Microsoft (MSFT) revenue and profit, from its SEC filings
Every figure below is as Microsoft Corporation filed it with the U.S. Securities and Exchange Commission in its annual (10-K) and quarterly (10-Q) reports. Latest filing: 10-K filed July 29, 2026. Microsoft's fiscal year ends on 30 June, so fiscal 2026 runs from July 2025 to June 2026.
In short
Microsoft sells software and cloud services: Azure and its other cloud services, Microsoft 365 (Office), Windows, LinkedIn, Dynamics, and gaming, which includes Activision Blizzard since October 2023.
Much of its revenue is subscriptions and cloud usage, which renews every month or year rather than being sold once.
Revenue went from $198.3B in fiscal 2022 to $331.8B in fiscal 2026 — growth of 13.7% a year on average.
In fiscal 2026 it was 17.8% higher than the year before.
Microsoft kept 40.3% of its revenue as net profit in fiscal 2026, against 36.7% in fiscal 2022.
Free cash flow — operating cash flow minus capital expenditure — was $67.0B, less than its net income.
In its latest quarter (Q4 FY2026, to June 30, 2026) revenue was $90.0B, 17.7% more than a year earlier.
Revenue and profit by year
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| FY2026 to June 30, 2026 | $331.8B | $225.5B | $155.2B | $133.7B | 40.3% | $67.0B | $40.3B | $20.9B |
| FY2025 to June 30, 2025 | $281.7B | $193.9B | $128.5B | $101.8B | 36.1% | $71.6B | $43.2B | $30.2B |
| FY2024 to June 30, 2024 | $245.1B | $171.0B | $109.4B | $88.1B | 36.0% | $74.1B | $51.6B | $18.3B |
| FY2023 to June 30, 2023 | $211.9B | $146.1B | $88.5B | $72.4B | 34.1% | $59.5B | $47.2B | $34.7B |
| FY2022 to June 30, 2022 | $198.3B | $135.6B | $83.4B | $72.7B | 36.7% | $65.1B | $49.8B | $13.9B |
The latest quarters
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| Q4 FY2026 to June 30, 2026 | $90.0B | $60.5B | $40.6B | $35.8B | 39.7% | $19.6B | $40.3B | $20.9B |
| Q3 FY2026 to March 31, 2026 | $82.9B | $56.1B | $38.4B | $31.8B | 38.3% | $15.8B | $40.3B | $32.1B |
| Q2 FY2026 to December 31, 2025 | $81.3B | $55.3B | $38.3B | $38.5B | 47.3% | $5.88B | $40.3B | $24.3B |
| Q1 FY2026 to September 30, 2025 | $77.7B | $53.6B | $38.0B | $27.7B | 35.7% | $25.7B | $43.2B | $28.8B |
| Q4 FY2025 to June 30, 2025 | $76.4B | $52.4B | $34.3B | $27.2B | 35.6% | $25.6B | $43.2B | $30.2B |
A quarter is taken as filed where the report states it; otherwise it is the year-to-date figure minus the one before it, which is how the fourth quarter (never filed on its own) is found.
What to watch in Microsoft's statements
- Revenue growth, driven more and more by cloud and AI services.
- Gross profit against revenue: data centres cost more to run than software licences did.
- Free cash flow after its fast-rising capital expenditure on data centres.
How to read these figures
- Revenue vs profit — why the top line and the bottom line tell different stories.
- Reading an earnings report — where these figures come from each quarter.
- How to read a company — what to look at first.
- P/E and its traps — and why this page shows no P/E: it needs the share price, which our licences keep inside the app.
Source: the company's filings with the U.S. Securities and Exchange Commission (EDGAR). Free cash flow is operating cash flow minus capital expenditure; total debt adds long-term debt (current and non-current), commercial paper and short-term borrowings, each as filed. A dash means the company did not file that line for the period. No share price, market value or estimate appears here: those are licensed market data, shown to members in the app.
Other companies
Questions
What was Microsoft's revenue in fiscal 2026?
Microsoft reported revenue of $331.8B for fiscal 2026, the year that ended on June 30, 2026, in its annual report (10-K) filed with the SEC.
Is Microsoft profitable?
Yes. It reported net income of $133.7B in fiscal 2026, a net margin of 40.3% — 40 cents kept as profit from every dollar of revenue.
Has Microsoft made a profit every year?
In each of the 5 fiscal years shown (fiscal 2022 to 2026), it reported a net profit.
What is Microsoft's profit margin?
In fiscal 2026 its gross margin was 67.9% (revenue minus the direct cost of what it sold) and its net margin 40.3% (what was left after every cost, interest and tax).
How much debt does Microsoft have?
At the end of fiscal 2026 it reported $40.3B of debt — long-term debt, including the part due within a year, plus commercial paper and short-term borrowings as filed — against $20.9B of cash and cash equivalents.
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