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Arphra AIPlain-English read on Microsoft Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $168.09B | $198.27B | $211.92B | $245.12B | $281.72B | $329.44B | $384.37B | $454.48B | $538.68B |
| Cost of revenue | $52.23B | $62.65B | $65.86B | $74.11B | $87.83B | $99.64B | $117.07B | $142.65B | $163.32B |
| Gross profit | $115.86B | $135.62B | $146.05B | $171.01B | $193.89B | $222.53B | $269.08B | $322.54B | $375.82B |
| Gross margin | +68.93% | +68.40% | +68.92% | +69.76% | +68.82% | +67.55% | +70.00% | +70.97% | +69.77% |
| Operating | |||||||||
| Research & development | $20.72B | $24.51B | $27.2B | $29.51B | $32.49B | $39.82B | $46.06B | $55.09B | $64.65B |
| Selling, general & administrative | $25.22B | $27.73B | $30.33B | $32.07B | $32.88B | $43.49B | $51.14B | $58.66B | $69.29B |
| Total operating expenses | $45.94B | $52.24B | $57.53B | $61.58B | $65.37B | $80.53B | $95.05B | $116.52B | $138.06B |
| Operating income | $69.92B | $83.38B | $88.52B | $109.43B | $128.53B | $142.53B | $171.47B | $200.82B | $243.45B |
| Operating margin | +41.59% | +42.06% | +41.77% | +44.64% | +45.62% | +43.26% | +44.61% | +44.19% | +45.19% |
| EBITDA | $85.13B | $100.24B | $105.14B | $133.01B | $160.17B | $180.37B | $207.29B | $250.02B | $296.9B |
| EBIT | $73.45B | $85.78B | $91.28B | $110.72B | $126.01B | $143.36B | $166.79B | $206.63B | $241.34B |
| Below the line | |||||||||
| Interest expense | $2.35B | $2.06B | $1.97B | $2.94B | $2.39B | $3.27B | $3.7B | $4.56B | $5.28B |
| Interest income | $2.13B | $2.09B | $2.99B | $3.16B | $2.65B | $4.1B | $4.68B | $5.36B | $6.49B |
| Other income / expense | $1.19B | $333M | $788M | -$1.65B | -$4.9B | — | — | — | — |
| Pre-tax income | $71.1B | $83.72B | $89.31B | $107.79B | $123.63B | $145.09B | $170.06B | $199.14B | $233.96B |
| Income tax expense | $9.83B | $10.98B | $16.95B | $19.65B | $21.8B | $25.96B | $30.77B | $36.27B | $43.5B |
| Earnings | |||||||||
| Net income | $61.27B | $72.74B | $72.36B | $88.14B | $101.83B | $114.11B | $133.29B | $165.38B | $192.17B |
| Net income · continuing ops | $61.27B | $72.74B | $72.36B | $88.14B | $101.83B | $114.13B | $138.82B | $163.52B | $192.27B |
| Net margin | +36.45% | +36.69% | +34.15% | +35.96% | +36.15% | +34.64% | +34.68% | +36.39% | +35.68% |
| EPS · basic | $8.12 | $9.70 | $9.72 | $11.86 | $13.70 | $17.03 | $19.49 | $22.85 | $27.20 |
| EPS · diluted | $8.05 | $9.65 | $9.68 | $11.80 | $13.64 | $16.80 | $19.43 | $22.83 | $27.04 |
| EPS · low estimate | — | — | — | — | — | $16.65 | $18.36 | $20.94 | $25.91 |
| EPS · high estimate | — | — | — | — | — | $17.15 | $20.46 | $26.75 | $28.14 |
| Shares · basic | 7.55B | 7.5B | 7.45B | 7.43B | 7.43B | 7.44B | 7.46B | 7.39B | 7.42B |
| Shares · diluted | 7.61B | 7.54B | 7.47B | 7.47B | 7.47B | 7.53B | 7.43B | 7.48B | 7.4B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 37 | 41 | 36 | 22 |
| Analysts (EPS) | — | — | — | — | — | 24 | 30 | 23 | 10 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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