Microsoft (MSFT) Stock Price vs Operating Income
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Microsoft's operating income for Q3 fiscal 2026 (ended March 31, 2026) was $38.4 billion, up 20% from $32.0 billion in Q3 fiscal 2025 a year prior. Over that same one-year period, the stock price declined from $375.39 to $370.17, a decrease of 1.4%. Despite the significant operating income growth, Microsoft's valuation compressed relative to its earnings, meaning investors paid less per dollar of operating income in March 2026 than in March 2025. From the broader observation window of June 2024 through June 2026, the correlation between operating income and stock price was 0.39, indicating a weak relationship between the two metrics during this period.
Trailing-12-month Operating Income was $64.2B as of 2021-03-31, +24% year over year. The stock moved +49% over the same window ($157.71 -> $235.77). The stock is now more richly valued relative to Operating Income than a year ago (multiple expansion).
Latest close: 444.23 USD (2026-06-02).
Operating Income | recent SEC reports
| Report date | Operating Income | Period |
|---|
| 2021-03-31 | 64.2B USD | Q3 10-Q |
| 2020-12-31 | 60.2B USD | Q2 10-Q |
| 2020-09-30 | 56.1B USD | Q1 10-Q |
| 2020-06-30 | 53.0B USD | FY 10-K |
| 2020-03-31 | 52.0B USD | Q3 10-Q |
| 2019-12-31 | 49.3B USD | Q2 10-Q |
| 2019-09-30 | 45.7B USD | Q1 10-Q |
| 2019-06-30 | 43.0B USD | FY 10-K |
Sources: autario.com/data/stock-msft-microsoft-daily-prices · autario.com/data/microsoft-operating-income-sec-filings | data verified and hosted on autario.com.