Record profit at Microsoft, as data-center spending cuts free cash flow
Revenue grew 17.8% to $331.8 billion and operating margin hit 46.8%. Capital spending rose 80% to $115.9 billion, so free cash flow fell for a second year.
Revenue
$331.8B
↑ 17.8% vs FY2025
Operating margin
46.8%
↑ 1.2 pts vs 45.6%
Net income
$133.7B
↑ 31.3% · 22.1% excl. OpenAI
Capital spending
$115.9B
79.6% vs $64.6B
Free cash flow
$67.0B
↓ 6.5% vs $71.6B
Microsoft's revenue grew 17.8% to $331.8 billion in fiscal 2026, its fastest growth since fiscal 2022, and its operating margin reached 46.8%, the highest of the eight years covered here. Cash spent on property and equipment rose 80% to $115.9 billion. That left free cash flow at $67.0 billion, down for a second year even though operating cash flow grew by a third.
Growth picked up and operating margin kept widening
Revenue growth accelerated to 17.8% after 15.7% in fiscal 2024 and 14.9% in fiscal 2025. Over seven years revenue has grown 2.6 times, from $125.8 billion in fiscal 2019, a compound rate of 14.9% a year.
Operating margin rose for a third straight year, from 34.1% in fiscal 2019 to 46.8%. Operating expenses grew more slowly than revenue: research and development was 10.7% of revenue in fiscal 2026, against 13.4% in fiscal 2019. Gross margin moved the other way. It fell for a second year, from 69.8% in fiscal 2024 to 67.9%, because cost of revenue, which includes the cost of running Microsoft's data centers, grew 21.1% against revenue growth of 17.8%.
OpenAI lifted net income
Net income rose 31.3% to $133.7 billion and diluted earnings per share rose 31.6% to $17.95. Part of that came from outside the operating business. Other income swung from a $4.9 billion loss in fiscal 2025 to a $10.7 billion gain. Microsoft's earnings release says net gains on its investments in OpenAI added $4,963 million to fiscal 2026 net income ($0.67 per share), after losses on the same investments reduced fiscal 2025 net income by $3,620 million ($0.49 per share).
Excluding both years' OpenAI effects, net income rose 22.1%, close to the 20.8% growth in operating income. The effective tax rate was 19.4%.
Capital spending now takes most of the operating cash
Cash from operations rose 34.4% to $182.9 billion. Additions to property and equipment rose faster, by 79.6% to $115.9 billion, which is 4.1 times the fiscal 2023 figure. Capital spending absorbed 63% of operating cash flow, compared with 27% in fiscal 2019 and 32% in fiscal 2023.
Free cash flow fell from $74.1 billion in fiscal 2024 to $71.6 billion and then $67.0 billion. As a share of revenue it dropped to 20.2%, from a range of 28% to 33% between fiscal 2019 and fiscal 2023.
Leases are extra. The capital spending figure counts only cash paid for property and equipment. Microsoft also adds data-center capacity through finance leases, which do not show up as capital spending in the cash flow statement. Its finance lease liabilities grew from $17.1 billion in June 2023 to $66.6 billion in June 2026.The balance sheet is turning into property
Property and equipment, net of depreciation, reached $313.1 billion in June 2026. That is 3.3 times the June 2023 level and 8.6 times June 2019, and equal to 71% of shareholders' equity, up from 36% in 2019.
Cash and short-term investments of $76.8 billion still exceed total debt of $40.3 billion, down from $72.2 billion in 2019. Counting finance lease liabilities as debt, Microsoft had $30.0 billion more debt than cash at June 2026. A year earlier the same measure showed $5.2 billion more cash than debt. It had also been negative at June 2024, by $3.2 billion, when Microsoft carried short-term borrowings as well as long-term debt. In 2019 it showed $55.1 billion more cash than debt.
Payouts to shareholders rose again
Microsoft paid $26.4 billion in dividends, up 9.8%, and spent $22.3 billion buying back shares. Together that is $48.7 billion, or 73% of free cash flow, up from 59% in fiscal 2025. The diluted share count fell 0.2% during the year to 7,453 million, and 3.9% since fiscal 2019.
Eight years of figures
Updated October 6, 2026: debt now includes short-term borrowings, as on the site's company pages. This raised debt at June 2024, when Microsoft had short-term borrowings, and changed the comparison of cash with debt and leases for that year and, by rounding, for 2019.
Sources: Form 10-K (SEC EDGAR) · Form 10-K filing index · EDGAR company facts for Microsoft · Microsoft fiscal 2026 fourth-quarter earnings release (Exhibit 99.1). More figures for Microsoft are on its company page.
Ingresos trimestrales, Microsoft
Márgenes por trimestre
Doce trimestres de cifras
| Trimestre | T1 '24 | T2 '24 | T3 '24 | T4 '24 | T1 '25 | T2 '25 | T3 '25 | T4 '25 | T1 '26 | T2 '26 | T3 '26 | T4 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $56,5 mil M | $62,0 mil M | $61,9 mil M | $64,7 mil M | $65,6 mil M | $69,6 mil M | $70,1 mil M | $76,4 mil M | $77,7 mil M | $81,3 mil M | $82,9 mil M | $90,0 mil M |
| Crecimiento de ingresos | 12,8% | 17,6% | 17,0% | 15,2% | 16,0% | 12,3% | 13,3% | 18,1% | 18,4% | 16,7% | 18,3% | 17,8% |
| Margen bruto | 71,2% | 68,4% | 70,1% | 69,6% | 69,4% | 68,7% | 68,7% | 68,6% | 69,1% | 68,0% | 67,6% | 67,2% |
| Margen operativo | 47,6% | 43,6% | 44,6% | 43,1% | 46,6% | 45,5% | 45,7% | 44,9% | 48,9% | 47,1% | 46,3% | 45,1% |
| Beneficio neto | $22,3 mil M | $21,9 mil M | $21,9 mil M | $22,0 mil M | $24,7 mil M | $24,1 mil M | $25,8 mil M | $27,2 mil M | $27,7 mil M | $38,5 mil M | $31,8 mil M | $35,8 mil M |
| BPA diluido | $2,99 | $2,93 | $2,94 | $2,95 | $3,30 | $3,23 | $3,46 | $3,65 | $3,72 | $5,16 | $4,27 | $4,81 |
| Flujo de caja operativo | $30,6 mil M | $18,9 mil M | $31,9 mil M | $37,2 mil M | $34,2 mil M | $22,3 mil M | $37,0 mil M | $42,6 mil M | $45,1 mil M | $35,8 mil M | $46,7 mil M | $55,4 mil M |
| Inversión en capital (capex) | $9,9 mil M | $9,7 mil M | $11,0 mil M | $13,9 mil M | $14,9 mil M | $15,8 mil M | $16,7 mil M | $17,1 mil M | $19,4 mil M | $29,9 mil M | $30,9 mil M | $35,8 mil M |
| Flujo de caja libre | $20,7 mil M | $9,1 mil M | $21,0 mil M | $23,3 mil M | $19,3 mil M | $6,5 mil M | $20,3 mil M | $25,6 mil M | $25,7 mil M | $5,9 mil M | $15,8 mil M | $19,6 mil M |
| Dividendos y recompras | $9,9 mil M | $9,6 mil M | $9,8 mil M | $9,8 mil M | $9,7 mil M | $11,2 mil M | $11,0 mil M | $10,7 mil M | $11,8 mil M | $14,2 mil M | $11,4 mil M | $11,3 mil M |
Esta noticia describe cifras que la empresa ha publicado. Es solo informativa y no constituye asesoramiento de inversión ni una recomendación de comprar, vender o mantener ningún valor. Comprueba los informes originales antes de fiarte de una cifra. Stoqly no tiene vínculo con la SEC ni con Microsoft.
