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Microsoft Stock MSFT

Microsoft Corporation · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q4 FY2026 (Apr to Jun 2026) · updated 2026-10-18 · checked 2026-10-14 · ISIN US5949181045 · WKN 870747

Microsoft Corporation generates revenue across three primary reporting segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Microsoft stock (MSFT): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Microsoft stock (MSFT): listed on Nasdaq, WKN 870747. NadirAlpha has evaluated 47 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q4 FY2026 (Apr to Jun 2026): USD 90 billion (+18% year on year). Latest reported (Q4 FY2026 (Apr to Jun 2026)): Microsoft Cloud revenue, Azure and other cloud services revenue growth, LinkedIn revenue growth. Latest reading: New market.

strategy: New market

NadirAlpha editorial team · About us · Methodology

The new quarter, monitored by AI. · NadirAlpha follows every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
AI-generatedCreated with AI assistance from the company's linked original filings (transparency per Art. 50 EU AI Act). More about the tool: Claude Code.
Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
AI research · This page works as a source-backed data basis for further research with AI assistants such as Claude; every figure remains verifiable via the source links.

Microsoft Current Status

Summary of the most recent reporting period of Microsoft (Q4 FY2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology

Assessment by NadirAlpha, as of Q4 FY2026 (Apr to Jun 2026).

Microsoft reported Q4 FY2026 revenue of USD 90,007 million, up 18% year-over-year (up 17% in constant currency) 30. Microsoft Cloud revenue reached $59.3 billion in the quarter, growing 27% year-over-year, with Azure and other cloud services revenue increasing 43% 30. Net income was USD 35,766 million, up 31% on a GAAP basis and 22% on a non-GAAP basis in Q4 FY2026 30.
Management commentary on the 2026-Q4 results (8-K-EX99.1, 2026-07-29):

“We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results. This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their AI transformation.”

Satya Nadella, Chairman and Chief Executive Officer 30

“We delivered a strong quarter to close out the fiscal year, highlighted by Microsoft Cloud revenue of $59.3 billion, up 27% year-over-year.”

Amy Hood, Executive Vice President and Chief Financial Officer 30
Revenue · 2026-Q490,007$ million+17.7 % vs. 2025-Q4
Net profit · 2026-Q435,766$ million+31.3 % vs. 2025-Q4
EPS · 2026-Q44.81$+31.8 % vs. 2025-Q4
Revenue trend
Profitability
Microsoft generated operating income of USD 40,603 million in Q4 FY2026, up 18%, with diluted EPS of 4.81, up 32% on a GAAP basis and 23% on a non-GAAP basis 30. Operating cash flow was USD 55,441 million and, after capital expenditures of USD 35,802 million, free cash flow was USD 19,639 million 130. Discrete items, including lower-than-expected Voluntary Retirement Program expenses and a gain from an investment, together benefited Q4 GAAP results by $0.27 per diluted share 30.
Leverage
Microsoft ended Q4 FY2026 with cash of USD 20,935 million and net debt of USD 19,359 million 130. Net debt was higher than the USD 8,157 million recorded at the end of the prior quarter 130. Microsoft returned $10.2 billion to shareholders through dividends and share repurchases during the quarter 30.
Recurring
Microsoft 365 Commercial cloud revenue increased 14% on a reported basis in Q4 FY2026, while Microsoft 365 Consumer cloud revenue increased 24% (up 22% in constant currency) 30. LinkedIn revenue increased 12% (up 10% in constant currency) and Dynamics 365 revenue increased 13% (up 12% in constant currency) in the quarter 30. Search advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency) in Q4 FY2026 30.
Management view
Microsoft 365 Copilot reached over 30 million paid seats in Q4 FY2026 30. Azure revenue surpassed $100 billion for the first time in fiscal year 2026, a milestone announced alongside Q4 FY2026 earnings 30. Commercial remaining performance obligation grew 84% to $678 billion, reflecting contracted future demand for cloud and AI services 30.
Change
Microsoft's Windows OEM and Devices revenue decreased 7% in Q4 FY2026 30. XBOX content and services revenue decreased 10% in the quarter 30.
Risks (current)
Microsoft faces risks tied to the scale of cloud and AI infrastructure investment, including dependence on customer demand and competitive dynamics, as well as potential inability to develop and expand adequate infrastructure on a timely basis 30. Microsoft is exposed to new and evolving legal and regulatory requirements globally, with the EU AI Act potentially increasing costs or restricting the provision of AI models in European markets, and U.S. and international trade restrictions affecting product offerings and operations 29 30. Infrastructure dependencies, including limited component suppliers and manufacturing constraints, as well as the risk of service disruptions from inadequate capacity, present additional operational risks 29.
New this reporting period
Microsoft recognized a $3.2 billion gain from its investment in Anthropic during Q4 FY2026, which contributed to the discrete items that benefited the quarter's GAAP results 30.

Microsoft Stock: Key Figures ($ million)

The core financial figures of Microsoft stock in three views: fiscal years up to FY2026, half-years and quarters up to Q4 FY2026, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported
Microsoft stock: key figures on annual basis, FY2024 to FY2026, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS ($)OCFSource
FY2026Q3/2025–Q2/2026331,839155,237133,74917.95182,93529
FY2025Q3/2024–Q2/2025281,724128,528101,83213.64136,16221
FY2024Q3/2023–Q2/2024245,122109,43388,13611.80118,54813

Quarters

Amounts in $ million · EPS in $ per share · as reported
Microsoft stock: key figures on quarterly basis, 2024-Q1 to 2026-Q4, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedRevenueOp. incomeOp. income (adj.)Net incomeEPS ($)EPS adj. ($)FCFCashNet DebtSource
2026-Q4*Q2/20262026-07-2990,00740,603–35,7664.81–19,63920,93519,359130
2026-Q3*Q1/20262026-04-2982,88638,398–31,7784.274.2715,80332,1058,15727
2026-Q2*Q4/20252026-01-2881,27338,275–38,4585.164.145,88224,29615,96625
2026-Q1*Q3/20252025-10-2977,67337,961–27,7473.724.1325,66328,84914,35923
2025-Q4*Q2/20252025-07-3076,44134,323–27,2333.65–25,56830,24212,90921
2025-Q3*Q1/20252025-04-3070,06632,000–25,8243.463.5420,29928,82814,05319
2025-Q2*Q4/20242025-01-2969,63231,653–24,1083.233.356,48717,48227,48817
2025-Q1*Q3/20242024-10-3065,58530,552–24,6673.303.3719,25720,84024,27715
2024-Q4*Q2/20242024-07-3064,72727,925–22,0362.95*≈–23,32218,31526,62213
2024-Q3*Q1/20242024-04-2561,85827,58127,58121,9392.942.9420,96519,63425,27311
2024-Q2*Q4/20232024-01-3062,02027,03227,03221,8702.932.939,11817,30529,8739
2024-Q1*Q3/20232023-10-2456,51726,895–22,2912.99–20,66680,452-34,7587
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: EBITDA (adj.) (not reported in any source for these periods).

Microsoft Balance Sheet & Cash Flow ($ million)

Balance sheet and cash flow of Microsoft up to Q4 FY2026 in $ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported
Microsoft stock: balance sheet and cash flow on annual basis, FY2024 to FY2026, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedCashDebtNet DebtD&AOCFCapexFCFSource
FY2026Q3/2025–Q2/20262026-07-2920,93540,29419,35939,000182,935115,94866,98729
FY2025Q3/2024–Q2/20252025-07-3030,24243,15112,90928,000136,16264,55171,61121
FY2024Q3/2023–Q2/20242024-07-3018,31544,93726,62220,000118,54844,47774,07113

Quarters

Amounts in $ million · as reported
Microsoft stock: balance sheet and cash flow on quarterly basis, 2024-Q1 to 2026-Q4, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodCalendar quarterPublishedCashDebtNet DebtD&AOCFCapexFCFSource
2026-Q4Q2/20262026-07-2920,93540,29419,35911,30055,44135,80219,639130
2026-Q3Q1/20262026-04-2932,10540,2628,15710,10046,67930,87615,80327
2026-Q2Q4/20252026-01-2824,29640,26215,9669,10035,75829,8765,88225
2026-Q1Q3/20252025-10-2928,84943,20814,3598,60045,05719,39425,66323
2025-Q4Q2/20252025-07-3030,24243,15112,9097,80042,64717,07925,56821
2025-Q3Q1/20252025-04-3028,82842,88114,0537,30037,04416,74520,29919
2025-Q2Q4/20242025-01-2917,48244,97027,4886,70022,29115,8046,48717
2025-Q1Q3/20242024-10-3020,84045,11724,2776,10034,18014,92319,25715
2024-Q4Q2/20242024-07-3018,31544,93726,622–37,19513,87323,32213
2024-Q3Q1/20242024-04-2519,63444,90725,273–31,91710,95220,96511
2024-Q2Q4/20232024-01-3017,30547,17829,873–18,8539,7359,1189
2024-Q1Q3/20232023-10-2480,45245,694-34,758–30,5839,91720,6667
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Microsoft Stock: Price & Chart

Price history of Microsoft stock (MSFT) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Microsoft Event Timeline

NadirAlpha sorts 33 events of Microsoft by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginstrategyfinancials2024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q22026-Q32026-Q4
2026 · 12 events

earnings 2026-07-29
Net income +31% GAAP to $35.8B; discrete items including $3.2B gain from Anthropic investment and lower-than-expected Voluntary Retirement Program expenses benefited results by $0.27 per diluted share (30)
revenue 2026-07-29
Azure and other cloud services +43%; Azure annual revenue surpassed $100B for first time in FY2026; Microsoft Cloud +27% to $59.3B (30)
New market 2026-07-29
Microsoft 365 Copilot reached over 30 million paid seats (30)

“We are focused on delivering cloud and AI infrastructure and solutions that empower every business to eval-max their outcomes in the agentic computing era. Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year.”

Satya Nadella, Chairman and Chief Executive Officer 28
earnings 2026-04-29
Revenue +18% to $82.9B; operating income +20% to $38.4B; diluted EPS +23% GAAP and +21% non-GAAP (28)
Revenue accelerating 2026-04-29
AI business surpassed $37B annual revenue run rate, +123% YoY; Azure and other cloud services +40%; Microsoft Cloud +29% to $54.5B (28)
Strategic pivot 2026-04-29
Extended strategic partnership with OpenAI in April 2026 to advance artificial intelligence responsibly (27)

“We are only at the beginning phases of AI diffusion and already Microsoft has built an AI business that is larger than some of our biggest franchises. We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.”

Satya Nadella, Chairman and Chief Executive Officer 26
earnings 2026-01-28
GAAP net income +60% to $38.5B; non-GAAP net income +23% to $30.9B (26)
revenue 2026-01-28
Microsoft Cloud revenue +26% to $51.5B; Azure and other cloud services +39%; total revenue +17% to $81.3B (25, 26)
Strategic pivot 2026-01-28
Microsoft signed new definitive agreement with OpenAI in October 2025 extending the strategic partnership (25)

earnings 2025-10-29
Revenue +18% to $77.7B; operating income +24% with growth across each segment (23)
revenue 2025-10-29
Microsoft Cloud revenue +26% to $49.1B; Azure and other cloud services +40% driven by demand across all workloads (23)
Margin compressing 2025-10-29
Gross margin percentage decreased driven by scaling AI infrastructure and growing usage of AI product features (23)
2025 · 8 events

“Cloud and AI is the driving force of business transformation across every industry and sector. We're innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

Satya Nadella, Chairman and Chief Executive Officer 22
earnings 2025-07-30
Q4 operating income increased 23% to $34.3 billion, accelerating from 16% growth in Q3 FY2025 22
Revenue accelerating 2025-07-30
Azure and other cloud services revenue grew 39%; Microsoft Cloud revenue reached $46.7 billion, up 27% year-over-year 22

“Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth. From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

Satya Nadella, Chairman and Chief Executive Officer 20
Revenue accelerating 2025-04-30
Azure and other cloud services revenue grew 33%, with 16 points driven by AI services 19
Margin compressing 2025-04-30
Microsoft Cloud gross margin percentage decreased to 69% due to scaling AI infrastructure 19

“We are innovating across our tech stack and helping customers unlock the full ROI of AI to capture the massive opportunity ahead. Already, our AI business has surpassed an annual revenue run rate of $13 billion, up 175% year-over-year.”

Satya Nadella, Chairman and Chief Executive Officer 18
revenue 2025-01-29
AI business surpassed $13 billion annual revenue run rate, up 175% year-over-year; Azure grew 31% with 13 points from AI services 18
Margin compressing 2025-01-29
Microsoft Cloud gross margin percentage decreased to 70% driven by scaling AI infrastructure 17

“AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process. We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage.”

Satya Nadella, chairman and chief executive officer 16

“Our planet-scale cloud and AI factory, together with Copilots across high value domains, is driving broad diffusion and real-world impact. It's why we continue to increase our investments in AI across both capital and talent to meet the massive opportunity ahead.”

Satya Nadella, Chairman and Chief Executive Officer 24
Revenue accelerating 2024-10-30
Azure and other cloud services revenue grew 33%, with 12 points driven by AI services 15
Margin compressing 2024-10-30
Gross margin percentage decreased driven by scaling AI infrastructure 15
2024 · 13 events

“Our strong performance this fiscal year speaks both to our innovation and to the trust customers continue to place in Microsoft. As a platform company, we are focused on meeting the mission-critical needs of our customers across our at-scale platforms today, while also ensuring we lead the AI era.”

Satya Nadella, chairman and chief executive officer 14
earnings 2024-07-30
FY2024 operating income rose 24% to $109.4 billion; FY2024 net income increased 22% to $88.1 billion; diluted EPS increased 22% to $11.80 (14)
revenue 2024-07-30
Q4 revenue grew 15% to $64.7 billion; Azure and other cloud services grew 29%, moderating from 31% in Q3; Microsoft Cloud quarterly revenue rose 21% to $36.8 billion (14)

“Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry”

Satya Nadella, Chairman and Chief Executive Officer 12
earnings 2024-04-25
Operating income increased 23% to $27.6 billion; net income increased 20% to $21.9 billion (12)
revenue 2024-04-25
Azure and other cloud services grew 31%, up from 30% in Q2; Microsoft Cloud revenue rose 23% to $35.1 billion (11)

“We've moved from talking about AI to applying AI at scale. By infusing AI across every layer of our tech stack, we're winning new customers and helping drive new benefits and productivity gains across every sector.”

Satya Nadella, Chairman and Chief Executive Officer 10
earnings 2024-01-30
Revenue increased 18% to $62.0 billion; operating income rose 33% to $27.0 billion (10)
Revenue accelerating 2024-01-30
Azure and other cloud services grew 30%, up from 29% in Q1; Microsoft Cloud revenue rose 24% to $33.7 billion driven by consumption-based services (9)
Net cash to net debt 2024-01-30
Net debt position flipped (-34,758.0 to +USD 29,873.0 million vs 2024-Q1). 9

“With copilots, we are making the age of AI real for people and businesses everywhere. We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.”

Satya Nadella, Chairman and Chief Executive Officer 8
earnings 2023-10-24
Operating income increased 25% to $26.9 billion; net income increased 27% to $22.3 billion (7)
Net debt to net cash 2023-10-24
Net debt position flipped (+12,533.0 to -USD 34,758.0 million vs 2023-Q4). 7
Acquisition 2023-10-24
Activision Blizzard acquisition closed October 13, 2023 for $61.8 billion net of cash acquired, adding game development and interactive entertainment publishing to the More Personal Computing segment (7)
Revenue accelerating 2023-10-24
Azure and other cloud services revenue grew 29%; Microsoft Cloud revenue rose 24% to $31.8 billion (7)
Revenue accelerating 2023-07-27
Microsoft Cloud full-year revenue +22% to $111.6 billion; Azure and other cloud services +29% for the full year (6)
revenue 2023-07-27
Windows OEM revenue -25%, Devices revenue -24% for full year due to elevated channel inventory and declining PC market demand (6)

Microsoft Business Model

How Microsoft (MSFT) makes its money, summarised from the filings up to Q4 FY2026, neutral and without forecast. NadirAlpha methodology

Microsoft Corporation generates revenue across three primary reporting segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment includes Microsoft 365 commercial and consumer cloud subscriptions, LinkedIn talent and advertising services, and Dynamics 365 business applications, with revenue primarily from cloud subscriptions, software licenses, and digital advertising. The Intelligent Cloud segment is anchored by Azure, providing infrastructure, platform, and AI services on consumption and subscription models, along with server products and enterprise support services. The More Personal Computing segment encompasses Windows OEM licensing, Surface and other devices, Xbox gaming hardware and content and services revenue, and Bing search and news advertising.

Microsoft Stock: Share-Price Drivers

What determines the business trajectory of Microsoft according to management, summarised from the reports up to Q4 FY2026. NadirAlpha methodology

Cloud and AI demand anchored in Microsoft's Intelligent Cloud and Azure business
Intelligent Cloud is Microsoft's largest reporting segment, with FY2026 revenue of 137,791 million, and group revenue reached USD 90,007 million in the latest quarter with operating income of USD 40,603 million, so the trajectory of cloud and AI workloads is the dominant swing factor for the company 30.
Intelligent Cloud (Azure and server products)
Intelligent Cloud is Microsoft's largest segment at 137,791 million of FY2026 revenue, and group operating cash flow rose to USD 55,441 million in the latest quarter, with the direction of cloud revenue higher 30.
OpenAI strategic partnership and AI capabilities
Microsoft extended its OpenAI strategic partnership through agreements signed in October 2025 and April 2026, and reported a 3.2 billion gain from its investment in Anthropic, pointing to deepening AI positioning 29 27 30.
Productivity and Business Processes (Microsoft 365, Copilot)
Productivity and Business Processes carried 139,996 million of FY2026 revenue, and the company implemented a Microsoft 365 price increase in January 2025, with the segment's revenue direction higher 30 19.
Capital expenditure for AI and datacenter buildout
Microsoft's capital expenditure moved higher to USD 35,802 million in the latest quarter from USD 19,394 million earlier in the fiscal year, compressing free cash flow to USD 19,639 million as the company invests in AI capacity 130.
More Personal Computing and Xbox content and services
Within More Personal Computing (54,052 million FY2026 revenue), Microsoft flagged a decline in Xbox content and services, indicating softer traction in that line 30 29.
SQL Server 2025 and on-premise server products
Microsoft launched SQL Server 2025 in 2025, supporting the server products portfolio within Intelligent Cloud 25.

Sector trend: Microsoft's sector KPIs point toward rising cloud and AI demand, with group revenue and operating cash flow higher and profitability improving, while capital expenditure is climbing sharply to fund AI capacity, so free cash flow is under pressure even as margins hold firm 130 30.

Microsoft Revenue by Type (as of 2026-Q4 · USD million · 3/3)

Revenue of Microsoft split by segment or product type exactly as the company itself reports it; segment totals can deviate from group revenue. NadirAlpha methodology

Microsoft: revenue by segment, as of 2026-Q4, in USD million. Compiled by NadirAlpha from SEC filings.
SegmentSinceRevenueSource
Period FY2026 (12M)
Productivity and Business Processes2022-Q3139,99630
Intelligent Cloud2022-Q3137,79130
More Personal Computing2022-Q354,05230

Microsoft Products & announcements (3/6 active+recent)

What Microsoft launched, had approved or announced, from the filings up to Q4 FY2026, each row with the date of first mention. NadirAlpha methodology

Status: Launched

Microsoft: product announcements from the filings, 6 entries. Compiled by NadirAlpha from SEC filings.
Product/LineSinceStatusSource
2026
Xbox content and services decline202629
2025
Microsoft 365 price increase2025-0119
SQL Server 2025 Launch202525
2024
Office 2024 Release202425
2023
AI Skills Initiative2023-066
Microsoft Edge and Bing Chat with AI capabilities2023-026

Microsoft Transactions & Events (5)

Transactions of Microsoft since 2023: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology

Acquisitions by Microsoft

Microsoft: Acquisitions, 4 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2026
$3.2 billion gain from investment in Anthropic2026-12Announced30
2022
Nuance Communications acquisition2022-03Completed19
Activision acquisition (2×)2022-01Completed27
2021
ZeniMax Media acquisition2021-03Completed6

Partnerships and contracts of Microsoft

Microsoft: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2023
OpenAI partnership extension (4x)2023-01Agreement23

Microsoft Risks (92 since the annual report of 2026-07-29, 421 tracked in total)

Risk factors Microsoft itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: FinancialRegulatoryTechnologyMarketCyberLegalGeopoliticsSupply chainPeopleCompetitionMacroCustomersqualitaet

Microsoft: risk factors as reported, 92 since the last annual report, 421 tracked. Compiled by NadirAlpha from SEC filings.
RiskCategoryLast reported
Microsoft: first mention in 8-K-EX99.1 earnings release of 2026-07-29 (2026-Q4), source 30
Substantial cloud and AI investments depend on customer demand and competitive dynamics=
Inability to develop and expand adequate infrastructure=
New and evolving legal and regulatory requirements could have adverse consequences=
Development and delivery of competitive cloud and AI products required for sustainable growth=
Microsoft: first mention in 8-K-EX99.1 earnings release of 2024-04-25 (2024-Q3), source 12
Damage to reputation or brands may harm business and results2026-Q4
2026-07-29 30
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-07-25 (2023-Q4), source 5
Service outages disruptions or capacity constraints if operations infrastructure inadequate2026-Q4
2026-07-29 30
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-04-25 (2023-Q3), source 4
Cyberattacks and security vulnerabilities could reduce revenue and harm reputation2026-Q4
2026-07-29 30
Inability to protect information in products from use by others2026-Q4
2026-07-29 30
Microsoft: first mention in 10-Q quarterly report of 2023-04-25 (2023-Q3), source 3
Claims that Microsoft has infringed intellectual property rights of others2026-Q4
2026-07-29 30
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-01-24 (2023-Q2), source 2
Disclosure and misuse of personal data could cause liability and reputation harm2026-Q4
2026-07-29 30
AI development deployment and use issues may cause reputational or competitive harm2026-Q4
2026-07-29 30
Catastrophic events or geopolitical conditions could disrupt business2026-Q4
2026-07-29 30
Supply or other quality problems could affect business2026-Q4
2026-07-29 30
Dependence on ability to attract and retain talented employees2026-Q4
2026-07-29 30
Acquisitions joint ventures and strategic alliances could have adverse effects2026-Q4
2026-07-29 30
Claims in legal disputes could result in adverse outcomes2026-Q4
2026-07-29 30
Intense competition in all markets could adversely affect results2026-Q4
2026-07-29 30
Microsoft: first mention in 10-Q quarterly report of 2023-01-24 (2023-Q2), source 1
Abuse of platforms may harm reputation or user engagement2026-Q4
2026-07-29 30
Significant product investments may not achieve expected returns2026-Q4
2026-07-29 30
Additional tax liabilities could arise2026-Q4
2026-07-29 30
Adverse economic or market conditions could harm business2026-Q4
2026-07-29 30
Increased economic and operational uncertainties from global operations including FX effects2026-Q4
2026-07-29 30
Uncertainties relating to business with government customers2026-Q4
2026-07-29 30
Microsoft: first mention in 10-K annual report of 2026-07-29 (FY2026), source 29
Nation-state and state-sponsored actors conduct coordinated attacks; November 2023 incident compromised legacy test account, email accounts, source code repositories.=
High-profile data breaches evidence hostile information security environment; improper disclosure or misuse could harm reputation, expose to liability.=
AI model training and inference costs, component availability and pricing, energy costs subject to significant uncertainty; cost increases could reduce margins.=
Overestimation of demand or misalignment of capacity investments may result in underutilization and asset impairment.=
Significant capital and operational investments in AI datacenters, components, energy at accelerated timeline expose to cost and execution risks.=
Cloud and AI revenue may not be realized in expected timeframes or at expected levels due to uncertain customer demand and adoption.=
Labor shortages, competition for talent, wage inflation, immigration restrictions, contractor shortages could increase costs and extend project timelines.=
Datacenter development subject to land availability, zoning, environmental reviews, permitting; community opposition and hyper-local dissent increase challenges.=
Electricity demand and capacity constraints limit power availability; delays in power connections, outages, increased energy costs could restrict datacenter expansion.=
Geopolitical tensions, trade restrictions, tariffs, transportation disruptions impact component supply; multi-year lead times for manufacturing expansion.=
Limited suppliers for critical device and datacenter components; semiconductors, networking equipment, power systems, cooling equipment subject to shortages.=
Products may not work as intended, be used inappropriately, violate law, or harm individuals; customers may take legal action or pursue remedies.=
AI systems may produce offensive, illegal, inaccurate, harmful content; certain AI technologies present ethical issues, impacts on vulnerable groups.=
Environmental and sustainability regulatory requirements may impose unexpected costs=
Reliance on third-party providers for colocation, leased datacenters, cloud services; failures could negatively impact service delivery and performance.=
Success depends on developing differentiated cloud and AI products, achieving broad adoption, monetizing effectively, and attracting third parties.=
Threat actors utilize AI and machine learning to increase attack speed, scale, detect vulnerabilities, automate reconnaissance.=
Threat actors use malware, exploit vulnerabilities, social engineering, AI-assisted techniques to compromise systems; vulnerabilities may persist after patches.=
Evolving cybersecurity regulations increase costs and compliance uncertainties=
Rapid technology changes and competing cloud services affect market position=
Microsoft: first mention in 10-Q quarterly report of 2026-01-28 (2026-Q2), source 25
Sanctions restrict business; US export controls prohibit products to certain entities/countries=
Microsoft: first mention in 10-Q quarterly report of 2025-10-29 (2026-Q1), source 23
Numerous claims/lawsuits from product releases, AI services, transactions; uncertain outcomes2026-Q2
2026-01-28 25
AI technology and services are highly competitive; new competitors enter market; hyperscalers and frontier model providers compete with Microsoft AI offerings.FY2026
2026-07-29 29
Microsoft: first mention in 10-Q quarterly report of 2025-04-30 (2025-Q3), source 19
IRS seeking additional $28.9 billion plus penalties for tax years 2004-2013 transfer pricing issues.2026-Q1
2025-10-29 23
EU/UK/US/China competition law scrutiny; Windows/LinkedIn DMA obligations=
DMA prohibits self-preferencing; EU scrutinizes product design/data use practices=
Growing first-party devices vs OEM partners increase cooperation/competition compliance risk=
Export/import controls; sanctions restrict business with entities/countries; Ukraine conflict impacts=
Microsoft: first mention in 10-Q quarterly report of 2025-01-29 (2025-Q2), source 17
IRS seeking $28.9 billion plus penalties for transfer pricing adjustmentsFY2026
2026-07-29 29
Federal Trade Commission continues to challenge Activision Blizzard acquisition.2025-Q3
2025-04-30 19
Microsoft: first mention in 10-Q quarterly report of 2024-10-30 (2025-Q1), source 15
Ukraine and Middle East conflicts create trade restrictions and supply chain disruptionsFY2026
2026-07-29 29
Government audits; suspension/debarment if contractual requirements not satisfied2026-Q2
2026-01-28 25
Claims and lawsuits from product releases, AI services, transactions, warranty, employment and regulation may result in adverse outcomes=
IRS seeking 28.9 billion in additional taxes plus penalties and interest related to transfer pricing=
Microsoft: first mention in 10-K annual report of 2024-07-30 (FY2024), source 13
Competition law enforcement actions and new market regulations may force product withdrawal or modification2025-Q2
2025-01-29 17
Data breaches and cybersecurity incidents could damage reputationFY2026
2026-07-29 29
Microsoft: first mention in 8-K-EX99.1 earnings release of 2024-04-25 (2024-Q3), source 12
Acquisitions like Activision Blizzard and OpenAI partnership involve significant integration and compliance risks2026-Q2
2026-01-28 25
Microsoft: first mention in 10-Q quarterly report of 2024-04-25 (2024-Q3), source 11
Malicious actors exploit supply chain to inject malware through software updates, compromised suppliers, open-source code.FY2026
2026-07-29 29
Scrutiny under US/foreign competition laws; enforcement actions could reduce revenue2026-Q2
2026-01-28 25
Large customer base across industries; concentrations in certain segments could impact revenue if customers reduce spending or shift to competitors.FY2026
2026-07-29 29
All software contains bugs and defects; imperfect development processes may result in defects not detected in pre-release testing.FY2026
2026-07-29 29
Microsoft: first mention in 10-Q quarterly report of 2024-01-30 (2024-Q2), source 9
AI models and training methodologies may be flawed; datasets may be biased, insufficient, or inaccurate; human oversight may be required.FY2026
2026-07-29 29
IRS audit for 2004-2013; NOPAs seeking $28.9 billion plus penalties/interest on transfer pricing2026-Q2
2026-01-28 25
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-10-24 (2024-Q1), source 8
Acquisitions and strategic alliances could negatively impact business2026-Q2
2026-01-28 26
Microsoft: first mention in 10-Q quarterly report of 2023-10-24 (2024-Q1), source 7
Bankruptcy of major distributors OEMs or retailers could cause channel disruptionFY2026
2026-07-29 29
FCPA and anti-corruption laws prohibit corrupt payments requiring accurate record-keepingFY2026
2026-07-29 29
Claims and lawsuits may result in significant monetary damages or injunctive reliefFY2026
2026-07-29 29
Microsoft: first mention in 10-K annual report of 2023-07-27 (FY2023), source 6
Government agencies enforce competition laws globally; new market regulations being enacted; previous actions may be used as precedent.FY2026
2026-07-29 29
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-04-25 (2023-Q3), source 4
Legal disputes could result in adverse outcomes2025-Q2
2025-01-29 18
Microsoft: first mention in 10-Q quarterly report of 2023-04-25 (2023-Q3), source 3
Acquisitions involve risks of failed strategy advancement, unsatisfactory returns, new compliance obligations, employee retention, goodwill impairment.FY2026
2026-07-29 29
Foreign exchange rate fluctuations affect international revenue and expensesFY2026
2026-07-29 29
Regional epidemics or global pandemics could disrupt business operationsFY2026
2026-07-29 29
Competing vertically-integrated platforms compete on price, security, performance across PCs, tablets, smartphones, consoles, wearables.FY2026
2026-07-29 29
Increase in workforce unionization could result in higher costsFY2026
2026-07-29 29
Unauthorized access to source code may impair trade secret protectionFY2026
2026-07-29 29
Products contain complex code; AI-generated code may include errors, deficiencies, vulnerabilities; open-source software may contain vulnerabilities.FY2026
2026-07-29 29
claims against company could result in adverse legal outcomes2026-Q3
2026-04-29 28
Microsoft: first mention in 8-K-EX99.1 earnings release of 2023-01-24 (2023-Q2), source 2
GDPR and similar regulations impose compliance obligations on personal data handlingFY2026
2026-07-29 29
Subject to evolving laws on privacy, cybersecurity, data storage, protection; collection, use, retention of personal information under scrutiny.FY2026
2026-07-29 29
Microsoft: first mention in 10-Q quarterly report of 2023-01-24 (2023-Q2), source 1
Failure to maintain adequate infrastructure or secure resources could result in service disruptions, capacity constraints, inadequate customer support.FY2026
2026-07-29 29
Limited component suppliers and manufacturing dependencies create disruption risksFY2026
2026-07-29 29
EU AI Act may increase costs or impact provision of AI models in European marketFY2026
2026-07-29 29
U.S. and international trade restrictions affect product offering and operationsFY2026
2026-07-29 29
Climate change may increase costs of powering and cooling datacentersFY2026
2026-07-29 29
Decline in global financial markets could impair investment portfolio valuesFY2026
2026-07-29 29
Product safety quality accessibility or environmental issues may damage brandFY2026
2026-07-29 29
Third-party copyright and AI-related infringement claims may require licensing or redesignFY2026
2026-07-29 29
Antitrust authorities scrutinize business; enforcement actions may restrict products2026-Q3
2026-04-29 27
FCPA and Anti-Corruption Laws require compliance; violation risks criminal sanctions and reputation damage2025-Q2
2025-01-29 17
= last mention identical with the first mention (same source)

Microsoft Reported KPIs (as disclosed) (189)

The story KPIs of Microsoft that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Microsoft: reported KPIs as disclosed, 189 entries. Compiled by NadirAlpha from SEC filings.
KPIValue / changeSource
Microsoft, published 2026-07-29, period FY2026
employees operations89,00029
employees general administration14,00029
Microsoft Cloud revenue214.4 billion29
Equity and other investments36.3 billion29
Commercial remaining performance obligation678 billion29
Cash and equivalents and short-term investments76.8 billion29
Microsoft, published 2026-07-29, period 2026-Q4
Xbox content and services revenue growth(10)%30
Windows OEM and Devices revenue growth(7)%30
Search advertising revenue excluding traffic acquisition costs growth10%30
Microsoft Cloud revenue$59.3 billion30
Microsoft 365 Copilot paid seatsover 30 million30
Microsoft 365 Consumer cloud revenue growth24%30
Microsoft 365 Commercial cloud revenue growth14%30
LinkedIn revenue growth12%30
Dynamics 365 revenue growth13%30
Commercial remaining performance obligation$678 billion30
Azure revenue for fiscal year$100 billion30
Azure and other cloud services revenue growth43%30
Microsoft, published 2026-04-29, period 2026-Q3
Xbox content and services revenue growth-5%27
Windows OEM and Devices revenue growth-2%27
Shareholder returns (dividends and share repurchases)$10.2 billion28
Search advertising revenue (ex TAC) growth12%27
Microsoft Cloud revenue$54.5 billion28
Microsoft Cloud gross margin percentage66%27
Microsoft 365 Consumer cloud revenue growth33%27
Microsoft 365 Commercial cloud revenue growth19%27
LinkedIn revenue growth12%27
Dynamics 365 revenue growth22%27
Commercial remaining performance obligation627 billion27
Commercial remaining performance obligation$627 billion28
Azure and other cloud services revenue growth40%27
AI business annual revenue run rate$37 billion28
Microsoft, published 2026-01-28, period 2026-Q2
Xbox content and services revenue growth-5%25
Windows OEM and Devices revenue growth1%25
Shareholder returns$12.7 billion26
Search and news advertising revenue (ex TAC) growth10%25
Microsoft Cloud revenue51.5 billion25
Microsoft Cloud revenue$51.5 billion26
Microsoft 365 Consumer cloud revenue growth29%25
Microsoft 365 Commercial cloud revenue growth17%25
LinkedIn revenue growth11%25
Dynamics 365 revenue growth19%25
Commercial remaining performance obligation625 billion25
Commercial remaining performance obligation$625 billion26
Azure and other cloud services revenue growth39%25
Microsoft, published 2025-10-29, period 2026-Q1
Xbox content and services revenue growth1%23
Windows OEM and Devices revenue growth6%23
Search and news advertising revenue (ex TAC) growth16%23
Microsoft Cloud revenue49.1 billion23
Microsoft 365 Consumer cloud revenue growth26%23
Microsoft 365 Commercial cloud revenue growth17%23
LinkedIn revenue growth10%23
Dynamics 365 revenue growth18%23
Commercial remaining performance obligation392 billion23
Azure and other cloud services revenue growth40%23
Microsoft, published 2025-10-29, period 2025-Q1
Commercial remaining performance obligation$392 billion24
Xbox content and services revenue growth1%24
Windows OEM and Devices revenue growth6%24
Search and news advertising revenue growth (excl. traffic acquisition costs)16%24
Microsoft Cloud revenue$49.1 billion24
Microsoft 365 Consumer cloud revenue growth26%24
Microsoft 365 Commercial cloud revenue growth17%24
LinkedIn revenue growth10%24
Dynamics 365 revenue growth18%24
Azure and other cloud services revenue growth40%24
Microsoft, published 2025-07-30, period FY2025
employees operations89,00021
employees general administration15,00021
Microsoft Cloud revenue$46.7 billion22
Microsoft Cloud gross margin percentage69%21
Microsoft 365 Consumer subscribers89.0 million21
Azure surpassed$75 billion in revenue22
Microsoft, published 2025-04-30, period 2025-Q3
Microsoft Cloud revenue42.4 billion19
Microsoft Cloud revenue$42.4 billion20
Microsoft Cloud gross margin percentage 9m70%19
Microsoft Cloud gross margin percentage69%19
Microsoft 365 Commercial subscribers87.7 million19
Microsoft, published 2025-01-29, period 2025-Q2
Xbox content and services revenue growth2%17
Windows OEM and Devices revenue growth4%17
Unearned revenue total48,04517
TCJA transition tax installment4.4 billion17
Shareholder returns$9.7 billion18
Share repurchases (six months)15 million shares for 6.3 billion17
Search and news advertising revenue (ex TAC) growth21%17
Remaining share repurchase authorization4.0 billion17
Microsoft Cloud revenue40.9 billion17
Microsoft Cloud revenue$40.9 billion, up 21% year-over-year18
Microsoft 365 Consumer subscribers86.3 million17
Microsoft 365 Consumer cloud revenue growth8%17
Microsoft 365 Commercial seat growth7%17
Microsoft 365 Commercial cloud revenue growth16%17
Microsoft 365 Commercial cloud revenue growth16%18
LinkedIn revenue growth9%17
IRS proposed adjustment28.9 billion17
Equity and other investments15.6 billion17
Effective tax rate18%17
Dynamics 365 revenue growth19%17
Dividends declared (six months)12.3 billion17
Cash, cash equivalents, and short-term investments71.6 billion17
Cash used in investing (six months)29.3 billion17
Cash used in financing (six months)27.8 billion17
Cash from operations (six months)56.5 billion17
Azure and other cloud services revenue growth31%17
Azure and other cloud services revenue growth31%18
AI services standalone growth157%17
AI services growth contribution13 points17
Microsoft, published 2024-10-30, period 2025-Q1
Shareholder returns$9.0 billion16
Microsoft Cloud revenue$38.9 billion15
Microsoft Cloud revenue$38.9 billion16
Microsoft Cloud gross margin percentage71%15
Microsoft 365 Consumer subscribers84.4 million15
Microsoft 365 Consumer subscriber growth10%15
Microsoft 365 Commercial seats growth8%15
Equity and other investments$15.8 billion15
Cash, cash equivalents, and short-term investments$78.4 billion15
Microsoft, published 2024-07-30, period FY2024
US patents issued63,00013
TEALS program volunteers1,50013
TEALS program high schools55013
Patents pending23,00013
Partner capital fund loans16213
Nonprofit tech acceleration organizations3,00013
Minority depository institutions commitment$150 million13
Learners trained and certified12.6 million13
employees operations86,00013
employees general administration16,00013
Black and African American suppliers spending$500 million13
AI learners trained2.5 million13
AI learners countries92%13
Office 365 Commercial seat growth7%13
Microsoft Cloud revenue137.4 billion13
Microsoft 365 Consumer subscribers82.5 million13
Equity and other investments14.6 billion13
Cash, cash equivalents, and short-term investments75.5 billion13
Cash used in investing97.0 billion13
Cash from operations118.5 billion13
Azure and other cloud services growth30%13
Microsoft, published 2024-07-30, period 2024-Q4
Microsoft Cloud quarterly revenue$36.8 billion14
Microsoft 365 Consumer subscribers82.5 million14
Microsoft, published 2024-04-25, period 2024-Q3
Xbox content and services revenue growth62%11
Search and news advertising revenue excl. traffic acquisition costs growth12%11
Office 365 Commercial growth15%11
Microsoft Cloud revenue35.1 billion11
Microsoft Cloud revenue$35.1 billion12
Microsoft 365 Consumer subscribers80.8 million11
Microsoft 365 Consumer subscribers80.8 million12
Dynamics 365 growth23%11
Azure and other cloud services growth31%11
Microsoft, published 2024-01-30, period 2024-Q2
Xbox content and services revenue growth61% (up 60% in constant currency)10
Shareholder returns$8.4 billion in share repurchases and dividends10
Office 365 Commercial seat growth9%9
Office 365 Commercial revenue growth17% (up 16% in constant currency)10
Microsoft Cloud revenue33.7 billion9
Microsoft Cloud revenue$33.7 billion, up 24% (up 22% in constant currency) year-over-year10
Microsoft Cloud gross margin percentage72%9
Microsoft 365 Consumer subscribers78.4 million9
Microsoft 365 Consumer subscribers78.4 million10
Dynamics 365 revenue growth27% (up 24% in constant currency)10
Azure and other cloud services revenue growth30%9
Azure and other cloud services revenue growth30% (up 28% in constant currency)10
Microsoft, published 2023-10-24, period 2024-Q1
Xbox hardware revenue growth-7%7
Xbox content and services revenue growth13%7
Windows revenue growth5%7
Windows OEM revenue growth4%7
Windows Commercial products and cloud services revenue growth8%7
Shareholder Returns$9.1 billion8
Server products revenue growth2%7
Server products and cloud services revenue growth21%7
Search and news advertising revenue growth5%7
Search and news advertising revenue excl. traffic acquisition costs growth10%7
Office Consumer products and cloud services revenue growth3%7
Office Commercial products and cloud services revenue growth15%7
Office 365 Commercial seat growth10%7
Office 365 Commercial growth18%7
Office 365 Commercial Revenue Growth18%8
Microsoft Cloud revenue31.8 billion7
Microsoft Cloud gross margin percentage (excl. accounting estimate impact)2 points increase7
Microsoft Cloud gross margin percentage73%7
Microsoft Cloud Revenue$31.8 billion8
Microsoft 365 Consumer subscribers76.7 million7
Microsoft 365 Consumer Subscribers76.7 million8
LinkedIn revenue growth8%7
Gross margin percentage (excl. accounting estimate impact)3 points increase7
Gaming revenue growth9%7
Enterprise and partner services revenue growth1%7
Effective tax rate18%7
Dynamics products and cloud services revenue growth22%7
Dynamics 365 growth28%7
Devices revenue growth-22%7
Azure and other cloud services growth29%7
Azure and Other Cloud Services revenue growth29%8

Microsoft Development

A condensed summary of Microsoft per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology

FY2026: Microsoft

Microsoft's fiscal year 2026 revenue increased 18% to $331.8 billion, with Microsoft Cloud revenue rising 27% to $214.4 billion (30, 29). Azure and other cloud services revenue grew 41% for the full year, surpassing $100 billion in annual revenue for the first time in FY2026 (30). Operating income increased 21% to $155.2 billion and net income rose 31% to $133.7 billion, while gross margin percentage declined slightly due to continued investments in AI infrastructure and datacenter capacity (29, 30). Capital expenditure additions grew by $51.4 billion in FY2026 to support AI infrastructure buildout, and the AI business surpassed an annual revenue run rate of $37 billion by Q3 FY2026 (29, 28). Commercial remaining performance obligation expanded 84% to $678 billion at fiscal year-end, reflecting the scale of committed cloud and AI workloads (29).

FY2025: Microsoft

In fiscal year 2025, Microsoft reported revenue of $281.7 billion, up 15% year-over-year, with growth across all three business segments 21. Microsoft Cloud revenue grew 23% to $168.9 billion, with Azure and other cloud services increasing 34% and Microsoft 365 Commercial cloud revenue rising 15% 21. Operating income increased 17% to $128.5 billion and net income grew 16% to $101.8 billion 21. Cash from operations rose $17.6 billion to $136.2 billion while capital expenditure of $64.6 billion reflected continued investment in AI infrastructure scaling 21. Microsoft Cloud gross margin percentage declined to 69%, driven by AI infrastructure scaling and partially offset by efficiency gains 21.

FY2024: Microsoft

Microsoft's fiscal year 2024 revenue grew 16% to $245.1 billion, with operating income rising 24% to $109.4 billion and net income increasing 22% to $88.1 billion (14). Microsoft Cloud revenue increased 23% to $137.4 billion for the full year, driven by Azure and other cloud services growing 30% on the back of consumption-based services and AI infrastructure investment (13). The $75.4 billion acquisition of Activision Blizzard, completed October 13, 2023, was consolidated into the More Personal Computing segment; Xbox content and services revenue increased 50% for the year, of which 44 percentage points reflected net impact from the acquisition (13). Cash from operations increased $31.0 billion year-over-year to $118.5 billion (13). Microsoft received IRS Notices of Proposed Adjustment for tax years 2004-2013 seeking $28.9 billion in additional taxes plus penalties and interest related to intercompany transfer pricing (13).

FY2023: Microsoft

Microsoft reported FY2023 revenue of $211.9 billion, with Microsoft Cloud revenue reaching $111.6 billion, a 22% increase year-over-year driven by Azure and other cloud services growth of 29% and Office 365 Commercial seat expansion of 11% (6, 14). Full-year GAAP operating income was $88.5 billion and non-GAAP operating income was $89.7 billion, while net income totaled $72.4 billion and free cash flow was $59.5 billion (14). Results included a $1.2 billion charge for a workforce reduction of approximately 10,000 employees announced in January 2023, as well as a cumulative $3.7 billion full-year operating income benefit from a change in accounting estimate extending server and network equipment useful lives from four to six years (6). Windows OEM revenue decreased 25% and Devices revenue decreased 24% for the full year, reflecting elevated channel inventory and declining PC market demand (6). Microsoft Cloud gross margin reached 72% in the fourth quarter, and remaining performance obligations stood at $229 billion as of June 30, 2023 (5).

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

The evidence base for Microsoft stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology

47 documents · 2016 to 2026 · SEC EDGAR (USA)
Sources for Microsoft stock: 47 original documents, 2016 to 2026. Compiled by NadirAlpha.
#Document typePublished
#110-Q quarterly report2023-01-24
#28-K-EX99.1 earnings release2023-01-24
#310-Q quarterly report2023-04-25
#48-K-EX99.1 earnings release2023-04-25
#5 / #1058-K-EX99.1 earnings release2023-07-25
#610-K annual report2023-07-27
#710-Q quarterly report2023-10-24
#88-K-EX99.1 earnings release2023-10-24
#910-Q quarterly report2024-01-30
#108-K-EX99.1 earnings release2024-01-30
#1110-Q quarterly report2024-04-25
#128-K-EX99.1 earnings release2024-04-25
#1310-K annual report2024-07-30
#14 / #1148-K-EX99.1 earnings release2024-07-30
#1510-Q quarterly report2024-10-30
#168-K-EX99.1 earnings release2024-10-30
#1710-Q quarterly report2025-01-29
#188-K-EX99.1 earnings release2025-01-29
#1910-Q quarterly report2025-04-30
#208-K-EX99.1 earnings release2025-04-30
#2110-K annual report2025-07-30
#22 / #1228-K-EX99.1 earnings release2025-07-30
#2310-Q quarterly report2025-10-29
#248-K-EX99.1 earnings release2025-10-29
#2510-Q quarterly report2026-01-28
#268-K-EX99.1 earnings release2026-01-28
#2710-Q quarterly report2026-04-29
#288-K-EX99.1 earnings release2026-04-29
#2910-K annual report2026-07-29
#30 / #1308-K-EX99.1 earnings release2026-07-29
Older sources (+17)
Older sources for Microsoft, 17 documents
#Document typePublished
#20210-K annual report2016-04-21
#20610-K annual report2016-07-28
#20310-Q quarterly report2016-10-20
#20410-Q quarterly report2017-01-26
#20510-Q quarterly report2018-01-31
#20810-K annual report2018-08-03
#20710-Q quarterly report2019-01-30
#21210-K annual report2019-08-01
#20910-Q quarterly report2019-10-23
#21010-Q quarterly report2020-01-29
#21110-Q quarterly report2020-04-29
#21610-K annual report2020-07-30
#21310-Q quarterly report2020-10-27
#21410-Q quarterly report2021-01-26
#21510-Q quarterly report2021-04-27
#21710-Q quarterly report2021-10-26
#2018-K current report2022-07-28

Microsoft Stock FAQ

Which additional key figures does Microsoft report?

As reported for Q4 FY2026 (Apr to Jun 2026): Microsoft Cloud revenue, Azure and other cloud services revenue growth, LinkedIn revenue growth, Dynamics 365 revenue growth, Microsoft 365 Commercial cloud revenue growth, Commercial remaining performance obligation. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Productivity and Business Processes, Intelligent Cloud, More Personal Computing.

Does Microsoft pay a dividend?

The filings report on the dividend; most recent entry: dividends paid 12.3 billion (2025-Q2) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of Microsoft?

NadirAlpha links all 47 original filings used (SEC filings) in the sources chapter: quarterly report, earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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