Q3 FY2026, built from SEC filings. Accession numbers are cited throughout so every figure can be checked against sec.gov. The same data is published as JSON at financials.json for agents that prefer to fetch it directly.
Microsoft is an operating technology company that sells software licenses, cloud subscriptions, hardware and services, so the standard revenue / cost of revenue / gross margin / operating income frame applies rather than a bank, insurer or REIT frame. Because the company manages itself as three reportable segments and the filings disclose segment revenue, cost of revenue, operating expenses and operating income, segment detail and revenue by product line and geography are carried alongside the consolidated statements.
Reporting currency
USD
Converted to USD
no
Units
actual dollars (not millions)
Annual
FY2025
FY2024
FY2023
Fiscal year
2025
2024
2023
Period start
2024-07-01
2023-07-01
2022-07-01
Period end
2025-06-30
2024-06-30
2023-06-30
Source accession
0000950170-25-100235
0000950170-25-100235
0000950170-25-100235
Source form
10-K
10-K
10-K
Income statement
Product revenue
63,946,000,000
64,773,000,000
64,699,000,000
Service and other revenue
217,778,000,000
180,349,000,000
147,216,000,000
Total revenue
281,724,000,000
245,122,000,000
211,915,000,000
Cost of revenue product
13,501,000,000
15,272,000,000
17,804,000,000
Cost of revenue service and other
74,330,000,000
58,842,000,000
48,059,000,000
Total cost of revenue
87,831,000,000
74,114,000,000
65,863,000,000
Gross margin
193,893,000,000
171,008,000,000
146,052,000,000
Research and development
32,488,000,000
29,510,000,000
27,195,000,000
Sales and marketing
25,654,000,000
24,456,000,000
22,759,000,000
General and administrative
7,223,000,000
7,609,000,000
7,575,000,000
Total operating expenses
65,365,000,000
61,575,000,000
57,529,000,000
Operating income
128,528,000,000
109,433,000,000
88,523,000,000
Other income expense net
-4,901,000,000
-1,646,000,000
788,000,000
Income before income taxes
123,627,000,000
107,787,000,000
89,311,000,000
Provision for income taxes
21,795,000,000
19,651,000,000
16,950,000,000
Net income
101,832,000,000
88,136,000,000
72,361,000,000
Earnings per share basic
13.7
11.86
9.72
Earnings per share diluted
13.64
11.8
9.68
Weighted average shares basic
7,433,000,000
7,431,000,000
7,446,000,000
Weighted average shares diluted
7,465,000,000
7,469,000,000
7,472,000,000
Operating margin %
45.6%
44.6%
41.8%
Gross margin %
68.8%
69.8%
68.9%
Net margin %
36.1%
36.0%
34.1%
Balance sheet
Cash and cash equivalents
30,242,000,000
18,315,000,000
34,704,000,000
Short term investments
64,323,000,000
57,228,000,000
Total cash cash equivalents and short term investments
94,565,000,000
75,543,000,000
Accounts receivable net
69,905,000,000
56,924,000,000
Inventories
938,000,000
1,246,000,000
Other current assets
25,723,000,000
26,021,000,000
Total current assets
191,131,000,000
159,734,000,000
Property and equipment net
204,966,000,000
135,591,000,000
Operating lease right of use assets
24,823,000,000
18,961,000,000
Equity and other investments
15,405,000,000
14,600,000,000
Goodwill
119,509,000,000
119,220,000,000
Intangible assets net
22,604,000,000
27,597,000,000
Other long term assets
40,565,000,000
36,460,000,000
Total assets
619,003,000,000
512,163,000,000
Accounts payable
27,724,000,000
21,996,000,000
Short term debt
0
6,693,000,000
Current portion of long term debt
2,999,000,000
2,249,000,000
Accrued compensation
13,709,000,000
12,564,000,000
Short term income taxes
7,211,000,000
5,017,000,000
Short term unearned revenue
64,555,000,000
57,582,000,000
Other current liabilities
25,020,000,000
19,185,000,000
Total current liabilities
141,218,000,000
125,286,000,000
Long term debt
40,152,000,000
42,688,000,000
Long term income taxes
25,986,000,000
27,931,000,000
Long term unearned revenue
2,710,000,000
2,602,000,000
Deferred income taxes
2,835,000,000
2,618,000,000
Operating lease liabilities noncurrent
17,437,000,000
15,497,000,000
Other long term liabilities
45,186,000,000
27,064,000,000
Total liabilities
275,524,000,000
243,686,000,000
Common stock and paid in capital
109,095,000,000
100,923,000,000
Retained earnings
237,731,000,000
173,144,000,000
Accumulated other comprehensive loss
-3,347,000,000
-5,590,000,000
Total stockholders equity
343,479,000,000
268,477,000,000
206,223,000,000
Total borrowings short term debt plus all long term debt
43,151,000,000
51,630,000,000
Total operating lease liabilities
22,861,000,000
19,077,000,000
Total finance lease liabilities
46,172,000,000
27,145,000,000
Shares outstanding at period end
7,434,000,000
7,434,000,000
7,432,000,000
Cash flow
Net income
101,832,000,000
88,136,000,000
72,361,000,000
Depreciation amortization and other
34,153,000,000
22,287,000,000
13,861,000,000
Stock based compensation expense
11,974,000,000
10,734,000,000
9,611,000,000
Net recognized losses on investments and derivatives
609,000,000
305,000,000
196,000,000
Deferred income taxes
-7,056,000,000
-4,738,000,000
-6,059,000,000
Net cash from operations
136,162,000,000
118,548,000,000
87,582,000,000
Additions to property and equipment
-64,551,000,000
-44,477,000,000
-28,107,000,000
Acquisitions net of cash and purchases of intangible and other assets
-5,978,000,000
-69,132,000,000
-1,670,000,000
Purchases of investments
-29,775,000,000
-17,732,000,000
-37,651,000,000
Maturities of investments
16,079,000,000
24,775,000,000
33,510,000,000
Sales of investments
9,309,000,000
10,894,000,000
14,354,000,000
Investing other net
2,317,000,000
-1,298,000,000
-3,116,000,000
Net cash used in investing
-72,599,000,000
-96,970,000,000
-22,680,000,000
Proceeds from issuance repayments of debt maturities 90 days or less net
-5,746,000,000
5,250,000,000
0
Proceeds from issuance of debt
0
24,395,000,000
0
Repayments of debt
-3,216,000,000
-29,070,000,000
-2,750,000,000
Common stock issued
2,056,000,000
2,002,000,000
1,866,000,000
Common stock repurchased
-18,420,000,000
-17,254,000,000
-22,245,000,000
Common stock cash dividends paid
-24,082,000,000
-21,771,000,000
-19,800,000,000
Financing other net
-2,291,000,000
-1,309,000,000
-1,006,000,000
Net cash used in financing
-51,699,000,000
-37,757,000,000
-43,935,000,000
Free cash flow operating cash flow less additions to property and equipment
71,611,000,000
74,071,000,000
59,475,000,000
Dividends
Cash dividends declared per common share
3.32
3.0
2.72
Cash dividends declared total
24,678,000,000
22,295,000,000
20,226,000,000
Cash dividends paid total
24,082,000,000
21,771,000,000
19,800,000,000
Segments
1.
Segment
Productivity and Business Processes
Productivity and Business Processes
Productivity and Business Processes
Revenue
120,810,000,000
106,820,000,000
94,151,000,000
Cost of revenue
22,422,000,000
19,611,000,000
17,202,000,000
Operating expenses
28,615,000,000
27,548,000,000
26,875,000,000
Operating income
69,773,000,000
59,661,000,000
50,074,000,000
Operating margin %
57.8%
55.9%
53.2%
2.
Segment
Intelligent Cloud
Intelligent Cloud
Intelligent Cloud
Revenue
106,265,000,000
87,464,000,000
72,944,000,000
Cost of revenue
40,171,000,000
29,611,000,000
24,109,000,000
Operating expenses
21,505,000,000
20,040,000,000
20,424,000,000
Operating income
44,589,000,000
37,813,000,000
28,411,000,000
Operating margin %
42.0%
43.2%
38.9%
3.
Segment
More Personal Computing
More Personal Computing
More Personal Computing
Revenue
54,649,000,000
50,838,000,000
44,820,000,000
Cost of revenue
25,238,000,000
24,892,000,000
24,552,000,000
Operating expenses
15,245,000,000
13,987,000,000
10,230,000,000
Operating income
14,166,000,000
11,959,000,000
10,038,000,000
Operating margin %
25.9%
23.5%
22.4%
4.
Segment
Total
Total
Total
Revenue
281,724,000,000
245,122,000,000
211,915,000,000
Cost of revenue
87,831,000,000
74,114,000,000
65,863,000,000
Operating expenses
65,365,000,000
61,575,000,000
57,529,000,000
Operating income
128,528,000,000
109,433,000,000
88,523,000,000
Operating margin %
45.6%
44.6%
41.8%
Revenue by product and service
Server products and cloud services
98,435,000,000
79,828,000,000
65,007,000,000
Microsoft 365 commercial products and cloud services
87,767,000,000
76,969,000,000
66,949,000,000
Gaming
23,455,000,000
21,503,000,000
15,466,000,000
Linkedin
17,812,000,000
16,372,000,000
14,989,000,000
Windows and devices
17,314,000,000
17,026,000,000
17,147,000,000
Search and news advertising
13,878,000,000
12,306,000,000
12,125,000,000
Dynamics products and cloud services
7,827,000,000
6,831,000,000
5,796,000,000
Enterprise and partner services
7,760,000,000
7,594,000,000
7,900,000,000
Microsoft 365 consumer products and cloud services
7,404,000,000
6,648,000,000
6,417,000,000
Other
72,000,000
45,000,000
119,000,000
Revenue by geography
United states
144,546,000,000
124,704,000,000
106,744,000,000
Other countries
137,178,000,000
120,418,000,000
105,171,000,000
Total
281,724,000,000
245,122,000,000
211,915,000,000
Microsoft cloud revenue approximate
168,900,000,000
137,700,000,000
111,600,000,000
Source note
Comparative prior-year columns of the FY2025 10-K.
Comparative third-year columns of the FY2025 10-K. The 10-K's income, cash flow and stockholders' equity statements cover three years; the balance sheet covers only two, so no full FY2023 balance sheet is presented here.
Quarterly
Three months ended March 31, 2026 (fiscal Q3 2026)
Three months ended March 31, 2025 (fiscal Q3 2025, prior-year comparative)
Nine months ended March 31, 2026 (fiscal 2026 year to date)
Nine months ended March 31, 2025 (prior-year comparative)
Label
Three months ended March 31, 2026 (fiscal Q3 2026)
Three months ended March 31, 2025 (fiscal Q3 2025, prior-year comparative)
Nine months ended March 31, 2026 (fiscal 2026 year to date)
Nine months ended March 31, 2025 (prior-year comparative)
Period type
three_months
three_months
nine_months
nine_months
Fiscal year
2026
2025
2026
2025
Fiscal quarter
3
3
Period start
2026-01-01
2025-01-01
2025-07-01
2024-07-01
Period end
2026-03-31
2025-03-31
2026-03-31
2025-03-31
Source accession
0001193125-26-191507
0001193125-26-191507
0001193125-26-191507
0001193125-26-191507
Source form
10-Q
10-Q
10-Q
10-Q
Income statement
Product revenue
15,089,000,000
15,319,000,000
47,462,000,000
46,810,000,000
Service and other revenue
67,797,000,000
54,747,000,000
194,370,000,000
158,473,000,000
Total revenue
82,886,000,000
70,066,000,000
241,832,000,000
205,283,000,000
Cost of revenue product
2,733,000,000
3,037,000,000
9,160,000,000
10,187,000,000
Cost of revenue service and other
24,095,000,000
18,882,000,000
67,689,000,000
53,630,000,000
Total cost of revenue
26,828,000,000
21,919,000,000
76,849,000,000
63,817,000,000
Gross margin
56,058,000,000
48,147,000,000
164,983,000,000
141,466,000,000
Research and development
8,915,000,000
8,198,000,000
25,565,000,000
23,659,000,000
Sales and marketing
6,814,000,000
6,212,000,000
19,115,000,000
18,369,000,000
General and administrative
1,931,000,000
1,737,000,000
5,669,000,000
5,233,000,000
Total operating expenses
17,660,000,000
16,147,000,000
50,349,000,000
47,261,000,000
Operating income
38,398,000,000
32,000,000,000
114,634,000,000
94,205,000,000
Other income expense net
942,000,000
-623,000,000
7,253,000,000
-3,194,000,000
Income before income taxes
39,340,000,000
31,377,000,000
121,887,000,000
91,011,000,000
Provision for income taxes
7,562,000,000
5,553,000,000
23,904,000,000
16,412,000,000
Net income
31,778,000,000
25,824,000,000
97,983,000,000
74,599,000,000
Earnings per share basic
4.28
3.47
13.19
10.03
Earnings per share diluted
4.27
3.46
13.14
9.99
Weighted average shares basic
7,426,000,000
7,434,000,000
7,430,000,000
7,434,000,000
Weighted average shares diluted
7,445,000,000
7,461,000,000
7,457,000,000
7,466,000,000
Operating margin %
46.3%
45.7%
47.4%
45.9%
Gross margin %
67.6%
68.7%
68.2%
68.9%
Net margin %
38.3%
36.9%
40.5%
36.3%
Cash flow
Net income
31,778,000,000
25,824,000,000
97,983,000,000
74,599,000,000
Depreciation amortization and other
10,167,000,000
7,734,000,000
27,512,000,000
20,116,000,000
Stock based compensation expense
3,081,000,000
2,980,000,000
9,283,000,000
8,901,000,000
Net recognized gains on investments and derivatives
1,280,000,000
7,304,000,000
Deferred income taxes
2,602,000,000
-2,244,000,000
9,539,000,000
-4,835,000,000
Net cash from operations
46,679,000,000
37,044,000,000
127,494,000,000
93,515,000,000
Additions to property and equipment
-30,876,000,000
-16,745,000,000
-80,146,000,000
-47,472,000,000
Acquisitions net of cash and purchases of intangible and other assets
-258,000,000
-981,000,000
-1,291,000,000
-4,235,000,000
Purchases of investments
-12,006,000,000
-4,474,000,000
-39,522,000,000
-8,144,000,000
Maturities of investments
11,976,000,000
6,721,000,000
30,424,000,000
11,461,000,000
Sales of investments
6,358,000,000
2,161,000,000
15,311,000,000
6,688,000,000
Investing other net
-2,599,000,000
604,000,000
-9,445,000,000
-325,000,000
Net cash used in investing
-27,405,000,000
-12,714,000,000
-84,669,000,000
-42,027,000,000
Repayments of debt
0
-2,250,000,000
-3,000,000,000
-3,216,000,000
Common stock issued
541,000,000
546,000,000
1,489,000,000
1,508,000,000
Common stock repurchased
-4,627,000,000
-4,781,000,000
-17,692,000,000
-13,874,000,000
Common stock cash dividends paid
-6,756,000,000
-6,169,000,000
-19,687,000,000
-17,913,000,000
Financing other net
-509,000,000
-382,000,000
-1,877,000,000
-1,614,000,000
Net cash used in financing
-11,351,000,000
-13,036,000,000
-40,767,000,000
-40,855,000,000
Free cash flow operating cash flow less additions to property and equipment
15,803,000,000
20,299,000,000
47,348,000,000
46,043,000,000
Net recognized losses on investments and derivatives
708,000,000
3,387,000,000
Repayments of debt maturities 90 days or less
-5,746,000,000
Segments
1.
Segment
Productivity and Business Processes
Productivity and Business Processes
Productivity and Business Processes
Productivity and Business Processes
Revenue
35,013,000,000
29,944,000,000
102,149,000,000
87,698,000,000
Cost of revenue
6,197,000,000
5,517,000,000
18,028,000,000
16,380,000,000
Operating expenses
7,843,000,000
7,048,000,000
22,142,000,000
20,538,000,000
Operating income
20,973,000,000
17,379,000,000
61,979,000,000
50,780,000,000
Operating margin %
59.9%
58.0%
60.7%
57.9%
2.
Segment
Intelligent Cloud
Intelligent Cloud
Intelligent Cloud
Intelligent Cloud
Revenue
34,681,000,000
26,751,000,000
98,485,000,000
76,387,000,000
Cost of revenue
15,120,000,000
10,307,000,000
41,000,000,000
28,326,000,000
Operating expenses
5,808,000,000
5,349,000,000
16,468,000,000
15,612,000,000
Operating income
13,753,000,000
11,095,000,000
41,017,000,000
32,449,000,000
Operating margin %
39.7%
41.5%
41.6%
42.5%
3.
Segment
More Personal Computing
More Personal Computing
More Personal Computing
More Personal Computing
Revenue
13,192,000,000
13,371,000,000
41,198,000,000
41,198,000,000
Cost of revenue
5,511,000,000
6,095,000,000
17,821,000,000
19,111,000,000
Operating expenses
4,009,000,000
3,750,000,000
11,739,000,000
11,111,000,000
Operating income
3,672,000,000
3,526,000,000
11,638,000,000
10,976,000,000
Operating margin %
27.8%
26.4%
28.2%
26.6%
4.
Segment
Total
Total
Total
Total
Revenue
82,886,000,000
70,066,000,000
241,832,000,000
205,283,000,000
Cost of revenue
26,828,000,000
21,919,000,000
76,849,000,000
63,817,000,000
Operating expenses
17,660,000,000
16,147,000,000
50,349,000,000
47,261,000,000
Operating income
38,398,000,000
32,000,000,000
114,634,000,000
94,205,000,000
Operating margin %
46.3%
45.7%
47.4%
45.9%
Revenue by product and service
Server products and cloud services
32,592,000,000
24,761,000,000
92,329,000,000
70,557,000,000
Microsoft 365 commercial products and cloud services
25,593,000,000
21,883,000,000
74,083,000,000
63,449,000,000
Gaming
5,341,000,000
5,721,000,000
16,807,000,000
17,923,000,000
Linkedin
4,832,000,000
4,311,000,000
14,628,000,000
13,190,000,000
Windows and devices
4,041,000,000
4,144,000,000
13,071,000,000
12,985,000,000
Search advertising
3,808,000,000
3,504,000,000
11,317,000,000
10,287,000,000
Microsoft 365 consumer products and cloud services
2,297,000,000
1,821,000,000
6,806,000,000
5,369,000,000
Dynamics products and cloud services
2,292,000,000
1,929,000,000
6,632,000,000
5,691,000,000
Enterprise and partner services
2,087,000,000
1,946,000,000
6,147,000,000
5,766,000,000
Other
3,000,000
46,000,000
12,000,000
66,000,000
Revenue by geography
United states
42,336,000,000
36,084,000,000
123,823,000,000
105,534,000,000
Other countries
40,550,000,000
33,982,000,000
118,009,000,000
99,749,000,000
Total
82,886,000,000
70,066,000,000
241,832,000,000
205,283,000,000
Microsoft cloud revenue approximate
54,500,000,000
42,400,000,000
155,100,000,000
122,200,000,000
Dividends
Cash dividends declared per common share
0.91
0.83
2.73
2.49
Cash dividends declared total
6,760,000,000
6,169,000,000
20,278,000,000
18,508,000,000
Cash dividends paid total
6,756,000,000
6,169,000,000
19,687,000,000
17,913,000,000
Effective tax rate %
19.0%
18.0%
20.0%
18.0%
Balance sheet
Cash and cash equivalents
32,105,000,000
Short term investments
46,167,000,000
Total cash cash equivalents and short term investments
78,272,000,000
Accounts receivable net
60,041,000,000
Inventories
1,219,000,000
Other current assets
35,797,000,000
Total current assets
175,329,000,000
Property and equipment net
283,228,000,000
Operating lease right of use assets
24,403,000,000
Equity and other investments
33,683,000,000
Goodwill
119,661,000,000
Intangible assets net
19,325,000,000
Other long term assets
38,599,000,000
Total assets
694,228,000,000
Accounts payable
37,513,000,000
Short term debt
0
Current portion of long term debt
8,839,000,000
Accrued compensation
11,270,000,000
Short term income taxes
3,563,000,000
Short term unearned revenue
50,924,000,000
Other current liabilities
24,552,000,000
Total current liabilities
136,661,000,000
Long term debt
31,423,000,000
Long term income taxes
27,941,000,000
Long term unearned revenue
2,753,000,000
Deferred income taxes
2,899,000,000
Operating lease liabilities noncurrent
16,703,000,000
Other long term liabilities
61,481,000,000
Total liabilities
279,861,000,000
Common stock and paid in capital
115,069,000,000
Retained earnings
302,526,000,000
Accumulated other comprehensive loss
-3,228,000,000
Total stockholders equity
414,367,000,000
Total borrowings short term debt plus all long term debt
40,262,000,000
Total operating lease liabilities
22,238,000,000
Total finance lease liabilities
62,932,000,000
Shares outstanding at period end
7,429,000,000
Leases signed but not yet commenced
196,600,000,000
Trailing twelve months
Trailing twelve months ended March 31, 2026
Label
Trailing twelve months ended March 31, 2026
Period start
2025-04-01
Period end
2026-03-31
Derivation
Fiscal 2025 full year plus the nine months ended March 31, 2026 less the nine months ended March 31, 2025.
Source accessions
0000950170-25-100235; 0001193125-26-191507
Figures
Total revenue
318,273,000,000
Total cost of revenue
100,863,000,000
Gross margin
217,410,000,000
Research and development
34,394,000,000
Operating income
148,957,000,000
Net income
125,216,000,000
Net cash from operations
170,141,000,000
Additions to property and equipment
97,225,000,000
Free cash flow operating cash flow less additions to property and equipment
72,916,000,000
Common stock cash dividends paid
25,856,000,000
Common stock repurchased
22,238,000,000
Gross margin %
68.3%
Operating margin %
46.8%
Net margin %
39.3%
Diluted earnings per share sum of periods
16.79
Diluted EPS note
Trailing-twelve-month diluted earnings per share is the sum of the component periods' reported diluted earnings per share and may differ slightly from net income divided by trailing average diluted shares because share counts change between periods.
(In millions); the Dividend Per Share column is stated in dollars per share
Q3 FY2026 10-Q Note 16 - Segment Information and Geographic Data tables
(In millions)
Adjustments
Value
Splits applied
none
Splits note
Microsoft has had no stock split during the periods covered, so no per-share figure required split adjustment.
ADR ratio
n/a
ADR note
Microsoft common stock trades directly on Nasdaq; it is not an American Depositary Receipt, so no ADR ratio applies.
FX
None. Microsoft reports in U.S. dollars, so no currency conversion was applied.
Coverage
Value
Annual periods
FY2025; FY2024; FY2023
Annual source
FY2025 Form 10-K for the year ended June 30, 2025 (accession 0000950170-25-100235, filed July 30, 2025)
Quarterly periods
Three months ended 2026-03-31; Three months ended 2025-03-31; Nine months ended 2026-03-31; Nine months ended 2025-03-31
Quarterly source
Form 10-Q for the quarter ended March 31, 2026 (accession 0001193125-26-191507, filed April 29, 2026)
Latest period covered
Fiscal third quarter 2026, ended March 31, 2026
Newer results available
no
Newer results note
Microsoft's fiscal year ends June 30. As of this compilation the company had not yet released fourth-quarter or full-year fiscal 2026 results, so the quarter ended March 31, 2026 is the most recent reported period.
Notes
All figures are stated in actual U.S. dollars. The filings present their statements in millions (and per-share amounts in dollars); those millions have been scaled to whole dollars here, and share counts, which the filings also state in millions, have been scaled the same way.
Annual figures for fiscal 2025, 2024 and 2023 all come from the FY2025 Form 10-K (accession 0000950170-25-100235). Its income statements, cash flow statements and stockholders' equity statements present three fiscal years; its balance sheets present only June 30, 2025 and June 30, 2024. Accordingly no full fiscal 2023 balance sheet is shown - only the June 30, 2023 cash balance (from the cash flow statement) and total stockholders' equity of $206.2 billion (from the stockholders' equity statement).
Quarterly figures come from the Form 10-Q for the quarter ended March 31, 2026 (accession 0001193125-26-191507), which presents three-month and nine-month columns for fiscal 2026 and fiscal 2025, and a balance sheet as of March 31, 2026 with June 30, 2025 as the comparative.
Revenue trend: total revenue grew from $211.9 billion in fiscal 2023 to $245.1 billion in fiscal 2024 and $281.7 billion in fiscal 2025, and reached $241.8 billion in the first nine months of fiscal 2026, up 18% from $205.3 billion a year earlier. Operating income rose from $88.5 billion to $109.4 billion to $128.5 billion across the three fiscal years and was $114.6 billion for the nine months ended March 31, 2026.
Capital intensity has risen sharply. Additions to property and equipment were $28.1 billion in fiscal 2023, $44.5 billion in fiscal 2024 and $64.6 billion in fiscal 2025, and reached $80.1 billion in the first nine months of fiscal 2026 alone. Free cash flow shown here is net cash from operations less additions to property and equipment; on that basis it was $59.5 billion, $74.1 billion and $71.6 billion in fiscal 2023, 2024 and 2025, and $47.3 billion for the nine months ended March 31, 2026.
Free cash flow as presented here deliberately excludes finance lease principal payments, which Microsoft uses heavily for datacenter capacity. Total finance lease liabilities grew from $27.1 billion at June 30, 2024 to $46.2 billion at June 30, 2025 and $62.9 billion at March 31, 2026, so the cash flow statement's capital expenditure line understates the full economic cost of the company's infrastructure build-out.
Debt figures: the balance sheet line 'total borrowings' shown here sums short-term debt (commercial paper), the current portion of long-term debt and long-term debt. That was $51.6 billion at June 30, 2024 (including $6.7 billion of commercial paper), $43.2 billion at June 30, 2025 (no commercial paper outstanding) and $40.3 billion at March 31, 2026. Operating and finance lease liabilities are reported separately and are not included in that borrowings total.
Other income (expense), net for the nine months ended March 31, 2026 was a positive $7.3 billion, against a negative $3.2 billion a year earlier. The 10-Q states that this includes $5.9 billion of net gains from Microsoft's investments in OpenAI for the nine months, primarily a dilution gain from the OpenAI recapitalization. This is a non-operating item and does not affect operating income.
Segment presentation: in August 2024 Microsoft changed the composition of its reportable segments and recast prior-period segment amounts, so the fiscal 2024 and 2023 segment figures shown here are the recast amounts as presented in the FY2025 10-K. The 10-Q also renamed the 'Search and news advertising' product line to 'Search advertising'; the annual figures use the 10-K's label and the quarterly figures use the 10-Q's.
The 10-Q states that certain prior-period amounts on the cash flow statements were recast to conform to the current-period presentation, with no impact on the balance sheets, the income statements, or net cash from operating, investing or financing activities. The nine-months-ended March 31, 2025 cash flow figures shown here are the recast amounts as presented in the 10-Q.
Microsoft Cloud revenue is disclosed in the filings only to the nearest tenth of a billion dollars ($168.9 billion, $137.7 billion and $111.6 billion for fiscal 2025, 2024 and 2023; $54.5 billion for the March 2026 quarter and $155.1 billion for the nine months then ended). The values here reflect that rounding and are labelled as approximate.
Dividends: cash dividends declared per share were $2.72, $3.00 and $3.32 for fiscal 2023, 2024 and 2025, and $0.91 per quarter through the first three quarters of fiscal 2026 ($2.73 declared year to date). Declared and paid amounts differ within a period because Microsoft's fourth-quarter dividend is declared in June and paid in the following September.
Trailing-twelve-month figures for the period ended March 31, 2026 are derived arithmetic, not a figure any single filing reports: fiscal 2025 full year plus the nine months ended March 31, 2026 less the nine months ended March 31, 2025. On that basis revenue was $318.3 billion, operating income $149.0 billion and net income $125.2 billion.
Uncertainties
More Personal Computing segment revenue for the nine months ended March 31, 2026 and for the nine months ended March 31, 2025 is $41,198 million in both periods. This identical figure is what the 10-Q prints, and it is consistent with the segment columns summing to consolidated revenue in both periods and with management's comment that More Personal Computing revenue was 'relatively unchanged'; it is flagged here only because an exact match across two years is unusual.
No full balance sheet is available for June 30, 2023, because the FY2025 10-K presents only two balance sheet dates. Only cash and cash equivalents and total stockholders' equity are reported for that date, taken from the cash flow and stockholders' equity statements respectively.
Fiscal 2023 total dividends declared is taken from the FY2025 10-K (accession 0000950170-25-100235) stockholders' equity statements, which charge $20,226 million of common stock cash dividends against retained earnings for that year. The fiscal 2025 and fiscal 2024 amounts reported here ($24,678 million and $22,295 million) instead come from that same 10-K's dividend note. The two bases differ by $1 million to $2 million because the dividend note totals the individually rounded quarterly declarations while the equity statement carries the amount actually charged to retained earnings.
Microsoft Cloud revenue figures carry the filings' own rounding to the nearest $0.1 billion and should not be treated as exact.
Fourth-quarter and full-year fiscal 2026 results, for the year ending June 30, 2026, had not been reported as of this compilation. The most recent period covered is the quarter ended March 31, 2026.
Quarterly figures for the first and second quarters of fiscal 2026 individually are not reported here; the March 2026 10-Q presents only the three-month and nine-month columns, and the earlier fiscal 2026 quarterly reports were outside the scope of this compilation.
Company details
Value
Name
Microsoft Corp
Ticker
MSFT
CIK
0000789019
Exchange
Nasdaq
State
Washington
Incorporation
Washington
SIC
7372
Office
Technology
Industry
Services-Prepackaged Software
Next filing
Value
Predicted date
2026-07-30
Predicted type
10-K
Fiscal period
FY2026
Fiscal year
2026
Fiscal period
Q3
Tag
FY26Q3
Period end
2026-03-31
Form
10-Q
Accession
0001193125-26-191507
Fiscal year end
0630
Source
facts
Built from Microsoft Corporation's SEC filings by Ticker Scout. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer. Also for this company: company index, financials.json, index.json.