Financial Statements — MSFT

Balance Sheet

(in billions USD)

Metric	Q1 2027	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	20.28	20.94	32.10	24.30	28.85	30.24	28.83	17.48	20.84	18.32	19.63	17.31	80.45	34.70	26.56	15.65	22.88	13.93	12.50	20.60
Short-term Investments	44.23	55.91	46.17	65.17	73.16	64.32	50.79	54.07	57.59	57.23	60.39	63.71	63.50	76.56	77.86	83.86	84.38	90.83	92.20	104.77
Accounts Receivable	62.08	80.88	60.04	56.54	52.89	69.91	51.70	48.19	44.15	56.92	44.03	42.83	36.95	48.69	37.42	35.83	31.28	44.26	32.61	33.52
Inventory	1.84	1.40	1.22	1.06	1.13	0.94	0.85	0.91	1.63	1.25	1.30	1.62	3.00	2.50	2.88	2.98	4.27	3.74	3.30	3.02
Total Current Assets	186.14	207.71	175.33	180.19	189.07	191.13	156.64	147.08	149.93	159.73	147.18	147.39	207.59	184.26	163.89	157.82	160.81	169.68	153.92	174.19
Property, Plant & Equipment	346.84	313.08	283.23	261.13	230.86	204.97	183.94	166.90	152.86	135.59	121.38	112.31	102.50	95.64	88.13	82.76	77.04	74.40	70.30	67.21
Goodwill	119.65	119.65	119.66	119.62	119.50	119.51	119.33	119.19	119.37	119.22	119.16	118.93	67.79	67.89	67.94	67.91	67.46	67.52	67.37	50.92
Intangible Assets	17.75	18.61	19.33	20.29	21.24	22.60	23.97	25.39	26.75	27.60	28.83	29.90	8.90	9.37	9.88	10.35	10.81	11.30	11.35	7.46
Total Non-current Assets*	593.27	475.51	518.90	485.11	447.29	371.90	405.98	386.82	373.09	301.37	337.10	323.17	238.20	187.24	216.20	206.73	198.97	166.37	190.69	166.20
Total Assets	779.40	758.38	694.23	665.30	636.35	619.00	562.62	533.90	523.01	512.16	484.28	470.56	445.79	411.98	380.09	364.55	359.78	364.84	344.61	340.39
Accounts Payable	42.63	42.42	37.51	37.33	32.58	27.72	26.25	22.61	22.77	22.00	18.09	17.70	19.31	18.10	15.31	15.35	16.61	19.00	16.09	15.31
Total Current Liabilities	151.97	168.83	136.66	130.01	135.00	141.22	114.21	108.88	115.20	125.29	118.53	121.02	124.79	104.15	85.69	81.72	87.39	95.08	77.44	77.51
Long-term Debt	35.48	40.29	40.26	40.26	43.21	43.15	42.88	44.97	45.12	44.94	44.91	47.18	45.69	47.24	48.21	48.12	48.62	49.78	49.93	53.26
Total Non-current Liabilities*	156.93	147.16	143.20	144.42	138.28	134.31	126.53	122.32	120.09	118.40	112.60	111.27	100.28	101.60	99.71	99.70	98.83	103.22	104.24	102.87
Total Liabilities	308.89	315.99	279.86	274.43	273.27	275.52	240.73	231.20	235.29	243.69	231.12	232.29	225.07	205.75	185.41	181.42	186.22	198.30	181.68	180.38
Retained Earnings	354.80	328.27	302.53	280.79	254.87	237.73	219.76	203.48	188.93	173.14	159.39	145.74	132.14	118.85	108.23	99.37	92.37	84.28	79.63	75.05
Total Stockholder Equity	470.51	442.39	414.37	390.88	363.08	343.48	321.89	302.70	287.72	268.48	253.15	238.27	220.71	206.22	194.68	183.14	173.57	166.54	162.92	160.01

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* Derived from reported values

Income Statement

(in billions USD) (except per-share rows)

Metric	Q1 2027	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Total Revenue	92.28	90.01	82.89	81.27	77.67	76.44	70.07	69.63	65.58	64.73	61.86	62.02	56.52	56.19	52.86	52.75	50.12	51.87	49.36	51.73
Cost of Revenue	29.72	29.53	26.83	25.98	24.04	24.01	21.92	21.80	20.10	19.68	18.51	19.62	16.30	16.80	16.13	17.49	15.45	16.43	15.62	16.96
Gross Profit	62.56	60.48	56.06	55.30	53.63	52.43	48.15	47.83	45.49	45.04	43.35	42.40	40.22	39.39	36.73	35.26	34.67	35.44	33.74	34.77
Research & Development	9.05	10.00	8.91	8.50	8.15	8.83	8.20	7.92	7.54	8.06	7.65	7.14	6.66	6.74	6.98	6.84	6.63	6.85	6.31	5.76
Selling, General & Admin	1.88	2.29	1.93	1.93	1.81	1.99	1.74	1.82	1.67	2.25	1.91	1.98	1.47	2.20	1.64	2.34	1.40	1.75	1.48	1.38
Total Operating Expenses*	16.64	19.88	17.66	17.02	15.67	18.10	16.15	16.18	14.93	17.12	15.77	15.37	13.32	15.14	14.38	14.86	13.15	14.90	13.38	23.95
Operating Income	45.92	40.60	38.40	38.28	37.96	34.32	32.00	31.65	30.55	27.93	27.58	27.03	26.90	24.25	22.35	20.40	21.52	20.53	20.36	22.25
Interest Expense	--	--	--	--	--	--	--	--	--	0.70	0.80	0.91	0.53	0.48	0.50	0.49	0.50	0.50	0.50	0.53
Pretax Income	45.95	44.05	39.34	48.25	34.30	32.62	31.38	29.37	30.27	27.25	26.73	26.53	27.28	24.73	22.67	20.34	21.57	20.49	20.19	22.52
Tax Provision	9.32	8.28	7.56	9.79	6.55	5.38	5.55	5.26	5.60	5.21	4.79	4.66	4.99	4.65	4.37	3.91	4.02	3.75	3.46	3.75
Net Income	36.63	35.77	31.78	38.46	27.75	27.23	25.82	24.11	24.67	22.04	21.94	21.87	22.29	20.08	18.30	16.43	17.56	16.74	16.73	18.77
Basic EPS	4.93	--	4.28	5.18	3.73	3.67	3.47	3.24	3.32	2.97	2.95	2.94	3.00	2.71	2.46	2.20	2.35	2.24	2.23	2.50
Diluted EPS	4.92	--	4.27	5.16	3.72	3.65	3.46	3.23	3.30	2.94	2.94	2.93	2.99	2.68	2.45	2.20	2.35	2.24	2.22	2.48

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* Derived from reported values

Cash Flow Statement

(in billions USD)

Metric	Q1 2027	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Operating Cash Flow	58.00	55.44	46.68	35.76	45.06	42.65	37.04	22.29	34.18	37.20	31.92	18.85	30.58	28.77	24.44	11.17	23.20	24.63	25.39	14.48
Capital Expenditures	39.37	35.80	30.88	29.88	19.39	17.08	16.75	15.80	14.92	13.87	10.95	9.74	9.92	8.94	6.61	6.27	6.28	6.87	5.34	5.87
Free Cash Flow*	18.63	19.64	15.80	5.88	25.66	25.57	20.30	6.49	19.26	23.32	20.97	9.12	20.67	19.83	17.83	4.90	16.92	17.76	20.05	8.62
Investing Cash Flow	(41.96)	(54.83)	(27.40)	(22.70)	(34.56)	(30.57)	(12.71)	(14.11)	(15.20)	(14.85)	(10.70)	(71.92)	0.50	(9.13)	(3.26)	(7.15)	(3.13)	(9.73)	(16.17)	(1.16)
Financing Cash Flow	(16.64)	(11.78)	(11.35)	(17.62)	(11.80)	(10.84)	(13.04)	(11.24)	(16.58)	(23.56)	(18.81)	(10.15)	14.76	(11.41)	(10.29)	(11.35)	(10.88)	(13.27)	(17.34)	(11.99)

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* Derived from reported values

Dividends Per Share

(USD)

Metric	Q1 2027	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Dividends Per Share	0.98	0.91	0.91	0.91	0.91	0.83	0.83	0.75	0.75	0.75	0.75	0.68	0.68	0.68	0.68	0.62	0.62	0.62	0.62	0.56

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