Microsoft Reports Strong Q3 Results, Revenue Up 7%
Key Financial Metrics
Microsoft released its financial results for the third quarter of fiscal year 2023 on April 25, 2023. The company reported revenue of $52.9 billion, an increase of 7% year-over-year. In constant currency, revenue grew 10%. Operating income was $22.4 billion, up 10% year-over-year, or 15% in constant currency.
Income Statement
The following table shows key income statement items for the third quarter of fiscal year 2023 and the corresponding period of last fiscal year:
| Item | Q3 2023 | Q3 2022 | Change |
|---|---|---|---|
| Revenue | $52.9 billion | $49.4 billion | 7% |
| Operating income | $22.4 billion | $20.4 billion | 10% |
| Net income | $18.8 billion | $16.7 billion | 13% |
| Diluted EPS | $2.54 | $2.23 | 14% |
Balance Sheet
The following table shows key balance sheet items as of March 31, 2023 and June 30, 2022:
| Item | March 31, 2023 | June 30, 2022 | Change |
|---|---|---|---|
| Cash and cash equivalents | $13.2 billion | $12.6 billion | 5% |
| Total current assets | $46.1 billion | $44.3 billion | 4% |
| Total current liabilities | $30.2 billion | $27.8 billion | 9% |
| Shareholders' equity | $144.6 billion | $136.2 billion | 6% |
Cash Flow Statement
The following table shows key cash flow statement items for the nine months ended March 31, 2023 and the corresponding period of last fiscal year:
| Item | 9M 2023 | 9M 2022 | Change |
|---|---|---|---|
| Net cash provided by operating activities | $54.6 billion | $47.2 billion | 16% |
| Net cash used in investing activities | ($12.5 billion) | ($10.8 billion) | 16% |
| Net cash provided by (used in) financing activities | ($24.0 billion) | ($22.5 billion) | 7% |
| Ending cash and cash equivalents | $13.2 billion | $12.6 billion | 5% |
Outlook
Microsoft provided the following guidance for fiscal year 2023:
- Revenue growth in the high single digits
- Operating income growth in the mid-single digits
- Diluted EPS growth in the mid-teens
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