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, 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: 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 analysis of the annual financial data reveals several notable trends in the company's financial performance over the examined period.
- Revenue
- There is a consistent upward trajectory in revenue, increasing from $39,788 million in 2005 to $281,724 million in 2025. The growth appears steady with occasional surges, particularly evident from 2017 onwards, where revenue escalated significantly. Some periods, such as 2015 to 2016, show minor contractions or slower growth, but the overall trend remains positive and robust.
- Operating Income
- Operating income likewise exhibits an overall growth pattern from $14,561 million in 2005 to $128,528 million in 2025. However, this growth is less consistent compared to revenue, with some fluctuations. For example, there is a decline observed around 2011 to 2012 and again in 2014 to 2015. Following these periods, operating income recovers strongly, especially after 2017, mirroring the acceleration seen in revenue growth. The magnitude of growth in operating income suggests improving operational efficiency or increased profitability margin in the latter years.
- Net Income
- Net income demonstrates considerable variability, starting at $12,254 million in 2005 and reaching $101,832 million by 2025. There are several notable declines, notably in 2011 to 2012 and again from 2013 to 2014, indicating potential challenges affecting profitability despite overall revenue growth. After these setbacks, net income grows substantially, particularly from 2016 onwards, with pronounced gains by 2025. This suggests successful management of costs, tax strategies, or other financial factors improving bottom-line results over time.
In summary, the financial data reflects a strong expansion in revenue over 20 years, with operating income and net income generally improving but with more pronounced fluctuations. The later years indicate enhanced profitability, likely reflecting effective operational control and strategic positioning driving improved earnings outcomes relative to revenue increases.
Balance Sheet: Assets
Microsoft Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| 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: 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 data presents a comprehensive view of the trends in current assets and total assets over a 21-year period. The patterns reveal significant developments in the company's asset base and liquidity position.
- Current Assets
- Current assets exhibit a generally upward trend from 2005 through 2025, starting at approximately 48.7 billion USD and reaching over 191 billion USD by 2025. There are notable increases after 2010, with accelerated growth observable between 2010 and 2017, where current assets more than doubled from about 55.7 billion USD to nearly 160 billion USD. Some fluctuations occur around the 2022–2024 period, including a slight decline in 2024 compared to the previous year, indicating potential adjustments in short-term resource management or liquidity.
- Total Assets
- Total assets also demonstrate a strong upward trajectory, increasing from around 70.8 billion USD in 2005 to over 619 billion USD by 2025. The growth appears consistent, with occasional periods of more rapid expansion, particularly noticeable post-2012. The pace of total asset growth accelerates further from 2018 onward, with substantial increments year over year, reflecting potentially significant investments, acquisitions, or capital formation activities. The trend indicates an overall expansion of the asset base, suggesting increasing operational scale and resource accumulation.
- Comparative Observations
- While both current and total assets grow substantially, total assets rise at a faster rate, especially from 2015 onwards, leading to a relative decrease in the proportion of current assets within total assets. This could imply a strategic shift toward long-term investments or capital-intensive assets. The steady increase in total assets coupled with growth in current assets suggests the company maintains ample liquidity while pursuing expansion.
- Insights
- The consistent increases in asset values over the period likely indicate effective asset management and successful growth strategies. The increasing total asset base signals enhanced ability to generate revenue and possibly greater market presence. The fluctuations in current assets in the later years require further context but may reflect cash management adjustments or operational shifts. Overall, the data shows robust asset growth and a strong financial position evolving over time.
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, 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: 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 data reveals several key trends in liabilities and equity over the analyzed period.
- Current Liabilities
- Current liabilities generally increased through the years, rising from approximately $16.9 billion in mid-2005 to about $141.2 billion by mid-2025. There is a steady upward trajectory with occasional periods of more rapid growth, particularly from 2011 onward, culminating in a significant increase between 2023 and 2025.
- Total Liabilities
- Total liabilities exhibit a continuous expansion, growing from roughly $22.7 billion in 2005 to $275.5 billion in 2025. This trend is consistent, with marked increases visible after 2010, reflecting a substantial rise in the company's overall obligations over the two decades.
- Total Debt and Finance Lease Liabilities
- Data for this item begins in 2009, showing an initial figure of about $5.7 billion, which climbs steadily to peak around $88.7 billion in 2017. Following this peak, debt levels gradually declined until 2022 before slightly increasing again up to $89.3 billion in 2025. This indicates a phase of heavy borrowing or finance lease utilization from 2009 to 2017, then a period of deleveraging or stabilization, followed by a modest rise towards the end.
- Stockholders’ Equity
- Stockholders’ equity presents a generally positive trend, with fluctuations early in the period. Initially, equity decreased from approximately $48.1 billion in 2005 to a low near $31.1 billion in 2007, but then steadily increased from 2007 onward. By 2025, equity reached a value of around $343.5 billion, showing impressive growth, particularly from 2014 onwards. This reflects an expanding net asset base and increasing value for shareholders over time.
Overall, the data indicates significant growth in the scale of liabilities alongside a strong and consistent increase in equity, suggesting company expansion and increased financial leverage over the period analyzed. The rise and subsequent moderate decline in total debt levels followed by a recent uptick point to active management of debt and financing structures. The considerable increase in equity highlights successful value creation for shareholders.
Cash Flow Statement
Microsoft Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash from operations | Net cash (used in) from investing | Net cash from (used in) financing |
|---|---|---|---|
| Jun 30, 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: 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 financial data over the reported periods reveals several key trends and patterns in the company's cash flow activities categorized into operations, investing, and financing.
- Net Cash from Operations
-
This metric exhibits an overall upward trajectory from 2005 through 2025. Starting at approximately 16.6 billion USD in 2005, net operating cash flows generally increased with some volatility, reaching over 136 billion USD by 2025. Notable jumps occurred particularly between 2016 and 2017, and a strong growth trend continued through to 2025. This consistent increase indicates strengthening core business cash generation capacity over the two decades.
- Net Cash (Used in) from Investing
-
Investing cash flows display significant fluctuations and predominantly negative values, indicating ongoing and considerable investment outlays. Early years (2005–2007) show positive or small outflows, but from 2008 onwards, there are large negative values consistently, reflecting significant capital expenditures or acquisitions. The largest outflow peaks occur in 2017 (approximately -46.8 billion USD) and again in 2024 (-96.9 billion USD), suggesting major investment activities during those years. Despite periodic reductions in outflows, the general pattern underscores continued focus on investment at scale.
- Net Cash from (Used in) Financing
-
Financing cash flows have predominantly been negative throughout the period with a few exceptions. Initial years show substantial outflows, up to around -41 billion USD in 2005, tapering in some middle periods but still largely negative. A few years stand out, such as 2017 with a positive inflow of approximately 8.4 billion USD. However, from 2018 onward, cash used in financing has increased in magnitude again, with values exceeding -50 billion USD in 2025. This pattern reflects substantial repayments, dividends, share repurchases, or debt reductions with occasional borrowings or issuance activities that briefly reversed the trend.
In summary, the data reflect robust operational cash flow growth that supports significant investment activities represented by consistent cash outflows in investing. Financing activities predominantly reflect cash outflows, aligning with potential strategic debt repayments or capital return programs, with occasional inflows. The combined cash flow trends suggest a company focusing on strengthening operational performance, reinvesting heavily in growth or assets, and managing financing to optimize capital structure over the long term.
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, 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: 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.
- Basic and Diluted Earnings Per Share
- Over the analyzed period, both basic and diluted earnings per share (EPS) exhibit an overall positive growth trend. Starting from levels around 1.13 US$ for basic EPS and 1.12 US$ for diluted EPS in mid-2005, the values generally increased with intermittent fluctuations. Notably, there was a peak around mid-2008 followed by a slight dip in subsequent years until mid-2011. From that point onwards, the EPS figures resumed their upward trajectory, reaching a significant increase after mid-2018. By mid-2025, basic EPS rose to approximately 13.7 US$, and diluted EPS reached about 13.64 US$, reflecting strong profitability improvement. The close alignment between basic and diluted EPS across the years indicates marginal dilution effects.
- Dividend Per Share
- Dividend per share presents a substantial increase throughout the period. The dividend started at 3.4 US$ in mid-2005 but the value for that year appears unusually high compared to subsequent years, likely indicating a data anomaly or a non-recurring special dividend. From mid-2006 onward, dividends per share grew steadily from around 0.35 US$, showing consistent incremental increases almost every year. By mid-2025, the dividend had reached 3.32 US$, nearly ten times the value recorded in 2006. This indicates a firm commitment to returning value to shareholders and suggests increasing cash generation and confidence in financial stability.
- General Insights
- The company's earnings performance, as captured by EPS metrics, shows resilience and growth despite some periods of volatility. The steady rise in dividends over nearly two decades further reinforces the company's financial strength and shareholder-friendly approach. The growth in EPS, particularly the acceleration from the late 2010s, aligns with increasing dividends, reflecting sound profit retention and payout policies. No sharp declines or reversals in trends suggest sustained operational success and effective management of earnings and shareholder distributions.