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MICROSOFT CORPMSFT

Sector
Technology
Industry
Services-Prepackaged Software
Exchange
Nasdaq

Stock Price $MSFT

Latest filings

You are here#3 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K106

MSFT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 106 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Dec ’16Dec ’16
  2. Leadership change8-K · Sep ’18Sep ’18
  3. FY2021 annual report10-K · Jul ’21Jul ’21
  4. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $331.84B
YoY changeLargest recent move+18.0%in FY22Latest +17.8%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All MSFT Financial Metrics58 metrics

Income Statement16

Balance Sheet24

Cash Flow13

Per Share5

02—Overview

MICROSOFT CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Microsoft's net income surged 60% to $38.5 billiona in Q2 2026, driven by massive gains from its OpenAI investment that offset escalating artificial intelligence infrastructure costs. The software giant has effectively transformed into a dedicated AI and cloud infrastructure powerhouse, leveraging immense capital advantages to lock in enterprise technology budgets.

This shift is evident across its long-term trajectory, as total revenue grew from $168.1 billion in FY2021 to $281.7 billionb in FY2025. The core growth engine rapidly accelerated over this period, pushing Microsoft Cloud revenue to $168.9 billion in FY2025—a 23% increase fueled by a 34% surge in Azure and other cloud services. To sustain this momentum, the company is spending heavily on compute capacity, which compressed profitability to a 69% cloud gross margin in Q3 2025. Despite these capital outlays, the business remains a cash engine, returning $24.7 billion in dividends and $13.0 billion via share repurchases in FY2025.

The market has richly rewarded this AI-driven transition. At the close of FY2025, Microsoft traded at 36.5x earnings with a share price of $497.41c. This multiple commanded a $3.70 trillion market cap, reflecting deep investor confidence in a commercial pipeline that featured a $392 billion remaining performance obligation by Q1 2026.

Recent Developments (Q2 and Q3 2026)

Microsoft maintained rapid top-line expansion through Q3 2026, with total revenue rising 18% year-over-year to $82.9 billiond. This growth was spearheaded by the Intelligent Cloud segment, which surged 30% to $34.7 billion. Broader Microsoft Cloud revenue accelerated to $54.5 billion, representing a 29% increase, while the More Personal Computing unit experienced a 1% revenue decline. At the board level, Carmine Di Sibio joined the audit and compensation committees on May 13, 2026, while long-time director Reid Hoffman announced his departure ahead of the 2026 Annual Meeting.

Bulls argue the stock presents a compelling entry point at 31.1x earnings as of the April 29, 2026 report date, given the sustained double-digit cloud expansion. Bears warn that escalating artificial intelligence infrastructure costs and growing compute usage are continuously pressuring gross margins across core business lines.

What to watch: gross margin compression from ongoing artificial intelligence infrastructure outlays; developments in the pending IRS transfer pricing audit.

03—Filings

Recent SEC Filings

  1. 8-KMICROSOFT CORP 8-K Report, Regulation FD Disclosure (Sep 2, 2026)Microsoft's September 2, 2026 Form 8-K, furnished under Regulation FD, announces a restructuring of its reportable segments effective fiscal 2027. The company will move from three segments (Productivity and Business Processes, Intelligent Cloud, and More Personal Computing) to two: Agents and Infra, and Devices and Consumer. The filing is a presentation of reporting changes, not a results release. It does not report new quarterly results or change consolidated guidance. Its purpose is to align segment reporting with how management allocates resources and to give investors more granular visibility into key businesses such as Azure, Microsoft 365 Cloud, Industry solutions, and advertising. The restated history shows the economic weight of the new structure. For fiscal 2026, Agents and Infra generated $268.1 billion of revenue (about 81% of the $331.8 billion total) and $136.4 billion of operating income. Devices and Consumer generated $63.7 billion of revenue and $18.9 billion of operating income. Total company revenue and operating income are unchanged. Several metrics move between segments: GitHub cloud and Security Copilot shift into Microsoft 365 commercial cloud, Healthcare and Life Sciences cloud and LinkedIn Talent and Sales Solutions move into Industry solutions cloud, and LinkedIn Marketing Solutions and Premium Subscriptions move into search and advertising. Azure's definition narrows as a result. Restated Azure growth for fiscal 2026 is 40%, versus 41% (GAAP) as previously reported. For fiscal 2027 Q1, management kept total company revenue guidance at $89.85 to $90.95 billion and provided mechanical reallocations: Agents and Infra revenue of $75.15 to $75.75 billion and Devices and Consumer revenue of $14.7 to $15.2 billion. Investors should treat the change as a presentation shift that improves comparability of the cloud and advertising franchises. The filing does not alter the underlying economics, and the new metric definitions should be used carefully when comparing against prior-period disclosures.
  2. 8-KMICROSOFT CORP 8-K Report, Financial Results (Jul 29, 2026)Microsoft reported fiscal Q4 2026 (quarter ended June 30, 2026) revenue of $90.0 billion, up 18% (17% in constant currency), with operating income of $40.6 billion (up 18%) and GAAP diluted EPS of $4.81 (up 32%). Excluding the impact of OpenAI investments, non-GAAP diluted EPS was $4.74, up 23%, and non-GAAP net income was $35.3 billion, up 22%. Management attributed a $0.27 benefit to diluted EPS versus its April 29, 2026 guidance to discrete items, chiefly a $3.2 billion gain on the Anthropic investment and lower-than-expected Voluntary Retirement Program expenses, partly offset by Xbox severance and impairment charges. Management said that, adjusted for these items, results exceeded expectations across revenue, operating income, and EPS. Growth was driven by the cloud and AI franchise. Microsoft Cloud revenue reached $59.3 billion (up 27%), and commercial remaining performance obligation rose 84% to $678 billion, a strong signal of forward contracted demand. Azure and other cloud services grew 43%, and Azure revenue surpassed $100 billion for the fiscal year for the first time. Microsoft 365 Copilot reached over 30 million paid seats. Intelligent Cloud revenue rose 32% to $39.3 billion, while Productivity and Business Processes grew 14% to $37.8 billion. More Personal Computing declined 4%, with Windows OEM and Devices down 7% and Xbox content and services down 10%. Capital intensity remains the key watch item. Quarterly additions to property and equipment were $35.8 billion, up from $17.1 billion a year earlier, and fiscal 2026 capex totaled $115.9 billion. Operating cash flow of $182.9 billion for the year still comfortably covered capex, but free cash flow compressed relative to earnings growth. The company returned $10.2 billion to shareholders in the quarter. The filing contains no formal forward guidance; management stated it would provide guidance on the earnings call.
  3. 8-KMICROSOFT CORP 8-K Report, Executive Changes (Jun 5, 2026)Microsoft Corporation (MSFT) has filed an 8-K report detailing the upcoming departure of a key board member, Reid Hoffman. Mr. Hoffman, who has served on the Board of Directors since 2017, has informed the company of his decision not to seek re-election at the upcoming 2026 annual shareholder meeting. This transition marks the end of his tenure, though he will continue to serve until the meeting concludes. Importantly, the company explicitly states that Mr. Hoffman's decision is not due to any disagreements with management regarding the company's operations, policies, or practices, providing reassurance to investors about internal stability.
  4. 8-KMICROSOFT CORP 8-K Report, Executive Changes (May 14, 2026)Microsoft Corp. (MSFT) filed an 8-K on May 14, 2026 disclosing the appointment of Carmine Di Sibio to its Board of Directors, effective May 13, 2026. Di Sibio is a former global chairman and CEO of EY, where he spent a four-decade career beginning in 1985. He will serve on both the Audit Committee and the Compensation Committee, and the board has expanded to 13 members as a result of the appointment. From an investor standpoint, this is a governance event rather than a financial one. The filing contains no financial results, guidance, or material transactions. Di Sibio will receive the same non-employee director compensation described in Microsoft's 2025 proxy statement, and he will sign the standard director indemnification agreement. The filing also states he has no material interest in any related-party transaction under Item 404(a) and was not selected under any arrangement with other parties. The appointment adds financial services, risk oversight, and global client leadership expertise to the board, with particular relevance to the Audit Committee. Investors may view it as a modest positive for board oversight quality, but it does not change Microsoft's near-term fundamentals. The filing does not indicate any dissent, controversy, or change in executive leadership.
  5. 8-KMICROSOFT CORP 8-K Report, Financial Results (Apr 29, 2026)Microsoft reported fiscal Q3 2026 results (quarter ended March 31, 2026) that beat expectations on revenue, operating income, and EPS. Revenue reached $82.9 billion, up 18% year-over-year (15% in constant currency), while operating income rose 20% to $38.4 billion. GAAP net income was $31.8 billion (up 23%), and diluted EPS was $4.27 (up 23%). Non-GAAP results, which exclude the small impact of OpenAI investment losses, showed net income up 20% and EPS up 21%, with the impact on EPS essentially negligible this quarter ($14 million net income impact versus $583 million a year earlier). The growth engine remained cloud and AI. Microsoft Cloud revenue rose 29% to $54.5 billion, Azure and other cloud services grew 40% (39% in constant currency), and the company said its AI business surpassed a $37 billion annual revenue run rate, up 123%. Commercial remaining performance obligation nearly doubled, up 99% to $627 billion, signaling substantial contracted future demand. Intelligent Cloud revenue grew 30% to $34.7 billion, and Productivity and Business Processes grew 17% to $35.0 billion. More Personal Computing was the laggard, declining 1% to $13.2 billion on softness in Windows OEM and Xbox. The balance sheet and cash flow highlight the scale of AI infrastructure spending. Additions to property and equipment reached $30.9 billion in the quarter (versus $16.7 billion a year ago), and nine-month capex totaled $80.1 billion. Operating cash flow of $46.7 billion comfortably funded this build-out, and Microsoft returned $10.2 billion to shareholders via dividends and buybacks. Total assets grew to $694 billion, with property and equipment up substantially. Forward guidance was not included in the release and was to be given on the earnings call.
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04—See also

Related Companies

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