15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 14.5% per year over the past 5 years.
Net income has grown faster than revenue (18.1% vs 14.5% per year).
Operating margin has expanded, at 45.6% in the latest year.
Free cash flow has grown 9.6% per year over the past 5 years.
Financial health
Total debt ($43.2B) exceeds cash ($30.2B); net debt is $12.9B.
Total debt has grown slower than revenue (-7.4% vs 14.5% per year).
Operating income covered interest expense 54× in the latest year.
Total debt is 0.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 23.6% of earnings and 33.6% of free cash flow.
The dividend has grown 9.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
2025
$281.7B
$101.8B
68.8%
45.6%
$71.6B
$43.2B
$30.2B
2024
$245.1B
$88.1B
69.8%
44.6%
$74.1B
$51.6B
$18.3B
2023
$211.9B
$72.4B
68.9%
41.8%
$59.5B
$47.2B
$34.7B
2022
$198.3B
$72.7B
68.4%
42.1%
$65.1B
$49.8B
$13.9B
2021
$168.1B
$61.3B
68.9%
41.6%
$56.1B
$58.1B
$14.2B
2020
$143.0B
$44.3B
67.8%
37.0%
$45.2B
$63.3B
$13.6B
2019
$125.8B
$39.2B
65.9%
34.1%
$38.3B
$72.2B
$11.4B
2018
$110.4B
$16.6B
65.2%
31.8%
$32.3B
$76.2B
$11.9B
2017
$96.6B
$25.5B
64.5%
30.1%
$31.4B
$86.2B
$7.7B
2016
$91.2B
$20.5B
64.0%
28.6%
$25.0B
$53.5B
$6.5B
2015
—
$12.2B
—
—
—
$35.3B
$5.6B
2014
—
$22.1B
—
—
—
$22.6B
$8.7B
2013
—
$21.9B
—
—
$24.6B
$15.6B
$3.8B
2012
—
$17.0B
—
—
$29.3B
$11.9B
$6.9B
2011
—
$23.1B
—
—
$24.6B
$11.9B
$9.6B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$82.9B
$31.8B
67.6%
46.3%
$15.8B
$40.3B
$32.1B
Dec '25
$81.3B
$38.5B
68.0%
47.1%
$5.9B
$40.3B
$24.3B
Sep '25
$77.7B
$27.7B
69.0%
48.9%
$25.7B
$43.2B
$28.8B
Jun '25
$76.4B
$27.2B
68.6%
44.9%
$25.6B
$43.2B
$30.2B
Mar '25
$70.1B
$25.8B
68.7%
45.7%
$20.3B
$42.9B
$28.8B
Dec '24
$69.6B
$24.1B
68.7%
45.5%
$6.5B
$45.0B
$17.5B
Sep '24
$65.6B
$24.7B
69.4%
46.6%
$19.3B
$45.1B
$20.8B
Jun '24
$64.7B
$22.0B
69.6%
43.1%
$23.3B
$51.6B
$18.3B
Mar '24
$61.9B
$21.9B
70.1%
44.6%
$21.0B
$65.4B
$19.6B
Dec '23
$62.0B
$21.9B
68.4%
43.6%
$9.1B
$74.2B
$17.3B
Sep '23
$56.5B
$22.3B
71.2%
47.6%
$20.7B
$71.5B
$80.5B
Jun '23
$56.2B
$20.1B
70.1%
43.2%
$19.8B
$47.2B
$34.7B
Mar '23
$52.9B
$18.3B
69.5%
42.3%
$17.8B
$48.2B
$26.6B
Dec '22
$52.7B
$16.4B
66.8%
38.7%
$4.9B
$48.1B
$15.6B
Sep '22
$50.1B
$17.6B
69.2%
42.9%
$16.9B
$48.6B
$22.9B
Jun '22
$51.9B
$16.7B
68.3%
39.6%
$17.8B
$49.8B
$13.9B
Mar '22
$49.4B
$16.7B
68.4%
41.3%
$20.0B
$49.9B
$12.5B
Dec '21
$51.7B
$18.8B
67.2%
43.0%
$8.6B
$53.3B
$20.6B
Sep '21
$45.3B
$20.5B
69.9%
44.7%
$18.7B
$53.3B
$19.2B
Jun '21
$46.2B
$16.5B
69.7%
41.4%
$16.3B
$58.1B
$14.2B
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 25.9× (Jun '26).
The price-to-sales ratio has fallen from 10.8× (Mar '23) to 9.4× (Jun '26).
The dividend yield has risen from 0.8% (Mar '23) to 0.9% (Jun '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 14.5% per year, and net income grown 18.1% per year. These are computed facts, not advice.
How much debt does MSFT have?
As of FY2025, Microsoft reported $43.2B of total debt against $30.2B of cash; operating income covered interest expense 54×.
What is MSFT's profit margin?
In FY2025, gross margin was 68.8%, operating margin 45.6%, and net margin 36.1%.
What is MSFT's P/E ratio?
As of Jun '26, Microsoft traded at a price-to-earnings ratio of about 25.9× (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.
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.