Microsoft
ConvictionModerate
Recurring enterprise SaaS subscriptions (M365), consumption-based cloud (Azure), per-seat AI add-ons (Copilot), plus licensing, gaming and advertising; ~75% commercial/recurring revenue.
Revenue
$318.3B TTMthrough Q3 FY26); $281.7B FY25Rev growth
+18% YoYQ3 FY26); +17.9% TTMGross margin
~67.6%Q3 FY26 — narrowest since 2022 as datacenter depreciation builds; Microsoft Cloud GM ~66%Op margin
46.3%Q3 FY26, up from 45.7% YoYCapex intensity
~38% of revenueQ3 FY26 capex $31.9B); calendar-2026 capex guided ~$190B, up ~61% YoYMarket cap
~$2.75TJun 26, 2026Price · 1-year trend
real · weekly$383-23% 1yUSD
52-week range
$353 – $539
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
subject
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-07-30. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$168.1B
FY’22
$198.3B+18%
FY’23
$211.9B+7%
FY’24
$245.1B+16%
FY’25
$281.7B+15%
Margins & balance sheet — FY’25
Gross margin68.8%
Operating margin45.6%
Net margin36.1%
Net debt$8.2B
The read
Where our coverage leans
Bull & bear in tension
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Full financial intelligence for Microsoft
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence