Does MICROSOFT CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MICROSOFT CORPORATION (MSFT) 97.7 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 100, pricing power 100, returns on capital 100, balance-sheet safety 99, capital allocation 90.

Is MSFT trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $108.72 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $381.70, that is 251% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has MSFT's Moat Score changed over time?

The record logs 20 readings since Jul 17, 2026; the latest reads 97.7 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

MICROSOFT CORPORATION

MSFT · Technology · $2.84T mkt cap · FY2025 filings · as of Jul 26, 2026 · not refreshed in 35 days · Wide moat ·

On the watchlist

Wide moat

The five investor questions

100

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $168.1B to $281.7B, increasing; diluted EPS 8.05 to 13.64, increasing.

100

Median gross margin 68.1% over 10y, very stable.

100

Median ROIC 28.0%, above the 12% hurdle in 100% of years.

Net debt/EBITDA 0.1x, interest coverage 54x.

Owner earnings changed +19.5%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

251% above value if growth stopped today

: $72.7B
: $108.72
: $176.12
: $381.70
: 251% above value if growth stopped today

What today’s price assumes: owner earnings growing ~29%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

MICROSOFT CORPORATION booked $281.7B of revenue in FY2025 in the Technology sector and kept 68.8% of it as gross profit — a high-margin business by that measure. After every other cost, 36.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $60.4B (FY2008) to $281.7B (FY2025) — about 9.5% a year compounded over 17 years.

It earned 29.7% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 28.0%. Over the v3 recent window (10 measurable filed years), median ROIC was 28.0%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $43.2B of total debt in FY2025 against $101.8B of owner earnings — roughly 0.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 99/100.

Put together: Business Trend is the strongest of the five filters (100/100) and Capital Allocation the weakest (90/100), which is how MSFT lands at 98/100 — a Wide moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$281.7B FY2025

Revenue kept after cost of goods68.8% FY2025

Standard ROIC or separately labeled Operating ROICROIC 29.7% FY2025

Cash an owner could take out$101.8B FY2025

Gaps in a line mean that item isn’t in MSFT’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How MICROSOFT CORPORATION makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$281.7B	100%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Cost of revenue	$87.8B	31%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$193.9B	69%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$128.5B	46%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Income before tax	$123.6B	44%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Income tax	$21.8B	8%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$101.8B	36%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

Source:

SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

· event Jun 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

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Flagship explainer

What MICROSOFT CORPORATION owns — and owes

MICROSOFT CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$619.0B	100%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Cash and equivalents	$30.2B	5%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$43.2B	7%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Stockholders’ equity	$343.5B	55%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

Source:

SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

· event Jun 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives MICROSOFT CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$101.8B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Income before tax	$123.6B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Operating income	$128.5B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$281.7B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Ending assets	$619.0B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Beginning assets	$512.2B	FY2024	SEC filing · FY 2024Filing detailsAccession 0000950170-24-087843 SEC filing · FY 2024Filing detailsAccession 0000950170-25-100235
	$343.5B	FY2025	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
	$268.5B	FY2024	SEC filing · FY 2024Filing detailsAccession 0000950170-24-087843 SEC filing · FY 2024Filing detailsAccession 0000950170-25-100235

Source:

SEC filingFiling detailsAccession 0000950170-24-087843
SEC filingFiling detailsAccession 0000950170-25-100235

· event Jun 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

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Flagship explainer

Where MICROSOFT CORPORATION's cash went

MICROSOFT CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$136.2B	100%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235
Depreciation and amortization	$28.0B	21%	SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

Source:

SEC filing · FY 2025Filing detailsAccession 0000950170-25-100235

· event Jun 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding MICROSOFT CORPORATION

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

1 holding0 exited0 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Markel / Markel-Gayner	537,630 shares$201M · 2% of eligible reported 13F	Unchanged · 0 shares (0%)	13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:

13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026

· event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What MICROSOFT CORPORATION insiders reported

Form 4 codes P and S show disclosed purchases and sales without collapsing compensation events into either.

Quarterly insider activity
Quarter		Form 4 S (−)	Price context
2025-Q3	0	6	Unavailable
2025-Q4	0	4	Unavailable
2026-Q1	1	1	Unavailable
2026-Q2	0	4	Unavailable
2026-Q3	0	2	Unavailable

No licensed DISPLAY-class observations were supplied by the upstream price cache; filing activity remains visible on its own.

Source:

12 SEC filings

SEC filingFiling detailsAccession 0000789019-25-000020
SEC filingFiling detailsAccession 0000789019-25-000063
SEC filingFiling detailsAccession 0000789019-25-000077
SEC filingFiling detailsAccession 0000789019-25-000095
SEC filingFiling detailsAccession 0000789019-26-000028
SEC filingFiling detailsAccession 0000789019-26-000048
SEC filingFiling detailsAccession 0000789019-26-000075
SEC filingFiling detailsAccession 0000789019-26-000083
SEC filingFiling detailsAccession 0000789019-26-000109
SEC filingFiling detailsAccession 0000789019-26-000121
SEC filingFiling detailsAccession 0000789019-26-000141
SEC filingFiling detailsAccession 0000789019-26-000143

· event Aug 5, 2026 · retrieved Jul 26, 2026

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Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale97.7 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Methodology upgraded moat-index@1.1.0tomoat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (84 versus 11). The filing codes alone do not establish that every such row arose from a compensation plan.

: -$123,748,537
: 1 P / 17 S
: No

Transaction-code histogram

Supporting event counts for the same certified window, Aug 31, 2025–Aug 31, 2026.

P: 1
S: 17
A: 95
F: 32
M: 0
G: 4
C: 0
J: 1
W: 0

Insider					Shares owned after	Date	Filing detail
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	89.044	$495.40	$44,112	45,323.5761	Aug 17, 2026	1 filed lot Table I · Common Stock: 89.044 shares at $495.40 · code F · owned after 45,323.5761 · FORM 4 · filed Aug 17, 2026Filing detailsAccession 0000789019-26-000145 · filed Aug 17, 2026
Althoff JudsonCEO Microsoft Commercial	Open-market or private sale (S)Table I · Disposed · Common Stock	10,000	$487.893	$4,878,930	100,447.434	Aug 5, 2026	1 filed lot Table I · Common Stock: 10,000 shares at $487.893 · code S · owned after 100,447.434 · FORM 4 · filed Aug 6, 2026Filing detailsAccession 0000789019-26-000143 · filed Aug 6, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	4,810.353	$496.48	$2,388,244	42,677.4483	Aug 4, 2026	1 filed lot Table I · Common Stock: 4,810.353 shares at $496.48 · code S · owned after 42,677.4483 · FORM 4 · filed Aug 5, 2026Filing detailsAccession 0000789019-26-000141 · filed Aug 5, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	32.344	$384.93	$12,450	45,412.6201	Jul 15, 2026	1 filed lot Table I · Common Stock: 32.344 shares at $384.93 · code F · owned after 45,412.6201 · FORM 4 · filed Jul 15, 2026Filing detailsAccession 0000789019-26-000139 · filed Jul 15, 2026
Jolla Alice L.Chief Accounting Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	5,004	—Grant, award, or other acquisition (A)	—	76,152.6646	Jun 15, 2026	1 filed lot Table I · Common Stock: 5,004 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 76,152.6646 · FORM 4 · filed Jun 16, 2026Filing detailsAccession 0000789019-26-000135 · filed Jun 16, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	35.944	$390.74	$14,045	45,444.9641	Jun 15, 2026	1 filed lot Table I · Common Stock: 35.944 shares at $390.74 · code F · owned after 45,444.9641 · FORM 4 · filed Jun 15, 2026Filing detailsAccession 0000789019-26-000133 · filed Jun 15, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	2.935	—Grant, award, or other acquisition (A)	—	1,262.609	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 2.935 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,262.609 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000131 · filed Jun 12, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.688	—Grant, award, or other acquisition (A)	—	296.266	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 0.688 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 296.266 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000130 · filed Jun 12, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	33.314	—Grant, award, or other acquisition (A)	—	14,323.467	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 33.314 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,323.467 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000129 · filed Jun 12, 2026
Mason MarkDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.539	—Grant, award, or other acquisition (A)	—	231.801	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 0.539 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 231.801 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000128 · filed Jun 12, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	61.012	—Grant, award, or other acquisition (A)	—	26,232.907	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 61.012 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,232.907 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000127 · filed Jun 12, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	5.068	—Grant, award, or other acquisition (A)	—	2,179.633	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 5.068 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,179.633 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000126 · filed Jun 12, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	53.667	—Grant, award, or other acquisition (A)	—	23,074.515	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 53.667 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 23,074.515 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000125 · filed Jun 12, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	4.975	—Grant, award, or other acquisition (A)	—	2,139.555	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 4.975 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,139.555 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000124 · filed Jun 12, 2026
Di Sibio CarmineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.03	—Grant, award, or other acquisition (A)	—	13.23	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 0.03 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13.23 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000123 · filed Jun 12, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	39.453	—Grant, award, or other acquisition (A)	—	16,963.167	Jun 11, 2026	1 filed lot Table II · Restricted Stock Units: 39.453 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,963.167 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000122 · filed Jun 12, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	4,500	$402.84	$1,812,780	47,467.7595	Jun 10, 2026	1 filed lot Table I · Common Stock: 4,500 shares at $402.84 · code S · owned after 47,467.7595 · FORM 4 · filed Jun 12, 2026Filing detailsAccession 0000789019-26-000121 · filed Jun 12, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	2,500	$412.45	$1,031,125	51,967.7595	Jun 8, 2026	1 filed lot Table I · Common Stock: 2,500 shares at $412.45 · code S · owned after 51,967.7595 · FORM 4 · filed Jun 10, 2026Filing detailsAccession 0000789019-26-000109 · filed Jun 10, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	149.999	—Grant, award, or other acquisition (A)	—	295.578	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 149.999 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 295.578 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000107 · filed Jun 9, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	251.998	—Grant, award, or other acquisition (A)	—	2,134.58	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 251.998 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,134.58 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000106 · filed Jun 9, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	239.998	—Grant, award, or other acquisition (A)	—	14,290.152	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 239.998 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,290.152 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000105 · filed Jun 9, 2026
SCHARF CHARLES WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	149	—Grant, award, or other acquisition (A)	—	45,041	Jun 5, 2026	1 filed lot Table I · Common Stock: 149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 45,041 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000104 · filed Jun 9, 2026
Mason MarkDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	231.262	—Grant, award, or other acquisition (A)	—	231.262	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 231.262 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 231.262 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000103 · filed Jun 9, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	149	—Grant, award, or other acquisition (A)	—	149	Jun 5, 2026	1 filed lot Table I · Common Stock: 149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 149 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000102 · filed Jun 9, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	245.998	—Grant, award, or other acquisition (A)	—	2,174.565	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 245.998 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,174.565 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000101 · filed Jun 9, 2026
STANTON JOHN WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	149	—Grant, award, or other acquisition (A)	—	84,054	Jun 5, 2026	1 filed lot Table I · Common Stock: 149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 84,054 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000100 · filed Jun 9, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	275.998	—Grant, award, or other acquisition (A)	—	26,171.895	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 275.998 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,171.895 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000099 · filed Jun 9, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	224.998	—Grant, award, or other acquisition (A)	—	16,923.714	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 224.998 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,923.714 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000098 · filed Jun 9, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	149.999	—Grant, award, or other acquisition (A)	—	1,259.674	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 149.999 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,259.674 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000097 · filed Jun 9, 2026
Di Sibio CarmineDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	15	—Grant, award, or other acquisition (A)	—	360	Jun 5, 2026	1 filed lot Table I · Common Stock: 15 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 360 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000096 · filed Jun 9, 2026
Di Sibio CarmineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	13.2	—Grant, award, or other acquisition (A)	—	13.2	Jun 5, 2026	1 filed lot Table II · Restricted Stock Units: 13.2 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13.2 · FORM 4 · filed Jun 9, 2026Filing detailsAccession 0000789019-26-000096 · filed Jun 9, 2026
Althoff JudsonCEO Microsoft Commercial	Open-market or private sale (S)Table I · Disposed · Common Stock	15,500	$460.988	$7,145,314	110,477.434	Jun 1, 2026	1 filed lot Table I · Common Stock: 15,500 shares at $460.988 · code S · owned after 110,477.434 · FORM 4 · filed Jun 2, 2026Filing detailsAccession 0000789019-26-000083 · filed Jun 2, 2026
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	412.578	$450.24	$185,759	71,148.6646	Jun 1, 2026	1 filed lot Table I · Common Stock: 412.578 shares at $450.24 · code F · owned after 71,148.6646 · FORM 4 · filed Jun 1, 2026Filing detailsAccession 0000789019-26-000081 · filed Jun 1, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	433.827	$450.24	$195,326	45,480.9081	Jun 1, 2026	1 filed lot Table I · Common Stock: 433.827 shares at $450.24 · code F · owned after 45,480.9081 · FORM 4 · filed Jun 1, 2026Filing detailsAccession 0000789019-26-000080 · filed Jun 1, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	88.645	$409.43	$36,294	45,914.7351	May 15, 2026	1 filed lot Table I · Common Stock: 88.645 shares at $409.43 · code F · owned after 45,914.7351 · FORM 4 · filed May 18, 2026Filing detailsAccession 0000789019-26-000075 · filed May 18, 2026
Coleman AmyEVP, Chief Human Resources Off	Open-market or private sale (S)Table I · Disposed · Common Stock	1,262.312	$411.342	$519,242	46,003.3801	May 14, 2026	1 filed lot Table I · Common Stock: 1,262.312 shares at $411.342 · code S · owned after 46,003.3801 · FORM 4 · filed May 18, 2026Filing detailsAccession 0000789019-26-000075 · filed May 18, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,363.733	$393.11	$536,097	47,265.6921	Apr 15, 2026	1 filed lot Table I · Common Stock: 1,363.733 shares at $393.11 · code F · owned after 47,265.6921 · FORM 4 · filed Apr 15, 2026Filing detailsAccession 0000789019-26-000070 · filed Apr 15, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	31.095	$395.55	$12,300	48,576.5643	Mar 16, 2026	1 filed lot Table I · Common Stock: 31.095 shares at $395.55 · code F · owned after 48,576.5643 · FORM 4 · filed Mar 16, 2026Filing detailsAccession 0000789019-26-000066 · filed Mar 16, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	2.507	—Grant, award, or other acquisition (A)	—	1,109.675	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 2.507 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,109.675 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000064 · filed Mar 13, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.328	—Grant, award, or other acquisition (A)	—	145.579	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 0.328 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 145.579 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000063 · filed Mar 13, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	31.743	—Grant, award, or other acquisition (A)	—	14,050.154	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 31.743 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,050.154 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000062 · filed Mar 13, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	58.507	—Grant, award, or other acquisition (A)	—	25,895.897	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 58.507 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 25,895.897 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000061 · filed Mar 13, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	4.357	—Grant, award, or other acquisition (A)	—	1,928.567	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 4.357 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,928.567 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000060 · filed Mar 13, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	52.01	—Grant, award, or other acquisition (A)	—	23,020.848	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 52.01 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 23,020.848 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000059 · filed Mar 13, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	4.253	—Grant, award, or other acquisition (A)	—	1,882.582	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 4.253 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,882.582 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000058 · filed Mar 13, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	37.726	—Grant, award, or other acquisition (A)	—	16,698.716	Mar 12, 2026	1 filed lot Table II · Restricted Stock Units: 37.726 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,698.716 · FORM 4 · filed Mar 13, 2026Filing detailsAccession 0000789019-26-000057 · filed Mar 13, 2026
Hogan Kathleen TEVP, Strategy	Open-market or private sale (S)Table I · Disposed · Common Stock	12,320.87	$409.52	$5,045,643	137,933.097	Mar 6, 2026	1 filed lot Table I · Common Stock: 12,320.87 shares at $409.52 · code S · owned after 137,933.097 · FORM 4 · filed Mar 9, 2026Filing detailsAccession 0000789019-26-000048 · filed Mar 9, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	1,351.169	$392.74	$530,658	54,430.5515	Mar 2, 2026	1 filed lot Table I · Common Stock: 1,351.169 shares at $392.74 · code F · owned after 54,430.5515 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000046 · filed Mar 3, 2026
Hood AmyEVP, Chief Financial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	4,789.714	$392.74	$1,881,112	562,777.25	Mar 2, 2026	1 filed lot Table I · Common Stock: 4,789.714 shares at $392.74 · code F · owned after 562,777.25 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000045 · filed Mar 3, 2026
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	424.204	$392.74	$166,602	71,561.2426	Mar 2, 2026	1 filed lot Table I · Common Stock: 424.204 shares at $392.74 · code F · owned after 71,561.2426 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000044 · filed Mar 3, 2026
SMITH BRADFORD LVice Chair and President	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	3,589.532	$392.74	$1,409,753	448,007.2313	Mar 2, 2026	1 filed lot Table I · Common Stock: 3,589.532 shares at $392.74 · code F · owned after 448,007.2313 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000043 · filed Mar 3, 2026
Hogan Kathleen TEVP, Strategy	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	977.658	$392.74	$383,965	150,253.967	Mar 2, 2026	1 filed lot Table I · Common Stock: 977.658 shares at $392.74 · code F · owned after 150,253.967 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000042 · filed Mar 3, 2026
Althoff JudsonCEO, Commercial	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	3,401.247	$392.74	$1,335,806	125,947.434	Mar 2, 2026	1 filed lot Table I · Common Stock: 3,401.247 shares at $392.74 · code F · owned after 125,947.434 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000041 · filed Mar 3, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	638.577	$392.74	$250,795	48,607.6593	Mar 2, 2026	1 filed lot Table I · Common Stock: 638.577 shares at $392.74 · code F · owned after 48,607.6593 · FORM 4 · filed Mar 3, 2026Filing detailsAccession 0000789019-26-000040 · filed Mar 3, 2026
STANTON JOHN WDirector	Open-market or private purchase (P)Table I · Acquired · Common Stock	5,000	$397.35	$1,986,750	83,905	Feb 18, 2026	1 filed lot Table I · Common Stock: 5,000 shares at $397.35 · code P · owned after 83,905 · FORM 4 · filed Feb 18, 2026Filing detailsAccession 0000789019-26-000028 · filed Feb 18, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	85.103	$401.32	$34,154	49,246.2363	Feb 17, 2026	1 filed lot Table I · Common Stock: 85.103 shares at $401.32 · code F · owned after 49,246.2363 · FORM 4 · filed Feb 17, 2026Filing detailsAccession 0000789019-26-000026 · filed Feb 17, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	145.251	—Grant, award, or other acquisition (A)	—	145.251	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 145.251 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 145.251 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000024 · filed Feb 3, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	244.021	—Grant, award, or other acquisition (A)	—	1,878.329	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 244.021 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,878.329 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000023 · filed Feb 3, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	232.401	—Grant, award, or other acquisition (A)	—	14,018.411	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 232.401 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,018.411 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000022 · filed Feb 3, 2026
SCHARF CHARLES WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	145	—Grant, award, or other acquisition (A)	—	44,892	Jan 30, 2026	1 filed lot Table I · Common Stock: 145 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 44,892 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000021 · filed Feb 3, 2026
Mason MarkDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	145	—Grant, award, or other acquisition (A)	—	1,675	Jan 30, 2026	1 filed lot Table I · Common Stock: 145 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,675 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000020 · filed Feb 3, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	145	—Grant, award, or other acquisition (A)	—	145	Jan 30, 2026	1 filed lot Table I · Common Stock: 145 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 145 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000019 · filed Feb 3, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	238.211	—Grant, award, or other acquisition (A)	—	1,924.21	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 238.211 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,924.21 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000018 · filed Feb 3, 2026
STANTON JOHN WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	145	—Grant, award, or other acquisition (A)	—	78,905	Jan 30, 2026	1 filed lot Table I · Common Stock: 145 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 78,905 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000017 · filed Feb 3, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	267.262	—Grant, award, or other acquisition (A)	—	25,837.39	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 267.262 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 25,837.39 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000016 · filed Feb 3, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	217.876	—Grant, award, or other acquisition (A)	—	16,660.99	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 217.876 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,660.99 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000015 · filed Feb 3, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	145.251	—Grant, award, or other acquisition (A)	—	1,107.168	Jan 30, 2026	1 filed lot Table II · Restricted Stock Units: 145.251 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,107.168 · FORM 4 · filed Feb 3, 2026Filing detailsAccession 0000789019-26-000014 · filed Feb 3, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	32.587	$459.38	$14,970	49,331.3393	Jan 15, 2026	1 filed lot Table I · Common Stock: 32.587 shares at $459.38 · code F · owned after 49,331.3393 · FORM 4 · filed Jan 15, 2026Filing detailsAccession 0000789019-26-000002 · filed Jan 15, 2026
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	617.795	$478.53	$295,633	71,985.4466	Dec 15, 2025	1 filed lot Table I · Common Stock: 617.795 shares at $478.53 · code F · owned after 71,985.4466 · FORM 4 · filed Dec 16, 2025Filing detailsAccession 0000789019-25-000133 · filed Dec 16, 2025
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	335.03	$478.53	$160,322	49,363.9263	Dec 15, 2025	1 filed lot Table I · Common Stock: 335.03 shares at $478.53 · code F · owned after 49,363.9263 · FORM 4 · filed Dec 16, 2025Filing detailsAccession 0000789019-25-000132 · filed Dec 16, 2025
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	1.807	—Grant, award, or other acquisition (A)	—	961.917	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 1.807 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 961.917 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000129 · filed Dec 12, 2025
Rodriguez Carlos ADirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	8.662	—Grant, award, or other acquisition (A)	—	4,610.835	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 8.662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 4,610.835 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000128 · filed Dec 12, 2025
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	25.899	—Grant, award, or other acquisition (A)	—	13,786.01	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 25.899 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13,786.01 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000127 · filed Dec 12, 2025
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	48.038	—Grant, award, or other acquisition (A)	—	25,570.128	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 48.038 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 25,570.128 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000126 · filed Dec 12, 2025
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	3.166	—Grant, award, or other acquisition (A)	—	1,685.999	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 3.166 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,685.999 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000125 · filed Dec 12, 2025
List TeriDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	43.15	—Grant, award, or other acquisition (A)	—	22,968.837	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 43.15 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 22,968.837 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000124 · filed Dec 12, 2025
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	3.07	—Grant, award, or other acquisition (A)	—	1,634.308	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 3.07 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,634.308 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000123 · filed Dec 12, 2025
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	30.891	—Grant, award, or other acquisition (A)	—	16,443.114	Dec 11, 2025	1 filed lot Table II · Restricted Stock Units: 30.891 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,443.114 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000122 · filed Dec 12, 2025
Hogan Kathleen TEVP, Strategy	Gift (G)Table I · Disposed · Common Stock	150	—Gift (G)	—	151,231.625	Dec 10, 2025	1 filed lot Table I · Common Stock: 150 shares at — (Gift (G)) · code G · owned after 151,231.625 · FORM 4 · filed Dec 12, 2025Filing detailsAccession 0000789019-25-000121 · filed Dec 12, 2025
STANTON JOHN WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	130	—Grant, award, or other acquisition (A)	—	78,760	Dec 4, 2025	1 filed lot Table I · Common Stock: 130 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 78,760 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000106 · filed Dec 5, 2025
SCHARF CHARLES WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	130	—Grant, award, or other acquisition (A)	—	44,747	Dec 4, 2025	1 filed lot Table I · Common Stock: 130 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 44,747 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000105 · filed Dec 5, 2025
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	207.969	—Grant, award, or other acquisition (A)	—	13,760.11	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 207.969 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13,760.11 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000104 · filed Dec 5, 2025
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	239.165	—Grant, award, or other acquisition (A)	—	25,522.09	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 239.165 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 25,522.09 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000103 · filed Dec 5, 2025
Mason MarkDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	130	—Grant, award, or other acquisition (A)	—	1,530	Dec 4, 2025	1 filed lot Table I · Common Stock: 130 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,530 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000102 · filed Dec 5, 2025
List TeriDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	130	—Grant, award, or other acquisition (A)	—	130	Dec 4, 2025	1 filed lot Table I · Common Stock: 130 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 130 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000101 · filed Dec 5, 2025
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	194.971	—Grant, award, or other acquisition (A)	—	16,412.223	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 194.971 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 16,412.223 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000100 · filed Dec 5, 2025
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	194.971	—Grant, award, or other acquisition (A)	—	1,682.833	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 194.971 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,682.833 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000099 · filed Dec 5, 2025
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	129.981	—Grant, award, or other acquisition (A)	—	960.11	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 129.981 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 960.11 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000098 · filed Dec 5, 2025
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	218.368	—Grant, award, or other acquisition (A)	—	1,631.24	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 218.368 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,631.24 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000097 · filed Dec 5, 2025
Rodriguez Carlos ADirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	220.967	—Grant, award, or other acquisition (A)	—	4,602.173	Dec 4, 2025	1 filed lot Table II · Restricted Stock Units: 220.967 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 4,602.173 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000096 · filed Dec 5, 2025
Numoto TakeshiEVP, Chief Marketing Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	2,850	$478.72	$1,364,352	55,781.7205	Dec 4, 2025	1 filed lot Table I · Common Stock: 2,850 shares at $478.72 · code S · owned after 55,781.7205 · FORM 4 · filed Dec 5, 2025Filing detailsAccession 0000789019-25-000095 · filed Dec 5, 2025
Althoff JudsonCEO Microsoft Commercial	Open-market or private sale (S)Table I · Disposed · Common Stock	12,750	$491.516	$6,266,829	129,348.681	Dec 2, 2025	1 filed lot Table I · Common Stock: 12,750 shares at $491.516 · code S · owned after 129,348.681 · FORM 4 · filed Dec 3, 2025Filing detailsAccession 0000789019-25-000077 · filed Dec 3, 2025
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	412.945	$492.01	$203,173	72,603.2416	Dec 1, 2025	1 filed lot Table I · Common Stock: 412.945 shares at $492.01 · code F · owned after 72,603.2416 · FORM 4 · filed Dec 2, 2025Filing detailsAccession 0000789019-25-000075 · filed Dec 2, 2025
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	461.693	$492.01	$227,158	49,698.9563	Dec 1, 2025	1 filed lot Table I · Common Stock: 461.693 shares at $492.01 · code F · owned after 49,698.9563 · FORM 4 · filed Dec 2, 2025Filing detailsAccession 0000789019-25-000074 · filed Dec 2, 2025
Althoff JudsonCEO, Microsoft Commercial	Gift (G)Table I · Disposed · Common Stock	3,463	—Gift (G)	—	142,098.681	Nov 20, 2025	1 filed lot Table I · Common Stock: 3,463 shares at — (Gift (G)) · code G · owned after 142,098.681 · FORM 4 · filed Nov 21, 2025Filing detailsAccession 0000789019-25-000071 · filed Nov 21, 2025
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	89.044	$510.18	$45,428	50,160.6493	Nov 17, 2025	1 filed lot Table I · Common Stock: 89.044 shares at $510.18 · code F · owned after 50,160.6493 · FORM 4 · filed Nov 17, 2025Filing detailsAccession 0000789019-25-000069 · filed Nov 17, 2025
Nadella SatyaDirector, Chief Executive Officer	Gift (G)Table I · Disposed · Common Stock	3,977	—Gift (G)	—	786,875.378	Nov 10, 2025	1 filed lot Table I · Common Stock: 3,977 shares at — (Gift (G)) · code G · owned after 786,875.378 · FORM 4 · filed Nov 12, 2025Filing detailsAccession 0000789019-25-000067 · filed Nov 12, 2025
SMITH BRADFORD LVice Chair and President	Gift (G)Table I · Disposed · Common Stock	10,000	—Gift (G)	—	451,596.7633	Nov 6, 2025	1 filed lot Table I · Common Stock: 10,000 shares at — (Gift (G)) · code G · owned after 451,596.7633 · FORM 4 · filed Nov 7, 2025Filing detailsAccession 0000789019-25-000065 · filed Nov 7, 2025
SMITH BRADFORD LVice Chair and President	Open-market or private sale (S)Table I · Disposed · Common Stock	38,500	$518.6417	$19,967,707	See lot detail	Nov 3, 2025	2 filed lots Table I · Common Stock: 30,411 shares at $518.4907 · code S · owned after 469,685.7633 · FORM 4 · filed Nov 4, 2025Filing detailsAccession 0000789019-25-000063 · filed Nov 4, 2025 Table I · Common Stock: 8,089 shares at $519.2096 · code S · owned after 461,596.7633 · FORM 4 · filed Nov 4, 2025Filing detailsAccession 0000789019-25-000063 · filed Nov 4, 2025

Source-event as of Aug 17, 2026. Retrieved Aug 30, 2026.

Track record

How MICROSOFT CORPORATION’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MSFT on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 11 years MSFT rated Wide-moat (2011, 2012, 2013, 2014, 2019, 2020, 2021, 2022, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:

1 year 25% vs the S&P 500’s 16% (price basis) · median over 10 years
3 years 86% vs the S&P 500’s 30% (price basis) · median over 8 years
5 years 190% vs the S&P 500’s 78% (price basis) · median over 6 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Technology context

#4 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#2META Meta Platforms, Inc.98.4 out of 100, Wide moatWide moat
#3IBEX IBEX LIMITED98.0 out of 100, Wide moatWide moat
#5GOOGL Alphabet Inc.96.8 out of 100, Wide moatWide moat
#6QLYS QUALYS, INC.95.4 out of 100, Wide moatWide moat

Compare MSFT with its nearest peers →All Technology companies on the Index →

Common questions about MSFT

Does MICROSOFT CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MICROSOFT CORPORATION (MSFT) 97.7 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 100, pricing power 100, returns on capital 100, balance-sheet safety 99, capital allocation 90.
Is MSFT trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $108.72 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $381.70, that is 251% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MSFT's Moat Score changed over time?: The record logs 20 readings since Jul 17, 2026; the latest reads 97.7 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MSFT. See the disclaimer.