EBITDA Margin snapshot
Microsoft Corporation's ebitda margin was 45.6% in FY2025, compared with 44.6% in FY2024. On a trailing-twelve-month basis it was 46.8% as of Q3 FY26. EBITDA margin is earnings before interest, taxes, depreciation, and amortization, divided by revenue. It approximates operating cash profitability by adding back non-cash depreciation and amortization to operating income.
EBITDA Margin (latest FY)
45.6%
EBITDA Margin (TTM)
46.8%
Operating margin (latest FY)
45.6%
Net margin (latest FY)
36.1%
Microsoft Corporation EBITDA Margin
EBITDA ÷ revenue
EBITDA Margin vs. related metrics
Microsoft Corporation EBITDA Margin — by fiscal year
| Fiscal year | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| FY2025 | 45.6% | 45.6% | 36.1% |
| FY2024 | 44.6% | 44.6% | 36.0% |
| FY2023 | 41.8% | 41.8% | 34.1% |
| FY2022 | 42.1% | 42.1% | 36.7% |
| FY2021 | 41.6% | 41.6% | 36.5% |
| FY2020 | 37.0% | 37.0% | 31.0% |
| FY2019 | 34.1% | 34.1% | 31.2% |
| FY2018 | 31.8% | 31.8% | 15.0% |
| FY2017 | 30.1% | 30.1% | 26.4% |
| FY2016 | 28.6% | 28.6% | 22.5% |
| FY2015 | 19.4% | 19.4% | 13.0% |
| FY2014 | 32.0% | 32.0% | 25.4% |
| FY2013 | 34.4% | 34.4% | 28.1% |
| FY2012 | 29.5% | 29.5% | 23.0% |
| FY2011 | 38.8% | 38.8% | 33.1% |
| FY2010 | 38.6% | 38.6% | 30.0% |
| FY2009 | 34.8% | 34.8% | 24.9% |
| FY2008 | 36.9% | 36.9% | 29.3% |
| FY2007 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| Q3 FY26 | 46.8% | 46.8% | 39.3% |
| Q2 FY26 | 46.7% | 46.7% | 39.0% |
| Q1 FY26 | 46.3% | 46.3% | 35.7% |
| Q4 FY25 | 45.6% | 45.6% | 36.1% |
| Q3 FY25 | 45.2% | 45.2% | 35.8% |
| Q2 FY25 | 45.0% | 45.0% | 35.4% |
| Q1 FY25 | 44.5% | 44.5% | 35.6% |
| Q4 FY24 | 44.6% | 44.6% | 36.0% |
| Q3 FY24 | 44.7% | 44.7% | 36.4% |
| Q2 FY24 | 44.2% | 44.2% | 36.3% |
| Q1 FY24 | 43.0% | 43.0% | 35.3% |
| Q4 FY23 | 41.8% | 41.8% | 34.1% |
Figures normalized from SEC filings. See the full Microsoft Corporation ratios & metrics.