Microsoft
Microsoft returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q4 | Jun 30, 2026 | 30.59% | 29.09% | 18.28% | 34.04% | 19.42% | 21.3 pp |
| FY 2026 Q3 | Mar 31, 2026 | 31.83% | 29.61% | 24.17% | 34.01% | 19.93% | 22.5 pp |
| FY 2026 Q2 | Dec 31, 2025 | 31.48% | 29.69% | 25.99% | 34.39% | 19.89% | 22.2 pp |
| FY 2026 Q1 | Sep 30, 2025 | 32.41% | 29.9% | 29.51% | 32.24% | 18.1% | 23.1 pp |
| FY 2025 Q4 | Jun 30, 2025 | 32.17% | 29.73% | 30.02% | 33.28% | 18% | 22.9 pp |
| FY 2025 Q3 | Mar 31, 2025 | 31.44% | 30% | 35.71% | 33.61% | 18.46% | 22.1 pp |
| FY 2025 Q2 | Dec 31, 2024 | 30.73% | 30.39% | 40.31% | 34.29% | 18.47% | 21.4 pp |
| FY 2025 Q1 | Sep 30, 2024 | 35.29% | 31.03% | 16.18% | 35.6% | 18.69% | 26 pp |
| FY 2024 Q4 | Jun 30, 2024 | 34.38% | 31.5% | 21.39% | 37.13% | 19.07% | 25.1 pp |
| FY 2024 Q3 | Mar 31, 2024 | 33.61% | 32.04% | 21.53% | 38.49% | 19.94% | 24.3 pp |
| FY 2024 Q2 | Dec 31, 2023 | 32.1% | 31.8% | 18.04% | 39.17% | 19.77% | 22.8 pp |
| FY 2024 Q1 | Sep 30, 2023 | 37.07% | 31.65% | 52% | 39.11% | 19.14% | 27.8 pp |
| FY 2023 Q4 | Jun 30, 2023 | 34.06% | 30.65% | -4.44% | 38.82% | 18.63% | 24.8 pp |
| FY 2023 Q3 | Mar 31, 2023 | 33.02% | 30.2% | -19.08% | 38.6% | 19.05% | 23.7 pp |
| FY 2023 Q2 | Dec 31, 2022 | 33.13% | 30.35% | -11.38% | 39.31% | 19.14% | 23.8 pp |
| FY 2023 Q1 | Sep 30, 2022 | 36.17% | 32.11% | 22.14% | 42.88% | 20.08% | 26.9 pp |
| FY 2022 Q4 | Jun 30, 2022 | 37.32% | 32.39% | 74.02% | 47.15% | 20.82% | 28 pp |
| FY 2022 Q3 | Mar 31, 2022 | 37.89% | 32.53% | 77.25% | 48.72% | 22.18% | 28.6 pp |
| FY 2022 Q2 | Dec 31, 2021 | 38.07% | 31.48% | 118.86% | 49.05% | 22.09% | 28.8 pp |
| FY 2022 Q1 | Sep 30, 2021 | 37.54% | 30.58% | 119.54% | 49.3% | 21.33% | 28.2 pp |
| FY 2021 Q4 | Jun 30, 2021 | 34.04% | 29.49% | 89.79% | 47.08% | 19.3% | 24.7 pp |
| FY 2021 Q3 | Mar 31, 2021 | 31.73% | 27.72% | 97.32% | 44.99% | 18.85% | 22.4 pp |
| FY 2021 Q2 | Dec 31, 2020 | 29.28% | 26.17% | 127.43% | 42.7% | 17.48% | 20 pp |
| FY 2021 Q1 | Sep 30, 2020 | 28.43% | 24.86% | 89.6% | 41.4% | 16.38% | 19.1 pp |
| FY 2020 Q4 | Jun 30, 2020 | 26.7% | 23.74% | 114.86% | 40.14% | 15.06% | 17.4 pp |
| FY 2020 Q3 | Mar 31, 2020 | 28.23% | 23.82% | 93.42% | 44.2% | 16.86% | 18.9 pp |
| FY 2020 Q2 | Dec 31, 2019 | 26.62% | 22.85% | 91.74% | 43.83% | 16.37% | 17.3 pp |
| FY 2020 Q1 | Sep 30, 2019 | 26.29% | 21.64% | 146.6% | 42.8% | 15.32% | 17 pp |
| FY 2019 Q4 | Jun 30, 2019 | 24.88% | 20.58% | 140.38% | 42.41% | 14.39% | 15.6 pp |
| FY 2019 Q3 | Mar 31, 2019 | 22.52% | 20.03% | 215.27% | 40.12% | 13.73% | 13.2 pp |
| FY 2019 Q2 | Dec 31, 2018 | 20.84% | 19.13% | 554.25% | 39.35% | 13.03% | 11.5 pp |
| FY 2019 Q1 | Sep 30, 2018 | 11.5% | 18.71% | — | 21.43% | 7.43% | 2.2 pp |
| FY 2018 Q4 | Jun 30, 2018 | 10.69% | 18.6% | — | 21.37% | 6.63% | 1.4 pp |
| FY 2018 Q3 | Mar 31, 2018 | 9.25% | 16.12% | -2,292.16% | 19.08% | 6.04% | -0 pp |
| FY 2018 Q2 | Dec 31, 2017 | 7.37% | 15.53% | -57.69% | 15.75% | 4.82% | -1.9 pp |
| FY 2018 Q1 | Sep 30, 2017 | 14.83% | 14.13% | 15.08% | 28.86% | 10% | 5.5 pp |
| FY 2017 Q4 | Jun 30, 2017 | 15.14% | 14.36% | 10.35% | 29.37% | 9.75% | 5.8 pp |
| FY 2017 Q3 | Mar 31, 2017 | 13.08% | 12.93% | 20.04% | 24.65% | 8.76% | 3.8 pp |
| FY 2017 Q2 | Dec 31, 2016 | 12.73% | 13.57% | 15.79% | 23.03% | 8.29% | 3.4 pp |
| FY 2017 Q1 | Sep 30, 2016 | 13.74% | 14.15% | 21.1% | 22.41% | 8.6% | 4.4 pp |
| FY 2016 Q4 | Jun 30, 2016 | 14.99% | 15.48% | 55.35% | 22.09% | 9.08% | 5.7 pp |
| FY 2016 Q3 | Mar 31, 2016 | 9.15% | 11.01% | — | 12.34% | 5.68% | -0.2 pp |
| FY 2016 Q2 | Dec 31, 2015 | 10.16% | 12.35% | -3,402.66% | 13.53% | 6.43% | 0.9 pp |
| FY 2016 Q1 | Sep 30, 2015 | 11.24% | 14.58% | -303.24% | 14.64% | 7.17% | 1.9 pp |
| FY 2015 Q4 | Jun 30, 2015 | 11.21% | 14.35% | -167.12% | 14.36% | 7% | 1.9 pp |
| FY 2015 Q3 | Mar 31, 2015 | 18.67% | 20.68% | -15.59% | 22.53% | 12.02% | 9.4 pp |
| FY 2015 Q2 | Dec 31, 2014 | 19.38% | 21.9% | -14.38% | 23.36% | 12.59% | 10.1 pp |
| FY 2015 Q1 | Sep 30, 2014 | 21.22% | 23.44% | -8.49% | 24.88% | 13.7% | 11.9 pp |
| FY 2014 Q4 | Jun 30, 2014 | 22.65% | 23.95% | 3.04% | 26.17% | 14.02% | 13.3 pp |
| FY 2014 Q3 | Mar 31, 2014 | 24.32% | 24.38% | 48.77% | 27.33% | 15.45% | 15 pp |
| FY 2014 Q2 | Dec 31, 2013 | 25.49% | 25.85% | 44.12% | 28.95% | 16.17% | 16.2 pp |
| FY 2014 Q1 | Sep 30, 2013 | 26.62% | 28.04% | 41.04% | 30.09% | 17.14% | 17.3 pp |
| FY 2013 Q4 | Jun 30, 2013 | 26.69% | 27.65% | 26% | 30.09% | 16.58% | 17.4 pp |
| FY 2013 Q3 | Mar 31, 2013 | — | 21.53% | — | 22.57% | 13.01% | — |
| FY 2013 Q2 | Dec 31, 2012 | 20.75% | 21.39% | -49.69% | 22.62% | 12.83% | 11.5 pp |
| FY 2013 Q1 | Sep 30, 2012 | 22.7% | 23.06% | -43.27% | 24.5% | 13.7% | 13.4 pp |
| FY 2012 Q4 | Jun 30, 2012 | 25.38% | 25.83% | -48.4% | 27.51% | 14.77% | 16.1 pp |
| FY 2012 Q3 | Mar 31, 2012 | — | 33.12% | — | 38.23% | 21.44% | — |
| FY 2012 Q2 | Dec 31, 2011 | 38.11% | 34.97% | 24.48% | 41.68% | 22.95% | 28.8 pp |
| FY 2012 Q1 | Sep 30, 2011 | 42.13% | 36.93% | 30.14% | 44.16% | 23.6% | 32.8 pp |
| FY 2011 Q4 | Jun 30, 2011 | 42.25% | 38.83% | 34.05% | 44.84% | 23.77% | 32.9 pp |
| FY 2011 Q3 | Mar 31, 2011 | — | 40.13% | — | 43.96% | 23.61% | — |
| FY 2011 Q2 | Dec 31, 2010 | — | 42.43% | — | 44.34% | 23.59% | — |
| FY 2011 Q1 | Sep 30, 2010 | — | 45.1% | — | 46.73% | 23.79% | — |
| FY 2010 Q4 | Jun 30, 2010 | — | — | — | — | — | — |
| FY 2010 Q3 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q2 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2010 Q1 | Sep 30, 2009 | — | — | — | — | — | — |
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.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.3%, rounded from the Software · System & Application benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MSFT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.