Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of MSFT revenue, profitability and cash conversion; reported revenue growth was 17.79%.

Period comparison

FY2026 ended 2026-06-30; the prior observation ended 2025-06-30. Revenue moved from USD 281.724 billion to USD 331.839 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 101.832 billion to USD 133.749 billion. Operating income moved from USD 128.528 billion to USD 155.237 billion. Net margin moved from 36.15% to 40.31%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 136.162 billion in the earlier period and USD 182.935 billion in the later period. Selected free cash flow was USD 71.611 billion and USD 66.987 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Revenue mix, research spending, inventory and cash conversion.

Risks and uncertainties

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Sources & dates

Methodology protocol ↗SMS research updates ↗