Microsoft Corporation

NasdaqGS-MSFT

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	27,747	27,233	25,824	24,108	24,667	22,036
Net Income
Depreciation & Amortization	13,061	11,203	8,740	6,827	7,383	6,380
Depreciation, Amortization, and Other
Stock Based Compensation	2,983	3,073	2,980	3,089	2,832	2,696
Stock-Based Compensation Expense
Other Adjustments	1,484	-2,165	-2,542	-182	-1,558	-1,101
Goodwill and Asset Impairments
Net Recognized Gains on Investments and Derivatives
Deferred Income Taxes
Changes in Trade Receivables	16,490	-16,179	-2,461	-5,978	14,037	-13,246
Accounts Receivable
Changes in Inventories	-192	-81	52	711	-373	55
Inventories
Changes in Accounts Payable	-614	-652	1,179	958	-916	4,204
Accounts Payable
Changes in Income Taxes Payable	-2,944	1,043	1,298	-3,395	1,016	-806
Income Taxes
Changes in Unearned Revenue	-5,418	18,361	-1,032	-6,338	-5,553	15,657
Deferral of Unearned Revenue
Recognition of Unearned Revenue
Unearned Revenue
Changes in Other Operating Activities	-7,540	811	3,006	2,491	-7,355	1,320
Other Current Assets
Other Long-Term Assets
Other Current Liabilities
Other Long-Term Liabilities
Cash from Operating Activities	45,057	42,647	37,044	22,291	34,180	37,195
Net Cash from Operations

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-19,394	-17,079	-16,745	-15,804	-14,923	-13,873
Additions to Property and Equipment
Purchases of Investments	-17,671	-21,631	-4,474	-2,050	-1,620	-2,831
Purchases of Investments
Proceeds from Sale of Investments	9,293	7,239	8,882	5,163	4,104	3,580
Maturities of Investments
Sales of Investments
Payments for Business Acquisitions	-578	-1,743	-981	-1,405	-1,849	-1,342
Acquisition of Companies, Net of Cash Acquired and Divestitures, and Purchases of Intangible and Other Assets
Other Investing Activities	-6,209	2,642	604	-16	-913	-382
Securities Lending Payable
Other, Net
Cash from Investing Activities	-34,559	-30,572	-12,714	-14,112	-15,201	-14,848
Net Cash Used in Investing

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	-5,746	-1,142
Repayments of Debt, Maturities of 90 Days or Less
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	-5,746	-1,142
Issuance of Long-Term Debt	—	—	—	—	—	197
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	—	—	-2,250	—	-966	-13,065
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	-2,250	—	-966	-12,868
Issuance of Common Shares	689	548	546	256	706	534
Common Stock Issued
Repurchases of Common Shares	-5,650	-4,546	-4,781	-4,986	-4,107	-4,210
Common Stock Repurchased
Net Issuance / (Repurchases) of Common Shares	-4,961	-3,998	-4,235	-4,730	-3,401	-3,676
Common Share Dividends Paid	-6,169	-6,169	-6,169	-6,170	-5,574	-5,574
Common Stock Cash Dividends Paid
Other Financing Activities	-669	-677	-382	-343	-889	-303
Cash Premium on Debt Exchange
Other, Net
Cash from Financing Activities	-11,799	-10,844	-13,036	-11,243	-16,576	-23,563
Net Cash Used in Financing

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	25,663	25,568	20,299	6,487	19,257	23,322
NOPAT	30,707.7	28,658.3	26,336.7	25,986.4	24,897.6	22,581.8
Levered Free Cash Flow	4,706	40,839	20,072	9,558	-2,766	20,963
Unlevered Free Cash Flow	7,666.7	42,264.3	22,834.7	11,436.4	4,176.6	35,518.8
Net Change in Cash	-1,301	1,231	11,294	-3,064	2,403	-1,216