Microsoft (MSFT) Earnings Per Share History: Quarterly Data 2020–2025
Microsoft quarterly diluted EPS from 2020 Q3 through 2025 Q4, sourced from SEC EDGAR XBRL. Tracks growth from $1.82 to $5.16 per share quarterly EPS.
| Quarter | Earnings Per Share (Diluted) (USD) | YoY Change |
|---|
Source: SEC EDGAR XBRL (EarningsPerShareDiluted). Quarters marked * are derived (annual filing minus prior three quarters). Calendar year quarters shown.
Microsoft EPS: 2020–2025
Microsoft (MSFT) reported diluted EPS of $5.16 in 2025 Q4 (October–December 2025). Calendar-year 2025 diluted EPS totaled approximately $15.99, up 28.8% from $12.41 in 2024. Microsoft’s EPS growth reflects both the underlying net income growth and the accretive effect of its ongoing buyback program, which reduces diluted share count by approximately 0.5–1.0% annually.
Microsoft Annual Diluted EPS by Year
| Year | Diluted EPS | YoY Change |
|---|---|---|
| 2025 | $15.99 | +28.8% |
| 2024 | $12.41 | +12.3% |
| 2023 | $11.05 | +22.6% |
| 2022 | $9.01 | — |
| 2021 | $9.39 | — |
Source: SEC EDGAR XBRL. Calendar-year sum of quarterly diluted EPS.
Share Buybacks and EPS Accretion
Microsoft consistently returns capital to shareholders via buybacks, reducing the diluted share count over time. A 1% annual reduction in share count adds approximately 1% to EPS growth even when net income is flat. Over the 2020–2025 period, buybacks have added roughly 3–4 percentage points cumulatively to EPS growth above and beyond net income growth. See Microsoft Free Cash Flow for the capital that funds buybacks.
OpenAI and EPS Volatility
Microsoft’s equity stake in OpenAI is accounted for using the equity method. Significant movements in OpenAI’s valuation — such as when OpenAI raises capital at new valuations — can produce material gains or losses that flow through to Microsoft’s net income and EPS. This creates quarter-to-quarter EPS volatility that is not reflective of the underlying operating business. Analysts often cite “core EPS excluding equity income” to isolate the operating trend.
Fiscal Year Note
Microsoft’s fiscal year ends June 30. The EPS figures in the quarterly chart represent fiscal quarters mapped to calendar quarters: “2025 Q4” (October–December 2025) is Microsoft’s FY2026 Q2. Investors comparing Microsoft EPS to peers on a calendar-year basis should account for this offset.
Comparison with Nvidia
Nvidia’s EPS has grown at a far faster rate than Microsoft’s since 2023, driven by the AI GPU demand explosion. Nvidia’s EPS more than quadrupled in the 2023-2025 period while Microsoft’s roughly doubled. However, Microsoft’s EPS growth is far more predictable and subscription-driven, commanding more stable valuation multiples.
Frequently Asked Questions
Q: What is Microsoft’s EPS? $5.16 in Q4 2025; $15.99 full-year 2025, up 28.8% YoY.
Q: How do buybacks affect EPS? ~1% annual share count reduction adds ~1pp to EPS growth above net income growth.
Q: Good P/E for MSFT? Typically 30–35x, reflecting subscription quality and Azure AI growth premium.
Related: Microsoft Net Income · Microsoft FCF · Nvidia EPS · EPS Glossary · Price-to-Earnings Glossary
Weekly Company Breakdowns — Visualized
See how top companies actually make money. Visual revenue breakdowns delivered free every week.