Microsoft Corporation (MSFT): return on invested capital, 10 filed years
ROIC at Microsoft Corporation was 23.0% in FY2026, the newest filed year. Across the 10 computed years from FY2017 it ranged from 10.2% (FY2018) to 31.7% (FY2022), with a median of 24.5%.
Tonight's figure on the company page: 23.0%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2017 | 14.2% | 10-K, filed 2017-08-02 |
| FY2018 | 10.2% | 10-K, filed 2018-08-03 |
| FY2019 | 21.9% | 10-K, filed 2019-08-01 |
| FY2020 | 23.9% | 10-K, filed 2020-07-30 |
| FY2021 | 28.9% | 10-K, filed 2021-07-29 |
| FY2022 | 31.7% | 10-K, filed 2022-07-28 |
| FY2023 | 28.9% | 10-K, filed 2023-07-27 |
| FY2024 | 26.0% | 10-K, filed 2024-07-30 |
| FY2025 | 25.2% | 10-K, filed 2025-07-30 |
| FY2026 | 23.0% | 10-K, filed 2026-07-29 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.