencing non-cash expenses.
- Stock-Based Compensation Expense
- Stock-based compensation expenses rise steadily throughout the periods, reflecting either an increase in employee compensation via stock or more extensive use of equity incentives.
- Net Recognized Gains/Losses on Investments and Derivatives
- There is considerable volatility in gains and losses related to investments and derivatives, with some extreme positive and negative swings, particularly in the latest periods, indicating market sensitivity and variable investment outcomes.
- Deferred Income Taxes
- This item exhibits substantial fluctuations with both negative and positive values, including a few deep negative spikes. This volatility may be related to changes in tax law, deferred tax asset/liability adjustments, or temporary differences in income recognition.
- Accounts Receivable
- The accounts receivable figures are inconsistent, with large positive and negative swings suggestive of changes in sales terms, collection efficiency, or possible timing differences in revenue recognition.
- Inventories
- Inventory levels oscillate but generally remain moderate, without a clear upward or downward trend. This may reflect inventory management aligned closely with sales demands.
- Other Current Assets and Other Long-Term Assets
- Both asset categories show irregular movement with no clear trend, indicative of diverse and possibly non-recurring transactions or reclassifications affecting asset balances.
- Accounts Payable and Unearned Revenue
- Accounts payable show significant volatility, with large inflows and outflows, possibly reflecting supplier payment timing and operational changes. Unearned revenue similarly exhibits large swings, likely tied to billing patterns and customer prepayments fluctuating over time.
- Income Taxes
- Income tax payments vary widely, from large positive payments to refunds or credits, mirroring the net income fluctuations and deferred tax variances impacting the tax burden.
- Other Current and Long-Term Liabilities
- These liabilities do not show consistent directional trends, possibly reflecting project-specific or contingent liabilities impacting balances variably over time.
- Changes in Operating Assets and Liabilities
- This line item frequently experiences large positive and negative shifts, indicating that working capital components are highly dynamic and contribute significantly to operating cash flow variations.
- Adjustments to Reconcile Net Income to Net Cash from Operations
- Adjustments are noticeably volatile but generally substantial, indicating extensive non-cash items and other reconciliations needed to convert net income to operational cash flow.
- Net Cash from Operations
- Operating cash flow trends generally upward, with some dips, demonstrating strong cash-generating ability that aligns with increased net income, albeit with episodes of large variability reflecting working capital changes.
- Financing Activities
- Net cash from financing is predominantly negative across periods, reflecting persistent stock repurchases and dividend payments exceeding proceeds from debt issuances. Large stock repurchases and dividends suggest a consistent capital return policy to shareholders.
- Investing Activities
- Net cash used in investing activities remains substantially negative, with considerable outlays on property, equipment, acquisitions, and investments. Notable spikes in acquisition payments and capital expenditures suggest strategic investments and growth initiatives.
- Cash and Equivalents Movement
- The net change in cash and cash equivalents demonstrates high volatility, with large inflows and outflows. The fluctuations indicate dynamic cash management balancing operations, investing, and financing cash flows alongside foreign exchange impacts.