Microsoft (MSFT) Annual Revenue and Earnings History
Direct answer: Microsoft reported $245 billion in revenue for fiscal year 2024 (ending June 2024), with net income of $88 billion and a 36% net profit margin. Azure cloud business drove revenue growth from $143 billion in FY2019 to $245 billion in FY2024. Operating segments: Intelligent Cloud (Azure, $105B), Productivity and Business Processes (Office, $78B), More Personal Computing (Windows, Xbox, $62B).
Microsoft annual revenue, net income, EPS, and net margin (FY2014-FY2024)
| Fiscal Year | Revenue (B) | Net Income (B) | EPS | Net Margin |
|---|---|---|---|---|
| FY2014 | $86.8 | $22.1 | $2.63 | 25.5% |
| FY2016 | $85.3 | $16.8 | $2.10 | 19.7% |
| FY2017 | $90.0 | $21.2 | $2.71 | 23.5% |
| FY2018 | $110.4 | $16.6 | $2.13 | 15.0% |
| FY2019 | $125.8 | $39.2 | $5.06 | 31.2% |
| FY2020 | $143.0 | $44.3 | $5.76 | 31.0% |
| FY2021 | $168.1 | $61.3 | $8.05 | 36.5% |
| FY2022 | $198.3 | $72.7 | $9.65 | 36.7% |
| FY2023 | $211.9 | $72.4 | $9.72 | 34.1% |
| FY2024 | $245.1 | $88.1 | $11.80 | 35.9% |
Source: Microsoft Investor Relations Earnings. Note: FY2018 net income depressed by TCJA one-time charge. Last verified: September 2026.
Frequently asked questions
What transformed Microsoft under Satya Nadella?
Satya Nadella became CEO in February 2014, inheriting a declining Windows PC business. His transformation centered on: (1) Azure cloud -- building Microsoft's cloud infrastructure business into a direct competitor to AWS, growing from essentially nothing to $100+ billion annually; (2) subscription pivot -- transitioning Office from one-time purchase to Office 365/Microsoft 365 recurring subscriptions; (3) mobile-first, cloud-first strategy that reduced dependence on Windows licensing; (4) strategic acquisitions (LinkedIn $26B, GitHub $7.5B, Activision $69B, Nuance $16B). Revenue grew from $86 billion in FY2014 to $245 billion in FY2024.
How large is Azure compared to AWS?
AWS (Amazon Web Services) remains the largest cloud provider with approximately 30-32% market share. Microsoft Azure is second at approximately 22-24% market share. Google Cloud is third at approximately 11-12%. Azure grew faster than AWS in the FY2021-2024 period, narrowing the gap, though AWS remains substantially larger in absolute revenue. Microsoft's advantage is enterprise integration: Azure sells well into organizations already running Office 365, Teams, and Azure Active Directory.
Does Microsoft pay a dividend?
Yes. Microsoft has paid dividends since 2003 and has increased them every year since 2004. As of FY2024, the quarterly dividend is $0.75/share ($3.00/year annualized), yielding approximately 0.7-0.8% on a stock at around $400. Microsoft also conducts significant share buybacks. In FY2024, Microsoft returned approximately $34 billion through dividends and buybacks combined. The payout ratio is approximately 25%, leaving significant cash retained for investment and acquisitions. Dividend growth has been consistent at approximately 10-12% per year.