Microsoft Corporation
MSFTNASDAQ
$517.90
Last price · USD
- Market cap
- $3.87T
- P/E
- 38.0x
- EV / EBITDA
- 24.6x
- P/S
- 13.7x
- FCF yield
- 1.9%
- Div. yield
- 0.62%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Microsoft Corporation cash flow statement
Annual · USD millions except per-share data · 35 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 101,832 | 88,136 | 72,361 | 72,738 | 61,271 | +13.5% | |
| Depreciation & amortization | 34,153 | 22,287 | 13,861 | 14,460 | 11,686 | +30.7% | |
| Deferred income tax | (7,056) | (4,738) | (6,059) | (5,702) | (150) | — | |
| Stock-based compensation | 11,974 | 10,734 | 9,611 | 7,502 | 6,118 | +18.3% | |
| Change in working capital | (5,350) | 1,824 | (2,388) | 446 | (936) | — | |
| Accounts receivables | (10,581) | (7,191) | (4,087) | (6,834) | (6,481) | — | |
| Inventory | 309 | 1,284 | 1,242 | (1,123) | (737) | — | |
| Accounts payables | 569 | 3,545 | (2,721) | 2,943 | 2,798 | -32.8% | |
| Other working capital | 4,353 | 4,186 | 3,178 | 5,460 | 3,484 | +5.7% | |
| Other non-cash items | 609 | 305 | 196 | (409) | (1,249) | — | |
| Net cash from operating activities | 136,162 | 118,548 | 87,582 | 89,035 | 76,740 | +15.4% | |
| Operating cash flow | 136,162 | 118,548 | 87,582 | 89,035 | 76,740 | +15.4% | |
| Investing activities | |||||||
| Investments in PP&E | (64,551) | (44,477) | (28,107) | (23,886) | (20,622) | — | |
| Capital expenditure | (64,551) | (44,477) | (28,107) | (23,886) | (20,622) | — | |
| Acquisitions, net | (5,978) | (69,132) | (1,670) | (22,038) | (8,909) | — | |
| Purchases of investments | (29,775) | (17,732) | (37,651) | (26,456) | (62,924) | — | |
| Sales / maturities of investments | 25,388 | 35,669 | 47,864 | 44,894 | 65,800 | -21.2% | |
| Other investing activities | 2,317 | (1,298) | (3,116) | (2,825) | (922) | — | |
| Net cash from investing activities | (72,599) | (96,970) | (22,680) | (30,311) | (27,577) | — | |
| Financing activities | |||||||
| Net debt issuance | (8,962) | 575 | (2,750) | (9,023) | (3,750) | — | |
| Short-term net debt issuance | (5,746) | 5,250 | 0 | 0 | 0 | — | |
| Long-term net debt issuance | (3,216) | (4,675) | (2,750) | (9,023) | (3,750) | — | |
| Net stock issuance | (16,364) | (15,252) | (20,379) | (30,855) | (25,692) | — | |
| Common stock issuance | 2,056 | 2,002 | 1,866 | 1,841 | 1,693 | +5.0% | |
| Common stock repurchased | (18,420) | (17,254) | (22,245) | (32,696) | (27,385) | — | |
| Net common stock issuance | (16,364) | (15,252) | (20,379) | (30,855) | (25,692) | — | |
| Common dividends paid | (24,082) | (21,771) | (19,800) | (18,135) | (16,521) | — | |
| Net dividends paid | (24,082) | (21,771) | (19,800) | (18,135) | (16,521) | — | |
| Other financing activities | (2,291) | (1,309) | (1,006) | (863) | (2,523) | — | |
| Net cash from financing activities | (51,699) | (37,757) | (43,935) | (58,876) | (48,486) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 63 | (210) | (194) | (141) | (29) | — | |
| Net change in cash | 11,927 | (16,389) | 20,773 | (293) | 648 | +107.1% | |
| Cash at beginning of period | 18,315 | 34,704 | 13,931 | 14,224 | 13,576 | +7.8% | |
| Cash at end of period | 30,242 | 18,315 | 34,704 | 13,931 | 14,224 | +20.8% | |
| Free cash flow | 71,611 | 74,071 | 59,475 | 65,149 | 56,118 | +6.3% | |