Microsoft
Microsoft sells cloud infrastructure, AI agents, productivity software, Windows, devices, gaming and search advertising, and is borrowing and spending heavily to expand AI capacity.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Keep funding the AI infrastructure build with a larger share of debt, with further bond issuance in the coming year rather than a pullback in capital spending.
- Quarterly additions to property and equipment versus cash from operations
- Further notes issued under the existing shelf registration
- Cash and short-term investment balance in the next 10-Q
- Push deeper into in-house chip and hardware design for its datacenters, with silicon becoming a larger share of engineering investment.Medium confidence
- Position Azure as a multi-model platform, reducing visible dependence on OpenAI while keeping the investment.Medium confidence
- Refresh board oversight toward finance and payments as the company takes on more debt and agent-based commerce, naming a new Audit and Finance Committee chair from recent finance-heavy appointees.Medium confidence
- Run Devices and Consumer for profit and reach rather than growth, with cost actions or more third-party distribution for hardware and gaming.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2022-06 | FY 2023-06 | FY 2024-06 | FY 2025-06 | FY 2026-06 |
|---|---|---|---|---|---|
| Revenue | $198.3B | $211.9B | $245.1B | $281.7B | $331.8B |
| Gross profit | $135.6B | $146.1B | $171.0B | $193.9B | $225.5B |
| Operating income | $83.4B | $88.5B | $109.4B | $128.5B | $155.2B |
| Net income | $72.7B | $72.4B | $88.1B | $101.8B | $133.7B |
| Operating cash flow | $89.0B | $87.6B | $118.5B | $136.2B | $182.9B |
| Capital expenditure | $23.9B | $28.1B | $44.5B | $64.6B | $115.9B |
| Free cash flow | $65.1B | $59.5B | $74.1B | $71.6B | $67.0B |
| R&D | $24.5B | $27.2B | $29.5B | $32.5B | $35.6B |
| Stock-based comp | $7.5B | $9.6B | $10.7B | $12.0B | $12.4B |
| Buybacks | $32.7B | $22.2B | $17.3B | $18.4B | $22.3B |
| Dividends | $18.1B | $19.8B | $21.8B | $24.1B | $26.4B |
| Cash | $13.9B | $34.7B | $18.3B | $30.2B | $20.9B |
| Total debt | $52.5B | $52.5B | $53.9B | $46.1B | $49.5B |
| Equity | $166.5B | $206.2B | $268.5B | $343.5B | $442.4B |
Built from the company's disclosures: 10-K (2026-07-29), 8-K (2026-11-05), 8-K (2026-11-04), 8-K (2026-10-28), 8-K (2026-10-28), DEF 14A (2026-10-21).
StratGraph publishes general, impersonal research about public companies based on public filings. It is not investment advice, not a recommendation to buy, sell or hold any security, and not tailored to any reader's circumstances. Content may contain errors and may be partly generated with AI tools; verify against the original filings, which are linked. Authors may not trade securities discussed within the window set by our trading policy. Full disclaimer.