CIK: 0000789019
· Technology / Software - Infrastructure
· 32d ago
$491.65
-2.30 (-0.47%)
Market Cap
$3.7T
P/E 27.4
EV/EBITDA 14.4x
P/B 8.3
Div Yield 0.74%
52W $349 – $554
Loading chart…
Deep Dive
Does AI capex plateau, or trap free cash flow?
bull
+151% · base
+11% · bear
-50%
Authored 5-yr outcomes from the note's lens — a thesis, not the trailing-10-K numbers below.
read the note ·
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Growth
Compounded Sales Growth
| 10 Years | 14% |
| 5 Years | 15% |
| 3 Years | 16% |
| TTM | 18% |
Compounded Profit Growth
| 10 Years | 21% |
| 5 Years | 17% |
| 3 Years | 23% |
| TTM | 31% |
Fundamental Growth Decomposition
ⓘ
Window:
Returns / Quality
Avg ROIC (All-Capital)
| 10 Years | 69% |
| 5 Years | 50% |
| 3 Years | 40% |
| Last Year | 35% |
Return on Equity
| 10 Years | 34% |
| 5 Years | 34% |
| 3 Years | 31% |
| Last Year | 30% |
Capital Allocation
Capital Return Ratio (vs OE)
| 10 Years | 92% |
| 5 Years | 82% |
| 3 Years | 80% |
| Last Year | 88% |
Dividend Growth (DPS)
| 10 Years | 10% |
| 5 Years | 10% |
| 3 Years | 10% |
Performance
Stock Price CAGR
| 10 Years | 25% |
| 5 Years | 13% |
| 3 Years | 17% |
| 1 Year | -4% |
⚠️
View filing ↗
Material M&A or Disposition — YoY comparisons include deal step-changes 8-K item 2.01 · filed 2023-10-13
8-K
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital Allocation (USD millions / %) | |||||||||||
| Operating cash flow | 33,325 | 39,507 | 43,884 | 52,185 | 60,675 | 76,740 | 89,035 | 87,582 | 118,548 | 136,162 | 182,935 |
| Reinvested in the business | 8,34325.0% | 8,12920.6% | 11,63226.5% | 13,92526.7% | 15,44125.4% | 20,62226.9% | 23,88626.8% | 28,10732.1% | 44,47737.5% | 64,55147.4% | 115,94863.4% |
| −Capex | 8,34325.0% | 8,12920.6% | 11,63226.5% | 13,92526.7% | 15,44125.4% | 20,62226.9% | 23,88626.8% | 28,10732.1% | 44,47737.5% | 64,55147.4% | 115,94863.4% |
| −Acquisitions | — | — | — | — | — | — | — | — | — | — | — |
| R&D expense (memo, in opex) | 11,98836.0% | 13,03733.0% | 14,72633.6% | 16,87632.3% | 19,26931.8% | 20,71627.0% | 24,51227.5% | 27,19531.1% | 29,51024.9% | 32,48823.9% | 35,56219.4% |
| Free cash flow | 24,982 | 31,378 | 32,252 | 38,260 | 45,234 | 56,118 | 65,149 | 59,475 | 74,071 | 71,611 | 66,987 |
| Returned to shareholders | 26,975108.0% | 23,63375.3% | 23,42072.6% | 33,35487.2% | 38,10584.2% | 43,90678.2% | 50,83178.0% | 42,04570.7% | 39,02552.7% | 42,50259.4% | 48,71672.7% |
| −Dividends | 11,00644.1% | 11,84537.7% | 12,69939.4% | 13,81136.1% | 15,13733.5% | 16,52129.4% | 18,13527.8% | 19,80033.3% | 21,77129.4% | 24,08233.6% | 26,44539.5% |
| −Buybacks | 15,96963.9% | 11,78837.6% | 10,72133.2% | 19,54351.1% | 22,96850.8% | 27,38548.8% | 32,69650.2% | 22,24537.4% | 17,25423.3% | 18,42025.7% | 22,27133.2% |
| Change in total debt | N/A | 32,668 | -9,972 | -4,022 | -5,102 | -858 | -13,688 | -5,293 | 4,393 | -8,479 | 6,370 |
| Cash left over | N/A | 40,413 | -1,140 | 884 | 2,027 | 11,354 | 630 | 12,137 | 39,439 | 20,630 | 24,641 |
| NOPAT | 20,891 | 24,742 | 15,928 | 38,585 | 44,217 | 60,249 | 72,449 | 71,723 | 89,482 | 105,869 | 125,127 |
| Invested capital (ops) | 31,986 | 40,956 | 49,986 | 58,682 | 65,527 | 85,231 | 103,401 | 128,734 | 171,765 | 248,085 | 352,933 |
| Reinvestment rate % | N/A | 36.3% | 56.7% | 22.5% | 15.5% | 32.7% | 25.1% | 35.3% | 48.1% | 72.1% | 83.8% |
| ROIC (Ops) % ⓘ | 65.3% | 67.8% | 35.0% | 71.0% | 71.2% | 79.9% | 76.8% | 61.8% | 59.6% | 50.4% | 41.6% |
| Invested capital (All-Capital) | 23,354 | 40,902 | 25,150 | 40,689 | 48,853 | 77,872 | 114,315 | 142,198 | 244,564 | 292,065 | 415,065 |
| ROIC (All-Capital) % ⓘ | 89.5% | 77.0% | 48.2% | 117.2% | 98.8% | 95.1% | 75.4% | 55.9% | 46.3% | 39.5% | 35.4% |
| Capital return ratio % | N/A | 119.0% | 250.9% | 100.1% | 94.4% | 95.8% | 87.7% | 82.2% | 70.0% | 81.2% | 88.0% |
| Acquisition intensity % | — | — | — | — | — | — | — | — | — | — | — |
| Profit & Loss (USD millions) | |||||||||||
| Revenue | 91,154 | 96,571 | 110,360 | 125,843 | 143,015 | 168,088 | 198,270 | 211,915 | 245,122 | 281,724 | 331,839 |
| Revenue growth % | N/A | 5.9% | 14.3% | 14.0% | 13.6% | 17.5% | 18.0% | 6.9% | 15.7% | 14.9% | 17.8% |
| Gross profit | 58,374 | 62,310 | 72,007 | 82,933 | 96,937 | 115,856 | 135,620 | 146,052 | 171,008 | 193,893 | 225,465 |
| Gross margin % | 64.0% | 64.5% | 65.2% | 65.9% | 67.8% | 68.9% | 68.4% | 68.9% | 69.8% | 68.8% | 67.9% |
| Gross profit growth % | N/A | 6.7% | 15.6% | 15.2% | 16.9% | 19.5% | 17.1% | 7.7% | 17.1% | 13.4% | 16.3% |
| Operating income | 26,078 | 29,025 | 35,058 | 42,959 | 52,959 | 69,916 | 83,383 | 88,523 | 109,433 | 128,528 | 155,237 |
| Operating margin % | 28.6% | 30.1% | 31.8% | 34.1% | 37.0% | 41.6% | 42.1% | 41.8% | 44.6% | 45.6% | 46.8% |
| Operating income growth % | N/A | 11.3% | 20.8% | 22.5% | 23.3% | 32.0% | 19.3% | 6.2% | 23.6% | 17.4% | 20.8% |
| EBITDA | 30,978 | 35,125 | 42,758 | 52,659 | 63,659 | 79,216 | 95,983 | 99,523 | 124,633 | 150,528 | 189,537 |
| EBITDA growth % | N/A | 13.4% | 21.7% | 23.2% | 20.9% | 24.4% | 21.2% | 3.7% | 25.2% | 20.8% | 25.9% |
| EBITDA margin % | 34.0% | 36.4% | 38.7% | 41.8% | 44.5% | 47.1% | 48.4% | 47.0% | 50.8% | 53.4% | 57.1% |
| Interest expense | 1,243 | 2,222 | 2,733 | 2,686 | 2,591 | 2,346 | 2,063 | 1,968 | 2,935 | 2,385 | 3,051 |
| Interest coverage (x) | 24.9x | 15.8x | 15.6x | 19.6x | 24.6x | 33.8x | 46.5x | 50.6x | 42.5x | 63.1x | 62.1x |
| Net income | 20,539 | 25,489 | 16,571 | 39,240 | 44,281 | 61,271 | 72,738 | 72,361 | 88,136 | 101,832 | 133,749 |
| Net margin % | 22.5% | 26.4% | 15.0% | 31.2% | 31.0% | 36.5% | 36.7% | 34.1% | 36.0% | 36.1% | 40.3% |
| Net income growth % | N/A | 24.1% | -35.0% | 136.8% | 12.8% | 38.4% | 18.7% | -0.5% | 21.8% | 15.5% | 31.3% |
| EPS (diluted, $) | 2.56 | 3.25 | 2.13 | 5.06 | 5.76 | 8.05 | 9.65 | 9.68 | 11.80 | 13.64 | 17.95 |
| EPS growth % | N/A | 27.0% | -34.5% | 137.6% | 13.8% | 39.8% | 19.9% | 0.3% | 21.9% | 15.6% | 31.6% |
| Balance Sheet (USD millions) | |||||||||||
| Total assets | 193,468 | 250,312 | 258,848 | 286,556 | 301,311 | 333,779 | 364,840 | 411,976 | 512,163 | 619,003 | 758,376 |
| Total debt | 53,504 | 86,172 | 76,200 | 72,178 | 67,076 | 66,218 | 52,530 | 47,237 | 51,630 | 43,151 | 49,521 |
| Shareholders' equity | 83,090 | 87,711 | 82,718 | 102,330 | 118,304 | 141,988 | 166,542 | 206,223 | 268,477 | 343,479 | 442,387 |
| Cash & equivalents | 113,240 | 132,981 | 133,768 | 133,819 | 136,527 | 130,334 | 104,757 | 111,262 | 75,543 | 94,565 | 76,843 |
| Shares outstanding (M) | 7,808 | 7,708 | 7,677 | 7,643 | 7,571 | 7,519 | 7,464 | 7,432 | 7,434 | 7,434 | 7,427 |
| Cash Flow (USD millions) | |||||||||||
| Operating cash flow | 33,325 | 39,507 | 43,884 | 52,185 | 60,675 | 76,740 | 89,035 | 87,582 | 118,548 | 136,162 | 182,935 |
| Capex | 8,343 | 8,129 | 11,632 | 13,925 | 15,441 | 20,622 | 23,886 | 28,107 | 44,477 | 64,551 | 115,948 |
| Free cash flow | 24,982 | 31,378 | 32,252 | 38,260 | 45,234 | 56,118 | 65,149 | 59,475 | 74,071 | 71,611 | 66,987 |
| FCF margin % | 27.4% | 32.5% | 29.2% | 30.4% | 31.6% | 33.4% | 32.9% | 28.1% | 30.2% | 25.4% | 20.2% |
| FCF growth % | N/A | 25.6% | 2.8% | 18.6% | 18.2% | 24.1% | 16.1% | -8.7% | 24.5% | -3.3% | -6.5% |
| Owner Earnings | N/A | 19,868 | 9,335 | 33,336 | 40,369 | 45,809 | 57,965 | 51,164 | 55,778 | 52,336 | 55,363 |
| Owner Earnings margin % | N/A | 20.6% | 8.5% | 26.5% | 28.2% | 27.3% | 29.2% | 24.1% | 22.8% | 18.6% | 16.7% |
| Owner Earnings growth % | N/A | N/A | -53.0% | 257.1% | 21.1% | 13.5% | 26.5% | -11.7% | 9.0% | -6.2% | 5.8% |
| Unlevered Owner Earnings | 17,448 | 22,713 | 11,996 | 34,360 | 39,476 | 48,927 | 61,163 | 54,616 | 60,205 | 63,318 | 43,479 |
| Investing cash flow | -23,950 | -46,781 | -6,061 | -15,773 | -12,223 | -27,577 | -30,311 | -22,680 | -96,970 | -72,599 | -139,500 |
| Financing cash flow | -8,393 | 8,408 | -33,590 | -36,887 | -46,031 | -48,486 | -58,876 | -43,935 | -37,757 | -51,699 | -52,546 |
| Dividends paid | 11,006 | 11,845 | 12,699 | 13,811 | 15,137 | 16,521 | 18,135 | 19,800 | 21,771 | 24,082 | 26,445 |
| Share buybacks | 15,969 | 11,788 | 10,721 | 19,543 | 22,968 | 27,385 | 32,696 | 22,245 | 17,254 | 18,420 | 22,271 |
| Buyback yield % | 4.5% | 2.5% | 1.5% | 2.0% | 1.6% | 1.4% | 1.8% | 0.9% | 0.5% | 0.5% | 0.8% |
| D&A | 4,900 | 6,100 | 7,700 | 9,700 | 10,700 | 9,300 | 12,600 | 11,000 | 15,200 | 22,000 | 34,300 |
| CFO / Op. Income % | 127.8% | 136.1% | 125.2% | 121.5% | 114.6% | 109.8% | 106.8% | 98.9% | 108.3% | 105.9% | 117.8% |
| Working Capital (USD millions) | |||||||||||
| Accounts receivable | 18,277 | 22,431 | 26,481 | 29,524 | 32,011 | 38,043 | 44,261 | 48,688 | 56,924 | 69,905 | 80,876 |
| Inventory | 2,251 | 2,181 | 2,662 | 2,063 | 1,895 | 2,636 | 3,742 | 2,500 | 1,246 | 938 | 1,397 |
| Accounts payable | 6,898 | 7,390 | 8,617 | 9,382 | 12,530 | 15,163 | 19,000 | 18,095 | 21,996 | 27,724 | 42,416 |
| Net PPE | 18,356 | 23,734 | 29,460 | 36,477 | 44,151 | 59,715 | 74,398 | 95,641 | 135,591 | 204,966 | 313,076 |
| Key Ratios | |||||||||||
| ROE % | 24.7% | 29.1% | 20.0% | 38.3% | 37.4% | 43.2% | 43.7% | 35.1% | 32.8% | 29.6% | 30.2% |
| ROA % | 10.6% | 10.2% | 6.4% | 13.7% | 14.7% | 18.4% | 19.9% | 17.6% | 17.2% | 16.5% | 17.6% |
| ROCE % | 19.4% | 14.9% | 17.5% | 19.8% | 23.1% | 28.5% | 30.9% | 28.8% | 28.3% | 26.9% | 26.3% |
| Debt / Equity | 0.64 | 0.98 | 0.92 | 0.71 | 0.57 | 0.47 | 0.32 | 0.23 | 0.19 | 0.13 | 0.11 |
| Net Debt / EBITDA (x) | -1.9x | -1.3x | -1.3x | -1.2x | -1.1x | -0.8x | -0.5x | -0.6x | -0.2x | -0.3x | -0.1x |
| Debtor days | 73 | 85 | 88 | 86 | 82 | 83 | 81 | 84 | 85 | 91 | 89 |
| Inventory days | 25 | 23 | 25 | 18 | 15 | 18 | 22 | 14 | 6 | 4 | 5 |
| Days payable (DPO) | 77 | 79 | 82 | 80 | 99 | 106 | 111 | 100 | 108 | 115 | 146 |
| Cash conv. cycle | 21 | 29 | 31 | 23 | -3 | -5 | -7 | -3 | -17 | -21 | -52 |
| Metric |
FY25 Q1 Sep 24 |
FY25 Q2 Dec 24 |
FY25 Q3 Mar 25 |
FY25 Q4 Jun 25 |
FY26 Q1 Sep 25 |
FY26 Q2 Dec 25 |
FY26 Q3 Mar 26 |
FY26 Q4 Jun 26 |
|---|---|---|---|---|---|---|---|---|
| Profit & Loss (USD millions) | ||||||||
| Revenue | 65,585 | 69,632 | 70,066 | 76,441 | 77,673 | 81,273 | 82,886 | 90,007 |
| Gross profit | 45,486 | 47,833 | 48,147 | 52,427 | 53,630 | 55,295 | 56,058 | 60,482 |
| Gross margin % | 69.4% | 68.7% | 68.7% | 68.6% | 69.0% | 68.0% | 67.6% | 67.2% |
| Operating income | 30,552 | 31,653 | 32,000 | 34,323 | 37,961 | 38,275 | 38,398 | 40,603 |
| Net income | 24,667 | 24,108 | 25,824 | 27,233 | 27,747 | 38,458 | 31,778 | 35,766 |
| Net margin % | 37.6% | 34.6% | 36.9% | 35.6% | 35.7% | 47.3% | 38.3% | 39.7% |
| EPS (diluted, $) | 3.30 | 3.23 | 3.46 | 3.66 | 3.72 | 5.16 | 4.27 | 4.82 |
| Balance Sheet (USD millions, end of quarter) | ||||||||
| Total assets | 523,013 | 533,898 | 562,624 | 619,003 | 636,351 | 665,302 | 694,228 | 758,376 |
| Total debt | 45,117 | 44,970 | 42,881 | 43,151 | 51,040 | 45,099 | 49,101 | 49,521 |
| Shareholders' equity | 287,723 | 302,695 | 321,891 | 343,479 | 363,076 | 390,875 | 414,367 | 442,387 |
| Cash & equivalents | 78,428 | 71,555 | 79,618 | 94,565 | 102,012 | 89,462 | 78,272 | 76,843 |
| Cash Flow (USD millions) | ||||||||
| Operating cash flow | 34,180 | 22,291 | 37,044 | 42,647 | 45,057 | 35,758 | 46,679 | 55,441 |
| Capex | 14,923 | 15,804 | 16,745 | 17,079 | 19,394 | 29,876 | 30,876 | 35,802 |
| Free cash flow | 19,257 | 6,487 | 20,299 | 25,568 | 25,663 | 5,882 | 15,803 | 19,639 |
Other segments (20)
Service Other
Product
Server Products And Cloud Services
Microsoft Three Six Five Commercial Products And Cloud Services
Office Products And Cloud Services
Windows
Gaming
Microsoft Office System
The chart groups the 20 smallest segments so no two bands share a colour. Every segment is listed individually in the table below.
| Segment | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | |||||||||||||||
| Advertising | 3,181
|
3,387
+6% |
4,016
+19% |
4,557
+13% |
6,098
7%+34% |
6,971
7%+14% |
— | — | — | — | — | — | — | — | — |
| Consulting And Product Support Services | 3,976
|
4,372
+10% |
4,767
+9% |
5,090
+7% |
5,641
6%+11% |
5,588
6%-1% |
— | — | — | — | — | — | — | — | — |
| Microsoft Office System | 22,299
|
22,995
+3% |
24,323
+6% |
23,538
-3% |
23,588
26%+0% |
25,389
26%+8% |
— | — | — | — | — | — | — | — | — |
| Other Products And Services | 4,508
|
5,590
+24% |
6,217
+11% |
6,234
+0% |
2,499
3%-60% |
2,611
3%+4% |
2,793
3%+7% |
3,070
2%+10% |
3,768
3%+23% |
373
0%-90% |
233
0%-38% |
119
0%-49% |
45
0%-62% |
72
0%+60% |
109
0%+51% |
| Phone | 162
|
615
+280% |
3,073
+400% |
7,702
+151% |
3,358
4%-56% |
— | — | — | — | — | — | — | — | — | — |
| Server Products And Tools | 14,232
|
15,408
+8% |
17,055
+11% |
18,612
+9% |
19,177
21%+3% |
21,758
23%+13% |
— | — | — | — | — | — | — | — | — |
| Surface | 0
|
853
|
1,883
+121% |
3,900
+107% |
4,108
5%+5% |
— | — | — | — | — | — | — | — | — | — |
| Windows Operating Systems For Computing Devices | 17,320
|
17,529
+1% |
16,856
-4% |
14,826
-12% |
8,104
9%-45% |
8,625
9%+6% |
— | — | — | — | — | — | — | — | — |
| Xbox Platform | 8,045
|
7,100
-12% |
8,643
+22% |
— | — | — | — | — | — | — | — | — | — | — | — |
| Xbox | — | 7,100
|
8,643
+22% |
9,121
+6% |
9,395
10%+3% |
9,256
10%-1% |
— | — | — | — | — | — | — | — | — |
| Devices | — | — | — | 11,602
|
7,888
9%-32% |
5,062
5%-36% |
5,134
5%+1% |
6,095
5%+19% |
6,457
5%+6% |
7,143
4%+11% |
7,306
4%+2% |
5,521
3%-24% |
4,706
2%-15% |
— | — |
| Linked In Corporation | — | — | — | 0
|
0
0% |
2,271
2% |
5,259
5%+132% |
6,754
5%+28% |
8,077
6%+20% |
10,289
6%+27% |
13,631
7%+32% |
14,989
7%+10% |
16,372
7%+9% |
17,812
6%+9% |
19,817
6%+11% |
| Enterprise Services | — | — | — | — | 5,659
6% |
5,542
6%-2% |
5,846
5%+5% |
6,124
5%+5% |
6,409
4%+5% |
6,943
4%+8% |
7,407
4%+7% |
7,722
4%+4% |
— | — | — |
| Gaming | — | — | — | — | 9,202
10% |
9,051
9%-2% |
10,353
9%+14% |
11,386
9%+10% |
11,575
8%+2% |
15,370
9%+33% |
16,230
8%+6% |
15,466
7%-5% |
21,503
9%+39% |
23,455
8%+9% |
— |
| Office Products And Cloud Services | — | — | — | — | 23,868
26% |
25,573
26%+7% |
28,316
26%+11% |
31,769
25%+12% |
35,316
25%+11% |
39,872
24%+13% |
44,970
23%+13% |
48,848
23%+9% |
54,875
22%+12% |
— | — |
| Product | — | — | — | — | 67,336
74% |
63,811
66%-5% |
64,497
58%+1% |
66,069
53%+2% |
68,041
48%+3% |
71,074
42%+4% |
72,732
37%+2% |
64,699
31%-11% |
64,773
26%+0% |
63,946
23%-1% |
64,696
19%+1% |
| Search Advertising | — | — | — | — | 5,428
6% |
6,219
6%+15% |
7,012
6%+13% |
7,628
6%+9% |
7,740
5%+1% |
8,528
5%+10% |
— | — | 12,306
5% |
13,878
5%+13% |
15,176
5%+9% |
| Server Products And Cloud Services | — | — | — | — | 19,062
21% |
21,649
22%+14% |
26,129
24%+21% |
32,622
26%+25% |
41,379
29%+27% |
52,589
31%+27% |
67,350
34%+28% |
65,007
31%-3% |
79,828
33%+23% |
98,435
35%+23% |
129,425
39%+31% |
| Service Other | — | — | — | — | 23,818
26% |
32,760
34%+38% |
45,863
42%+40% |
59,774
47%+30% |
74,974
52%+25% |
97,014
58%+29% |
125,538
63%+29% |
147,216
69%+17% |
180,349
74%+23% |
217,778
77%+21% |
267,143
81%+23% |
| Windows | — | — | — | — | 17,548
19% |
18,593
19%+6% |
19,518
18%+5% |
20,395
16%+4% |
21,510
15%+5% |
22,488
13%+5% |
24,732
12%+10% |
21,507
10%-13% |
23,244
9%+8% |
— | — |
| Search And News Advertising | — | — | — | — | — | — | — | — | 8,524
6% |
9,267
6%+9% |
11,526
6%+24% |
12,125
6%+5% |
12,306
5%+1% |
13,878
5%+13% |
— |
| Dynamics | — | — | — | — | — | — | — | — | — | 3,754
2% |
4,687
2%+25% |
5,437
3%+16% |
— | — | — |
| Dynamics Products And Cloud Services | — | — | — | — | — | — | — | — | — | — | 4,687
2% |
5,796
3%+24% |
6,831
3%+18% |
7,827
3%+15% |
9,006
3%+15% |
| Enterprise And Partner Services | — | — | — | — | — | — | — | — | — | — | 7,605
4% |
7,900
4%+4% |
7,594
3%-4% |
7,760
3%+2% |
8,260
2%+6% |
| Microsoft Three Six Five Commercial Products And Cloud Services | — | — | — | — | — | — | — | — | — | — | — | 66,949
32% |
76,969
31%+15% |
87,767
31%+14% |
101,997
31%+16% |
| Microsoft Three Six Five Consumer Products And Cloud Services | — | — | — | — | — | — | — | — | — | — | — | 6,417
3% |
6,648
3%+4% |
7,404
3%+11% |
9,175
3%+24% |
| Windows And Devices | — | — | — | — | — | — | — | — | — | — | — | 17,147
8% |
17,026
7%-1% |
17,314
6%+2% |
17,084
5%-1% |
| XBOX | — | — | — | — | — | — | — | — | — | — | — | — | 21,503
9% |
23,455
8%+9% |
21,790
7%-7% |
| Total (check) | 73,723 | 84,949 | 95,476 | 105,182 | 261,777 | 270,729 | 220,720 | 251,686 | 293,770 | 344,704 | 408,634 | 512,865 | 606,878 | 600,781 | 663,678 |
Source: SEC EDGAR XBRL · Full breakdown ↗
Phone Hardware
Productivity And Business Processes
Intelligent Cloud
More Personal Computing
Commercial Licensing
Devices And Consumer Licensing
Computing And Gaming Hardware
Commercial Other
Devices And Consumer Other
| Segment | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | |||||||||||||||
| Commercial Licensing | 37,126
|
39,778
+7% |
42,085
+6% |
41,039
-2% |
— | — | — | — | — | — | — | — | — | — | — |
| Commercial Other | 4,644
|
5,661
+22% |
7,546
+33% |
10,836
+44% |
— | — | — | — | — | — | — | — | — | — | — |
| Computing And Gaming Hardware | 6,740
|
6,149
-9% |
9,093
+48% |
10,183
+12% |
— | — | — | — | — | — | — | — | — | — | — |
| Devices And Consumer Licensing | 19,495
|
19,427
-0% |
19,528
+1% |
14,969
-23% |
— | — | — | — | — | — | — | — | — | — | — |
| Devices And Consumer Other | 6,203
|
6,431
+4% |
7,014
+9% |
8,825
+26% |
— | — | — | — | — | — | — | — | — | — | — |
| Phone Hardware | 0
|
0
|
1,982
|
7,524
+280% |
— | — | — | — | — | — | — | — | — | — | — |
| Intelligent Cloud | — | — | 21,735
|
23,715
+9% |
24,952
27%+5% |
27,407
28%+10% |
32,219
29%+18% |
38,985
31%+21% |
48,366
34%+24% |
59,728
36%+23% |
74,965
38%+26% |
72,944
34%-3% |
87,464
36%+20% |
106,265
38%+21% |
137,791
42%+30% |
| More Personal Computing | — | — | 38,460
|
43,435
+13% |
40,410
44%-7% |
39,294
41%-3% |
42,276
38%+8% |
45,698
36%+8% |
48,251
34%+6% |
54,445
32%+13% |
59,941
30%+10% |
44,820
21%-25% |
50,838
21%+13% |
54,649
19%+7% |
54,052
16%-1% |
| Productivity And Business Processes | — | — | 26,976
|
26,430
-2% |
25,792
28%-2% |
29,870
31%+16% |
35,865
32%+20% |
41,160
33%+15% |
46,398
32%+13% |
53,915
32%+16% |
63,364
32%+18% |
94,151
44%+49% |
106,820
44%+13% |
120,810
43%+13% |
139,996
42%+16% |
| Total (check) | 74,208 | 77,446 | 174,419 | 186,956 | 91,154 | 96,571 | 110,360 | 125,843 | 143,015 | 168,088 | 198,270 | 211,915 | 245,122 | 281,724 | 331,839 |
| Operating Margin % | |||||||||||||||
| Commercial Licensing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Commercial Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Computing And Gaming Hardware | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Devices And Consumer Licensing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Devices And Consumer Other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Phone Hardware | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Intelligent Cloud | — | — | +38.9% | +41.3% | +37.1% | +33.3% | +35.8% | +35.7% | +37.9% | +44.3% | +44.3% | +38.9% | +43.2% | +42.0% | +41.3% |
| More Personal Computing | — | — | +14.6% | +11.7% | +15.3% | +22.4% | +25.1% | +28.1% | +33.0% | +35.1% | +34.2% | +22.4% | +23.5% | +25.9% | +26.6% |
| Productivity And Business Processes | — | — | +52.5% | +50.2% | +45.6% | +38.1% | +36.0% | +39.4% | +40.4% | +45.2% | +46.9% | +53.2% | +55.9% | +57.8% | +59.9% |
Source: SEC EDGAR XBRL · Full breakdown ↗
Annual Reports (10-K)
-
FY 2026 Filed 2026-07-29View 10-K ↗
-
FY 2025 Filed 2025-07-30View 10-K ↗
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FY 2024 Filed 2024-07-30View 10-K ↗
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FY 2023 Filed 2023-07-27View 10-K ↗
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FY 2022 Filed 2022-07-28View 10-K ↗
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FY 2021 Filed 2021-07-29View 10-K ↗
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FY 2020 Filed 2020-07-30View 10-K ↗
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FY 2019 Filed 2019-08-01View 10-K ↗
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FY 2018 Filed 2018-08-03View 10-K ↗
-
FY 2017 Filed 2017-08-02View 10-K ↗
-
FY 2016 Filed 2016-07-28View 10-K ↗
-
FY 2015 Filed 2015-07-31View 10-K ↗
Quarterly Reports (10-Q)
-
2026-03-31 Filed 2026-04-29View 10-Q ↗
-
2025-12-31 Filed 2026-01-28View 10-Q ↗
-
2025-09-30 Filed 2025-10-29View 10-Q ↗
-
2025-03-31 Filed 2025-04-30View 10-Q ↗
-
2024-12-31 Filed 2025-01-29View 10-Q ↗
-
2024-09-30 Filed 2024-10-30View 10-Q ↗
-
2024-03-31 Filed 2024-04-25View 10-Q ↗
-
2023-12-31 Filed 2024-01-30View 10-Q ↗
Earnings & Financial Updates
8-K item 2.02 — Results of Operations
-
2026-07-29 8-KView 8-K ↗
-
2026-04-29 8-KView 8-K ↗
-
2026-01-28 8-KView 8-K ↗
-
2025-10-29 8-KView 8-K ↗
-
2025-07-30 8-KView 8-K ↗
-
2025-04-30 8-KView 8-K ↗
-
2025-01-29 8-KView 8-K ↗
-
2024-10-30 8-KView 8-K ↗
M&A and Capital Events
8-K items 1.01 / 2.01 / 2.03 / 2.06 — agreements, acquisitions, new debt, impairments
-
2023-10-13 item 2.01View 8-K ↗
8-K
Governance Alerts
8-K items 4.01 / 5.02 — auditor changes, executive departures
-
2026-06-05 item 5.02View 8-K ↗
8-K
-
2026-05-14 item 5.02,9.01View 8-K ↗
8-K
-
2025-12-08 item 5.02,5.07View 8-K ↗
8-K
-
2025-09-30 item 5.02View 8-K ↗
8-K
-
2025-01-22 item 5.02View 8-K ↗
8-K
The Picture
— Business Exhibit —
The primary question is not price — it is: How probable is permanent loss?
Low probability → analyze further | High / Uncertain → too hard pile or wait
Everything else (Bull / Base / Bear) is secondary.
Low probability → analyze further | High / Uncertain → too hard pile or wait
Everything else (Bull / Base / Bear) is secondary.
Section 1 — Archetype
Section 2 — Destinations
The page you re-read when the tape goes loud.