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US equity markets/AI Value chain/MSFT

Microsoft

MSFT·NASDAQ·USD

531.33-1.27 (-0.24%)
Regular-session close·Definitions

Enterprise software, cloud computing and personal computingBusiness mechanism

Price history1986-03-13 — 2026-10-23Valid trading days: 10,233 · History reaches the verified listing date · History update delayed
Operating history2016-09-30 — 2026-06-3015 historical metrics · 42 workpaper periods
Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The first price observation reaches the verified listing date. This does not mean that security continuity, every trading day and adjusted prices have all been verified throughout the history.

The first price reaches the verified listing date 1986-03-13; this does not establish complete coverage of every trading day.

Security basis: The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

verified-listing-start-covered

History update reason: rate-limited

The company confirms the IPO date and the identity of the current common stock. This FAQ does not replace a complete verification of successive reorganizations and security continuity.

View sources and versions ↗
Financial drivers from public filings · single quarter

Compare growth, earnings, cash flow and capital investment for aligned reporting periods to examine company-wide financial drivers. Calculation inputs and original filings remain available.

Coverage and applicability

2016-12-31 — 2026-06-30 · Valid observations: 347. These observations analyze public financial data; they are not a standalone sector research report, score or price target. Company-wide figures do not replace segment, product or contract disclosures.

  • Days sales outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days inventory outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days payable outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash conversion cycle (average balances): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash purchases of productive assets / revenue: The selected capital-expenditure measure does not represent the broader concept of productive-asset purchases.

Price and operations

Research history
Reproducible calculations from public filings, without inferring segment-level results.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

Add metrics 4
Available metrics: 15

Financials and cash flow

Business mix

Unit economics

Demand and orders

Last value in range
MSFT Share priceTrading day
USD350400450500550524.51
Gross marginQuarterly observations
%6767.56868.567.2
Operating marginQuarterly observations
%4546474845.1
Net marginQuarterly observations
%3540455039.7
(CFO − cash purchases of PP&E) / revenueQuarterly observations
%51015202525.10.2326.01.0126.04.0126.07.0126.10.2321.8

Time rangeMSFT Share price

2025-10-23 — 2026-10-23
Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Some daily market or calendar coverage is unverified. Only consecutive calendar dates are connected; gaps between dates are not assumed to be complete. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

10233 valid price observations · 4 operating metricsFull analysis workspace
Underlying data Operating metrics: 4
Observations in this chart, including unverified periods or dates · original values and source versions retained
Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period endGross margin% · Calculated from disclosuresOperating margin% · Calculated from disclosuresNet margin% · Calculated from disclosures(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
2026-06-302026-06-3067.20%
Basis · Calculated from disclosures

Source version date: 2026-07-29

View calculation inputs · 4 items
Currency
USD
grossProfit
60,482,000,000
Revenue
90,007,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
USD
Period start
2025-07-01
Period end
2026-06-30
value
225,465,000,000
Filing date
2026-07-29
form
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role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
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Filing date
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form
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denominator
Original XBRL field
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Original unit
USD
Period start
2025-07-01
Period end
2026-06-30
value
331,839,000,000
Filing date
2026-07-29
form
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Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
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Filing date
2026-04-29
form
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msft-sec-0001193125-26-191507
MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2026-04-29
45.11%
Basis · Calculated from disclosures

Source version date: 2026-07-29

View calculation inputs · 4 items
Currency
USD
operatingIncome
40,603,000,000
Revenue
90,007,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2025-07-01
Period end
2026-06-30
value
155,237,000,000
Filing date
2026-07-29
form
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0001193125-26-323660
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role
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Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
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value
114,634,000,000
Filing date
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form
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msft-sec-0001193125-26-191507
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denominator
Original XBRL field
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Original unit
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Period start
2025-07-01
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value
331,839,000,000
Filing date
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form
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accn
0001193125-26-323660
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denominator
Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
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value
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Filing date
2026-04-29
form
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MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2026-04-29
39.74%
Basis · Calculated from disclosures

Source version date: 2026-07-29

View calculation inputs · 4 items
Currency
USD
Net income
35,766,000,000
Revenue
90,007,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2025-07-01
Period end
2026-06-30
value
133,749,000,000
Filing date
2026-07-29
form
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accn
0001193125-26-323660
Input sign
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sourceIds
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msft-sec-0001193125-26-323660
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Original XBRL field
us-gaap:NetIncomeLoss
Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
97,983,000,000
Filing date
2026-04-29
form
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0001193125-26-191507
Input sign
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sourceIds
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msft-sec-0001193125-26-191507
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role
denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
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Period start
2025-07-01
Period end
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value
331,839,000,000
Filing date
2026-07-29
form
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accn
0001193125-26-323660
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sourceIds
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msft-sec-0001193125-26-323660
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denominator
Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
241,832,000,000
Filing date
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form
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accn
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msft-sec-0001193125-26-191507
MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2026-04-29
21.82%
Basis · Calculated from disclosures

Source version date: 2026-07-29

View calculation inputs · 5 items
Currency
USD
Operating cash flow
55,441,000,000
Cash capital expenditure
35,802,000,000
Revenue
90,007,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
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Period start
2025-07-01
Period end
2026-06-30
value
182,935,000,000
Filing date
2026-07-29
form
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accn
0001193125-26-323660
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msft-sec-0001193125-26-323660
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Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
127,494,000,000
Filing date
2026-04-29
form
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accn
0001193125-26-191507
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Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
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value
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Filing date
2026-07-29
form
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accn
0001193125-26-323660
Input sign
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msft-sec-0001193125-26-323660
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numerator
Original XBRL field
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Original unit
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Period start
2025-07-01
Period end
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value
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Filing date
2026-04-29
form
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accn
0001193125-26-191507
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1
sourceIds
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msft-sec-0001193125-26-191507
4
role
denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
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Period start
2025-07-01
Period end
2026-06-30
value
331,839,000,000
Filing date
2026-07-29
form
10-K
accn
0001193125-26-323660
Input sign
1
sourceIds
0
msft-sec-0001193125-26-323660
5
role
denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
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Period start
2025-07-01
Period end
2026-03-31
value
241,832,000,000
Filing date
2026-04-29
form
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accn
0001193125-26-191507
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MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2026-04-29
2026-03-312026-03-3167.63%
Basis · Calculated from disclosures

Source version date: 2026-04-29

View calculation inputs · 4 items
Currency
USD
grossProfit
56,058,000,000
Revenue
82,886,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
56,058,000,000
Filing date
2026-04-29
form
10-Q
accn
0001193125-26-191507
Input sign
1
sourceIds
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msft-sec-0001193125-26-191507
1
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denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
82,886,000,000
Filing date
2026-04-29
form
10-Q
accn
0001193125-26-191507
Input sign
1
sourceIds
0
msft-sec-0001193125-26-191507
MSFT · 10-Q · Filing version 2026-04-29
46.33%
Basis · Calculated from disclosures

Source version date: 2026-04-29

View calculation inputs · 4 items
Currency
USD
operatingIncome
38,398,000,000
Revenue
82,886,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
38,398,000,000
Filing date
2026-04-29
form
10-Q
accn
0001193125-26-191507
Input sign
1
sourceIds
0
msft-sec-0001193125-26-191507
1
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denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
82,886,000,000
Filing date
2026-04-29
form
10-Q
accn
0001193125-26-191507
Input sign
1
sourceIds
0
msft-sec-0001193125-26-191507
MSFT · 10-Q · Filing version 2026-04-29
38.34%
Basis · Calculated from disclosures

Source version date: 2026-04-29

View calculation inputs · 4 items
Currency
USD
Net income
31,778,000,000
Revenue
82,886,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
31,778,000,000
Filing date
2026-04-29
form
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accn
0001193125-26-191507
Input sign
1
sourceIds
0
msft-sec-0001193125-26-191507
1
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denominator
Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
82,886,000,000
Filing date
2026-04-29
form
10-Q
accn
0001193125-26-191507
Input sign
1
sourceIds
0
msft-sec-0001193125-26-191507
MSFT · 10-Q · Filing version 2026-04-29
19.07%
Basis · Calculated from disclosures

Source version date: 2026-04-29

View calculation inputs · 5 items
Currency
USD
Operating cash flow
46,679,000,000
Cash capital expenditure
30,876,000,000
Revenue
82,886,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
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Period start
2026-01-01
Period end
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value
46,679,000,000
Filing date
2026-04-29
form
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accn
0001193125-26-191507
Input sign
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sourceIds
0
msft-sec-0001193125-26-191507
1
role
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Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
30,876,000,000
Filing date
2026-04-29
form
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accn
0001193125-26-191507
Input sign
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sourceIds
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msft-sec-0001193125-26-191507
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denominator
Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
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value
82,886,000,000
Filing date
2026-04-29
form
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0001193125-26-191507
Input sign
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msft-sec-0001193125-26-191507
MSFT · 10-Q · Filing version 2026-04-29
2025-12-312025-12-3168.04%
Basis · Calculated from disclosures

Source version date: 2026-01-28

View calculation inputs · 4 items
Currency
USD
grossProfit
55,295,000,000
Revenue
81,273,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
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Period start
2025-10-01
Period end
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value
55,295,000,000
Filing date
2026-01-28
form
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accn
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Input sign
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msft-sec-0001193125-26-027207
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denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
81,273,000,000
Filing date
2026-01-28
form
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accn
0001193125-26-027207
Input sign
1
sourceIds
0
msft-sec-0001193125-26-027207
MSFT · 10-Q · Filing version 2026-01-28
47.09%
Basis · Calculated from disclosures

Source version date: 2026-01-28

View calculation inputs · 4 items
Currency
USD
operatingIncome
38,275,000,000
Revenue
81,273,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
38,275,000,000
Filing date
2026-01-28
form
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Input sign
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msft-sec-0001193125-26-027207
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Original XBRL field
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Original unit
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Period start
2025-10-01
Period end
2025-12-31
value
81,273,000,000
Filing date
2026-01-28
form
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accn
0001193125-26-027207
Input sign
1
sourceIds
0
msft-sec-0001193125-26-027207
MSFT · 10-Q · Filing version 2026-01-28
47.32%
Basis · Calculated from disclosures

Source version date: 2026-01-28

View calculation inputs · 4 items
Currency
USD
Net income
38,458,000,000
Revenue
81,273,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
38,458,000,000
Filing date
2026-01-28
form
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accn
0001193125-26-027207
Input sign
1
sourceIds
0
msft-sec-0001193125-26-027207
1
role
denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
81,273,000,000
Filing date
2026-01-28
form
10-Q
accn
0001193125-26-027207
Input sign
1
sourceIds
0
msft-sec-0001193125-26-027207
MSFT · 10-Q · Filing version 2026-01-28
7.24%
Basis · Calculated from disclosures

Source version date: 2026-01-28

View calculation inputs · 5 items
Currency
USD
Operating cash flow
35,758,000,000
Cash capital expenditure
29,876,000,000
Revenue
81,273,000,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
35,758,000,000
Filing date
2026-01-28
form
10-Q
accn
0001193125-26-027207
Input sign
1
sourceIds
0
msft-sec-0001193125-26-027207
1
role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
29,876,000,000
Filing date
2026-01-28
form
10-Q
accn
0001193125-26-027207
Input sign
-1
sourceIds
0
msft-sec-0001193125-26-027207
2
role
denominator
Original XBRL field
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Original unit
USD
Period start
2025-10-01
Period end
2025-12-31
value
81,273,000,000
Filing date
2026-01-28
form
10-Q
accn
0001193125-26-027207
Input sign
1
sourceIds
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MSFT · 10-Q · Filing version 2026-01-28
Calculations and sources 4 items
Gross margin% · Calculated from disclosures
Calculation basis

Gross profit / revenue × 100

Reading guide

Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources
MSFT · 10-K · Filing version 2018-08-03MSFT · 10-K · Filing version 2019-08-01MSFT · 10-K · Filing version 2020-07-30MSFT · 10-Q · Filing version 2020-10-27MSFT · 10-Q · Filing version 2021-01-26MSFT · 10-Q · Filing version 2021-04-27MSFT · 10-Q · Filing version 2021-10-26MSFT · 10-Q · Filing version 2022-01-25MSFT · 10-Q · Filing version 2022-04-26MSFT · 10-K · Filing version 2023-07-27MSFT · 10-Q · Filing version 2022-10-25MSFT · 10-Q · Filing version 2023-01-24MSFT · 10-Q · Filing version 2023-04-25MSFT · 10-K · Filing version 2024-07-30MSFT · 10-Q · Filing version 2023-10-24MSFT · 10-Q · Filing version 2024-01-30MSFT · 10-Q · Filing version 2024-04-25MSFT · 10-K · Filing version 2025-07-30MSFT · 10-Q · Filing version 2024-10-30MSFT · 10-Q · Filing version 2025-01-29MSFT · 10-Q · Filing version 2025-04-30MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2025-10-29MSFT · 10-Q · Filing version 2026-01-28MSFT · 10-Q · Filing version 2026-04-29
Operating margin% · Calculated from disclosures
Calculation basis

Operating income / revenue × 100

Reading guide

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources
MSFT · 10-K · Filing version 2018-08-03MSFT · 10-K · Filing version 2019-08-01MSFT · 10-K · Filing version 2020-07-30MSFT · 10-Q · Filing version 2020-10-27MSFT · 10-Q · Filing version 2021-01-26MSFT · 10-Q · Filing version 2021-04-27MSFT · 10-Q · Filing version 2021-10-26MSFT · 10-Q · Filing version 2022-01-25MSFT · 10-Q · Filing version 2022-04-26MSFT · 10-K · Filing version 2023-07-27MSFT · 10-Q · Filing version 2022-10-25MSFT · 10-Q · Filing version 2023-01-24MSFT · 10-Q · Filing version 2023-04-25MSFT · 10-K · Filing version 2024-07-30MSFT · 10-Q · Filing version 2023-10-24MSFT · 10-Q · Filing version 2024-01-30MSFT · 10-Q · Filing version 2024-04-25MSFT · 10-K · Filing version 2025-07-30MSFT · 10-Q · Filing version 2024-10-30MSFT · 10-Q · Filing version 2025-01-29MSFT · 10-Q · Filing version 2025-04-30MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2025-10-29MSFT · 10-Q · Filing version 2026-01-28MSFT · 10-Q · Filing version 2026-04-29
Net margin% · Calculated from disclosures
Calculation basis

Selected net-income concept / revenue × 100

Reading guide

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources
MSFT · 10-K · Filing version 2018-08-03MSFT · 10-K · Filing version 2019-08-01MSFT · 10-K · Filing version 2020-07-30MSFT · 10-Q · Filing version 2020-10-27MSFT · 10-Q · Filing version 2021-01-26MSFT · 10-Q · Filing version 2021-04-27MSFT · 10-Q · Filing version 2021-10-26MSFT · 10-Q · Filing version 2022-01-25MSFT · 10-Q · Filing version 2022-04-26MSFT · 10-K · Filing version 2023-07-27MSFT · 10-Q · Filing version 2022-10-25MSFT · 10-Q · Filing version 2023-01-24MSFT · 10-Q · Filing version 2023-04-25MSFT · 10-K · Filing version 2024-07-30MSFT · 10-Q · Filing version 2023-10-24MSFT · 10-Q · Filing version 2024-01-30MSFT · 10-Q · Filing version 2024-04-25MSFT · 10-K · Filing version 2025-07-30MSFT · 10-Q · Filing version 2024-10-30MSFT · 10-Q · Filing version 2025-01-29MSFT · 10-Q · Filing version 2025-04-30MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2025-10-29MSFT · 10-Q · Filing version 2026-01-28MSFT · 10-Q · Filing version 2026-04-29
(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
Calculation basis

(Operating cash flow − cash purchases of PP&E) / revenue × 100

Reading guide

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Supporting sources
MSFT · 10-K · Filing version 2018-08-03MSFT · 10-Q · Filing version 2018-01-31MSFT · 10-Q · Filing version 2018-04-26MSFT · 10-K · Filing version 2019-08-01MSFT · 10-Q · Filing version 2018-10-24MSFT · 10-Q · Filing version 2019-01-30MSFT · 10-Q · Filing version 2019-04-24MSFT · 10-K · Filing version 2020-07-30MSFT · 10-Q · Filing version 2019-10-23MSFT · 10-Q · Filing version 2020-01-29MSFT · 10-Q · Filing version 2020-04-29MSFT · 10-K · Filing version 2021-07-29MSFT · 10-Q · Filing version 2020-10-27MSFT · 10-Q · Filing version 2021-01-26MSFT · 10-Q · Filing version 2021-04-27MSFT · 10-K · Filing version 2022-07-28MSFT · 10-Q · Filing version 2021-10-26MSFT · 10-Q · Filing version 2022-01-25MSFT · 10-Q · Filing version 2022-04-26MSFT · 10-K · Filing version 2023-07-27MSFT · 10-Q · Filing version 2022-10-25MSFT · 10-Q · Filing version 2023-01-24MSFT · 10-Q · Filing version 2023-04-25MSFT · 10-K · Filing version 2024-07-30MSFT · 10-Q · Filing version 2023-10-24MSFT · 10-Q · Filing version 2024-01-30MSFT · 10-Q · Filing version 2024-04-25MSFT · 10-K · Filing version 2025-07-30MSFT · 10-Q · Filing version 2024-10-30MSFT · 10-Q · Filing version 2025-01-29MSFT · 10-Q · Filing version 2025-04-30MSFT · 10-K · Filing version 2026-07-29MSFT · 10-Q · Filing version 2025-10-29MSFT · 10-Q · Filing version 2026-01-28MSFT · 10-Q · Filing version 2026-04-29

Business and operating model

Where revenue comes from and which operating changes still require verification.

Company filings ↗

Microsoft operates through three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. Azure provides cloud services, while applications such as Microsoft 365 monetize through subscriptions; Windows, gaming and devices form a separate group of businesses. Neither total company revenue nor Intelligent Cloud revenue should be described as Azure revenue. [1]

Primary company business materials are availableCheck supporting sources ↗
How revenue, profit and capital connect
Operating mechanismHow operating results are affectedVerifiable metrics
Capacity investment must translate into actual usage and profit

Start with growth in Azure and other cloud services, then check whether Intelligent Cloud revenue and profit move together. Cash equipment spending and depreciation affect results at different times; the segment margin is not a direct measure of the return on AI investment.

[1]
Azure and other cloud services revenue growth YoY Intelligent Cloud segment revenue Intelligent Cloud segment operating income Analyze alongside the share price ↗
Commercial RPO provides visibility, but its scope is broader than Azure

Commercial remaining performance obligations represent contracted amounts yet to be recognized. Customer usage and delivery determine when they become revenue. They cannot all be assigned to the following year or treated as cash already collected.

[1]
Commercial remaining performance obligations Analyze alongside the share price ↗
Products, paying customers and use cases

Products and services

Azure and Intelligent Cloud
Azure and other cloud services drive the cloud segment, but Intelligent Cloud also includes other products and services. Segment revenue and profit must be matched on the same reporting scope. [1]
Microsoft 365, Dynamics and LinkedIn
Office and business applications, professional networking services, and cloud infrastructure have different revenue and expense scopes. Copilot monetization requires verification of paid products, seats and actual revenue; total cloud growth is not a substitute. [1]
Windows, gaming and devices
Personal computing demand and changes in gaming content still affect consolidated earnings and must remain part of AI research. [1]

Customers and demand

Enterprise application users and cloud customers
Subscription renewals, application adoption and cloud resource consumption are distinct demand channels. Deployment counts do not automatically equal recognized revenue. [1]
Personal computing and gaming users
Consumer products and enterprise cloud follow different cycles, so consolidated growth requires segment-level analysis. [1]
How supply, demand and capital affect the company
Upstream

CoreWeave Customer

67% of CoreWeave FY2025 revenue (named in 10-K); 2026Q2 10-Q gives letter codes only · 36% Customer A not confirmed as Microsoft [7]

Signed or existing
Upstream

Constellation Power procurement

Nuclear PPA · Crane Clean Energy Center (formerly TMI-1, restart) · 835MW · 20 years · delivery begins upon restart (target 2027) · price not disclosed [8]

Signed or existing
Upstream

Applied Optoelectronics, Inc. Customer

≥10% customer · 28.8% of FY2025 revenue (43.7% in FY2024 / 46.6% in FY2023) [9]

Signed or existing
Upstream

Applied Optoelectronics, Inc. Supply

Supply agreement SOW No.2 (effective 21-Jun-2023) · design and assembly services to Microsoft specifications, supply-chain build-out, manufacture and shipment · commitment to maintain a dedicated production line · 5-year term with automatic renewal · 3-year warranty [10]

Signed or existing
Upstream

Astera Labs Supply

Leo CXL Smart Memory Controllers deployed in Microsoft Azure M-series virtual machines · private preview announced 2025-11-18 (industry's first announced CXL-attached memory cloud deployment) · up to 2TB per controller · no value or volume disclosed [12]

Technology demonstration
Upstream

AMD Equipment and engineering

Azure to deploy AMD Helios rack-scale systems at scale (MI455X + Venice EPYC + Pensando + ROCm) for frontier-model inference · AMD begins shipping Helios to customers including Microsoft in 2H 2026 · plus new EPYC 'Venice' HDv2/HXv2 VM series and expanded Pensando DPU rollout; AMD said on 2026-10-12 that initial Helios systems were operating. Existing capacity ceilings are not fully delivered volumes; warrant vesting remains dated to the original filing. [13]

Signed or existing
Upstream

Lambda Offtake and leasing

Multi-year AI infrastructure agreement · Lambda to deploy tens of thousands of NVIDIA GPUs, including GB300 NVL72 systems, for Microsoft · described by the company as multibillion-dollar; neither value nor capacity disclosed · relationship dates back to 2018 [14]

Signed or existing
Upstream

Mistral AI Offtake and leasing

European compute capacity agreement · Microsoft to leverage part of Mistral's Europe-based GPU fleet (thousands of NVIDIA Vera Rubin GPUs) · described by both companies as a multibillion-dollar commitment; value, capacity and term undisclosed · the same arrangement brings Mistral Medium 3.5 and OCR 4 into Microsoft Foundry and Copilot Studio [15]

Signed or existing
Upstream

NetApp, Inc. Supply

First-party embedded cloud storage: NetApp's fully managed cloud storage offering, based on the same ONTAP data management software that underpins its on-premises systems, is available natively on Microsoft Azure as Azure NetApp Files, as named in the 10-K. [16]

Signed or existing
Downstream

OpenAI Offtake and leasing

The new definitive OpenAI–Microsoft agreement includes an incremental $250bn purchase of Azure services. This is an announced purchase commitment, not current revenue or cash already paid. [4]

Signed or existing
Downstream

Anthropic Offtake and leasing

Anthropic committed to purchase $30bn of Azure compute and to contract additional capacity up to 1GW. The purchase amount and additional capacity are different commitment measures, not cash already paid. [5]

Signed or existing
Downstream

OpenAI Customer

ASC 850: FY2026 revenue $24.1bn · receivables $6bn [6]

Signed or existing
Downstream

C3.ai, Inc. Supply

Multi-year global alliance (announced 19-Nov-2024 at Microsoft Ignite) · Microsoft positioned as the preferred cloud provider for C3 AI offerings · roadmap alignment and joint delivery · C3 AI apps orderable on Azure Marketplace [11]

Framework or indication of intent
Uses of funds

OpenAI Capital and financing

Equity-method stake ~25% · $13bn funding commitment, $11.9bn invested [2]

Signed or existing
Uses of funds

Anthropic Capital and financing

Microsoft announced a commitment to invest up to $5bn in Anthropic as part of a strategic partnership. The announcement does not establish full cash settlement or identify this as Series G. [3]

Signed or existing
Verify entities, agreements and primary sources in the relationship map ↗
Company profile and filings
Legal name
Microsoft Corporation
Exchange / quote currency
NASDAQ / USD
Reporting currency
USD
Source industry classification
Computer Software: Prepackaged Software
Financial period end / Source version used
2026-06-30 / 2026-07-29
Value-chain roles (not revenue shares)
Accelerator design · Cloud and compute rental · Applications and data
Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.
NVDANVIDIA217.94+0.90%GOOGLAlphabet320.58+1.19%AMZNAmazon253.10+1.61%AVGOBroadcom342.33+4.00%METAMeta620.19-1.64%

Operating observations and counterevidence

Continue checking facts that could change the conclusions; no hypothetical thresholds are assigned to observations without reliable inputs.

Evidence and gaps ↗

What evidence would weaken these conclusions?

Conclusions not yet supported
How much incremental cash return does AI capital investment generate on its own?
The current source documents do not fully separate the capital base, segment cash flows and utilization of Azure, Copilot and all AI facilities. They do not support a standalone AI ROIC calculation or a price target. [1]
MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

531.33 -0.24%
2026-07-23 — 2026-10-23Price change over the selected period +37.46%
Provider split-adjusted prices excluding dividends, USD. Recorded trading days are equally spaced from 2026-07-23 to 2026-10-23 (66 trading days). Volume is shown separately in shares.USD350400450500550600524.51Volume · shares2026-07-23 Volume 30,351,800 shares2026-07-24 Volume 27,659,400 shares2026-07-27 Volume 27,856,200 shares2026-07-28 Volume 32,367,500 shares2026-07-29 Volume 47,209,000 shares2026-07-30 Volume 110,160,700 shares2026-07-31 Volume 60,846,000 shares2026-08-03 Volume 66,762,100 shares2026-08-04 Volume 50,455,500 shares2026-08-05 Volume 33,388,900 shares2026-08-06 Volume 36,441,500 shares2026-08-07 Volume 28,846,200 shares2026-08-10 Volume 31,206,100 shares2026-08-11 Volume 23,049,800 shares2026-08-12 Volume 29,001,500 shares2026-08-13 Volume 23,039,000 shares2026-08-14 Volume 16,217,600 shares2026-08-17 Volume 29,635,800 shares2026-08-18 Volume 24,087,600 shares2026-08-19 Volume 19,961,900 shares2026-08-20 Volume 20,020,800 shares2026-08-21 Volume 22,510,800 shares2026-08-24 Volume 17,230,800 shares2026-08-25 Volume 19,519,000 shares2026-08-26 Volume 20,758,900 shares2026-08-27 Volume 28,688,800 shares2026-08-28 Volume 29,207,300 shares2026-08-31 Volume 27,208,900 shares2026-09-01 Volume 21,046,900 shares2026-09-02 Volume 15,336,100 shares2026-09-03 Volume 24,125,900 shares2026-09-04 Volume 18,101,800 shares2026-09-08 Volume 18,882,300 shares2026-09-09 Volume 12,889,600 shares2026-09-10 Volume 16,038,800 shares2026-09-11 Volume 14,510,500 shares2026-09-14 Volume 23,091,900 shares2026-09-15 Volume 17,794,600 shares2026-09-16 Volume 16,670,300 shares2026-09-17 Volume 17,841,600 shares2026-09-18 Volume 39,622,300 shares2026-09-21 Volume 27,959,900 shares2026-09-22 Volume 21,652,800 shares2026-09-23 Volume 19,445,600 shares2026-09-24 Volume 16,657,600 shares2026-09-25 Volume 38,193,100 shares2026-09-28 Volume 19,626,900 shares2026-09-29 Volume 21,341,800 shares2026-09-30 Volume 27,223,300 shares2026-10-01 Volume 19,731,900 shares2026-10-02 Volume 17,822,300 shares2026-10-05 Volume 26,604,800 shares2026-10-06 Volume 21,107,500 shares2026-10-07 Volume 16,790,200 shares2026-10-08 Volume 20,228,700 shares2026-10-09 Volume 18,500,600 shares2026-10-12 Volume 18,314,900 shares2026-10-13 Volume 23,852,000 shares2026-10-14 Volume 22,324,300 shares2026-10-15 Volume 24,151,200 shares2026-10-16 Volume 24,845,700 shares2026-10-19 Volume 17,994,900 shares2026-10-20 Volume 14,576,000 shares2026-10-21 Volume 13,940,100 shares2026-10-22 Volume 21,266,600 shares2026-10-23 Volume 13,671,500 shares110.2M007-2308-1409-0910-0110-23
Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 10233 / trading dates: 10233Market data source
MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close
532.60
Session open
532.35
Session range
528.33 – 534.70
Session volume
19.53 M
20 Average daily volume
20.20 M
Historical range
0.09 – 555.45

Valuation and cash

Market cap · USD
3.94 T
Price / sales · Annual
11.86
Free cash flow yield
1.70%

Financial denominator

Revenue · Annual
331.84 B USD
Period end
2026-06-30
Source version
2026-07-29

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2026-06-30

Research archiveNo standalone articles or full reports for this company have been included yet

Public financial and operating analysis is available. Standalone research has not yet been published; exploreOperating data、Financial comparison and SourceSource document。

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Quarter · As of 2026-06-30Source version used 2026-07-29 · Original currency USD
USD · Quarter
Current period 2026-04-01 — 2026-06-30Comparison period 2026-01-01 — 2026-03-31
Financial comparison of two defined periods; expand values for source records
Line itemCurrent periodComparison periodAmount changeGrowth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive
90.01 BDerived by subtraction

Raw value 90,007,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 331.84 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 241.83 B USD · Source version 2026-04-29
82.89 B

Raw value 82,886,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+7.12 B+8.59%
Gross profitGross margin 67.20% · Change -0.44 percentage points
60.48 BDerived by subtraction

Raw value 60,482,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 225.47 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 164.98 B USD · Source version 2026-04-29
56.06 B

Raw value 56,058,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+4.42 B+7.89%
Operating incomeOperating margin 45.11% · Change -1.22 percentage points
40.60 BDerived by subtraction

Raw value 40,603,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 155.24 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 114.63 B USD · Source version 2026-04-29
38.40 B

Raw value 38,398,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+2.21 B+5.74%
Net incomeNet margin 39.74% · Change +1.40 percentage points
35.77 BDerived by subtraction

Raw value 35,766,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 133.75 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 97.98 B USD · Source version 2026-04-29
31.78 B

Raw value 31,778,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+3.99 B+12.55%
Operating cash flowOperating cash flow / revenue 61.60% · Change +5.28 percentage points
55.44 BDerived by subtraction

Raw value 55,441,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 182.94 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 127.49 B USD · Source version 2026-04-29
46.68 B

Raw value 46,679,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+8.76 B+18.77%
Capital expenditureCapital expenditure / revenue 39.78% · Change +2.53 percentage points
35.80 BDerived by subtraction

Raw value 35,802,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 115.95 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 80.15 B USD · Source version 2026-04-29
30.88 B

Raw value 30,876,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+4.93 B+15.95%

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials
Comparable-period financial trends
Last value in range
USD million-25k025k50k75k100k2016.092018.012020.012022.012024.012026.0690k40.6k35.8k

Time rangeRevenue

2016-09-30 — 2026-06-30
Methodology and controls

Series with the same unit and frequency share a value axis. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Scroll to see all periods; select a value to open its source →

Quarterly financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD2016-09-302016-12-312017-03-312017-06-302017-09-302017-12-312018-03-312018-06-302018-09-302018-12-312019-03-312019-06-302019-09-302019-12-312020-03-312020-06-302020-09-302020-12-312021-03-312021-06-302021-09-302021-12-312022-03-312022-06-302022-09-302022-12-312023-03-312023-06-302023-09-302023-12-312024-03-312024-06-302024-09-302024-12-312025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Revenue
21.93 B

Raw value 21,928,000,000.00 USD

2016-07-02 — 2016-09-30 · USD · Reported data

25.83 B

Raw value 25,826,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

23.21 B

Raw value 23,212,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

25.61 B

Raw value 25,605,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reported data

24.54 B

Raw value 24,538,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

28.92 B

Raw value 28,918,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

26.82 B

Raw value 26,819,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

30.09 B

Raw value 30,085,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reported data

29.08 B

Raw value 29,084,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

32.47 B

Raw value 32,471,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

30.57 B

Raw value 30,571,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

33.72 B

Raw value 33,717,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reported data

33.06 B

Raw value 33,055,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

36.91 B

Raw value 36,906,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

35.02 B

Raw value 35,021,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

38.03 B

Raw value 38,033,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reported data

37.15 B

Raw value 37,154,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

43.08 B

Raw value 43,076,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

41.71 B

Raw value 41,706,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

46.15 BDerived by subtraction

Raw value 46,152,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 168.09 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 121.94 B USD · Source version 2022-04-26
45.32 B

Raw value 45,317,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

51.73 B

Raw value 51,728,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

49.36 B

Raw value 49,360,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

51.87 BDerived by subtraction

Raw value 51,865,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 198.27 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 146.41 B USD · Source version 2023-04-25
50.12 B

Raw value 50,122,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

52.75 B

Raw value 52,747,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

52.86 B

Raw value 52,857,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

56.19 BDerived by subtraction

Raw value 56,189,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 211.92 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 155.73 B USD · Source version 2024-04-25
56.52 B

Raw value 56,517,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

62.02 B

Raw value 62,020,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

61.86 B

Raw value 61,858,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

64.73 BDerived by subtraction

Raw value 64,727,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 245.12 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 180.40 B USD · Source version 2025-04-30
65.59 B

Raw value 65,585,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

69.63 B

Raw value 69,632,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

70.07 B

Raw value 70,066,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

76.44 BDerived by subtraction

Raw value 76,441,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 281.72 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 205.28 B USD · Source version 2026-04-29
77.67 B

Raw value 77,673,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

81.27 B

Raw value 81,273,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

82.89 B

Raw value 82,886,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

90.01 BDerived by subtraction

Raw value 90,007,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 331.84 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 241.83 B USD · Source version 2026-04-29
Gross profit
— Unverified

Reported value unavailable

Original record: —; period end 2016-09-30; attributed date 2016-09-30.

15.93 B

Raw value 15,925,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

15.15 B

Raw value 15,152,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

17.15 B

Raw value 17,149,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reported data

16.26 B

Raw value 16,260,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

17.85 B

Raw value 17,854,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

17.55 B

Raw value 17,550,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

20.34 B

Raw value 20,343,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reported data

19.18 B

Raw value 19,179,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

20.05 B

Raw value 20,048,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

20.40 B

Raw value 20,401,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

23.31 B

Raw value 23,305,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reported data

22.65 B

Raw value 22,649,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

24.55 B

Raw value 24,548,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

24.05 B

Raw value 24,046,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

25.69 B

Raw value 25,694,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reported data

26.15 B

Raw value 26,152,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

28.88 B

Raw value 28,882,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

28.66 B

Raw value 28,661,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

32.16 BDerived by subtraction

Raw value 32,161,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 115.86 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 83.70 B USD · Source version 2022-04-26
31.67 B

Raw value 31,671,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

34.77 B

Raw value 34,768,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

33.75 B

Raw value 33,745,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

35.44 BDerived by subtraction

Raw value 35,436,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 135.62 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 100.18 B USD · Source version 2023-04-25
34.67 B

Raw value 34,670,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

35.26 B

Raw value 35,259,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

36.73 B

Raw value 36,729,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

39.39 BDerived by subtraction

Raw value 39,394,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 146.05 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 106.66 B USD · Source version 2024-04-25
40.22 B

Raw value 40,215,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

42.40 B

Raw value 42,397,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

43.35 B

Raw value 43,353,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

45.04 BDerived by subtraction

Raw value 45,043,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 171.01 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 125.97 B USD · Source version 2025-04-30
45.49 B

Raw value 45,486,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

47.83 B

Raw value 47,833,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

48.15 B

Raw value 48,147,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

52.43 BDerived by subtraction

Raw value 52,427,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 193.89 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 141.47 B USD · Source version 2026-04-29
53.63 B

Raw value 53,630,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

55.30 B

Raw value 55,295,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

56.06 B

Raw value 56,058,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

60.48 BDerived by subtraction

Raw value 60,482,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 225.47 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 164.98 B USD · Source version 2026-04-29
Operating income
— Unverified

Reported value unavailable

Original record: —; period end 2016-09-30; attributed date 2016-09-30.

7.91 B

Raw value 7,905,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

6.72 B

Raw value 6,723,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

7.68 B

Raw value 7,682,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reported data

7.71 B

Raw value 7,708,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

8.68 B

Raw value 8,679,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

8.29 B

Raw value 8,292,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

10.38 B

Raw value 10,379,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reported data

9.96 B

Raw value 9,955,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

10.26 B

Raw value 10,258,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

10.34 B

Raw value 10,341,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

12.41 B

Raw value 12,405,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reported data

12.69 B

Raw value 12,686,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

13.89 B

Raw value 13,891,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

12.98 B

Raw value 12,975,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

13.41 B

Raw value 13,407,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reported data

15.88 B

Raw value 15,876,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

17.90 B

Raw value 17,897,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

17.05 B

Raw value 17,048,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

19.10 BDerived by subtraction

Raw value 19,095,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 69.92 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 50.82 B USD · Source version 2022-04-26
20.24 B

Raw value 20,238,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

22.25 B

Raw value 22,247,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

20.36 B

Raw value 20,364,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

20.53 BDerived by subtraction

Raw value 20,534,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 83.38 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 62.85 B USD · Source version 2023-04-25
21.52 B

Raw value 21,518,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

20.40 B

Raw value 20,399,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

22.35 B

Raw value 22,352,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

24.25 BDerived by subtraction

Raw value 24,254,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 88.52 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 64.27 B USD · Source version 2024-04-25
26.90 B

Raw value 26,895,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

27.03 B

Raw value 27,032,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

27.58 B

Raw value 27,581,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

27.93 BDerived by subtraction

Raw value 27,925,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 109.43 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 81.51 B USD · Source version 2025-04-30
30.55 B

Raw value 30,552,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

31.65 B

Raw value 31,653,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

32.00 B

Raw value 32,000,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

34.32 BDerived by subtraction

Raw value 34,323,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 128.53 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 94.21 B USD · Source version 2026-04-29
37.96 B

Raw value 37,961,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

38.28 B

Raw value 38,275,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

38.40 B

Raw value 38,398,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

40.60 BDerived by subtraction

Raw value 40,603,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 155.24 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 114.63 B USD · Source version 2026-04-29
Net income
— Unverified

Reported value unavailable

Original record: —; period end 2016-09-30; attributed date 2016-09-30.

6.27 B

Raw value 6,267,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

5.49 B

Raw value 5,486,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

8.07 B

Raw value 8,069,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reported data

6.58 B

Raw value 6,576,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

-6.30 B

Raw value -6,302,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

7.42 B

Raw value 7,424,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

8.87 B

Raw value 8,873,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reported data

8.82 B

Raw value 8,824,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

8.42 B

Raw value 8,420,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

8.81 B

Raw value 8,809,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

13.19 B

Raw value 13,187,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reported data

10.68 B

Raw value 10,678,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

11.65 B

Raw value 11,649,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

10.75 B

Raw value 10,752,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

11.20 B

Raw value 11,202,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reported data

13.89 B

Raw value 13,893,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

15.46 B

Raw value 15,463,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

15.46 B

Raw value 15,457,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

16.46 BDerived by subtraction

Raw value 16,458,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 61.27 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 44.81 B USD · Source version 2022-04-26
20.51 B

Raw value 20,505,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

18.77 B

Raw value 18,765,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

16.73 B

Raw value 16,728,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

16.74 BDerived by subtraction

Raw value 16,740,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 72.74 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 56.00 B USD · Source version 2023-04-25
17.56 B

Raw value 17,556,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

16.43 B

Raw value 16,425,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

18.30 B

Raw value 18,299,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

20.08 BDerived by subtraction

Raw value 20,081,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 72.36 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 52.28 B USD · Source version 2024-04-25
22.29 B

Raw value 22,291,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

21.87 B

Raw value 21,870,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

21.94 B

Raw value 21,939,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

22.04 BDerived by subtraction

Raw value 22,036,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 88.14 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 66.10 B USD · Source version 2025-04-30
24.67 B

Raw value 24,667,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

24.11 B

Raw value 24,108,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

25.82 B

Raw value 25,824,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

27.23 BDerived by subtraction

Raw value 27,233,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 101.83 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 74.60 B USD · Source version 2026-04-29
27.75 B

Raw value 27,747,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

38.46 B

Raw value 38,458,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

31.78 B

Raw value 31,778,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

35.77 BDerived by subtraction

Raw value 35,766,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 133.75 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 97.98 B USD · Source version 2026-04-29
Operating cash flow—
6.29 B

Raw value 6,293,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

10.66 B

Raw value 10,660,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

11.01 BDerived by subtraction

Raw value 11,005,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2016-07-01 — 2017-06-30 · 39.51 B USD · Source version 2019-08-01
  • Subtract: 2016-07-01 — 2017-03-31 · 28.50 B USD · Source version 2018-04-26
12.44 B

Raw value 12,440,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

7.88 B

Raw value 7,875,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

12.15 B

Raw value 12,151,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

11.42 BDerived by subtraction

Raw value 11,418,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2017-07-01 — 2018-06-30 · 43.88 B USD · Source version 2020-07-30
  • Subtract: 2017-07-01 — 2018-03-31 · 32.47 B USD · Source version 2019-04-24
13.66 B

Raw value 13,657,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

8.90 B

Raw value 8,900,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

13.52 B

Raw value 13,520,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

16.11 BDerived by subtraction

Raw value 16,108,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2018-07-01 — 2019-06-30 · 52.19 B USD · Source version 2021-07-29
  • Subtract: 2018-07-01 — 2019-03-31 · 36.08 B USD · Source version 2020-04-29
13.82 B

Raw value 13,818,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

10.68 B

Raw value 10,680,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

17.50 B

Raw value 17,504,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

18.67 BDerived by subtraction

Raw value 18,673,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2019-07-01 — 2020-06-30 · 60.68 B USD · Source version 2022-07-28
  • Subtract: 2019-07-01 — 2020-03-31 · 42.00 B USD · Source version 2021-04-27
19.34 B

Raw value 19,335,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

12.52 B

Raw value 12,516,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

22.18 B

Raw value 22,179,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

22.71 BDerived by subtraction

Raw value 22,710,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 76.74 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 54.03 B USD · Source version 2022-04-26
24.54 B

Raw value 24,540,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

14.48 B

Raw value 14,480,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

25.39 B

Raw value 25,386,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

24.63 BDerived by subtraction

Raw value 24,629,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 89.04 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 64.41 B USD · Source version 2023-04-25
23.20 B

Raw value 23,198,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

11.17 B

Raw value 11,173,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

24.44 B

Raw value 24,441,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

28.77 BDerived by subtraction

Raw value 28,770,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 87.58 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 58.81 B USD · Source version 2024-04-25
30.58 B

Raw value 30,583,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

18.85 B

Raw value 18,853,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

31.92 B

Raw value 31,917,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

37.20 BDerived by subtraction

Raw value 37,195,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 118.55 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 81.35 B USD · Source version 2025-04-30
34.18 B

Raw value 34,180,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

22.29 B

Raw value 22,291,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

37.04 B

Raw value 37,044,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

42.65 BDerived by subtraction

Raw value 42,647,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 136.16 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 93.52 B USD · Source version 2026-04-29
45.06 B

Raw value 45,057,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

35.76 B

Raw value 35,758,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

46.68 B

Raw value 46,679,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

55.44 BDerived by subtraction

Raw value 55,441,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 182.94 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 127.49 B USD · Source version 2026-04-29
Capital expenditure
— Unverified

Period start mismatch: the original record begins on 2016-07-01

Original record: 2.16 B; period end 2016-09-30; attributed date 2016-09-30.

1.99 B

Raw value 1,988,000,000.00 USD

2016-10-01 — 2016-12-31 · USD · Reported data

1.70 B

Raw value 1,695,000,000.00 USD

2017-01-01 — 2017-03-31 · USD · Reported data

2.28 BDerived by subtraction

Raw value 2,283,000,000.00 USD

2017-04-01 — 2017-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2016-07-01 — 2017-06-30 · 8.13 B USD · Source version 2019-08-01
  • Subtract: 2016-07-01 — 2017-03-31 · 5.85 B USD · Source version 2018-04-26
2.13 B

Raw value 2,132,000,000.00 USD

2017-07-01 — 2017-09-30 · USD · Reported data

2.59 B

Raw value 2,586,000,000.00 USD

2017-10-01 — 2017-12-31 · USD · Reported data

2.93 B

Raw value 2,934,000,000.00 USD

2018-01-01 — 2018-03-31 · USD · Reported data

3.98 BDerived by subtraction

Raw value 3,980,000,000.00 USD

2018-04-01 — 2018-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2017-07-01 — 2018-06-30 · 11.63 B USD · Source version 2020-07-30
  • Subtract: 2017-07-01 — 2018-03-31 · 7.65 B USD · Source version 2019-04-24
3.60 B

Raw value 3,602,000,000.00 USD

2018-07-01 — 2018-09-30 · USD · Reported data

3.71 B

Raw value 3,707,000,000.00 USD

2018-10-01 — 2018-12-31 · USD · Reported data

2.57 B

Raw value 2,565,000,000.00 USD

2019-01-01 — 2019-03-31 · USD · Reported data

4.05 BDerived by subtraction

Raw value 4,051,000,000.00 USD

2019-04-01 — 2019-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2018-07-01 — 2019-06-30 · 13.93 B USD · Source version 2021-07-29
  • Subtract: 2018-07-01 — 2019-03-31 · 9.87 B USD · Source version 2020-04-29
3.39 B

Raw value 3,385,000,000.00 USD

2019-07-01 — 2019-09-30 · USD · Reported data

3.55 B

Raw value 3,545,000,000.00 USD

2019-10-01 — 2019-12-31 · USD · Reported data

3.77 B

Raw value 3,767,000,000.00 USD

2020-01-01 — 2020-03-31 · USD · Reported data

4.74 BDerived by subtraction

Raw value 4,744,000,000.00 USD

2020-04-01 — 2020-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2019-07-01 — 2020-06-30 · 15.44 B USD · Source version 2022-07-28
  • Subtract: 2019-07-01 — 2020-03-31 · 10.70 B USD · Source version 2021-04-27
4.91 B

Raw value 4,907,000,000.00 USD

2020-07-01 — 2020-09-30 · USD · Reported data

4.17 B

Raw value 4,174,000,000.00 USD

2020-10-01 — 2020-12-31 · USD · Reported data

5.09 B

Raw value 5,089,000,000.00 USD

2021-01-01 — 2021-03-31 · USD · Reported data

6.45 BDerived by subtraction

Raw value 6,452,000,000.00 USD

2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2020-07-01 — 2021-06-30 · 20.62 B USD · Source version 2023-07-27
  • Subtract: 2020-07-01 — 2021-03-31 · 14.17 B USD · Source version 2022-04-26
5.81 B

Raw value 5,810,000,000.00 USD

2021-07-01 — 2021-09-30 · USD · Reported data

5.87 B

Raw value 5,865,000,000.00 USD

2021-10-01 — 2021-12-31 · USD · Reported data

5.34 B

Raw value 5,340,000,000.00 USD

2022-01-01 — 2022-03-31 · USD · Reported data

6.87 BDerived by subtraction

Raw value 6,871,000,000.00 USD

2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2021-07-01 — 2022-06-30 · 23.89 B USD · Source version 2024-07-30
  • Subtract: 2021-07-01 — 2022-03-31 · 17.02 B USD · Source version 2023-04-25
6.28 B

Raw value 6,283,000,000.00 USD

2022-07-01 — 2022-09-30 · USD · Reported data

6.27 B

Raw value 6,274,000,000.00 USD

2022-10-01 — 2022-12-31 · USD · Reported data

6.61 B

Raw value 6,607,000,000.00 USD

2023-01-01 — 2023-03-31 · USD · Reported data

8.94 BDerived by subtraction

Raw value 8,943,000,000.00 USD

2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2022-07-01 — 2023-06-30 · 28.11 B USD · Source version 2025-07-30
  • Subtract: 2022-07-01 — 2023-03-31 · 19.16 B USD · Source version 2024-04-25
9.92 B

Raw value 9,917,000,000.00 USD

2023-07-01 — 2023-09-30 · USD · Reported data

9.74 B

Raw value 9,735,000,000.00 USD

2023-10-01 — 2023-12-31 · USD · Reported data

10.95 B

Raw value 10,952,000,000.00 USD

2024-01-01 — 2024-03-31 · USD · Reported data

13.87 BDerived by subtraction

Raw value 13,873,000,000.00 USD

2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2023-07-01 — 2024-06-30 · 44.48 B USD · Source version 2026-07-29
  • Subtract: 2023-07-01 — 2024-03-31 · 30.60 B USD · Source version 2025-04-30
14.92 B

Raw value 14,923,000,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

15.80 B

Raw value 15,804,000,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reported data

16.75 B

Raw value 16,745,000,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

17.08 BDerived by subtraction

Raw value 17,079,000,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-07-01 — 2025-06-30 · 64.55 B USD · Source version 2026-07-29
  • Subtract: 2024-07-01 — 2025-03-31 · 47.47 B USD · Source version 2026-04-29
19.39 B

Raw value 19,394,000,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

29.88 B

Raw value 29,876,000,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reported data

30.88 B

Raw value 30,876,000,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

35.80 BDerived by subtraction

Raw value 35,802,000,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-07-01 — 2026-06-30 · 115.95 B USD · Source version 2026-07-29
  • Subtract: 2025-07-01 — 2026-03-31 · 80.15 B USD · Source version 2026-04-29
Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗
Disclosed events

Mistral AI · Offtake and leasing

European compute capacity agreement · Microsoft to leverage part of Mistral's Europe-based GPU fleet (thousands of NVIDIA Vera Rubin GPUs) · described by both companies as a multibillion-dollar commitment; value, capacity and term undisclosed · the same arrangement brings Mistral Medium 3.5 and OCR 4 into Microsoft Foundry and Copilot Studio [15]

Disclosed events

AMD · Equipment and engineering

Azure to deploy AMD Helios rack-scale systems at scale (MI455X + Venice EPYC + Pensando + ROCm) for frontier-model inference · AMD begins shipping Helios to customers including Microsoft in 2H 2026 · plus new EPYC 'Venice' HDv2/HXv2 VM series and expanded Pensando DPU rollout; AMD said on 2026-10-12 that initial Helios systems were operating. Existing capacity ceilings are not fully delivered volumes; warrant vesting remains dated to the original filing. [13]

Disclosed events

NetApp, Inc. · Supply

First-party embedded cloud storage: NetApp's fully managed cloud storage offering, based on the same ONTAP data management software that underpins its on-premises systems, is available natively on Microsoft Azure as Azure NetApp Files, as named in the 10-K. [16]

Disclosed events

Applied Optoelectronics, Inc. · Customer

≥10% customer · 28.8% of FY2025 revenue (43.7% in FY2024 / 46.6% in FY2023) [9]

View remaining recorded events (7)
Disclosed events

Anthropic · Capital and financing

Microsoft announced a commitment to invest up to $5bn in Anthropic as part of a strategic partnership. The announcement does not establish full cash settlement or identify this as Series G. [3]

Disclosed events

Anthropic · Offtake and leasing

Anthropic committed to purchase $30bn of Azure compute and to contract additional capacity up to 1GW. The purchase amount and additional capacity are different commitment measures, not cash already paid. [5]

Conditional arrangements

Astera Labs · Supply

Leo CXL Smart Memory Controllers deployed in Microsoft Azure M-series virtual machines · private preview announced 2025-11-18 (industry's first announced CXL-attached memory cloud deployment) · up to 2TB per controller · no value or volume disclosed [12]

Disclosed events

Lambda · Offtake and leasing

Multi-year AI infrastructure agreement · Lambda to deploy tens of thousands of NVIDIA GPUs, including GB300 NVL72 systems, for Microsoft · described by the company as multibillion-dollar; neither value nor capacity disclosed · relationship dates back to 2018 [14]

Disclosed events

OpenAI · Offtake and leasing

The new definitive OpenAI–Microsoft agreement includes an incremental $250bn purchase of Azure services. This is an announced purchase commitment, not current revenue or cash already paid. [4]

Conditional arrangements

C3.ai, Inc. · Supply

Multi-year global alliance (announced 19-Nov-2024 at Microsoft Ignite) · Microsoft positioned as the preferred cloud provider for C3 AI offerings · roadmap alignment and joint delivery · C3 AI apps orderable on Azure Marketplace [11]

Disclosed events

Applied Optoelectronics, Inc. · Supply

Supply agreement SOW No.2 (effective 21-Jun-2023) · design and assembly services to Microsoft specifications, supply-chain build-out, manufacture and shipment · commitment to maintain a dedicated production line · 5-year term with automatic renewal · 3-year warranty [10]

Included financial source versions
  1. 10-K Original financial filings ↗

    This page cites periods ending through 2026-06-30. The same document includes multiple comparison periods.

  2. 10-Q Original financial filings ↗

    This page cites periods ending through 2026-03-31. The same document includes multiple comparison periods.

  3. 10-Q Original financial filings ↗

    This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.

  4. 10-Q Original financial filings ↗

    This page cites periods ending through 2025-09-30. The same document includes multiple comparison periods.

  5. 10-K Original financial filings ↗

    This page cites periods ending through 2023-06-30.

  6. 10-Q Original financial filings ↗

    This page cites periods ending through 2024-03-31.

Showing the latest 6 recorded source versions. Find the remaining 62 in Source values in the full financial table.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Direct relationships: 15 · Excluded by current filters: 5

Upstream supply

8 companies
↗
Date not specified1 record
↗
Date not specified1 record
↗
2026-02-262 records
↗
2025-11-181 record
↗
2026-07-201 record

MSFT

Microsoft

Operating metrics: 15 ↗

Downstream demand

3 companies
2025-10-282 records
2025-11-181 record
↗
2024-11-191 record

Capital deployed

2 companies
Date not specified1 record
2025-11-181 record

Capital sources: no records under the current criteria; this does not establish that a business relationship is absent.

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Upstream supply · Supply

NTAP MSFT

Signed / existingA · Original filing
Check public source ↗

What this relationship establishes

First-party cloud-native storage service

Relationship type
Supply

Recorded as signed or existing; performance progress requires separate verification

Amount basis
Amount classification not yet structured

No attributable amount is available for this record. This does not mean the amount is zero.

A period-by-period schedule of payments and revenue recognition has not been established. The recorded amount is not converted into current-period revenue, cash paid or stock-price impact.

Attribution
Applies to this relationship; the original document determines the specific legal entities and attribution.
Concentration
A relationship amount and company denominator with matching periods and definitions are not provided

Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

First-party embedded cloud storage: NetApp's fully managed cloud storage offering, based on the same ONTAP data management software that underpins its on-premises systems, is available natively on Microsoft Azure as Azure NetApp Files, as named in the 10-K.

A · Original filing

NetApp FY2026 Form 10-K (filed 2026-06-05), Item 1 Business — cloud storage services

Procurement constraints and delivery

The excerpts below come from this record. Verify signed status separately from actual completion.

  • Based on the same ONTAP data management software used for on-premises deployments, the service is sold natively within Microsoft Azure as Azure NetApp Files
Inputs still needed to quantify the impact
  • The relevant business's revenue or purchase amount and the denominator used
  • Order obligations, pricing and cost pass-through provisions
  • Execution progress, collection schedule and substitutability

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

  1. Supply and demand terms

    NTAP supplies products or services to MSFT; a customer list is not an irrevocable order.

  2. Operating process

    Verify purchasing, inventory preparation, delivery and quality acceptance; monitor alternative supply and capital tied up in inventory.

  3. Financial outcomes

    Assess purchasing costs, gross profit and working capital; verify supply volumes and revenue recognition separately.

  4. Testing price implications

    First verify the sustainability of earnings and cash flows, then compare valuations; do not infer share-price upside directly from a partnership announcement.

Cross-check relationship events against subsequent disclosures of company revenue, costs, working capital and cash flows; movements in the same direction alone do not establish causation.

Operating data to test the relationship

MSFT · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.
Operating metricLatest valueDefinition and boundaries
Gross margin ↗2026-06-30 · Research calculation67.2%
Definition and boundaries

Gross profit / revenue × 100

Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating margin ↗2026-06-30 · Research calculation45.11%
Definition and boundaries

Operating income / revenue × 100

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Net margin ↗2026-06-30 · Research calculation39.74%
Definition and boundaries

Selected net-income concept / revenue × 100

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating cash flow / revenue ↗2026-06-30 · Research calculation61.6%
Definition and boundaries

Operating cash flow / revenue × 100

Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(CFO − cash purchases of PP&E) / revenue ↗2026-06-30 · Research calculation21.82%
Definition and boundaries

(Operating cash flow − cash purchases of PP&E) / revenue × 100

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Intelligent Cloud segment operating margin ↗FY2026Q4 · Research calculation40.59%
Definition and boundaries

(Intelligent Cloud segment operating income) / Intelligent Cloud segment revenue × 100

Segment operating income / segment revenue from the same source document and a quarter with matching start/end dates. Segment scopes differ; this does not replace the company-wide margin or cash return. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document.

Investment and funding needs

How much cash is required for construction and procurement before delivery?

Compare prepayments, cash capital expenditure and commissioning plans. Current-period revenue is not a substitute for a full investment-recovery calculation.
Operating metricLatest valueDefinition and boundaries
Cash purchases of PP&E / revenue ↗2026-06-30 · Research calculation39.78%
Definition and boundaries

Cash purchases of PP&E / revenue × 100

Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Show remaining company metrics (8)
Other operating observations

What verifiable information does this metric provide about this relationship?

Use the metric's definition and original inputs. Quantitative attribution to this relationship has not been established.
Operating metricLatest valueDefinition and boundaries
Revenue growth YoY ↗2026-06-30 · Research calculation17.75%
Definition and boundaries

(Current-period revenue / comparable prior-year revenue − 1) × 100

Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating cash flow / net income ↗2026-06-30 · Research calculation1.55 x
Definition and boundaries

Operating cash flow / net income（Net income > 0）

Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(Net income − operating cash flow) / revenue ↗2026-06-30 · Research calculation-21.86%
Definition and boundaries

(Net income − operating cash flow) / revenue × 100

The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Intelligent Cloud segment operating income ↗FY2026Q4 · Reported data15,955 USD million
Definition and boundaries

Directly reported in the source document

It cannot be used as the numerator for a standalone Azure or Copilot margin.

Azure and other cloud services revenue growth YoY ↗FY2026Q4 · Reported data43%
Definition and boundaries

Directly reported in the source document

The year-over-year growth rate as originally disclosed, not an Azure revenue amount or market share.

Commercial remaining performance obligations ↗2026-06-30 · Reported data678,000 USD million
Definition and boundaries

Directly reported in the source document

Outstanding commercial contracts; these are not Azure-only orders, a balance of uncollected cash or revenue for the coming year.

Revenue realization

Has relationship expansion converted into recognizable business revenue?

Reconcile by business and financial period. Total company revenue does not establish the selected customer's individual contribution.
Operating metricLatest valueDefinition and boundaries
Intelligent Cloud segment revenue ↗FY2026Q4 · Reported data39,306 USD million
Definition and boundaries

Directly reported in the source document

Includes services beyond Azure and is not standalone Azure revenue. Comparative periods are recast as presented in this disclosure.

Microsoft Cloud revenue ↗FY2026Q4 · Reported data59,300 USD million
Definition and boundaries

Directly reported in the source document

The original 59.3B is a rounded figure. Its scope is broader than Intelligent Cloud, so the two cannot be added together.

Related companies in the value chain 10 companies · Accelerator design

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology
15 / 15 items
Operating metricLatest valuePeriod / classificationDefinition and interpretation boundariesAnalysis
Revenue growth YoY17.75%2026-06-30Research calculation(Current-period revenue / comparable prior-year revenue − 1) × 100Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Gross margin67.2%2026-06-30Research calculationGross profit / revenue × 100Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating margin45.11%2026-06-30Research calculationOperating income / revenue × 100Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Net margin39.74%2026-06-30Research calculationSelected net-income concept / revenue × 100May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating cash flow / revenue61.6%2026-06-30Research calculationOperating cash flow / revenue × 100Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(CFO − cash purchases of PP&E) / revenue21.82%2026-06-30Research calculation(Operating cash flow − cash purchases of PP&E) / revenue × 100A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating cash flow / net income1.55 x2026-06-30Research calculationOperating cash flow / net income（Net income > 0）Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Cash purchases of PP&E / revenue39.78%2026-06-30Research calculationCash purchases of PP&E / revenue × 100Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(Net income − operating cash flow) / revenue-21.86%2026-06-30Research calculation(Net income − operating cash flow) / revenue × 100The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Intelligent Cloud segment revenue39,306 USD millionFY2026Q4Reported dataDirectly reported in the source documentIncludes services beyond Azure and is not standalone Azure revenue. Comparative periods are recast as presented in this disclosure.View full series ↗
Intelligent Cloud segment operating income15,955 USD millionFY2026Q4Reported dataDirectly reported in the source documentIt cannot be used as the numerator for a standalone Azure or Copilot margin.View full series ↗
Azure and other cloud services revenue growth YoY43%FY2026Q4Reported dataDirectly reported in the source documentThe year-over-year growth rate as originally disclosed, not an Azure revenue amount or market share.View full series ↗
Microsoft Cloud revenue59,300 USD millionFY2026Q4Reported dataDirectly reported in the source documentThe original 59.3B is a rounded figure. Its scope is broader than Intelligent Cloud, so the two cannot be added together.View full series ↗
Commercial remaining performance obligations678,000 USD million2026-06-30Reported dataDirectly reported in the source documentOutstanding commercial contracts; these are not Azure-only orders, a balance of uncollected cash or revenue for the coming year.View full series ↗
Intelligent Cloud segment operating margin40.59%FY2026Q4Research calculation(Intelligent Cloud segment operating income) / Intelligent Cloud segment revenue × 100Segment operating income / segment revenue from the same source document and a quarter with matching start/end dates. Segment scopes differ; this does not replace the company-wide margin or cash return. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document.View full series ↗
Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions
Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately.

Original verification notes

verified-listing-start-covered

The company confirms the IPO date and the identity of the current common stock. This FAQ does not replace a complete verification of successive reorganizations and security continuity.

Nasdaq Quote source page Price-history source page
Financial statements

Reporting period 2026-06-30; filed 2026-07-29. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

SEC Company filings Raw financial data · JSON

Business evidence

Primary company business sources · Through 2026-07-29

Citations: 16 · Documents: 15 · Duplicate documents are grouped; individual source locations are retained

1Microsoft FY2026 Q4 earnings releasePrimary sources

Business Highlights; Segment Results; Cash Flows · Document date 2026-07-29

Original company earnings disclosure; comparative periods are restated as presented in this release. Microsoft Cloud, Intelligent Cloud and Azure have different scopes.

Open source
2MSFT FY2026 10-K 0001193125-26-323660 (period ended 2026-06-30) investments note and related-party noteValue-chain archive

MSFT FY2026 10-K 0001193125-26-323660 (period ended 2026-06-30) investments note and related-party note · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
3Anthropic, Microsoft and NVIDIA strategic partnerships announcement (2025-11-18) [B]Value-chain archive · 2 citations
References 3

Anthropic, Microsoft and NVIDIA strategic partnerships announcement (2025-11-18) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 5

Anthropic, Microsoft and NVIDIA strategic partnerships announcement (2025-11-18) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
4OpenAI《The next chapter of the Microsoft–OpenAI partnership》（2025-10-28）[B]Value-chain archive

OpenAI《The next chapter of the Microsoft–OpenAI partnership》（2025-10-28）[B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
6MSFT FY2026 10-K 0001193125-26-323660 (period ended 2026-06-30) related-party noteValue-chain archive

MSFT FY2026 10-K 0001193125-26-323660 (period ended 2026-06-30) related-party note · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
7CRWV FY2025 10-K 0001769628-26-000104 (2025-12-31); CRWV 10-Q 0001769628-26-000366 (2026-06-30)Value-chain archive

CRWV FY2025 10-K 0001769628-26-000104 (2025-12-31); CRWV 10-Q 0001769628-26-000366 (2026-06-30) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
8Constellation website, Crane Clean Energy Center project page [B]Value-chain archive

Constellation website, Crane Clean Energy Center project page [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
9AAOI 10-K FY2025 (2026-02-26)Value-chain archive

AAOI 10-K FY2025 (2026-02-26) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
10AAOI 8-K (2023-06-22)Value-chain archive

AAOI 8-K (2023-06-22) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
11C3 AI press release 2024-11-19 [B]Value-chain archive

C3 AI press release 2024-11-19 [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
12Astera Labs press release (2025-11-18) [B]Value-chain archive

Astera Labs press release (2025-11-18) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
13Reviewed 2026-10-23 · primary document https://newsroom.amd.com/news/ocp-2026-amd-ceo-lisa-su-keynote-takeaways/ [B]Value-chain archive

Reviewed 2026-10-23 · primary document https://newsroom.amd.com/news/ocp-2026-amd-ceo-lisa-su-keynote-takeaways/ [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
14Lambda press releaseValue-chain archive

Lambda press release · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
15Microsoft Source newsroom press releaseValue-chain archive

Microsoft Source newsroom press release · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
16NetApp FY2026 Form 10-K (filed 2026-06-05), Item 1 Business — cloud storage servicesValue-chain archive

NetApp FY2026 Form 10-K (filed 2026-06-05), Item 1 Business — cloud storage services · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
Relationships
Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version
60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644

ResearchSource document

Sources: 36
01MSFT · 10-K · Filing version 2018-08-03

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
02MSFT · 10-Q · Filing version 2018-01-31

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
03MSFT · 10-Q · Filing version 2018-04-26

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
04MSFT · 10-K · Filing version 2019-08-01

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
05MSFT · 10-Q · Filing version 2018-10-24

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
06MSFT · 10-Q · Filing version 2019-01-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
07MSFT · 10-Q · Filing version 2019-04-24

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
08MSFT · 10-K · Filing version 2020-07-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
09MSFT · 10-Q · Filing version 2019-10-23

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
10MSFT · 10-Q · Filing version 2020-01-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
11MSFT · 10-Q · Filing version 2020-04-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
12MSFT · 10-K · Filing version 2021-07-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
13MSFT · 10-Q · Filing version 2020-10-27

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
14MSFT · 10-Q · Filing version 2021-01-26

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
15MSFT · 10-Q · Filing version 2021-04-27

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
16MSFT · 10-K · Filing version 2022-07-28

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
17MSFT · 10-Q · Filing version 2021-10-26

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
18MSFT · 10-Q · Filing version 2022-01-25

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
19MSFT · 10-Q · Filing version 2022-04-26

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
20MSFT · 10-K · Filing version 2023-07-27

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
21MSFT · 10-Q · Filing version 2022-10-25

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
22MSFT · 10-Q · Filing version 2023-01-24

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
23MSFT · 10-Q · Filing version 2023-04-25

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
24MSFT · 10-K · Filing version 2024-07-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
25MSFT · 10-Q · Filing version 2023-10-24

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
26MSFT · 10-Q · Filing version 2024-01-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
27MSFT · 10-Q · Filing version 2024-04-25

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
28MSFT · 10-K · Filing version 2025-07-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
29MSFT · 10-Q · Filing version 2024-10-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
30MSFT · 10-Q · Filing version 2025-01-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
31MSFT · 10-Q · Filing version 2025-04-30

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
32MSFT · 10-K · Filing version 2026-07-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
33MSFT · 10-Q · Filing version 2025-10-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
34MSFT · 10-Q · Filing version 2026-01-28

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
35MSFT · 10-Q · Filing version 2026-04-29

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
36Microsoft FY2026 Q4 earnings release

The date identifies the disclosure version used. Comparative figures are not assumed to have been public at the end of their reporting periods.

View original disclosure