FINANCIAL MODEL

Microsoft Corporation

MSFT · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Income Statement
Revenue	91,154	96,571	110,360	125,843	143,015	168,088	198,270	211,915	245,122	281,724	331,839
Cost of Goods Sold	32,780	34,261	38,353	42,910	46,078	52,232	62,650	65,863	74,114	87,831	106,374
Gross Profit
SG&A	19,198	19,942	22,223	23,098	24,709	25,224	27,725	30,334	32,065	32,877	34,666
R&D	11,988	13,037	14,726	16,876	19,269	20,716	24,512	27,195	29,510	32,488	35,562
EBITDA
D&A	6,622	8,778	10,261	11,682	12,796	11,686	14,460	13,861	22,287	34,153	38,534
EBIT (Operating Income)	26,078	29,025	35,058	42,959	52,959	69,916	83,383	88,523	109,433	128,528	155,237
Interest Expense	1,243	2,222	2,733	2,686	2,591	2,346	2,063	1,968	2,935	2,385	3,051
Pre-Tax Income	25,639	29,901	36,474	43,688	53,036	71,102	83,716	89,311	107,787	123,627	165,934
Tax Expense	5,100	4,412	19,903	4,448	8,755	9,831	10,978	16,950	19,651	21,795	32,185
Net Income	20,539	25,489	16,571	39,240	44,281	61,271	72,738	72,361	88,136	101,832	133,749
Diluted EPS	2.56	3.25	2.13	5.06	5.76	8.05	9.65	9.68	11.80	13.64	17.95
Diluted Shares (M)	8,013.0	7,832.0	7,794.0	7,753.0	7,683.0	7,608.0	7,540.0	7,472.0	7,469.0	7,465.0	7,453.0
Balance Sheet
Total Cash & Equivalents		7,663	11,946	11,356	13,576	14,224	13,931	34,704	18,315	30,242	20,935
Short-term Debt		10,121	3,998	5,516	3,749	8,072	2,749	5,247	8,942	2,999	9,227
Long-term Debt		76,073	72,242	66,662	59,578	50,074	47,032	41,990	42,688	40,152	31,067
Total Debt
Net Debt
Total Current Assets		162,696	169,662	175,552	181,915	184,406	169,684	184,257	159,734	191,131	207,710
Total Current Liabilities		55,745	58,488	69,420	72,310	88,657	95,082	104,149	125,286	141,218	168,825
Total Assets		250,312	258,848	286,556	301,311	333,779	364,840	411,976	512,163	619,003	758,376
Total Liabilities		162,601	176,130	184,226	183,007	191,791	198,298	205,753	243,686	275,524	315,989
Shareholders' Equity		87,711	82,718	102,330	118,304	141,988	166,542	206,223	268,477	343,479	442,387
Minority Interest
Intangibles & Goodwill		35,122	35,683	49,776	43,351	49,711	67,524	67,886	119,220	119,509	119,651
PP&E		23,734	29,460	36,477	44,151	59,715	74,398	95,641	135,591	204,966	313,076
Receivables		22,431	26,481	29,524	32,011	38,043	44,261	48,688	56,924	69,905	80,876
Payables		7,390	8,617	9,382	12,530	15,163	19,000	18,095	21,996	27,724	42,416
Inventory		2,181	2,662	2,063	1,895	2,636	3,742	2,500	1,246	938	1,397
Retained Earnings		17,769	13,682	24,150	34,566	57,055	84,281	118,848	173,144	237,731	328,265
Cash Flow
Cash from Operations	33,325	39,507	43,884	52,185	60,675	76,740	89,035	87,582	118,548	136,162	182,935
Capital Expenditures	8,343	8,129	11,632	13,925	15,441	20,622	23,886	28,107	44,477	64,551	115,948
Free Cash Flow
Stock-Based Compensation	2,668	3,266	3,940	4,652	5,289	6,118	7,502	9,611	10,734	11,974	12,405
Dividends Paid	11,006	11,845	12,699	13,811	15,137	16,521	18,135	19,800	21,771	24,082	26,445
Share Repurchases	15,969	11,788	10,721	19,543	22,968	27,385	32,696	22,245	17,254	18,420	22,271