Selected Financial Data
since 2005
Income Statement
Microsoft Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue | Operating income | Net income |
|---|---|---|---|
| Jun 30, 2026 | 331,839) | 155,237) | 133,749) |
| Jun 30, 2025 | 281,724) | 128,528) | 101,832) |
| Jun 30, 2024 | 245,122) | 109,433) | 88,136) |
| Jun 30, 2023 | 211,915) | 88,523) | 72,361) |
| Jun 30, 2022 | 198,270) | 83,383) | 72,738) |
| Jun 30, 2021 | 168,088) | 69,916) | 61,271) |
| Jun 30, 2020 | 143,015) | 52,959) | 44,281) |
| Jun 30, 2019 | 125,843) | 42,959) | 39,240) |
| Jun 30, 2018 | 110,360) | 35,058) | 16,571) |
| Jun 30, 2017 | 89,950) | 22,326) | 21,204) |
| Jun 30, 2016 | 85,320) | 20,182) | 16,798) |
| Jun 30, 2015 | 93,580) | 18,161) | 12,193) |
| Jun 30, 2014 | 86,833) | 27,759) | 22,074) |
| Jun 30, 2013 | 77,849) | 26,764) | 21,863) |
| Jun 30, 2012 | 73,723) | 21,763) | 16,978) |
| Jun 30, 2011 | 69,943) | 27,161) | 23,150) |
| Jun 30, 2010 | 62,484) | 24,098) | 18,760) |
| Jun 30, 2009 | 58,437) | 20,363) | 14,569) |
| Jun 30, 2008 | 60,420) | 22,492) | 17,681) |
| Jun 30, 2007 | 51,122) | 18,524) | 14,065) |
| Jun 30, 2006 | 44,282) | 16,472) | 12,599) |
| Jun 30, 2005 | 39,788) | 14,561) | 12,254) |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial performance across the observed period indicates a trajectory of significant expansion, characterized by an initial period of steady growth, a mid-term phase of volatility, and a subsequent period of accelerated scaling.
- Revenue Growth Trends
- Revenue expanded from 39,788 million USD in 2005 to 331,839 million USD by 2026. While growth remained consistent through 2014, a temporary contraction occurred in 2016. Starting in 2017, revenue entered a phase of rapid acceleration, with the most substantial annual increases occurring between 2020 and 2026.
- Operating Performance and Efficiency
- Operating income reflects a trajectory similar to revenue but exhibits greater volatility. A notable decline in operating efficiency is observed around 2015, where operating income dropped to 18,161 million USD despite increasing revenues. Since 2017, operating income has grown aggressively, reaching 155,237 million USD by 2026, suggesting a significant improvement in operational leverage and margin expansion.
- Net Income Volatility and Recovery
- Net income demonstrates the highest degree of variance. Following a peak in 2011, a sharp decline occurred by 2015, falling to 12,193 million USD. A substantial recovery began in 2019, with net income rising from 16,571 million USD in 2018 to 133,749 million USD by 2026, indicating a strong and sustained recovery in bottom-line profitability.
- Profitability Margin Analysis
- The relationship between revenue and net income suggests a compression of margins between 2012 and 2017, followed by a period of margin expansion. By 2026, the conversion of revenue to net income reached a high point relative to the mid-period lows, signaling increased profitability per dollar of revenue generated.
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Balance Sheet: Assets
Microsoft Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jun 30, 2026 | 207,710) | 758,376) |
| Jun 30, 2025 | 191,131) | 619,003) |
| Jun 30, 2024 | 159,734) | 512,163) |
| Jun 30, 2023 | 184,257) | 411,976) |
| Jun 30, 2022 | 169,684) | 364,840) |
| Jun 30, 2021 | 184,406) | 333,779) |
| Jun 30, 2020 | 181,915) | 301,311) |
| Jun 30, 2019 | 175,552) | 286,556) |
| Jun 30, 2018 | 169,662) | 258,848) |
| Jun 30, 2017 | 159,851) | 241,086) |
| Jun 30, 2016 | 139,660) | 193,694) |
| Jun 30, 2015 | 124,712) | 176,223) |
| Jun 30, 2014 | 114,246) | 172,384) |
| Jun 30, 2013 | 101,466) | 142,431) |
| Jun 30, 2012 | 85,084) | 121,271) |
| Jun 30, 2011 | 74,918) | 108,704) |
| Jun 30, 2010 | 55,676) | 86,113) |
| Jun 30, 2009 | 49,280) | 77,888) |
| Jun 30, 2008 | 43,242) | 72,793) |
| Jun 30, 2007 | 40,168) | 63,171) |
| Jun 30, 2006 | 49,010) | 69,597) |
| Jun 30, 2005 | 48,737) | 70,815) |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
An analysis of the asset trajectory from 2005 to 2026 reveals a period of substantial expansion, characterized by an aggressive increase in the total asset base and a fundamental shift in the composition of those assets.
- Total Asset Expansion
- Total assets exhibited a long-term upward trend, growing from 70,815 million USD in 2005 to 758,376 million USD by June 30, 2026. While a slight contraction occurred between 2005 and 2007, where assets reached a low of 63,171 million USD, the subsequent growth accelerated significantly. This growth became particularly pronounced after 2016, with the total asset base more than tripling between 2016 and 2026, indicating massive capital deployment and organizational scaling.
- Current Asset Trajectory
- Current assets followed a generally positive slope, increasing from 48,737 million USD in 2005 to 207,710 million USD in 2026. However, this growth was less linear than that of total assets. A notable period of steady climb occurred between 2010 and 2021, peaking at 184,406 million USD. A subsequent decline was observed between 2021 and 2024, falling to 159,734 million USD, before recovering to a new peak in the 2025-2026 period.
- Asset Composition Shift
- A critical divergence is observed between the growth rates of current assets and total assets. In the early period (2005), current assets represented approximately 68.8% of total assets. By 2026, this proportion declined to approximately 27.4%. This trend indicates a strategic transition from a highly liquid asset structure toward a heavier concentration of non-current assets, likely reflecting increased investments in long-term infrastructure, intellectual property, or strategic acquisitions.
The data suggests a transition from a lean, liquidity-focused balance sheet to a capital-intensive structure, with the most rapid expansion in non-current assets occurring in the final six years of the observed period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Microsoft Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt and finance lease liabilities | Stockholders’ equity | |
|---|---|---|---|---|
| Jun 30, 2026 | 168,825) | 315,989) | 106,888) | 442,387) |
| Jun 30, 2025 | 141,218) | 275,524) | 89,323) | 343,479) |
| Jun 30, 2024 | 125,286) | 243,686) | 78,775) | 268,477) |
| Jun 30, 2023 | 104,149) | 205,753) | 64,304) | 206,223) |
| Jun 30, 2022 | 95,082) | 198,298) | 64,683) | 166,542) |
| Jun 30, 2021 | 88,657) | 191,791) | 70,687) | 141,988) |
| Jun 30, 2020 | 72,310) | 183,007) | 72,823) | 118,304) |
| Jun 30, 2019 | 69,420) | 184,226) | 78,752) | 102,330) |
| Jun 30, 2018 | 58,488) | 176,130) | 80,541) | 82,718) |
| Jun 30, 2017 | 64,527) | 168,692) | 88,732) | 72,394) |
| Jun 30, 2016 | 59,357) | 121,697) | 54,473) | 71,997) |
| Jun 30, 2015 | 49,858) | 96,140) | 35,292) | 80,083) |
| Jun 30, 2014 | 45,625) | 82,600) | 22,645) | 89,784) |
| Jun 30, 2013 | 37,417) | 63,487) | 15,600) | 78,944) |
| Jun 30, 2012 | 32,688) | 54,908) | 11,944) | 66,363) |
| Jun 30, 2011 | 28,774) | 51,621) | 11,921) | 57,083) |
| Jun 30, 2010 | 26,147) | 39,938) | 5,939) | 46,175) |
| Jun 30, 2009 | 27,034) | 38,330) | 5,746) | 39,558) |
| Jun 30, 2008 | 29,886) | 36,507) | —) | 36,286) |
| Jun 30, 2007 | 23,754) | 32,074) | —) | 31,097) |
| Jun 30, 2006 | 22,442) | 29,493) | —) | 40,104) |
| Jun 30, 2005 | 16,877) | 22,700) | —) | 48,115) |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
The financial records indicate a trajectory of substantial expansion in both total obligations and shareholder value over the observed period. There is a clear long-term trend of growth across all primary balance sheet categories, reflecting a significant increase in the scale of operations and capitalization.
- Liability Trajectory
- Total liabilities exhibit a consistent upward trend, increasing from 22,700 million US$ in 2005 to a projected 315,989 million US$ by 2026. Current liabilities have mirrored this growth, ascending from 16,877 million US$ in 2005 to 168,825 million US$ by 2026. The acceleration of current liabilities, particularly after 2013, suggests a marked increase in short-term operational obligations.
- Debt and Finance Lease Obligations
- Debt levels remained relatively modest until 2013, followed by a period of rapid escalation that peaked at 88,732 million US$ in 2017. Following this peak, a period of stabilization and slight contraction was observed between 2018 and 2023, before a renewed upward trend led to a projected 106,888 million US$ by 2026.
- Equity Evolution
- Stockholders' equity experienced an initial decline between 2005 and 2007, falling from 48,115 million US$ to 31,097 million US$. This was followed by a sustained recovery and an eventual exponential growth phase starting around 2020, with equity increasing from 118,304 million US$ in 2019 to a projected 442,387 million US$ by 2026.
- Capital Structure and Leverage Analysis
- The balance between liabilities and equity has shifted dynamically. While total liabilities grew significantly, the growth rate of stockholders' equity accelerated more aggressively in the latter third of the period. Consequently, the proportion of equity relative to total liabilities has increased since 2020, indicating a strengthening of the solvency position and a shift toward a more equity-funded capital structure.
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Cash Flow Statement
Microsoft Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash from operations | Net cash (used in) from investing | Net cash from (used in) financing |
|---|---|---|---|
| Jun 30, 2026 | 182,935) | (139,500) | (52,546) |
| Jun 30, 2025 | 136,162) | (72,599) | (51,699) |
| Jun 30, 2024 | 118,548) | (96,970) | (37,757) |
| Jun 30, 2023 | 87,582) | (22,680) | (43,935) |
| Jun 30, 2022 | 89,035) | (30,311) | (58,876) |
| Jun 30, 2021 | 76,740) | (27,577) | (48,486) |
| Jun 30, 2020 | 60,675) | (12,223) | (46,031) |
| Jun 30, 2019 | 52,185) | (15,773) | (36,887) |
| Jun 30, 2018 | 43,884) | (6,061) | (33,590) |
| Jun 30, 2017 | 39,507) | (46,781) | 8,408) |
| Jun 30, 2016 | 33,325) | (23,950) | (8,393) |
| Jun 30, 2015 | 29,080) | (23,001) | (9,080) |
| Jun 30, 2014 | 32,231) | (18,833) | (8,394) |
| Jun 30, 2013 | 28,833) | (23,811) | (8,148) |
| Jun 30, 2012 | 31,626) | (24,786) | (9,408) |
| Jun 30, 2011 | 26,994) | (14,616) | (8,376) |
| Jun 30, 2010 | 24,073) | (11,314) | (13,291) |
| Jun 30, 2009 | 19,037) | (15,770) | (7,463) |
| Jun 30, 2008 | 21,612) | (4,587) | (12,934) |
| Jun 30, 2007 | 17,796) | 6,089) | (24,544) |
| Jun 30, 2006 | 14,404) | 8,003) | (20,562) |
| Jun 30, 2005 | 16,605) | 15,027) | (41,078) |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
Operational cash flow exhibits a sustained and accelerating upward trajectory over the analyzed period, transitioning from 16.6 billion USD in 2005 to a projected 182.9 billion USD by 2026. This growth reflects a significant scaling of the core business model and a substantial increase in the company's ability to generate liquid capital from its primary operations.
- Operational Cash Flow Dynamics
- Growth was steady and incremental between 2005 and 2015. A notable acceleration occurred after 2016, with cash from operations nearly tripling between 2016 and 2022. The most aggressive expansion is observed in the final three years of the dataset, where cash flow surpasses the 100 billion USD threshold, indicating a period of exceptional operational scaling.
- Investment Strategy and Capital Expenditure
- A fundamental shift in investing activities occurred after 2007, moving from net cash inflows to consistent net outflows. This transition indicates a strategic pivot toward aggressive capital deployment and infrastructure investment. The scale of investing outflows has increased dramatically in recent years, reaching 139.5 billion USD by 2026, suggesting a heavy investment cycle that mirrors the growth in operational cash flow.
- Financing Activities and Capital Allocation
- Financing activities have remained predominantly negative, signaling a consistent return of capital to shareholders or the repayment of obligations. Aside from a brief positive inflow in 2017, the trend demonstrates a commitment to capital distribution, with annual outflows frequently exceeding 30 billion USD from 2018 through 2026.
The relationship between these components reveals a company in a high-growth phase. The massive surplus generated from operations is systematically redistributed between aggressive reinvestment in the business and consistent capital returns to shareholders, maintaining a balanced approach to long-term growth and shareholder value.
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Per Share Data
Microsoft Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 30, 2026 | 18.00 | 17.95 | 3.64 |
| Jun 30, 2025 | 13.70 | 13.64 | 3.32 |
| Jun 30, 2024 | 11.86 | 11.80 | 3.00 |
| Jun 30, 2023 | 9.72 | 9.68 | 2.72 |
| Jun 30, 2022 | 9.70 | 9.65 | 2.48 |
| Jun 30, 2021 | 8.12 | 8.05 | 2.24 |
| Jun 30, 2020 | 5.82 | 5.76 | 2.04 |
| Jun 30, 2019 | 5.11 | 5.06 | 1.84 |
| Jun 30, 2018 | 2.15 | 2.13 | 1.68 |
| Jun 30, 2017 | 2.74 | 2.71 | 1.56 |
| Jun 30, 2016 | 2.12 | 2.10 | 1.44 |
| Jun 30, 2015 | 1.49 | 1.48 | 1.24 |
| Jun 30, 2014 | 2.66 | 2.63 | 1.12 |
| Jun 30, 2013 | 2.61 | 2.58 | 0.92 |
| Jun 30, 2012 | 2.02 | 2.00 | 0.80 |
| Jun 30, 2011 | 2.73 | 2.69 | 0.64 |
| Jun 30, 2010 | 2.13 | 2.10 | 0.52 |
| Jun 30, 2009 | 1.63 | 1.62 | 0.52 |
| Jun 30, 2008 | 1.90 | 1.87 | 0.44 |
| Jun 30, 2007 | 1.44 | 1.42 | 0.40 |
| Jun 30, 2006 | 1.21 | 1.20 | 0.35 |
| Jun 30, 2005 | 1.13 | 1.12 | 3.40 |
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), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data reveals a significant transformation in profitability and shareholder distribution over the analyzed period. While the early years were characterized by moderate growth and volatility, the most recent period shows an aggressive acceleration in earnings and a disciplined approach to dividend increases.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a period of fluctuation between 2005 and 2018. After an initial climb to 2.73 in 2011, earnings experienced several contractions, most notably in 2012 and 2015. However, starting in 2019, a sharp upward trajectory is observed, with basic EPS rising from 5.11 to a projected 18.00 by 2026. This represents a substantial increase in profitability and a shift toward exponential earnings growth in the latter half of the timeline.
- Dividend Distribution Patterns
- Following a high distribution of 3.40 in 2005, which appears as an isolated event, dividends per share have followed a consistent and linear growth path. From 2006 to 2026, the dividend has increased every year without exception, rising from 0.35 to a projected 3.64. This pattern indicates a highly stable and predictable capital return strategy for shareholders.
- Analysis of Dilution and Payout Coverage
- The marginal difference between basic and diluted earnings per share suggests that the impact of dilutive securities remains minimal throughout the entire period. Furthermore, the growth rate of earnings has significantly outpaced the growth rate of dividends since 2019. This divergence suggests an increasing margin of safety for dividend payments and a heightened capacity for the entity to fund internal growth while maintaining its dividend commitments.
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