Microsoft

MSFT Information Technology Market cap $3.87T as of Oct 30, 2026 11:18 ET S&P 500

Q1 FY27 Jul 1 – Sep 30, 2026 reported Oct 28, 2026

Revenue$92.3B +19% year over year

Gross profit$62.6B 68% margin

Operating profit$45.9B 50% margin

Net profit$36.6B 40% margin

Sankey diagram of Microsoft's income statement for Q1 FY27: revenue of $92.3 billion splits into segments and flows out into costs, taxes and net profit.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY27 (period ends Sep 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	92.3	100%	+19%
Azure	33.2	36%
Microsoft 365 cloud	27.8	30%
Productivity	8.4	9%
Search & advertising	6.6	7%
Xbox	5.4	6%
Industry solutions	5.3	6%
Windows OEM & devices	3.6	4%
Frontier & support	2.1	2%
Cost of revenue	−29.7	32%
Gross profit	62.6	68% margin	−1pp
R&D	−9.0	10%	−1pp
Sales & marketing	−5.7	6%	−1pp
G&A	−1.9	2%	+0pp
Operating profit	45.9	50% margin	+1pp
Tax	−9.3
Net profit	36.6	40% margin	+4pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	90.0	100%	+18%
Server & cloud	37.1	41%	+33%
Microsoft 365 commercial	27.9	31%	+15%
LinkedIn	5.2	6%	+12%
Xbox	5.0	6%	−10%
Other	4.6	5%
Windows & devices	4.0	4%	−7%
Search advertising	3.9	4%	+7%
Dynamics	2.4	3%	+11%
Cost of revenue	−29.5	33%
Gross profit	60.5	67% margin	−1pp
R&D	−10.0	11%	+0pp
Sales & marketing	−7.6	8%	−1pp
G&A	−2.3	3%	+0pp
Operating profit	40.6	45% margin	+0pp
Other income, net	3.4
Tax	−8.3
Net profit	35.8	40% margin	+4pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	82.9	100%	+18%
Server & cloud	32.6	39%	+32%
Commercial	25.6	31%	+17%
Gaming	5.3	6%	−7%
LinkedIn	4.8	6%	+12%
Other	4.4	5%
Windows & devices	4.0	5%	−2%
Search advertising	3.8	5%	+9%
Consumer	2.3	3%	+26%
Cost of revenue	−26.8	32%
Gross profit	56.1	68% margin	−1pp
R&D	−8.9	11%	−1pp
Sales & marketing	−6.8	8%	−1pp
G&A	−1.9	2%	+0pp
Operating profit	38.4	46% margin	+1pp
Other income, net	0.9
Tax	−7.6
Net profit	31.8	38% margin	+1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	81.3	100%	+17%
Server & cloud	30.9	38%	+31%
Commercial	24.5	30%	+16%
Gaming	6.0	7%	−9%
LinkedIn	5.1	6%	+11%
Windows & devices	4.5	6%	−1%
Other	4.2	5%
Search & news advertising	3.8	5%	+7%
Consumer	2.3	3%	+27%
Cost of revenue	−26.0	32%
Gross profit	55.3	68% margin	−1pp
R&D	−8.5	11%	−1pp
Sales & marketing	−6.6	8%	−1pp
G&A	−1.9	2%	+0pp
Operating profit	38.3	47% margin	+2pp
Other income, net	10.0
Tax	−9.8
Net profit	38.5	47% margin	+13pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	77.7	100%	+18%
Server & cloud	28.9	37%	+30%
Commercial	24.0	31%	+17%
Gaming	5.5	7%	−2%
LinkedIn	4.7	6%	+10%
Windows & devices	4.6	6%	+5%
Other	4.2	5%
Search & news advertising	3.7	5%	+15%
Consumer	2.2	3%	+28%
Cost of revenue	−24.0	31%
Gross profit	53.6	69% margin	+0pp
R&D	−8.1	11%	−1pp
Sales & marketing	−5.7	7%	−1pp
G&A	−1.8	2%	+0pp
Operating profit	38.0	49% margin	+2pp
Interest & other costs	−3.7
Tax	−6.6
Net profit	27.7	36% margin	−2pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Balance sheet of Microsoft, Q1 FY27: assets of $779.4B against liabilities and equity.

Assets $779.4B Liabilities $308.9B Equity $470.5B as of Sep 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY27 (period ends Sep 30, 2026).
Item	Value	Share
Assets	$779.4B	100%
Cash	$20.3B	3%
Short-term investments	$44.2B	6%
Receivables	$62.1B	8%
Inventory	$1.8B	0%
Other current assets	$57.7B	7%
Property & equipment	$346.8B	45%
Lease right-of-use	$30.2B	4%
Goodwill	$119.6B	15%
Intangibles	$17.8B	2%
Long-term investments	$37.8B	5%
Other assets	$41.0B	5%
Liabilities	$308.9B	40%
Payables	$42.6B	5%
Accrued liabilities	$10.2B	1%
Deferred revenue	$66.9B	9%
Short-term debt	$4.4B	1%
Other current liabilities	$26.5B	3%
Long-term debt	$31.1B	4%
Lease liabilities	$21.7B	3%
Deferred tax	$3.2B	0%
Other liabilities	$102.4B	13%
Equity	$470.5B	60%
Stockholders' equity	$470.5B	60%

Capital flow of Microsoft, Q1 FY27: $59.53B moved from its sources to its uses.

Money moved $59.53B Free cash flow $18.63B Jul 1 – Sep 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY27 (period ends Sep 30, 2026).
Item	Value	Share
Where the money came from	$59.53B	100%
Operating cash flow	$58.00B	97%
Investments sold, net	$0.28B	0%
Shares issued	$0.60B	1%
Taken from cash	$0.65B	1%
Where it went	−$59.53B	100%
Capital expenditure	−$39.37B	66%
Other investing	−$2.88B	5%
Share buybacks	−$5.88B	10%
Dividends	−$6.76B	11%
Other financing	−$4.60B	8%
Currency effect	−$0.05B	0%

Debt and liquidity of Microsoft, Q1 FY27: total debt $35.48B against cash and cash flow.

Total debt $35.48B Cash & short-term investments $64.51B Net cash $29.03B Operating cash flow, last 4 quarters $195.88B Interest expense, last 4 quarters $3.22B

Maturities as filed as of Jun 30, 2026; debt and cash as of Sep 30, 2026.

The numbers behind the diagram

Principal due, as of Jun 30, 2026
Due	Value
FY2027	$9.25B
FY2028	$0.00B
FY2029	$2.00B
FY2030	$0.00B
FY2031	$0.50B
after FY2031	$34.39B

Instruments, as of Jun 30, 2026
Due	Item	Coupon	Value
–	Notes, issue seven	3.5%	$23.80B
–	Notes, issue eight	2.4%	$19.80B
–	Notes, issue nine	3.3%	$17.10B
–	Notes, issue ten	1.35%	$10.10B
–	Notes, issue eleven	2.92%	$8.20B
–	Notes, issue five	3.75%	$5.20B
–	Notes, issue two	4.5%	$4.80B
–	Notes, issue six	2.63%	$4.10B
–	Notes, issue one	5.2%	$3.80B
–	Notes, issue thirteen	1.35%	$3.30B
–	Notes, issue three	5.3%	$2.30B
–	Notes, issue four	3.5%	$2.30B
–	Notes, issue twelve	1.35%	$0.10B

Capital structure of Microsoft, Q1 FY27: debt of $35.5B against book equity of $470.5B.

Debt to equity 0.08× Net cash $29.0B Interest coverage 50.63× Return on invested capital 35.2% Cost of debt, after tax 6.6% Book values as of Sep 30, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2025 to Sep 30, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Microsoft, Q4 FY26: assets of $758.4B against liabilities and equity.

Assets $758.4B Liabilities $316.0B Equity $442.4B as of Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Assets	$758.4B	100%
Cash	$20.9B	3%
Short-term investments	$55.9B	7%
Receivables	$80.9B	11%
Inventory	$1.4B	0%
Other current assets	$48.6B	6%
Property & equipment	$313.1B	41%
Lease right-of-use	$24.2B	3%
Goodwill	$119.7B	16%
Intangibles	$18.6B	2%
Long-term investments	$36.3B	5%
Other assets	$38.8B	5%
Liabilities	$316.0B	42%
Payables	$42.4B	6%
Accrued liabilities	$14.9B	2%
Deferred revenue	$73.0B	10%
Short-term debt	$9.2B	1%
Other current liabilities	$26.7B	4%
Long-term debt	$31.1B	4%
Lease liabilities	$16.5B	2%
Deferred tax	$3.1B	0%
Other liabilities	$99.0B	13%
Equity	$442.4B	58%
Stockholders' equity	$442.4B	58%

Capital flow of Microsoft, Q4 FY26: $67.37B moved from its sources to its uses.

Money moved $67.37B Free cash flow $19.64B Apr 1 – Jun 30, 2026 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Where the money came from	$67.37B	100%
Operating cash flow	$55.44B	82%
Shares issued	$0.52B	1%
Other financing	$0.24B	0%
Taken from cash	$11.17B	17%
Where it went	−$67.37B	100%
Capital expenditure	−$35.80B	53%
Investments bought, net	−$14.65B	22%
Other investing	−$4.38B	7%
Share buybacks	−$5.78B	9%
Dividends	−$6.76B	10%
Currency effect	−$<0.01B	0%

Debt and liquidity of Microsoft, Q4 FY26: total debt $40.29B against cash and cash flow.

Total debt $40.29B Cash & short-term investments $76.84B Net cash $36.55B Operating cash flow, last 4 quarters $182.94B Interest expense, last 4 quarters $3.05B

Maturities as filed as of Jun 30, 2026; debt and cash as of Jun 30, 2026.

The numbers behind the diagram

Principal due, as of Jun 30, 2026
Due	Value
FY2027	$9.25B
FY2028	$0.00B
FY2029	$2.00B
FY2030	$0.00B
FY2031	$0.50B
after FY2031	$34.39B

Instruments, as of Jun 30, 2026
Due	Item	Coupon	Value
–	Notes, issue seven	3.5%	$23.80B
–	Notes, issue eight	2.4%	$19.80B
–	Notes, issue nine	3.3%	$17.10B
–	Notes, issue ten	1.35%	$10.10B
–	Notes, issue eleven	2.92%	$8.20B
–	Notes, issue five	3.75%	$5.20B
–	Notes, issue two	4.5%	$4.80B
–	Notes, issue six	2.63%	$4.10B
–	Notes, issue one	5.2%	$3.80B
–	Notes, issue thirteen	1.35%	$3.30B
–	Notes, issue three	5.3%	$2.30B
–	Notes, issue four	3.5%	$2.30B
–	Notes, issue twelve	1.35%	$0.10B

Capital structure of Microsoft, Q4 FY26: debt of $40.3B against book equity of $442.4B.

Debt to equity 0.09× Net cash $36.5B Interest coverage 50.88× Return on invested capital 35.9% Cost of debt, after tax 5.9% Book values as of Jun 30, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2025 to Jun 30, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Microsoft, Q3 FY26: assets of $694.2B against liabilities and equity.

Assets $694.2B Liabilities $279.9B Equity $414.4B as of Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Assets	$694.2B	100%
Cash	$32.1B	5%
Short-term investments	$46.2B	7%
Receivables	$60.0B	9%
Inventory	$1.2B	0%
Other current assets	$35.8B	5%
Property & equipment	$283.2B	41%
Lease right-of-use	$24.4B	4%
Goodwill	$119.7B	17%
Intangibles	$19.3B	3%
Long-term investments	$33.7B	5%
Other assets	$38.6B	6%
Liabilities	$279.9B	40%
Payables	$37.5B	5%
Accrued liabilities	$11.3B	2%
Deferred revenue	$50.9B	7%
Short-term debt	$8.8B	1%
Other current liabilities	$24.6B	4%
Long-term debt	$31.4B	5%
Lease liabilities	$16.7B	2%
Deferred tax	$2.9B	0%
Other liabilities	$95.7B	14%
Equity	$414.4B	60%
Stockholders' equity	$414.4B	60%

Capital flow of Microsoft, Q3 FY26: $51.41B moved from its sources to its uses.

Money moved $51.41B Free cash flow $15.80B Jan 1 – Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Where the money came from	$51.41B	100%
Operating cash flow	$46.68B	91%
Other investing	$3.50B	7%
Shares issued	$0.54B	1%
Other financing	$0.69B	1%
Where it went	−$51.41B	100%
Capital expenditure	−$30.88B	60%
Investments bought, net	−$0.03B	0%
Share buybacks	−$5.83B	11%
Dividends	−$6.76B	13%
Currency effect	−$0.11B	0%
Added to cash	−$7.81B	15%

Debt and liquidity of Microsoft, Q3 FY26: total debt $40.26B against cash and cash flow.

Total debt $40.26B Cash & short-term investments $78.27B Net cash $38.01B Operating cash flow, last 4 quarters $170.14B Interest expense, last 4 quarters $2.83B

Maturities as filed as of Jun 30, 2025; debt and cash as of Mar 31, 2026.

The numbers behind the diagram

Principal due, as of Jun 30, 2025
Due	Value
FY2026	$3.00B
FY2027	$9.25B
FY2028	$0.00B
FY2029	$2.05B
FY2030	$0.00B
after FY2030	$34.90B

Instruments, as of Jun 30, 2025
Due	Item	Coupon	Value
–	Notes, issue seven	3.13%	$23.80B
–	Notes, issue eight	2.4%	$19.80B
–	Notes, issue nine	3.3%	$17.10B
–	Notes, issue ten	1.35%	$10.10B
–	Notes, issue eleven	2.92%	$8.20B
–	Notes, issue five	3.75%	$5.20B
–	Notes, issue two	4.5%	$4.80B
–	Notes, issue six	2.63%	$4.10B
–	Notes, issue one	5.2%	$3.80B
–	Notes, issue thirteen	1.35%	$3.30B
–	Notes, issue three	5.3%	$2.30B
–	Notes, issue four	3.5%	$2.30B
–	Notes, issue twelve	1.35%	$0.10B

Capital structure of Microsoft, Q3 FY26: debt of $40.3B against book equity of $414.4B.

Debt to equity 0.10× Net cash $38.0B Interest coverage 52.69× Return on invested capital 36.5% Cost of debt, after tax 5.5% Book values as of Mar 31, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2025 to Mar 31, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Microsoft, Q2 FY26: assets of $665.30B against liabilities and equity.

Assets $665.30B Liabilities $274.43B Equity $390.88B as of Dec 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Dec 31, 2025).
Item	Value	Share
Assets	$665.30B	100%
Cash	$24.30B	4%
Short-term investments	$65.17B	10%
Receivables	$56.54B	8%
Inventory	$1.06B	0%
Other current assets	$33.13B	5%
Property & equipment	$261.13B	39%
Lease right-of-use	$25.10B	4%
Goodwill	$119.62B	18%
Intangibles	$20.29B	3%
Long-term investments	$21.20B	3%
Other assets	$37.77B	6%
Liabilities	$274.43B	41%
Payables	$37.33B	6%
Accrued liabilities	$10.10B	2%
Deferred revenue	$51.38B	8%
Short-term debt	$4.84B	1%
Other current liabilities	$24.31B	4%
Long-term debt	$35.43B	5%
Lease liabilities	$17.35B	3%
Deferred tax	$2.88B	0%
Other liabilities	$90.83B	14%
Equity	$390.88B	59%
Stockholders' equity	$390.88B	59%

Capital flow of Microsoft, Q2 FY26: $47.75B moved from its sources to its uses.

Money moved $47.75B Free cash flow $5.88B Oct 1 – Dec 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Dec 31, 2025).
Item	Value	Share
Where the money came from	$47.75B	100%
Operating cash flow	$35.76B	75%
Investments sold, net	$2.57B	5%
Other investing	$4.60B	10%
Shares issued	$0.26B	1%
Currency effect	$0.01B	0%
Taken from cash	$4.55B	10%
Where it went	−$47.75B	100%
Capital expenditure	−$29.88B	63%
Share buybacks	−$8.92B	19%
Dividends	−$6.76B	14%
Other financing	−$2.20B	5%

Debt and liquidity of Microsoft, Q2 FY26: total debt $40.26B against cash and cash flow.

Total debt $40.26B Cash & short-term investments $89.46B Net cash $49.20B Operating cash flow, last 4 quarters $160.51B Interest expense, last 4 quarters $2.64B

Maturities as filed as of Jun 30, 2025; debt and cash as of Dec 31, 2025.

The numbers behind the diagram

Principal due, as of Jun 30, 2025
Due	Value
FY2026	$3.00B
FY2027	$9.25B
FY2028	$0.00B
FY2029	$2.05B
FY2030	$0.00B
after FY2030	$34.90B

Instruments, as of Jun 30, 2025
Due	Item	Coupon	Value
–	Notes, issue seven	3.13%	$23.80B
–	Notes, issue eight	2.4%	$19.80B
–	Notes, issue nine	3.3%	$17.10B
–	Notes, issue ten	1.35%	$10.10B
–	Notes, issue eleven	2.92%	$8.20B
–	Notes, issue five	3.75%	$5.20B
–	Notes, issue two	4.5%	$4.80B
–	Notes, issue six	2.63%	$4.10B
–	Notes, issue one	5.2%	$3.80B
–	Notes, issue thirteen	1.35%	$3.30B
–	Notes, issue three	5.3%	$2.30B
–	Notes, issue four	3.5%	$2.30B
–	Notes, issue twelve	1.35%	$0.10B

Capital structure of Microsoft, Q2 FY26: debt of $40.3B against book equity of $390.9B.

Debt to equity 0.10× Net cash $49.2B Interest coverage 53.94× Return on invested capital 37.6% Cost of debt, after tax 5.1% Book values as of Dec 31, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jan 1, 2025 to Dec 31, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Microsoft, Q1 FY26: assets of $636.4B against liabilities and equity.

Assets $636.4B Liabilities $273.3B Equity $363.1B as of Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Sep 30, 2025).
Item	Value	Share
Assets	$636.4B	100%
Cash	$28.8B	5%
Short-term investments	$73.2B	11%
Receivables	$52.9B	8%
Inventory	$1.1B	0%
Other current assets	$33.0B	5%
Property & equipment	$230.9B	36%
Lease right-of-use	$24.8B	4%
Goodwill	$119.5B	19%
Intangibles	$21.2B	3%
Long-term investments	$11.5B	2%
Other assets	$39.4B	6%
Liabilities	$273.3B	43%
Payables	$32.6B	5%
Accrued liabilities	$9.2B	1%
Deferred revenue	$59.0B	9%
Short-term debt	$7.8B	1%
Other current liabilities	$22.7B	4%
Long-term debt	$35.4B	6%
Lease liabilities	$17.3B	3%
Deferred tax	$2.9B	0%
Other liabilities	$86.4B	14%
Equity	$363.1B	57%
Stockholders' equity	$363.1B	57%

Capital flow of Microsoft, Q1 FY26: $48.17B moved from its sources to its uses.

Money moved $48.17B Free cash flow $25.66B Jul 1 – Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Sep 30, 2025).
Item	Value	Share
Where the money came from	$48.17B	100%
Operating cash flow	$45.06B	94%
Shares issued	$0.69B	1%
Other financing	$1.03B	2%
Taken from cash	$1.39B	3%
Where it went	−$48.17B	100%
Capital expenditure	−$19.39B	40%
Investments bought, net	−$11.64B	24%
Other investing	−$3.53B	7%
Share buybacks	−$7.35B	15%
Dividends	−$6.17B	13%
Currency effect	−$0.09B	0%

Debt and liquidity of Microsoft, Q1 FY26: total debt $43.21B against cash and cash flow.

Total debt $43.21B Cash & short-term investments $102.01B Net cash $58.80B Operating cash flow, last 4 quarters $147.04B Interest expense, last 4 quarters $2.50B

Maturities as filed as of Jun 30, 2025; debt and cash as of Sep 30, 2025.

The numbers behind the diagram

Principal due, as of Jun 30, 2025
Due	Value
FY2026	$3.00B
FY2027	$9.25B
FY2028	$0.00B
FY2029	$2.05B
FY2030	$0.00B
after FY2030	$34.90B

Instruments, as of Jun 30, 2025
Due	Item	Coupon	Value
–	Notes, issue seven	3.13%	$23.80B
–	Notes, issue eight	2.4%	$19.80B
–	Notes, issue nine	3.3%	$17.10B
–	Notes, issue ten	1.35%	$10.10B
–	Notes, issue eleven	2.92%	$8.20B
–	Notes, issue five	3.75%	$5.20B
–	Notes, issue two	4.5%	$4.80B
–	Notes, issue six	2.63%	$4.10B
–	Notes, issue one	5.2%	$3.80B
–	Notes, issue thirteen	1.35%	$3.30B
–	Notes, issue three	5.3%	$2.30B
–	Notes, issue four	3.5%	$2.30B
–	Notes, issue twelve	1.35%	$0.10B

Capital structure of Microsoft, Q1 FY26: debt of $43.2B against book equity of $363.1B.

Debt to equity 0.12× Net cash $58.8B Interest coverage 54.35× Return on invested capital 40.0% Cost of debt, after tax 4.7% Book values as of Sep 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2024 to Sep 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q1 FY27 Jul 1 – Sep 30, 2026 reported Oct 28, 2026 Operating margin 50% Net profit $36.6B	Jul 1 – Sep 30, 2026	Oct 28, 2026	$92.3B	+19%	50%	$36.6B	40%
Q4 FY26 Apr 1 – Jun 30, 2026 reported Jul 29, 2026 Operating margin 45% Net profit $35.8B	Apr 1 – Jun 30, 2026	Jul 29, 2026	$90.0B	+18%	45%	$35.8B	40%
Q3 FY26 Jan 1 – Mar 31, 2026 reported Apr 29, 2026 Operating margin 46% Net profit $31.8B	Jan 1 – Mar 31, 2026	Apr 29, 2026	$82.9B	+18%	46%	$31.8B	38%
Q2 FY26 Oct 1 – Dec 31, 2025 reported Jan 28, 2026 Operating margin 47% Net profit $38.5B	Oct 1 – Dec 31, 2025	Jan 28, 2026	$81.3B	+17%	47%	$38.5B	47%
Q1 FY26 Jul 1 – Sep 30, 2025 reported Oct 29, 2025 Operating margin 49% Net profit $27.7B	Jul 1 – Sep 30, 2025	Oct 29, 2025	$77.7B	+18%	49%	$27.7B	36%

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Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$35.5B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$470.5B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$506.0B	total debt + equity
Debt share total debt / total capital	7%	total debt / total capital
Equity share equity / total capital	93%	equity / total capital
Net cash total debt − cash and short-term investments	$29.0B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$163.2B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$38.3B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$201.5B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$3.2B	four quarters summed
Debt to equity total debt / equity	0.08×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $29.0B	net debt / EBITDA
Interest coverage EBIT / interest expense	50.63×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	19.7%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$131.1B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2025)	$372.9B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2025)
Return on invested capital NOPAT / average invested capital	35.2%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	8.2%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	6.6%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$40.3B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$442.4B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$482.7B	total debt + equity
Debt share total debt / total capital	8%	total debt / total capital
Equity share equity / total capital	92%	equity / total capital
Net cash total debt − cash and short-term investments	$36.5B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$155.2B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$34.3B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$189.5B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$3.1B	four quarters summed
Debt to equity total debt / equity	0.09×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $36.5B	net debt / EBITDA
Interest coverage EBIT / interest expense	50.88×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	19.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$125.1B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)	$349.0B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)
Return on invested capital NOPAT / average invested capital	35.9%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	7.3%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	5.9%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$43.2B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$363.1B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$406.3B	total debt + equity
Debt share total debt / total capital	11%	total debt / total capital
Equity share equity / total capital	89%	equity / total capital
Net cash total debt − cash and short-term investments	$58.8B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$135.9B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$24.4B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$160.3B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$2.5B	four quarters summed
Debt to equity total debt / equity	0.12×	total debt / equity
Net debt to EBITDA net debt / EBITDA	–net cash $58.8B	net debt / EBITDA
Interest coverage EBIT / interest expense	54.35×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	17.8%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$111.7B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)	$279.3B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)
Return on invested capital NOPAT / average invested capital	40.0%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	5.7%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	4.7%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Financial health

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