Microsoft (MSFT) FY2019 results: revenue $125.8 billion, up 14.0% on the year
Microsoft Corp. (MSFT) reported revenue of $125.8 billion for fiscal 2019, the year ended 30 June 2019, up 14.0% on the year before. Net income was $39.2 billion, up 136.8%, and diluted earnings per share $5.06. The figures are the company's own, from the 10-K it filed with the SEC on 1 August 2019.
Revenue
$125.8 billion
+14.0% on the year
FY2012FY2019
Operating margin
34.1%
31.8% a year earlier
FY2012FY2019
Net income
$39.2 billion
+136.8% on the year
FY2012FY2019
Diluted EPS
$5.06
+137.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
125,843
110,360
96,571
+14.0%
Cost of revenue
42,910
38,353
34,261
+11.9%
Gross profit
82,933
72,007
62,310
+15.2%
Gross margin
65.9%
65.2%
64.5%
Research and development
16,876
14,726
13,037
+14.6%
Operating income
42,959
35,058
29,025
+22.5%
Operating margin
34.1%
31.8%
30.1%
Interest expense
2,686
2,733
2,222
-1.7%
Pre-tax income
43,688
36,474
29,901
+19.8%
Income tax
4,448
19,903
4,412
-77.7%
Effective tax rate
10.2%
54.6%
14.8%
Net income
39,240
16,571
25,489
+136.8%
Net margin
31.2%
15.0%
26.4%
Diluted EPS
$5.06
$2.13
$3.25
+137.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
52,185
43,884
39,507
+18.9%
Capital expenditure
13,925
11,632
8,129
+19.7%
Free cash flow
38,260
32,252
31,378
+18.6%
Free cash flow margin
30.4%
29.2%
32.5%
Cash from investing
-15,773
-6,061
-46,781
Cash from financing
-36,887
-33,590
8,408
Depreciation and amortisation
11,600
9,900
7,800
+17.2%
Share-based compensation
4,652
3,940
3,266
+18.1%
Buybacks
19,543
10,721
11,788
+82.3%
Dividends paid
13,811
12,699
11,845
+8.8%
Dividend per share
$1.84
$1.68
$1.56
+9.5%
Diluted shares, weighted
7,753m
7,794m
7,832m
-0.5%
Shares outstanding at period end
7,643m
7,677m
7,708m
-0.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
102,330
82,718
87,711
+23.7%
Short-term borrowings
n/a
0.0
n/a
Debt
72,200
76,200
86,194
-5.2%
Operating lease liabilities
6,188
5,568
5,372
+11.1%
Other liabilities
105,838
94,362
71,035
+12.2%
Total liabilities and equity
286,556
258,848
250,312
+10.7%
Fixed assets
36,477
29,460
23,734
+23.8%
Goodwill
42,026
35,683
35,122
+17.8%
Intangible assets
7,750
8,053
10,106
-3.8%
Investments
125,112
123,684
131,341
+1.2%
Cash and equivalents
11,356
11,946
7,663
-4.9%
Receivables
29,524
26,481
22,431
+11.5%
Inventory
2,063
2,662
2,181
-22.5%
Other assets
32,248
20,879
17,734
+54.5%
Total assets
286,556
258,848
250,312
+10.7%
10-K for the year ended 30 June 2019, filed 1 August 2019: the filing.