Microsoft annual operating margin
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Microsoft Operating Margin Growth & History (MSFT)
Microsoft's operating margin was 46.78% for fiscal 2026.
View full Microsoft company overviewMicrosoft annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2026 | 2026-06-30 | 46.78% | +1.16 pp |
| 2025 | 2025-06-30 | 45.62% | +0.98 pp |
| 2024 | 2024-06-30 | 44.64% | +2.87 pp |
| 2023 | 2023-06-30 | 41.77% | −0.28 pp |
| 2022 | 2022-06-30 | 42.06% | +0.46 pp |
| 2021 | 2021-06-30 | 41.59% | +4.56 pp |
| 2020 | 2020-06-30 | 37.03% | +2.89 pp |
| 2019 | 2019-06-30 | 34.14% | +2.37 pp |
| 2018 | 2018-06-30 | 31.77% | +1.71 pp |
| 2017 | 2017-06-30 | 30.06% | +1.45 pp |
| 2016 | 2016-06-30 | 28.61% | +9.20 pp |
| 2015 | 2015-06-30 | 19.41% | −12.56 pp |
| 2014 | 2014-06-30 | 31.97% | −2.41 pp |
| 2013 | 2013-06-30 | 34.38% | +4.86 pp |
| 2012 | 2012-06-30 | 29.52% | −9.31 pp |
| 2011 | 2011-06-30 | 38.83% | +0.27 pp |
| 2010 | 2010-06-30 | 38.57% | +3.72 pp |
| 2009 | 2009-06-30 | 34.85% | −2.01 pp |
| 2008 | 2008-06-30 | 36.86% | — |
Microsoft quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q4 2026 | 2026-06-30 | 45.11% | +0.21 pp |
| Q3 2026 | 2026-03-31 | 46.33% | +0.66 pp |
| Q2 2026 | 2025-12-31 | 47.09% | +1.64 pp |
| Q1 2026 | 2025-09-30 | 48.87% | +2.29 pp |
| Q4 2025 | 2025-06-30 | 44.90% | +1.76 pp |
| Q3 2025 | 2025-03-31 | 45.67% | +1.08 pp |
| Q2 2025 | 2024-12-31 | 45.46% | +1.87 pp |
| Q1 2025 | 2024-09-30 | 46.58% | −1.00 pp |
| Q4 2024 | 2024-06-30 | 43.14% | −0.02 pp |
| Q3 2024 | 2024-03-31 | 44.59% | +2.30 pp |
| Q2 2024 | 2023-12-31 | 43.59% | +4.91 pp |
| Q1 2024 | 2023-09-30 | 47.59% | +4.66 pp |
| Q4 2023 | 2023-06-30 | 43.17% | +3.57 pp |
| Q3 2023 | 2023-03-31 | 42.29% | +1.03 pp |
| Q2 2023 | 2022-12-31 | 38.67% | −4.33 pp |
| Q1 2023 | 2022-09-30 | 42.93% | −1.73 pp |
| Q4 2022 | 2022-06-30 | 39.59% | −1.78 pp |
| Q3 2022 | 2022-03-31 | 41.26% | +0.38 pp |
| Q2 2022 | 2021-12-31 | 43.01% | +1.46 pp |
| Q1 2022 | 2021-09-30 | 44.66% | +1.93 pp |
| Q4 2021 | 2021-06-30 | 41.37% | +6.12 pp |
| Q3 2021 | 2021-03-31 | 40.88% | +3.83 pp |
| Q2 2021 | 2020-12-31 | 41.55% | +3.91 pp |
| Q1 2021 | 2020-09-30 | 42.73% | +4.35 pp |
| Q4 2020 | 2020-06-30 | 35.25% | −1.54 pp |
| Q3 2020 | 2020-03-31 | 37.05% | +3.22 pp |
| Q2 2020 | 2019-12-31 | 37.64% | +6.05 pp |
| Q1 2020 | 2019-09-30 | 38.38% | +4.15 pp |
| Q4 2019 | 2019-06-30 | 36.79% | +2.29 pp |
| Q3 2019 | 2019-03-31 | 33.83% | +2.91 pp |
| Q2 2019 | 2018-12-31 | 31.59% | +1.58 pp |
| Q1 2019 | 2018-09-30 | 34.23% | +2.82 pp |
| Q4 2018 | 2018-06-30 | 34.50% | +4.50 pp |
| Q3 2018 | 2018-03-31 | 30.92% | +1.95 pp |
| Q2 2018 | 2017-12-31 | 30.01% | −0.60 pp |
| Q1 2018 | 2017-09-30 | 31.41% | +0.79 pp |
| Q4 2017 | 2017-06-30 | 30.00% | −3.94 pp |
| Q3 2017 | 2017-03-31 | 28.96% | +3.23 pp |
| Q2 2017 | 2016-12-31 | 30.61% | +5.29 pp |
| Q1 2017 | 2016-09-30 | 30.62% | +2.20 pp |
| Q4 2016 | 2016-06-30 | 33.94% | +43.19 pp |
| Q3 2016 | 2016-03-31 | 25.73% | −4.61 pp |
| Q2 2016 | 2015-12-31 | 25.32% | −4.05 pp |
| Q1 2016 | 2015-09-30 | 28.43% | +3.24 pp |
| Q4 2015 | 2015-06-30 | −9.26% | −36.98 pp |
| Q3 2015 | 2015-03-31 | 30.35% | −3.83 pp |
| Q2 2015 | 2014-12-31 | 29.38% | −3.12 pp |
| Q1 2015 | 2014-09-30 | 25.19% | −9.00 pp |
| Q4 2014 | 2014-06-30 | 27.72% | −2.80 pp |
| Q3 2014 | 2014-03-31 | 34.18% | −2.97 pp |
| Q2 2014 | 2013-12-31 | 32.50% | −3.72 pp |
| Q1 2014 | 2013-09-30 | 34.18% | +1.03 pp |
| Q4 2013 | 2013-06-30 | 30.52% | +29.46 pp |
| Q3 2013 | 2013-03-31 | 37.15% | +0.53 pp |
| Q2 2013 | 2012-12-31 | 36.22% | −2.06 pp |
| Q1 2013 | 2012-09-30 | 33.16% | −8.30 pp |
| Q4 2012 | 2012-06-30 | 1.06% | −34.47 pp |
| Q3 2012 | 2012-03-31 | 36.62% | +1.87 pp |
| Q2 2012 | 2011-12-31 | 38.28% | −2.64 pp |
| Q1 2012 | 2011-09-30 | 41.46% | −2.48 pp |
| Q4 2011 | 2011-06-30 | 35.53% | −1.44 pp |
| Q3 2011 | 2011-03-31 | 34.75% | −0.92 pp |
| Q2 2011 | 2010-12-31 | 40.92% | −3.83 pp |
| Q1 2011 | 2010-09-30 | 43.94% | +9.25 pp |
| Q4 2010 | 2010-06-30 | 36.97% | +6.53 pp |
| Q3 2010 | 2010-03-31 | 35.67% | +3.15 pp |
| Q2 2010 | 2009-12-31 | 44.75% | +9.04 pp |
| Q1 2010 | 2009-09-30 | 34.69% | −5.14 pp |
| Q4 2009 | 2009-06-30 | 30.44% | — |
| Q3 2009 | 2009-03-31 | 32.52% | — |
| Q2 2009 | 2008-12-31 | 35.71% | — |
| Q1 2009 | 2008-09-30 | 39.83% | — |
Microsoft operating margin trends
Over the last five reported fiscal years, Microsoft's operating margin increased from 41.59% to 46.78%, a change of +5.19 percentage points. The latest reported quarter, Q4 2026, shows 45.11%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Microsoft filings at SEC.gov ↗