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Microsoft

NASDAQ: MSFT · USD

Microsoft debt and dilution84

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$40,294M
Sep 30, 2009 through Jun 30, 2026

Cash & equivalents

USD millions

$20,935M

Net debt

USD millions

$19,359M

Debt / equity

×

0.09×

Debt / assets

%

5.31%

Net debt / EBITDA

× · TTM

0.1×

Debt / FCF

× · TTM

0.6×

Interest coverage

× · TTM

50.88×

Current ratio

×

1.23×

Diluted shares

Million shares

7,440.96M shares

Basic shares

Million shares

7,425.99M shares

Share count growth

%

-0.05%

Share repurchases

USD millions

$4,579M

Quarterly data

Microsoft capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedTotal debtUSD millionsCash & equivalentsUSD millionsNet debtUSD millionsDebt / equity×Debt / assets%Net debt / EBITDA×Debt / FCF×Interest coverage×Current ratio×Diluted sharesMillion sharesBasic sharesMillion sharesShare count growth%Share repurchasesUSD millions
FY 2026 Q4Jun 30, 202640,29420,93519,3590.09×5.31%0.1×0.6×50.88×1.23×7,440.967,425.99-0.05%4,579
FY 2026 Q3Mar 31, 202640,26232,1058,1570.1×5.8%0.04×0.55×52.69×1.28×7,4457,426-0.11%4,627
FY 2026 Q2Dec 31, 202540,26224,29615,9660.1×6.05%0.09×0.52×53.94×1.39×7,4607,431-0.05%7,415
FY 2026 Q1Sep 30, 202543,20828,84914,3590.12×6.79%0.09×0.55×54.35×1.4×7,4667,4330%5,650
FY 2025 Q4Jun 30, 202543,15130,24212,9090.13×6.97%0.08×0.6×53.89×1.35×7,461.997,429.99-0.01%4,546
FY 2025 Q3Mar 31, 202542,88128,82814,0530.13×7.62%—0.62×49.43×1.37×7,4617,4340.04%4,781
FY 2025 Q2Dec 31, 202444,97017,48227,4880.15×8.42%—0.64×43.97×1.35×7,4687,4350.04%4,986
FY 2025 Q1Sep 30, 202445,11720,84024,2770.16×8.63%—0.62×37.8×1.3×7,4707,4330.05%4,107
FY 2024 Q4Jun 30, 202451,63018,31533,3150.19×10.08%0.26×0.7×37.29×1.27×7,475.047,431-0.04%4,210
FY 2024 Q3Mar 31, 202465,44219,63445,8080.26×13.51%—0.93×38.94×1.24×7,4727,431-0.13%4,213
FY 2024 Q2Dec 31, 202374,21917,30556,9140.31×15.77%—1.1×41.68×1.22×7,4687,432-0.25%4,000
FY 2024 Q1Sep 30, 202371,50280,452-8,9500.32×16.04%—1.13×47.11×1.66×7,4627,429-0.38%4,831
FY 2023 Q4Jun 30, 202347,23734,70412,5330.23×11.47%0.12×0.79×44.98×1.77×7,465.987,433.96-0.51%5,704
FY 2023 Q3Mar 31, 202348,21026,56221,6480.25×12.68%—0.84×42.79×1.91×7,4647,441-0.69%5,509
FY 2023 Q2Dec 31, 202248,11615,64632,4700.26×13.2%—0.81×41.64×1.93×7,4737,451-0.72%5,459
FY 2023 Q1Sep 30, 202248,62222,88425,7380.28×13.51%—0.77×41.83×1.84×7,4857,457-0.75%5,573
FY 2022 Q4Jun 30, 202249,78113,93135,8500.3×13.64%0.37×0.76×40.42×1.78×7,503.877,471.91-0.72%8,757
FY 2022 Q3Mar 31, 202249,92612,49837,4280.31×14.49%—0.78×38.65×1.99×7,5347,493-0.61%8,822
FY 2022 Q2Dec 31, 202153,25820,60432,6540.33×15.65%—0.88×34.95×2.25×7,5557,505-0.66%7,433
FY 2022 Q1Sep 30, 202153,28819,16534,1230.35×15.89%—0.88×32.35×2.16×7,5677,513-0.7%7,684
FY 2021 Q4Jun 30, 202158,14614,22443,9220.41×17.42%0.54×1.04×29.8×2.08×7,580.97,525.92-0.75%7,177
FY 2021 Q3Mar 31, 202158,05813,70244,3560.43×18.8%—1.08×25.91×2.29×7,5977,539-0.83%6,930
FY 2021 Q2Dec 31, 202060,52314,43246,0910.46×19.9%—1.2×24.45×2.58×7,6167,555-0.87%6,535
FY 2021 Q1Sep 30, 202063,55217,20546,3470.52×21.11%—1.29×22.08×2.53×7,6377,566-0.89%6,743
FY 2020 Q4Jun 30, 202063,32713,57649,7510.54×21.02%0.76×1.4×20.44×2.52×7,652.787,582.8-0.94%5,791
FY 2020 Q3Mar 31, 202066,61011,71054,9000.58×23.34%—1.54×20.19×2.9×7,6757,602-0.91%7,059
FY 2020 Q2Dec 31, 201969,6088,86460,7440.63×24.61%—1.72×18.75×2.8×7,6917,621-0.92%5,206
FY 2020 Q1Sep 30, 201969,49513,11756,3780.66×24.91%—1.8×17.25×2.85×7,7107,634-0.51%4,912
FY 2019 Q4Jun 30, 201972,17811,35660,8220.71×25.19%1.11×1.89×15.99×2.53×7,734.937,654.93-0.35%4,633
FY 2019 Q3Mar 31, 201973,10011,21261,8880.77×27.77%—2.17×15.22×2.97×7,7447,672-0.34%4,753
FY 2019 Q2Dec 31, 201873,1696,63866,5310.79×28.27%—2.29×14.35×3.12×7,7687,692-0.23%6,413
FY 2019 Q1Sep 30, 201876,23015,13761,0930.89×29.59%—2.38×13.64×2.92×7,7667,673-0.45%3,744
FY 2018 Q4Jun 30, 201876,24011,94664,2940.92×29.45%1.43×2.36×12.83×2.9×7,781.967,681.93-0.44%2,362
FY 2018 Q3Mar 31, 201877,1579,22167,9360.97×31.43%—2.3×11.05×3.4×7,7947,698-0.35%3,781
FY 2018 Q2Dec 31, 201789,26012,85976,4011.14×34.87%—2.68×10.37×2.89×7,7107,710-0.58%2,008
FY 2018 Q1Sep 30, 201785,4756,88478,5910.95×34.31%—2.65×10.1×3.12×7,7997,708-1.04%2,570
FY 2017 Q4Jun 30, 201786,1947,66378,5311.19×35.75%2.61×2.75×10.05×2.48×7,807.917,715.89-1.63%1,765
FY 2017 Q3Mar 31, 201784,0086,71377,2951.2×37.33%—2.95×10.5×2.81×7,8137,725-2.15%2,062
FY 2017 Q2Dec 31, 201684,9708,46876,5021.23×37.83%—3.08×12.03×2.05×7,8307,755-2.62%3,599
FY 2017 Q1Sep 30, 201674,73613,92860,8081.06×35.17%—2.79×13.71×2.69×7,8767,789-2.59%4,362
FY 2016 Q4Jun 30, 201653,6876,51047,1770.75×27.72%1.81×2.15×16.24×2.35×7,928.387,843.41-2.72%3,677
FY 2016 Q3Mar 31, 201646,3947,17039,2240.62×25.51%—1.94×13.14×2.9×7,9857,895-3.33%3,857
FY 2016 Q2Dec 31, 201544,4297,18537,2440.58×24.67%—1.85×16.1×3×8,0287,964-3.21%3,678
FY 2016 Q1Sep 30, 201538,5675,43133,1360.5×22.31%—1.66×20.84×2.46×8,0667,996-3.07%4,757
FY 2015 Q4Jun 30, 201535,2925,59529,6970.44×20.03%1.26×1.53×23.25×2.5×8,136.578,062.58-2.21%4,279
FY 2015 Q3Mar 31, 201531,8687,41424,4540.35×18.04%—1.21×37.97×2.91×8,2378,167-1.41%5,131
FY 2015 Q2Dec 31, 201428,3086,42621,8820.31×16.19%—1.05×40.59×2.45×8,2978,228-1.18%2,145
FY 2015 Q1Sep 30, 201423,7206,30217,4180.26×13.98%—0.88×42.61×2.52×8,3518,249-1.08%2,888
FY 2014 Q4Jun 30, 201422,6458,66913,9760.25×13.14%0.44×0.85×46.5×2.5×8,362.878,244.8-1.2%1,170
FY 2014 Q3Mar 31, 201422,67911,57211,1070.26×14.53%—1×49.91×3.22×8,3678,284-0.96%1,845
FY 2014 Q2Dec 31, 201322,97610,05912,9170.27×14.96%—1.02×58.07×3.17×8,3958,326-0.8%2,113
FY 2014 Q1Sep 30, 201315,9324,02311,9090.2×11.19%—0.67×61.48×2.87×8,4348,339-0.68%2,188
FY 2013 Q4Jun 30, 201315,6003,80411,7960.2×10.95%0.39×0.63×62.39×2.71×8,463.988,344.89-0.54%1,042
FY 2013 Q3Mar 31, 201314,1955,2408,9550.19×10.58%—0.52×51.56×2.93×8,4298,364-0.44%1,028
FY 2013 Q2Dec 31, 201214,1886,0178,1710.2×11.03%—0.51×50.24×2.81×8,4448,393-0.11%1,658
FY 2013 Q1Sep 30, 201211,9505,0366,9140.17×9.81%—0.41×52.15×2.68×8,4948,3960.05%1,632
FY 2012 Q4Jun 30, 201211,9446,9385,0060.18×9.85%0.2×0.41×57.27×2.6×8,518.098,389.96-0.44%1,030
FY 2012 Q3Mar 31, 2012—6,388—————73.39×2.94×8,4988,401-0.23%1,023
FY 2012 Q2Dec 31, 201111,90010,6101,2900.19×10.6%—0.45×73.78×2.86×8,4658,402-1.12%1,042
FY 2012 Q1Sep 30, 201111,90012,881-9810.2×11.08%—0.47×79.21×2.95×8,4908,392-2.58%1,934
FY 2011 Q4Jun 30, 201111,9009,6102,2900.21×10.95%0.08×0.48×92.07×2.6×8,544.828,426.77-3.29%1,256
FY 2011 Q3Mar 31, 201111,9007,0214,8790.22×11.93%—0.49×113.11×2.76×8,5108,420-3.96%848
FY 2011 Q2Dec 31, 20109,7004,0235,6770.2×10.51%—0.42×137.42×2.45×8,5708,497-4.05%5,052
FY 2011 Q1Sep 30, 201010,7008,1612,5390.23×11.69%—0.44×169.19×2.3×8,6958,614-3.37%4,399
FY 2010 Q4Jun 30, 20106,0005,5054950.13×6.97%0.02×0.27×159.59×2.13×8,842.698,713.64—3,839
FY 2010 Q3Mar 31, 2010—8,155——————2.06×8,8768,767—2,023
FY 2010 Q2Dec 31, 2009—9,422——————2.04×8,9518,856—3,867
FY 2010 Q1Sep 30, 2009—8,823——————1.82×8,9838,914—1,540
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · MSFT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt
Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents
Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt
Total debt − cash and equivalents. Negative means net cash.
Debt / equity
Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets
Total debt / total assets × 100.
Net debt / EBITDA
Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF
Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage
TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio
Current assets / positive current liabilities.
Diluted shares
Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares
Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth
Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases
Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.