15 years of revenue, profit, cash flow and balance-sheet history through FY2026,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 14.6% per year over the past 5 years.
Net income has grown faster than revenue (16.9% vs 14.6% per year).
Operating margin has expanded, at 46.8% in the latest year.
Free cash flow has grown 3.6% per year over the past 5 years.
Financial health
Total debt ($40.3B) exceeds cash ($20.9B); net debt is $19.4B.
Total debt has grown slower than revenue (-7.1% vs 14.6% per year).
Operating income covered interest expense 51× in the latest year.
Total debt is 0.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 19.8% of earnings and 39.5% of free cash flow.
The dividend has grown 9.9% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2026
$331.8B
$133.7B
67.9%
46.8%
30.2%
17.6%
$67.0B
$40.3B
$20.9B
2025
$281.7B
$101.8B
68.8%
45.6%
29.6%
16.5%
$71.6B
$43.2B
$30.2B
2024
$245.1B
$88.1B
69.8%
44.6%
32.8%
17.2%
$74.1B
$51.6B
$18.3B
2023
$211.9B
$72.4B
68.9%
41.8%
35.1%
17.6%
$59.5B
$47.2B
$34.7B
2022
$198.3B
$72.7B
68.4%
42.1%
43.7%
19.9%
$65.1B
$49.8B
$13.9B
2021
$168.1B
$61.3B
68.9%
41.6%
43.2%
18.4%
$56.1B
$58.1B
$14.2B
2020
$143.0B
$44.3B
67.8%
37.0%
37.4%
14.7%
$45.2B
$63.3B
$13.6B
2019
$125.8B
$39.2B
65.9%
34.1%
38.3%
13.7%
$38.3B
$72.2B
$11.4B
2018
$110.4B
$16.6B
65.2%
31.8%
20.0%
6.4%
$32.3B
$76.2B
$11.9B
2017
$96.6B
$25.5B
64.5%
30.1%
29.1%
10.2%
$31.4B
$86.2B
$7.7B
2016
$91.2B
$20.5B
64.0%
28.6%
24.7%
10.6%
$25.0B
$53.5B
$6.5B
2015
—
$12.2B
—
—
15.2%
7.0%
—
$35.3B
$5.6B
2014
—
$22.1B
—
—
24.6%
12.8%
—
$22.6B
$8.7B
2013
—
$21.9B
—
—
27.7%
15.3%
$24.6B
$15.6B
$3.8B
2012
—
$17.0B
—
—
25.6%
14.0%
$29.3B
$11.9B
$6.9B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Jun '26
$90.0B
$35.8B
67.2%
45.1%
8.1%
4.7%
$19.6B
$40.3B
$20.9B
Mar '26
$82.9B
$31.8B
67.6%
46.3%
7.7%
4.6%
$15.8B
$40.3B
$32.1B
Dec '25
$81.3B
$38.5B
68.0%
47.1%
9.8%
5.8%
$5.9B
$40.3B
$24.3B
Sep '25
$77.7B
$27.7B
69.0%
48.9%
7.6%
4.4%
$25.7B
$43.2B
$28.8B
Jun '25
$76.4B
$27.2B
68.6%
44.9%
7.9%
4.4%
$25.6B
$43.2B
$30.2B
Mar '25
$70.1B
$25.8B
68.7%
45.7%
8.0%
4.6%
$20.3B
$42.9B
$28.8B
Dec '24
$69.6B
$24.1B
68.7%
45.5%
8.0%
4.5%
$6.5B
$45.0B
$17.5B
Sep '24
$65.6B
$24.7B
69.4%
46.6%
8.6%
4.7%
$19.3B
$45.1B
$20.8B
Jun '24
$64.7B
$22.0B
69.6%
43.1%
8.2%
4.3%
$23.3B
$51.6B
$18.3B
Mar '24
$61.9B
$21.9B
70.1%
44.6%
8.7%
4.5%
$21.0B
$65.4B
$19.6B
Dec '23
$62.0B
$21.9B
68.4%
43.6%
9.2%
4.6%
$9.1B
$74.2B
$17.3B
Sep '23
$56.5B
$22.3B
71.2%
47.6%
10.1%
5.0%
$20.7B
$71.5B
$80.5B
Jun '23
$56.2B
$20.1B
70.1%
43.2%
9.7%
4.9%
$19.8B
$47.2B
$34.7B
Mar '23
$52.9B
$18.3B
69.5%
42.3%
9.4%
4.8%
$17.8B
$48.2B
$26.6B
Dec '22
$52.7B
$16.4B
66.8%
38.7%
9.0%
4.5%
$4.9B
$48.1B
$15.6B
Sep '22
$50.1B
$17.6B
69.2%
42.9%
10.1%
4.9%
$16.9B
$48.6B
$22.9B
Jun '22
$51.9B
$16.7B
68.3%
39.6%
10.1%
4.6%
$17.8B
$49.8B
$13.9B
Mar '22
$49.4B
$16.7B
68.4%
41.3%
10.3%
4.9%
$20.0B
$49.9B
$12.5B
Dec '21
$51.7B
$18.8B
67.2%
43.0%
11.7%
5.5%
$8.6B
$53.3B
$20.6B
Sep '21
$45.3B
$20.5B
69.9%
44.7%
13.5%
6.1%
$18.7B
$53.3B
$19.2B
Valuation over time
How the market has priced MSFT against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 29.5× (Mar '23) to 28.3× (Sep '26).
The price-to-sales ratio has risen from 10.8× (Mar '23) to 11.4× (Sep '26).
The dividend yield has fallen from 0.8% (Mar '23) to 0.7% (Sep '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is MSFT growing its revenue and profit?
Over the past 5 years, Microsoft's revenue has grown 14.6% per year, and net income grown 16.9% per year. These are computed facts, not advice.
How much debt does MSFT have?
As of FY2026, Microsoft reported $40.3B of total debt against $20.9B of cash; operating income covered interest expense 51×.
What is MSFT's profit margin?
In FY2026, gross margin was 67.9%, operating margin 46.8%, and net margin 40.3%.
What is MSFT's P/E ratio?
As of Sep '26, Microsoft traded at a price-to-earnings ratio of about 28.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
See also: Big Tech capital expenditures — MSFT's
quarterly capex alongside the other hyperscalers, from the same filings.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.