Microsoft (MSFT) FY2020 results: revenue $143.0 billion, up 13.6% on the year
Microsoft Corp. (MSFT) reported revenue of $143.0 billion for fiscal 2020, the year ended 30 June 2020, up 13.6% on the year before. Net income was $44.3 billion, up 12.8%, and diluted earnings per share $5.76. The figures are the company's own, from the 10-K it filed with the SEC on 30 July 2020.
Revenue
$143.0 billion
+13.6% on the year
FY2013FY2020
Operating margin
37.0%
34.1% a year earlier
FY2013FY2020
Net income
$44.3 billion
+12.8% on the year
FY2013FY2020
Diluted EPS
$5.76
+13.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
143,015
125,843
110,360
+13.6%
Cost of revenue
46,078
42,910
38,353
+7.4%
Gross profit
96,937
82,933
72,007
+16.9%
Gross margin
67.8%
65.9%
65.2%
Research and development
19,269
16,876
14,726
+14.2%
Operating income
52,959
42,959
35,058
+23.3%
Operating margin
37.0%
34.1%
31.8%
Interest expense
2,591
2,686
2,733
-3.5%
Pre-tax income
53,036
43,688
36,474
+21.4%
Income tax
8,755
4,448
19,903
+96.8%
Effective tax rate
16.5%
10.2%
54.6%
Net income
44,281
39,240
16,571
+12.8%
Net margin
31.0%
31.2%
15.0%
Diluted EPS
$5.76
$5.06
$2.13
+13.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
60,675
52,185
43,884
+16.3%
Capital expenditure
15,441
13,925
11,632
+10.9%
Free cash flow
45,234
38,260
32,252
+18.2%
Free cash flow margin
31.6%
30.4%
29.2%
Cash from investing
-12,223
-15,773
-6,061
Cash from financing
-46,031
-36,887
-33,590
Depreciation and amortisation
12,300
11,600
9,900
+6.0%
Share-based compensation
5,289
4,652
3,940
+13.7%
Buybacks
22,968
19,543
10,721
+17.5%
Dividends paid
15,137
13,811
12,699
+9.6%
Dividend per share
$2.04
$1.84
$1.68
+10.9%
Diluted shares, weighted
7,683m
7,753m
7,794m
-0.9%
Shares outstanding at period end
7,571m
7,643m
7,677m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
118,304
102,330
82,718
+15.6%
Short-term borrowings
n/a
n/a
0.0
Debt
63,327
72,200
76,200
-12.3%
Operating lease liabilities
7,671
6,188
5,568
+24.0%
Other liabilities
112,009
105,838
94,362
+5.8%
Total liabilities and equity
301,311
286,556
258,848
+5.1%
Fixed assets
44,151
36,477
29,460
+21.0%
Goodwill
43,351
42,026
35,683
+3.2%
Intangible assets
7,038
7,750
8,053
-9.2%
Investments
125,916
125,112
123,684
+0.6%
Cash and equivalents
13,576
11,356
11,946
+19.5%
Receivables
32,011
29,524
26,481
+8.4%
Inventory
1,895
2,063
2,662
-8.1%
Other assets
33,373
32,248
20,879
+3.5%
Total assets
301,311
286,556
258,848
+5.1%
10-K for the year ended 30 June 2020, filed 30 July 2020: the filing.