Microsoft said revenue for fiscal 2025 ended June 30, 2025 increased $36.6 billion, or 15%, and operating income increased $19.1 billion, or 17%. It said revenue increased across all segments.

10-KAnnual reportFiled Jul 30, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Microsoft said revenue for fiscal 2025 ended June 30, 2025 increased $36.6 billion, or 15%, and operating income increased $19.1 billion, or 17%. It said revenue increased across all segments.
Microsoft said Azure and other cloud services revenue for fiscal 2025 grew 34%. It added that Microsoft Cloud gross margin percentage declined to 69%, driven by the impact of scaling AI infrastructure, offset in part by efficiency gains in Azure.
Microsoft said cash from operations for fiscal 2025 increased $17.6 billion to $136.2 billion, and cash used in investing was $72.6 billion. Cash, cash equivalents, and short-term investments as of June 30, 2025 totaled $94.6 billion.
Microsoft repurchased 31 million shares for $13.0 billion in fiscal 2025 and declared dividends of $24.7 billion. The company also said the IRS sought an additional tax payment of $28.9 billion plus penalties and interest in Notices of Proposed Adjustment for tax years 2004 to 2013, but said it does not agree with the proposed adjustments.

Key figures

Fiscal year ended June 30, 2025

Revenue: $281.7B
Operating income: $128.5B
Net income: $101.8B
EPS: $13.64
Gross profit: $193.9B
Operating cash flow: $136.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual revenue and operating income growth

Microsoft said revenue for fiscal 2025 ended June 30, 2025 increased $36.6 billion, or 15%, and operating income increased $19.1 billion, or 17%. It said revenue increased across all segments.

Source · Based on the MD&A text of the filing

Azure growth and Microsoft Cloud gross margin

Microsoft said Azure and other cloud services revenue for fiscal 2025 grew 34%. It added that Microsoft Cloud gross margin percentage declined to 69%, driven by the impact of scaling AI infrastructure, offset in part by efficiency gains in Azure.

Source · Based on the MD&A text of the filing

Annual cash flows and cash balance

Microsoft said cash from operations for fiscal 2025 increased $17.6 billion to $136.2 billion, and cash used in investing was $72.6 billion. Cash, cash equivalents, and short-term investments as of June 30, 2025 totaled $94.6 billion.

Source · Based on the MD&A text of the filing

Share repurchases and IRS tax issues

Microsoft repurchased 31 million shares for $13.0 billion in fiscal 2025 and declared dividends of $24.7 billion. The company also said the IRS sought an additional tax payment of $28.9 billion plus penalties and interest in Notices of Proposed Adjustment for tax years 2004 to 2013, but said it does not agree with the proposed adjustments.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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