Microsoft Corporation (MSFT) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|
| Cash from Operations | 46.68B | 35.76B | 45.06B | 42.65B | 37.04B | 22.29B | 34.18B | 37.2B | 31.92B | 18.85B | 30.58B | 28.77B | 24.44B | 11.17B | 23.2B | 24.63B | 25.39B | 14.48B | 24.54B | 22.71B |
| Operating CF Margin % | 56.32% | 44% | 58.01% | 55.79% | 52.87% | 32.01% | 52.12% | 57.46% | 51.6% | 30.4% | 54.11% | 51.2% | 46.24% | 21.18% | 46.28% | 47.49% | 51.43% | 27.99% | 54.15% | 49.21% |
| Operating CF Growth % | 26.01% | 60.41% | 31.82% | 14.66% | 16.06% | 18.24% | 11.76% | 29.28% | 30.59% | 68.74% | 31.83% | 16.81% | -3.72% | -22.84% | -5.47% | 8.45% | 14.46% | 15.69% | 26.92% | 21.62% |
| Net Income | 31.78B | 38.46B | 27.75B | 27.23B | 25.82B | 24.11B | 24.67B | 22.04B | 21.94B | 21.87B | 22.29B | 20.08B | 18.3B | 16.43B | 17.56B | 16.74B | 16.73B | 18.77B | 20.5B | 16.46B |
| Depreciation & Amortization | 10.17B | 9.2B | 13.06B | 11.2B | 8.74B | 5.67B | 7.38B | 6.38B | 6.03B | 5.96B | 3.92B | 3.87B | 3.55B | 3.65B | 2.79B | 3.98B | 3.77B | 3.5B | 3.21B | 3.34B |
| Stock-Based Compensation | 3.08B | 3.22B | 2.98B | 3.07B | 2.98B | 3.09B | 2.83B | 2.7B | 2.7B | 2.83B | 2.51B | 2.42B | 2.46B | 2.54B | 2.19B | 2B | 1.91B | 1.9B | 1.7B | 1.57B |
| Deferred Taxes | 2.6B | 4.45B | 2.49B | -2.22B | -2.24B | -1.16B | -1.43B | -1.15B | -1.32B | -1.7B | -568M | -1.89B | -1.68B | -1.3B | -1.19B | 283M | -198M | 183M | -5.97B | -34M |
| Other Non-Cash Items | -1.28B | -9.93B | -1.01B | 56M | -298M | 2.14B | -125M | 44M | 49M | 198M | 14M | 44M | -40M | 214M | -22M | 157M | 105M | -307M | -364M | -416M |
| Working Capital Changes | 331M | -9.63B | -218M | 3.3B | 2.04B | -11.55B | 856M | 7.18B | 2.52B | -10.3B | 2.42B | 4.24B | 1.84B | -10.35B | 1.87B | 1.47B | 3.07B | -9.55B | 5.46B | 1.79B |
| Change in Receivables | -4.71B | -3.44B | 16.49B | -16.18B | -2.46B | -5.98B | 14.04B | -13.25B | -2.03B | -2.95B | 11.03B | -11.24B | -1.41B | -3.16B | 11.73B | -12.63B | 857M | -5.54B | 10.49B | -11.61B |
| Change in Inventory | -161M | 70M | -192M | -81M | 52M | 711M | -373M | 55M | 260M | 1.47B | -505M | 374M | 106M | 1.3B | -543M | -461M | -279M | 394M | -777M | -388M |
| Change in Payables | 2.32B | 1.2B | -614M | -652M | 1.18B | 958M | -916M | 4.2B | 648M | -2.52B | 1.21B | 1.31B | -407M | -2.06B | -1.57B | 2.66B | 520M | 235M | -471M | 1.62B |
| Cash from Investing | -27.41B | -22.7B | -34.56B | -30.57B | -12.71B | -14.11B | -15.2B | -14.85B | -10.7B | -71.92B | 503M | -9.13B | -3.26B | -7.15B | -3.13B | -9.73B | -16.17B | -1.16B | -3.25B | -10.85B |
| Capital Expenditures | -30.88B | -29.88B | -19.39B | -17.08B | -16.75B | -15.8B | -14.92B | -13.87B | -10.95B | -9.73B | -9.92B | -8.94B | -6.61B | -6.27B | -6.28B | -6.87B | -5.34B | -5.87B | -5.81B | -6.45B |
| CapEx % of Revenue | 37.25% | 36.76% | 24.97% | 22.34% | 23.9% | 22.7% | 22.75% | 21.43% | 17.71% | 15.7% | 17.55% | 15.92% | 12.5% | 11.89% | 12.54% | 13.25% | 10.82% | 11.34% | 12.82% | 13.98% |
| Acquisitions | -258M | -455M | -578M | -1.74B | -981M | -1.41B | -1.85B | -1.34B | -1.57B | -65.03B | -1.19B | -341M | -301M | -679M | -349M | -1.26B | -18.72B | -850M | -1.21B | -501M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.6B | -637M | -6.21B | 2.64B | 604M | -16M | -913M | -382M | -1.28B | 1.35B | -982M | -269M | -1.69B | -301M | -860M | -1.14B | -1.18B | -89M | -417M | 434M |
| Cash from Financing | -11.35B | -17.62B | -11.8B | -10.84B | -13.04B | -11.24B | -16.58B | -23.56B | -18.81B | -10.15B | 14.76B | -11.41B | -10.29B | -11.35B | -10.88B | -13.27B | -17.34B | -11.99B | -16.28B | -11.37B |
| Debt Issued (Net) | 0 | -3B | 0 | 8.96B | -2.25B | 0 | -6.71B | -14.01B | -9.05B | -633M | 24.27B | -1B | 0 | -750M | -1B | 0 | -4.2B | 0 | -4.83B | 0 |
| Equity Issued (Net) | -4.09B | -7.16B | -4.96B | -4B | -4.24B | -4.73B | -3.4B | -3.68B | -3.69B | -3.74B | -4.15B | -5.19B | -4.97B | -5.22B | -5B | -8.3B | -8.35B | -7.14B | -7.07B | -6.73B |
| Dividends Paid | -6.76B | -6.76B | -6.17B | -6.17B | -6.17B | -6.17B | -5.57B | -5.57B | -5.57B | -5.57B | -5.05B | -5.05B | -5.06B | -5.07B | -4.62B | -4.63B | -4.64B | -4.65B | -4.21B | -4.21B |
| Share Repurchases | -4.63B | -7.42B | -5.65B | -4.55B | -4.78B | -4.99B | -4.11B | -4.21B | -4.21B | -4B | -4.83B | -5.7B | -5.51B | -5.46B | -5.57B | -8.76B | -8.82B | -7.43B | -7.68B | -7.18B |
| Other Financing | -509M | -699M | -669M | -9.64B | -382M | -343M | -889M | -303M | -498M | -201M | -307M | -167M | -258M | -317M | -264M | -341M | -158M | -192M | -172M | -430M |
| Net Change in Cash | 7.81B | -4.55B | -1.39B | 1.41B | 11.35B | -3.36B | 2.52B | -1.32B | 2.33B | -63.15B | 45.75B | 8.14B | 10.92B | -7.24B | 8.95B | 1.43B | -8.11B | 1.44B | 4.94B | 522M |
| Free Cash Flow | 15.8B | 5.88B | 25.66B | 25.57B | 20.3B | 6.49B | 19.26B | 23.32B | 20.96B | 9.12B | 20.67B | 19.83B | 17.83B | 4.9B | 16.91B | 17.76B | 20.05B | 8.62B | 18.73B | 16.26B |
| FCF Margin % | 19.07% | 7.24% | 33.04% | 33.45% | 28.97% | 9.32% | 29.36% | 36.03% | 33.89% | 14.7% | 36.57% | 35.29% | 33.74% | 9.29% | 33.75% | 34.24% | 40.61% | 16.65% | 41.33% | 35.23% |
| FCF Growth % | -22.15% | -9.33% | 33.27% | 9.63% | -3.18% | -28.85% | -6.82% | 17.63% | 17.56% | 86.12% | 22.18% | 11.65% | -11.03% | -43.13% | -9.69% | 9.23% | 17.3% | 3.27% | 29.82% | 16.72% |
| FCF per Share | 2.12 | 0.79 | 3.44 | 3.43 | 2.72 | 0.87 | 2.58 | 3.12 | 2.81 | 1.22 | 2.77 | 2.66 | 2.39 | 0.66 | 2.26 | 2.37 | 2.66 | 1.14 | 2.48 | 2.14 |
| FCF Conversion (FCF/Net Income) | 1.47x | 0.93x | 1.62x | 1.57x | 1.43x | 0.92x | 1.39x | 1.69x | 1.45x | 0.86x | 1.37x | 1.43x | 1.34x | 0.68x | 1.32x | 1.47x | 1.52x | 0.77x | 1.20x | 1.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |