FirmAtlas
Company handbook · MSFT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MSFT · CIK 789019 · LATEST FILING: 10-K FY26 · FILED JUL 29, 2026
MICROSOFT CORPORATION
$528.95
−10.49 (−1.94%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $349–554
Microsoft sells cloud computing (Azure), Microsoft 365 office software and Copilot AI, Windows, business apps (Dynamics), LinkedIn, Xbox and games (including Activision Blizzard), Bing search ads, and Surface devices.
- SegmentsProductivity And Business Processes 42% · Intelligent Cloud 42% · More Personal Computing 16% (FY26)
- ProductsServer Products And Cloud Services 39% · Microsoft Three Six Five Commercial Products And Cloud Services 31% · Gaming 7% · Linked In Corporation 6% · Windows And Devices 5% · Search Advertising 5% · Microsoft Three Six Five Consumer Products And Cloud Services 3% · Dynamics 3% · Enterprise And Partner Services 2% · Other Products And Services 0% (FY26)
- RegionsUS 51% · Outside US 49% (FY26)
- CustomersBusinesses, governments, schools and consumers worldwide; sold directly, through partners and resellers, pre-installed by PC makers, and online
- ChangeIntelligent Cloud 42% of revenue in FY26, up from 27% in FY16
- Cash useFY17–FY26: capex $346.7B · buybacks $205.3B · dividends $180.2B
Reinvested 39% of operating cash flow · returned 71% of free cash flow
Last fiscal year
MICROSOFT CORPORATION reported revenue of $331.8B for the year ended Jun 30, 2026 (FY26), up 17.8% from FY25. Net income was $133.7B, operating cash flow $182.9B and free cash flow $67.0B. Source: 10-K filed Jul 29, 2026.
Leases not yet commenced, primarily for datacenters, were $329.1 billion at June 30, 2026, starting between fiscal 2027 and fiscal 2033.
10-K FY26Additions to property and equipment rose by $51.4 billion in fiscal 2026.
10-K FY26OpenAI completed a recapitalization in October 2025; Microsoft's equity-method stake is now approximately 25%, and fiscal 2026 revenue from OpenAI arrangements was $24.1 billion.
10-K FY26Commercial remaining performance obligation increased 84% to $678 billion.
10-K FY26
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$3.93T
P/E
29.4
EV/EBITDA
20.6x
P/B
8.9
Div yield
0.69%
ROIC
35.4%
Revenue 10Y
13.8%/yr
EPS 10Y
21.5%/yr
Shares 10Y
−5%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOSatya Nadella
HQRedmond, WA
AuditorDeloitte & Touche LLP
Employees223,000
Year endsJune
Revenue by segment · FY26
Productivity And Business Processes42%
Intelligent Cloud42%
More Personal Computing16%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
13.8%
14.6%
16.1%
17.8%
Net income
20.6%
16.9%
22.7%
31.3%
EPS
21.5%
17.4%
22.9%
31.6%
Share price
24.9%
11.7%
16.7%
3.4%
Avg ROIC
68.9%
50.5%
40.4%
35.4%
Dividend / share
9.7%
10.1%
10.2%
—
The windows end at FY26, the highest net income in the record.
Dividend per share raised every year for 10 years.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY17–FY26
$732.3B deployed
Capex
$346.7B
47.3%
Dividends
$180.2B
24.6%
Buybacks
$205.3B
28.0%
Operating cash flow over the period: $887.3B. Total debt changed by −$4.0B. R&D of $233.9B is already inside operating costs.
More cash than debt at the end of FY26.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY23, B = FY26 · A = FY21, B = FY26 · A = FY16, B = FY26
Total growth
+20.4%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+47.7%
ROIIC 23.8% × reinvestment 200.1%
+
Engine 2 · existing capital
−27.3%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $53.4B ÷ Δ capital $224.2B
Total growth
+15.7%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+45.9%
ROIIC 24.2% × reinvestment 189.4%
+
Engine 2 · existing capital
−30.2%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $64.9B ÷ Δ capital $267.7B
Total growth
+19.6%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+39.4%
ROIIC 32.5% × reinvestment 121.4%
+
Engine 2 · existing capital
−19.8%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $104.2B ÷ Δ capital $320.9B
Financials
10-year record · USD millions · each year opens its 10-K · FY26 = year ended Jun 30, 2026 · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
96,571+5.9%
110,360+14.3%
125,843+14.0%
143,015+13.6%
168,088+17.5%
198,270+18.0%
211,915+6.9%
245,122+15.7%
281,724+14.9%
331,839+17.8%
YoY
+5.9%
+14.3%
+14.0%
+13.6%
+17.5%
+18.0%
+6.9%
+15.7%
+14.9%
+17.8%
Gross profit
62,310+6.7%
72,007+15.6%
82,933+15.2%
96,937+16.9%
115,856+19.5%
135,620+17.1%
146,052+7.7%
171,008+17.1%
193,893+13.4%
225,465+16.3%
Gross margin
64.5%+0.5 pp
65.2%+0.7 pp
65.9%+0.7 pp
67.8%+1.9 pp
68.9%+1.1 pp
68.4%−0.5 pp
68.9%+0.5 pp
69.8%+0.8 pp
68.8%−0.9 pp
67.9%−0.9 pp
Operating income
29,025+11.3%
35,058+20.8%
42,959+22.5%
52,959+23.3%
69,916+32.0%
83,383+19.3%
88,523+6.2%
109,433+23.6%
128,528+17.4%
155,237+20.8%
Operating margin
30.1%+1.4 pp
31.8%+1.7 pp
34.1%+2.4 pp
37.0%+2.9 pp
41.6%+4.6 pp
42.1%+0.5 pp
41.8%−0.3 pp
44.6%+2.9 pp
45.6%+1.0 pp
46.8%+1.2 pp
EBITDA
35,125+13.4%
42,758+21.7%
52,659+23.2%
63,659+20.9%
79,216+24.4%
95,983+21.2%
99,523+3.7%
124,633+25.2%
150,528+20.8%
189,537+25.9%
EBITDA margin
36.4%+2.4 pp
38.7%+2.4 pp
41.8%+3.1 pp
44.5%+2.7 pp
47.1%+2.6 pp
48.4%+1.3 pp
47.0%−1.4 pp
50.8%+3.9 pp
53.4%+2.6 pp
57.1%+3.7 pp
Interest expense
2,222+78.8%
2,733+23.0%
2,686−1.7%
2,591−3.5%
2,346−9.5%
2,063−12.1%
1,968−4.6%
2,935+49.1%
2,385−18.7%
3,051+27.9%
Interest coverage
15.81x−9.11x
15.65x−0.16x
19.60x+3.96x
24.57x+4.96x
33.77x+9.20x
46.53x+12.76x
50.57x+4.04x
42.46x−8.11x
63.11x+20.65x
62.12x−0.99x
Net income
25,489+24.1%
16,571−35.0%
39,240+136.8%
44,281+12.8%
61,271+38.4%
72,738+18.7%
72,361−0.5%
88,136+21.8%
101,832+15.5%
133,749+31.3%
YoY
+24.1%
−35.0%
+136.8%
+12.8%
+38.4%
+18.7%
−0.5%
+21.8%
+15.5%
+31.3%
Net margin
26.4%+3.9 pp
15.0%−11.4 pp
31.2%+16.2 pp
31.0%−0.2 pp
36.5%+5.5 pp
36.7%+0.2 pp
34.1%−2.5 pp
36.0%+1.8 pp
36.1%+0.2 pp
40.3%+4.2 pp
EPS (diluted, $)
3.25+27.0%
2.13−34.5%
5.06+137.6%
5.76+13.8%
8.05+39.8%
9.65+19.9%
9.68+0.3%
11.80+21.9%
13.64+15.6%
17.95+31.6%
YoY
+27.0%
−34.5%
+137.6%
+13.8%
+39.8%
+19.9%
+0.3%
+21.9%
+15.6%
+31.6%
Balance sheet
Total assets
250,312+29.4%
258,848+3.4%
286,556+10.7%
301,311+5.1%
333,779+10.8%
364,840+9.3%
411,976+12.9%
512,163+24.3%
619,003+20.9%
758,376+22.5%
Cash & short-term investments
132,981+17.4%
133,768+0.6%
133,819+0.0%
136,527+2.0%
130,334−4.5%
104,757−19.6%
111,262+6.2%
75,543−32.1%
94,565+25.2%
76,843−18.7%
Accounts receivable
22,431+22.7%
26,481+18.1%
29,524+11.5%
32,011+8.4%
38,043+18.8%
44,261+16.3%
48,688+10.0%
56,924+16.9%
69,905+22.8%
80,876+15.7%
Inventory
2,181−3.1%
2,662+22.1%
2,063−22.5%
1,895−8.1%
2,636+39.1%
3,742+42.0%
2,500−33.2%
1,246−50.2%
938−24.7%
1,397+48.9%
Net PP&E
23,734+29.3%
29,460+24.1%
36,477+23.8%
44,151+21.0%
59,715+35.3%
74,398+24.6%
95,641+28.6%
135,591+41.8%
204,966+51.2%
313,076+52.7%
Other assets
68,985+66.9%
66,477−3.6%
84,673+27.4%
86,727+2.4%
103,051+18.8%
137,682+33.6%
153,885+11.8%
242,859+57.8%
248,629+2.4%
286,184+15.1%
Total liabilities
162,601+47.3%
176,130+8.3%
184,226+4.6%
183,007−0.7%
191,791+4.8%
198,298+3.4%
205,753+3.8%
243,686+18.4%
275,524+13.1%
315,989+14.7%
Accounts payable
7,390+7.1%
8,617+16.6%
9,382+8.9%
12,530+33.6%
15,163+21.0%
19,000+25.3%
18,095−4.8%
21,996+21.6%
27,724+26.0%
42,416+53.0%
Total debt
86,172+61.1%
76,200−11.6%
72,178−5.3%
67,076−7.1%
66,218−1.3%
52,530−20.7%
47,237−10.1%
51,630+9.3%
43,151−16.4%
49,521+14.8%
Other liabilities
69,039+38.1%
91,313+32.3%
102,666+12.4%
103,401+0.7%
110,410+6.8%
126,768+14.8%
140,421+10.8%
170,060+21.1%
204,649+20.3%
224,052+9.5%
Shareholders’ equity
87,711+5.6%
82,718−5.7%
102,330+23.7%
118,304+15.6%
141,988+20.0%
166,542+17.3%
206,223+23.8%
268,477+30.2%
343,479+27.9%
442,387+28.8%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
39,507+18.6%
43,884+11.1%
52,185+18.9%
60,675+16.3%
76,740+26.5%
89,035+16.0%
87,582−1.6%
118,548+35.4%
136,162+14.9%
182,935+34.4%
Net income
25,489+24.1%
16,571−35.0%
39,240+136.8%
44,281+12.8%
61,271+38.4%
72,738+18.7%
72,361−0.5%
88,136+21.8%
101,832+15.5%
133,749+31.3%
Depreciation & amortization
6,100+24.5%
7,700+26.2%
9,700+26.0%
10,700+10.3%
9,300−13.1%
12,600+35.5%
11,000−12.7%
15,200+38.2%
22,000+44.7%
34,300+55.9%
Stock-based compensation
3,266+22.4%
3,940+20.6%
4,652+18.1%
5,289+13.7%
6,118+15.7%
7,502+22.6%
9,611+28.1%
10,734+11.7%
11,974+11.6%
12,405+3.6%
Working capital & other
4,652−10.8%
15,673+236.9%
(1,407)−109.0%
405n/m
51−87.4%
(3,805)−7560.8%
(5,390)n/m
4,478n/m
356−92.1%
2,481+596.9%
Cash from investing
(46,781)n/m
(6,061)n/m
(15,773)n/m
(12,223)n/m
(27,577)n/m
(30,311)n/m
(22,680)n/m
(96,970)n/m
(72,599)n/m
(139,500)n/m
Capex
(8,129)n/m
(11,632)n/m
(13,925)n/m
(15,441)n/m
(20,622)n/m
(23,886)n/m
(28,107)n/m
(44,477)n/m
(64,551)n/m
(115,948)n/m
Investments bought
(176,905)n/m
(137,380)n/m
(57,697)n/m
(77,190)n/m
(62,924)n/m
(26,456)n/m
(37,651)n/m
(17,732)n/m
(29,775)n/m
(58,351)n/m
Investments sold / matured
28,044+27.2%
26,360−6.0%
20,043−24.0%
66,449+231.5%
51,792−22.1%
16,451−68.2%
33,510+103.7%
24,775−26.1%
16,079−35.1%
34,605+115.2%
Other investing
110,209+19.7%
116,591+5.8%
35,806−69.3%
13,959−61.0%
4,177−70.1%
3,580−14.3%
9,568+167.3%
(59,536)−722.2%
5,648n/m
194−96.6%
Cash from financing
8,408n/m
(33,590)−499.5%
(36,887)n/m
(46,031)n/m
(48,486)n/m
(58,876)n/m
(43,935)n/m
(37,757)n/m
(51,699)n/m
(52,546)n/m
Dividends
(11,845)n/m
(12,699)n/m
(13,811)n/m
(15,137)n/m
(16,521)n/m
(18,135)n/m
(19,800)n/m
(21,771)n/m
(24,082)n/m
(26,445)n/m
Buybacks
(11,788)n/m
(10,721)n/m
(19,543)n/m
(22,968)n/m
(27,385)n/m
(32,696)n/m
(22,245)n/m
(17,254)n/m
(18,420)n/m
(22,271)n/m
Shares issued
772+15.6%
1,002+29.8%
1,142+14.0%
1,343+17.6%
1,693+26.1%
1,841+8.7%
1,866+1.4%
2,002+7.3%
2,056+2.7%
2,009−2.3%
Other financing
31,269+74.6%
(11,172)−135.7%
(4,675)n/m
(9,269)n/m
(6,273)n/m
(9,886)n/m
(3,756)n/m
(734)n/m
(11,253)n/m
(5,839)n/m
Net change in cash
1,153+26.0%
4,283+271.5%
(590)−113.8%
2,220n/m
648−70.8%
(293)−145.2%
20,773n/m
(16,389)−178.9%
11,927n/m
(9,307)−178.0%
Free cash flow (OCF − capex)
31,378+25.6%
32,252+2.8%
38,260+18.6%
45,234+18.2%
56,118+24.1%
65,149+16.1%
59,475−8.7%
74,071+24.5%
71,611−3.3%
66,987−6.5%
Where the cash went
Operating cash flow
39,507+18.6%
43,884+11.1%
52,185+18.9%
60,675+16.3%
76,740+26.5%
89,035+16.0%
87,582−1.6%
118,548+35.4%
136,162+14.9%
182,935+34.4%
Reinvested in the business
8,129−2.6%
11,632+43.1%
13,925+19.7%
15,441+10.9%
20,622+33.6%
23,886+15.8%
28,107+17.7%
44,477+58.2%
64,551+45.1%
115,948+79.6%
% of operating cash flow
20.6%
26.5%
26.7%
25.4%
26.9%
26.8%
32.1%
37.5%
47.4%
63.4%
Capex
8,129−2.6%
11,632+43.1%
13,925+19.7%
15,441+10.9%
20,622+33.6%
23,886+15.8%
28,107+17.7%
44,477+58.2%
64,551+45.1%
115,948+79.6%
R&D (memo, already in costs)
13,037+8.8%
14,726+13.0%
16,876+14.6%
19,269+14.2%
20,716+7.5%
24,512+18.3%
27,195+10.9%
29,510+8.5%
32,488+10.1%
35,562+9.5%
Free cash flow
31,378+25.6%
32,252+2.8%
38,260+18.6%
45,234+18.2%
56,118+24.1%
65,149+16.1%
59,475−8.7%
74,071+24.5%
71,611−3.3%
66,987−6.5%
YoY
+25.6%
+2.8%
+18.6%
+18.2%
+24.1%
+16.1%
−8.7%
+24.5%
−3.3%
−6.5%
Returned to shareholders
23,633−12.4%
23,420−0.9%
33,354+42.4%
38,105+14.2%
43,906+15.2%
50,831+15.8%
42,045−17.3%
39,025−7.2%
42,502+8.9%
48,716+14.6%
% of free cash flow
75.3%
72.6%
87.2%
84.2%
78.2%
78.0%
70.7%
52.7%
59.4%
72.7%
Dividends
11,845+7.6%
12,699+7.2%
13,811+8.8%
15,137+9.6%
16,521+9.1%
18,135+9.8%
19,800+9.2%
21,771+10.0%
24,082+10.6%
26,445+9.8%
Buybacks
11,788−26.2%
10,721−9.1%
19,543+82.3%
22,968+17.5%
27,385+19.2%
32,696+19.4%
22,245−32.0%
17,254−22.4%
18,420+6.8%
22,271+20.9%
Change in total debt
32,668
(9,972)−130.5%
(4,022)n/m
(5,102)n/m
(858)n/m
(13,688)n/m
(5,293)n/m
4,393n/m
(8,479)−293.0%
6,370n/m
Cash left over
40,413
(1,140)−102.8%
884n/m
2,027+129.3%
11,354+460.1%
630−94.5%
12,137+1826.5%
39,439+224.9%
20,630−47.7%
24,641+19.4%
FCF conversion (FCF ÷ net income)
123.1%+1.5 pp
194.6%+71.5 pp
97.5%−97.1 pp
102.2%+4.6 pp
91.6%−10.6 pp
89.6%−2.0 pp
82.2%−7.4 pp
84.0%+1.8 pp
70.3%−13.7 pp
50.1%−20.2 pp
Owner earnings
19,868
9,335−53.0%
33,336+257.1%
40,369+21.1%
45,809+13.5%
57,965+26.5%
51,164−11.7%
55,778+9.0%
52,336−6.2%
55,363+5.8%
Owner earnings margin
20.6%
8.5%−12.1 pp
26.5%+18.0 pp
28.2%+1.7 pp
27.3%−1.0 pp
29.2%+2.0 pp
24.1%−5.1 pp
22.8%−1.4 pp
18.6%−4.2 pp
16.7%−1.9 pp
Buyback yield
2.2%−1.8 pp
1.4%−0.8 pp
1.9%+0.5 pp
1.5%−0.4 pp
1.3%−0.1 pp
1.7%+0.4 pp
0.9%−0.8 pp
0.5%−0.4 pp
0.5%−0.0 pp
0.8%+0.3 pp
Returns & ratios
ROIC (all capital)
77.0%−12.4 pp
48.2%−28.8 pp
117.2%+69.0 pp
98.8%−18.4 pp
95.1%−3.7 pp
75.4%−19.7 pp
55.9%−19.5 pp
46.3%−9.6 pp
39.5%−6.8 pp
35.4%−4.1 pp
ROIC (operating)
67.8%+2.5 pp
35.0%−32.8 pp
71.0%+36.0 pp
71.2%+0.2 pp
79.9%+8.7 pp
76.8%−3.1 pp
61.8%−15.0 pp
59.6%−2.2 pp
50.4%−9.1 pp
41.6%−8.8 pp
Net debt / EBITDA
−1.33x+0.60x
−1.35x−0.01x
−1.17x+0.18x
−1.09x+0.08x
−0.81x+0.28x
−0.54x+0.27x
−0.64x−0.10x
−0.19x+0.45x
−0.34x−0.15x
−0.14x+0.20x
Debt / equity
0.98x+0.34x
0.92x−0.06x
0.71x−0.22x
0.57x−0.14x
0.47x−0.10x
0.32x−0.15x
0.23x−0.09x
0.19x−0.04x
0.13x−0.07x
0.11x−0.01x
ROE
29.1%+4.3 pp
20.0%−9.0 pp
38.3%+18.3 pp
37.4%−0.9 pp
43.2%+5.7 pp
43.7%+0.5 pp
35.1%−8.6 pp
32.8%−2.3 pp
29.6%−3.2 pp
30.2%+0.6 pp
ROA
10.2%−0.4 pp
6.4%−3.8 pp
13.7%+7.3 pp
14.7%+1.0 pp
18.4%+3.7 pp
19.9%+1.6 pp
17.6%−2.4 pp
17.2%−0.4 pp
16.5%−0.8 pp
17.6%+1.2 pp
ROCE
14.9%−4.5 pp
17.5%+2.6 pp
19.8%+2.3 pp
23.1%+3.3 pp
28.5%+5.4 pp
30.9%+2.4 pp
28.8%−2.2 pp
28.3%−0.5 pp
26.9%−1.4 pp
26.3%−0.6 pp
NOPAT
24,742+18.4%
15,928−35.6%
38,585+142.3%
44,217+14.6%
60,249+36.3%
72,449+20.2%
71,723−1.0%
89,482+24.8%
105,869+18.3%
125,127+18.2%
Invested capital (operating)
40,956+28.0%
49,986+22.0%
58,682+17.4%
65,527+11.7%
85,231+30.1%
103,401+21.3%
128,734+24.5%
171,765+33.4%
248,085+44.4%
352,933+42.3%
Invested capital (all)
40,902+75.1%
25,150−38.5%
40,689+61.8%
48,853+20.1%
77,872+59.4%
114,315+46.8%
142,198+24.4%
244,564+72.0%
292,065+19.4%
415,065+42.1%
Reinvestment rate
36.3%
56.7%+20.4 pp
22.5%−34.2 pp
15.5%−7.1 pp
32.7%+17.2 pp
25.1%−7.6 pp
35.3%+10.2 pp
48.1%+12.8 pp
72.1%+24.0 pp
83.8%+11.7 pp
Income
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
65,585
69,632
70,066
76,441
77,673+18.4%
81,273+16.7%
82,886+18.3%
90,007+17.7%
vs year-ago quarter
+18.4%
+16.7%
+18.3%
+17.7%
Gross profit
45,486
47,833
48,147
52,427
53,630+17.9%
55,295+15.6%
56,058+16.4%
60,482+15.4%
Gross margin
69.4%
68.7%
68.7%
68.6%
69.0%−0.3 pp
68.0%−0.7 pp
67.6%−1.1 pp
67.2%−1.4 pp
Operating income
30,552
31,653
32,000
34,323
37,961+24.3%
38,275+20.9%
38,398+20.0%
40,603+18.3%
Net income
24,667
24,108
25,824
27,233
27,747+12.5%
38,458+59.5%
31,778+23.1%
35,766+31.3%
vs year-ago quarter
+12.5%
+59.5%
+23.1%
+31.3%
Net margin
37.6%
34.6%
36.9%
35.6%
35.7%−1.9 pp
47.3%+12.7 pp
38.3%+1.5 pp
39.7%+4.1 pp
EPS (diluted, $)
3.30
3.23
3.46
3.66
3.72+12.7%
5.16+59.8%
4.27+23.4%
4.82+31.5%
vs year-ago quarter
+12.7%
+59.8%
+23.4%
+31.5%
Balance sheet
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
523,013
533,898
562,624
619,003
636,351+21.7%
665,302+24.6%
694,228+23.4%
758,376+22.5%
Cash & equivalents
78,428
71,555
79,618
94,565
102,012+30.1%
89,462+25.0%
78,272−1.7%
76,843−18.7%
Total debt
45,117
44,970
42,881
43,151
51,040+13.1%
45,099+0.3%
49,101+14.5%
49,521+14.8%
Shareholders’ equity
287,723
302,695
321,891
343,479
363,076+26.2%
390,875+29.1%
414,367+28.7%
442,387+28.8%
Cash flow
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
34,180
22,291
37,044
42,647
45,057+31.8%
35,758+60.4%
46,679+26.0%
55,441+30.0%
Capex
14,923
15,804
16,745
17,079
19,394+30.0%
29,876+89.0%
30,876+84.4%
35,802+109.6%
Free cash flow
19,257
6,487
20,299
25,568
25,663+33.3%
5,882−9.3%
15,803−22.1%
19,639−23.2%
vs year-ago quarter
+33.3%
−9.3%
−22.1%
−23.2%