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Microsoft Corp. Q1 FY2024 results: revenue $56.5 billion, up 12.8% on the year

Microsoft Corp. (MSFT) reported revenue of $56.5 billion for Q1 FY2024, the quarter ended 30 September 2023, up 12.8% on the same quarter a year earlier. Net income was $22.3 billion, up 27.0% on the year, and diluted earnings per share $2.99. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$56.5 billionup 12.8%
Net income$22.3 billionup 27.0%
Diluted EPS$2.99
QuarterQ1 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Revenue56,517n/an/an/a
Cost of revenue16,302n/an/an/a
Gross profit40,215n/an/an/a
Gross margin71.2%n/an/a
Research and development6,659n/an/an/a
Operating income26,895n/an/an/a
Operating margin47.6%n/an/a
Interest expense525n/an/an/a
Pre-tax income27,284n/an/an/a
Income tax4,993n/an/an/a
Effective tax rate18.3%n/an/a
Net income22,291n/an/an/a
Net margin39.4%n/an/a
Diluted EPS$2.99n/an/an/a

$ million except per share. Free 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 and capital returned

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Operating cash flow30,583n/an/an/a
Capital expenditure9,917n/an/an/a
Free cash flow20,666n/an/an/a
Free cash flow margin36.6%n/an/a
Share-based compensation2,507n/an/an/a
Buybacks4,831n/an/an/a
Dividends paid5,051n/an/an/a
Dividend per share$0.75n/an/an/a
Diluted shares, weighted7,462mn/an/an/a
Shares outstanding at period end7,431mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Quarter beforeA year earlierChange on the year
Total assets445,785n/an/an/a
Cash and equivalents80,452n/an/an/a
Receivables36,953n/an/an/a
Inventory3,000n/an/an/a
Goodwill67,790n/an/an/a
Long-term debt45,694n/an/an/a
Borrowings, as the company tags them51,292n/an/an/a
Operating lease liabilities13,487n/an/an/a
Shareholders' equity220,714n/an/an/a

Quarterly results, the last 12 quarters

Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *
Revenue56,51762,02061,85864,72765,58569,63270,06676,44177,67381,27382,88690,007
Cost of revenue16,30219,62318,50519,68420,09921,79921,91924,01424,04325,97826,82829,525
Gross profit40,21542,39743,35345,04345,48647,83348,14752,42753,63055,29556,05860,482
Gross margin71%68%70%70%69%69%69%69%69%68%68%67%
R&D6,6597,1427,6538,0567,5447,9178,1988,8298,1468,5048,9159,997
Operating income26,89527,03227,58127,92530,55231,65332,00034,32337,96138,27538,39840,603
Operating margin48%44%45%43%47%45%46%45%49%47%46%45%
Interest expense525909800701582594594615698736778839
Pre-tax income27,28426,52626,72727,25030,26929,36531,37732,61634,30148,24639,34044,047
Tax rate18%18%18%19%19%18%18%17%19%20%19%19%
Net income22,29121,87021,93922,03624,66724,10825,82427,23327,74738,45831,77835,766
Net margin39%35%35%34%38%35%37%36%36%47%38%40%
Diluted EPS$2.99$2.93$2.94$2.94$3.30$3.23$3.46$3.65$3.72$5.16$4.27$4.80
Operating cash flow30,58318,85331,91737,19534,18022,29137,04442,64745,05735,75846,67955,441
Capital expenditure9,9179,73510,95213,87314,92315,80416,74517,07919,39429,87630,87635,802
Free cash flow20,6669,11820,96523,32219,2576,48720,29925,56825,6635,88215,80319,639
Buybacks4,8314,0004,2134,2104,1074,9864,7814,5465,6507,4154,6274,579
Dividends paid5,0515,5745,5725,5745,5746,1706,1696,1696,1696,7626,7566,758
Shares outstanding7,431m7,432m7,433m7,434m7,436m7,435m7,434m7,434m7,434m7,429m7,429m7,427m
Filing10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0000950170-23-054855: the filing on EDGAR. All of Microsoft Corp.'s filings: EDGAR company page.

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