Microsoft (MSFT) FY2021 results: revenue $168.1 billion, up 17.5% on the year
Microsoft Corp. (MSFT) reported revenue of $168.1 billion for fiscal 2021, the year ended 30 June 2021, up 17.5% on the year before. Net income was $61.3 billion, up 38.4%, and diluted earnings per share $8.05. The figures are the company's own, from the 10-K it filed with the SEC on 29 July 2021.
Revenue
$168.1 billion
+17.5% on the year
FY2014FY2021
Operating margin
41.6%
37.0% a year earlier
FY2014FY2021
Net income
$61.3 billion
+38.4% on the year
FY2014FY2021
Diluted EPS
$8.05
+39.8% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
168,088
143,015
125,843
+17.5%
Cost of revenue
52,232
46,078
42,910
+13.4%
Gross profit
115,856
96,937
82,933
+19.5%
Gross margin
68.9%
67.8%
65.9%
Research and development
20,716
19,269
16,876
+7.5%
Operating income
69,916
52,959
42,959
+32.0%
Operating margin
41.6%
37.0%
34.1%
Interest expense
2,346
2,591
2,686
-9.5%
Pre-tax income
71,102
53,036
43,688
+34.1%
Income tax
9,831
8,755
4,448
+12.3%
Effective tax rate
13.8%
16.5%
10.2%
Net income
61,271
44,281
39,240
+38.4%
Net margin
36.5%
31.0%
31.2%
Diluted EPS
$8.05
$5.76
$5.06
+39.8%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
76,740
60,675
52,185
+26.5%
Capital expenditure
20,622
15,441
13,925
+33.6%
Free cash flow
56,118
45,234
38,260
+24.1%
Free cash flow margin
33.4%
31.6%
30.4%
Cash from investing
-27,577
-12,223
-15,773
Cash from financing
-48,486
-46,031
-36,887
Depreciation and amortisation
10,900
12,300
11,600
-11.4%
Share-based compensation
6,118
5,289
4,652
+15.7%
Buybacks
27,385
22,968
19,543
+19.2%
Dividends paid
16,521
15,137
13,811
+9.1%
Dividend per share
$2.24
$2.04
$1.84
+9.8%
Diluted shares, weighted
7,608m
7,683m
7,753m
-1.0%
Shares outstanding at period end
7,519m
7,571m
7,643m
-0.7%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
141,988
118,304
102,330
+20.0%
Debt
58,146
63,327
72,200
-8.2%
Operating lease liabilities
9,629
7,671
6,188
+25.5%
Other liabilities
124,016
112,009
105,838
+10.7%
Total liabilities and equity
333,779
301,311
286,556
+10.8%
Fixed assets
59,715
44,151
36,477
+35.3%
Goodwill
49,711
43,351
42,026
+14.7%
Intangible assets
7,800
7,038
7,750
+10.8%
Investments
122,094
125,916
125,112
-3.0%
Cash and equivalents
14,224
13,576
11,356
+4.8%
Receivables
38,043
32,011
29,524
+18.8%
Inventory
2,636
1,895
2,063
+39.1%
Other assets
39,556
33,373
32,248
+18.5%
Total assets
333,779
301,311
286,556
+10.8%
10-K for the year ended 30 June 2021, filed 29 July 2021: the filing.