Sole source: Form 10-K for the fiscal year ended 30 June 2025, signed on 30 July 2025. Figures in US$ millions unless otherwise stated. IS = Income Statements; BS = Balance Sheets; CF = Cash Flows Statements; SE = Stockholders' Equity Statements.
| Item | FY2025 | FY2024 | FY2023 | Internal source |
|---|---|---|---|---|
| Revenue | 281,724 | 245,122 | 211,915 | IS, Total revenue |
| Cost of revenue | 87,831 | 74,114 | 65,863 | IS, Total cost of revenue |
| Gross profit | 193,893 | 171,008 | 146,052 | IS, Gross margin |
| Research and development | 32,488 | 29,510 | 27,195 | IS, Research and development |
| Sales and marketing | 25,654 | 24,456 | 22,759 | IS, Sales and marketing |
| General and administrative | 7,223 | 7,609 | 7,575 | IS, General and administrative |
| Operating income | 128,528 | 109,433 | 88,523 | IS, Operating income |
| Interest and dividends income | 2,647 | 3,157 | 2,994 | Note 3 |
| Interest expense | (2,385) | (2,935) | (1,968) | Note 3 |
| Other income (expense), net — "Other, net" | (4,725) | (1,319) | (223) | Note 3 |
| Total other income (expense) | (4,901) | (1,646) | 788 | IS, Other income (expense), net |
| Income before income taxes | 123,627 | 107,787 | 89,311 | IS, Income before income taxes |
| Income taxes | 21,795 | 19,651 | 16,950 | IS, Provision for income taxes |
| Net income attributable to the group | 101,832 | 88,136 | 72,361 | IS, Net income |
| Basic EPS (US$) | 13.70 | 11.86 | 9.72 | IS |
| Diluted EPS (US$) | 13.64 | 11.80 | 9.68 | IS |
| Weighted average basic shares (mn) | 7,433 | 7,431 | 7,446 | IS / Note 2 |
| Weighted average diluted shares (mn) | 7,465 | 7,469 | 7,472 | IS / Note 2 |
| Shares outstanding at cover date | 7,433,166,379 (24 July 2025) | — | — | Cover page |
| Cash and cash equivalents | 30,242 | 18,315 | 34,704 | BS; FY2023 from CF |
| Short-term investments | 64,323 | 57,228 | not available | BS |
| Cash and marketable securities | 94,565 | 75,543 | not available | BS |
| Short-term debt (commercial paper) | 0 | 6,693 | not available | BS / Note 10 |
| Current portion of long-term debt | 2,999 | 2,249 | not available | BS / Note 10 |
| Long-term debt | 40,152 | 42,688 | not available | BS / Note 10 |
| Operating lease liabilities (total) | 22,861 | 19,077 | not available | Note 13 |
| Finance lease liabilities (total) | 46,172 | 27,145 | not available | Note 13 |
| Gross debt (short + long + leases) | 112,184 | 97,852 | not available | calculation, see checks |
| Stockholders' equity | 343,479 | 268,477 | 206,223 | BS; FY2023 from SE |
| Non-controlling interests | not available (no line item in the document) | same | same | — |
| Cash from operations | 136,162 | 118,548 | 87,582 | CF, Net cash from operations |
| Capex | 64,551 | 44,477 | 28,107 | CF, Additions to property and equipment |
| Depreciation, amortization and other | 34,153 | 22,287 | 13,861 | CF, Depreciation, amortization, and other |
| Stock-based compensation (SBC) | 11,974 | 10,734 | 9,611 | CF / Note 17 |
| Cash taxes paid (bn) | 28.7 | 23.4 | 23.1 | Note 11 |
| Buybacks (cash) | 18,420 | 17,254 | 22,245 | CF, Common stock repurchased |
| Dividends paid | 24,082 | 21,771 | 19,800 | CF, Common stock cash dividends paid |
| Productivity and Business Processes revenue | 120,810 | 106,820 | 94,151 | Note 18 |
| Intelligent Cloud revenue | 106,265 | 87,464 | 72,944 | Note 18 |
| More Personal Computing revenue | 54,649 | 50,838 | 44,820 | Note 18 |
| United States revenue | 144,546 | 124,704 | 106,744 | Note 18 |
| Other countries revenue | 137,178 | 120,418 | 105,171 | Note 18 |
| PBP operating income | 69,773 | 59,661 | 50,074 | Note 18 |
| IC operating income | 44,589 | 37,813 | 28,411 | Note 18 |
| MPC operating income | 14,166 | 11,959 | 10,038 | Note 18 |
| Employees (full-time) | 228,000 | not available | not available | Item 1, Human Capital |
Additional items used in the report: Microsoft Cloud revenue 168.9 / 137.7 / 111.6 bn (Note 18); amortization of intangibles 6.0 / 4.8 / 2.5 bn and depreciation of property and equipment 22.0 / 15.2 / 11.0 bn (Notes 9 and 6); accounts receivable 69,905 / 56,924 (BS); total unearned revenue 67,265 / 60,184 (Note 12); remaining performance obligations 375 bn (Note 12); construction commitments 32,149, purchase commitments 109,953, total contractual obligations 397,045 (MD&A); leases not yet commenced 92.7 bn (Note 13); new right-of-use assets from finance leases 20,511 and principal paid on finance leases 2,283 (Note 13); unrecognized tax benefits 24.7 / 22.8 / 17.1 bn (Note 11); goodwill 119,509 and net intangibles 22,604 (BS); FY2024 pro forma revenue including Activision 247,442 (Note 7); effective tax rate 17.6% / 18.2% / 19.0% (Note 11).
| Check | Result |
|---|---|
| Gross profit = revenue − cost of revenue | 281,724 − 87,831 = 193,893 ✔; 245,122 − 74,114 = 171,008 ✔; 211,915 − 65,863 = 146,052 ✔ |
| Operating income = gross profit − operating expenses | 193,893 − 32,488 − 25,654 − 7,223 = 128,528 ✔; FY2024 = 109,433 ✔; FY2023 = 88,523 ✔ |
| Income before taxes − taxes = net income | 123,627 − 21,795 = 101,832 ✔; 107,787 − 19,651 = 88,136 ✔; 89,311 − 16,950 = 72,361 ✔ |
| Sum of segments = total revenue | 120,810 + 106,265 + 54,649 = 281,724 ✔ (also FY2024 and FY2023 ✔); no "Other" line at segment level |
| Sum of product lines = total revenue | 10 lines = 281,724 ✔, including an "Other" line of 72 (FY2024 and FY2023 ✔) |
| Sum of geographic areas = total revenue | 144,546 + 137,178 = 281,724 ✔ (also FY2024 and FY2023 ✔) |
| Sum of percentages = 100% | Segments 42.9 + 37.7 + 19.4 = 100.0% ✔; areas 51.3 + 48.7 = 100.0% ✔; product lines 99.9% due to rounding to one decimal (exact sum 100%) |
| Gross debt = sum of items | FY2025: 0 + 2,999 + 40,152 + 22,861 + 46,172 = 112,184 ✔; FY2024: 6,693 + 2,249 + 42,688 + 19,077 + 27,145 = 97,852 ✔. Face value of notes: sum of 13 issuances = 49,206 ✔; 49,206 − 1,155 − 36 − 4,864 = 43,151 = 2,999 + 40,152 ✔ |
| Cash from operations − capex = FCF | 136,162 − 64,551 = 71,611; 118,548 − 44,477 = 74,071; 87,582 − 28,107 = 59,475 ✔ |
| Segment operating income − unallocated costs = consolidated | 69,773 + 44,589 + 14,166 = 128,528; unallocated costs = 0 (the document also allocates corporate costs to the segments) ✔ |
| FY2025 dividends paid | 5,574 (declared June 2024) + 6,170 + 6,169 + 6,169 = 24,082 ✔ |
| FY2025 cash buybacks | 13,000 (program) + 5,400 (tax withholding on vested shares) = 18,400 against 18,420 in CF: gap of 20, not reconciled by the document |