Microsoft Corporation cash flow statement

In fiscal 2026, Microsoft Corporation's operations generated $182.94bn of cash; it spent $115.95bn on capital projects, leaving free cash flow of $66.99bn. It returned $26.45bn in dividends and $22.27bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Microsoft Corporation: cash flow statement, annual
Fiscal year	2010Jun 2010	2011Jun 2011	2012Jun 2012	2013Jun 2013	2014Jun 2014	2015Jun 2015	2016Jun 2016	2017Jun 2017	2018Jun 2018	2019Jun 2019	2020Jun 2020	2021Jun 2021	2022Jun 2022	2023Jun 2023	2024Jun 2024	2025Jun 2025	2026Jun 2026	LTMSept 2026
Cash from operations	24.1	27.0	31.6	28.8	32.5	29.7	33.3	39.5	43.9	52.2	60.7	76.7	89.0	87.6	118.5	136.2	182.9	195.9
Depreciation and amortisation	1.8	2.0	2.2	2.6	3.4	4.1	4.9	6.1	7.7	9.7	10.7	9.3	12.6	11.0	15.2	22.0	34.3	38.3
Stock-based pay	1.9	2.2	2.2	2.4	2.4	2.6	2.7	3.3	3.9	4.7	5.3	6.1	7.5	9.6	10.7	12.0	12.4	12.6
Capital spending	2.0	2.4	2.3	4.3	5.5	5.9	8.3	8.1	11.6	13.9	15.4	20.6	23.9	28.1	44.5	64.6	115.9	135.9
Free cash flow	22.1	24.6	29.3	24.6	27.0	23.7	25.0	31.4	32.3	38.3	45.2	56.1	65.1	59.5	74.1	71.6	67.0	60.0
Free cash flow after stock pay	20.2	22.5	27.1	22.2	24.6	21.2	22.3	28.1	28.3	33.6	39.9	50.0	57.6	49.9	63.3	59.6	54.6	47.4
Dividends paid	4.6	5.2	6.4	7.5	8.9	9.9	11.0	11.8	12.7	13.8	15.1	16.5	18.1	19.8	21.8	24.1	26.4	27.0
Share buybacks	11.3	11.6	5.0	5.4	7.3	14.4	16.0	11.8	10.7	19.5	23.0	27.4	32.7	22.2	17.3	18.4	22.3	21.0
Shares issued	2.3	2.4	1.9	0.9	0.6	0.6	0.7	0.8	1.0	1.1	1.3	1.7	1.8	1.9	2.0	2.1	2.0	1.9

US$ billions unless shown otherwise. Fiscal quarters.

Microsoft Corporation: cash flow statement, quarterly
Quarter	2025 Q2Dec 2024	2025 Q3Mar 2025	2025 Q4Jun 2025	2026 Q1Sept 2025	2026 Q2Dec 2025	2026 Q3Mar 2026	2026 Q4Jun 2026	2027 Q1Sept 2026
Cash from operations	22.3	37.0	42.6	45.1	35.8	46.7	55.4	58.0
Depreciation and amortisation	5.2	5.8	6.3	7.1	7.9	9.0	10.3	11.1
Stock-based pay	3.1	3.0	3.1	3.0	3.2	3.1	3.1	3.1
Capital spending	15.8	16.7	17.1	19.4	29.9	30.9	35.8	39.4
Free cash flow	6.5	20.3	25.6	25.7	5.9	15.8	19.6	18.6
Free cash flow after stock pay	3.4	17.3	22.5	22.7	2.7	12.7	16.5	15.5
Shares issued	0.3	0.5	0.5	0.7	0.3	0.5	0.5	0.6

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Microsoft Corporation's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Microsoft Corporation.