MSFT · 10-K · 2025A · Full report
Revenue Performance and Mix
MICROSOFT CORP · 2025-07-30 · Importance 54 · Surprise 40
Total revenue for fiscal year 2025 was $281,724 million, an increase of $36,602 million or 15% versus fiscal year 2024. Microsoft Cloud revenue increased 23% to $168.9 billion in fiscal 2025, driven by Microsoft 365 Commercial cloud and Azure consumption. Productivity and Business Processes revenue was $120,810 million (up 13%) and Intelligent Cloud revenue was $106,265 million (up 21%), while More Personal Computing revenue was $54,649 million (up 7%) for the year ended June 30, 2025. Azure and other cloud services grew 34% year over year and drove a $18.6 billion increase in Server products and cloud services revenue in fiscal 2025.
Key facts
- Microsoft Cloud revenue for fiscal year 2025 was $168.9 billion, an increase of 23% year over year.
- Server products and cloud services revenue increased 23% year over year in fiscal year 2025, driven by Azure and other cloud services.
- Total revenue for fiscal year 2025 was $281,724 million, a 15% increase from fiscal year 2024.
- Operating income for fiscal year 2025 was $128,528 million, a 17% increase year over year.
- Net income for fiscal year 2025 was $101,832 million, a 16% increase year over year.
- Diluted earnings per share for fiscal year 2025 were $13.64, a 16% increase year over year.
- Productivity and Business Processes revenue increased $14,0 - $14.0 billion or 13% year over year to $120,810 million in fiscal year 2025.
- More Personal Computing revenue increased $3,811 million or 7% year over year to $54,649 million in fiscal year 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +13.1% | Total revenue for fiscal year 2025 was $281,724 million, a 15% increase from fiscal year 2024. |
| revenue | positive | realized | +11.2% | Microsoft Cloud revenue for fiscal year 2025 was $168.9 billion, an increase of 23% year over year. |
| operating_income | positive | realized | +6.6% | Operating income for fiscal year 2025 was $128,528 million, a 17% increase year over year. |
| net_income | positive | realized | +5.0% | Net income for fiscal year 2025 was $101,832 million, a 16% increase year over year. |
| revenue | positive | realized | +5.0% | Productivity and Business Processes revenue increased $14,0 - $14.0 billion or 13% year over year to $120,810 million in fiscal year 2025. |
| revenue | positive | realized | +1.4% | More Personal Computing revenue increased $3,811 million or 7% year over year to $54,649 million in fiscal year 2025. |
| revenue | positive | realized | — | Server products and cloud services revenue increased 23% year over year in fiscal year 2025, driven by Azure and other cloud services. |
| revenue | positive | realized | — | Dynamics 365 revenue grew 19% year over year in fiscal year 2025. |
| revenue | positive | realized | — | Search and news advertising revenue excluding traffic acquisition costs increased 20% year over year in fiscal year 2025. |
| revenue | positive | realized | — | Microsoft 365 Commercial products and cloud services revenue increased 14% year over year in fiscal year 2025. |
| revenue | positive | realized | — | Microsoft 365 Commercial cloud revenue grew 15% year over year in fiscal year 2025. |
| revenue | positive | realized | — | Dynamics products and cloud services revenue increased 15% year over year in fiscal year 2025. |