Does MICROSOFT CORPORATION have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores MICROSOFT CORPORATION (MSFT) 97.2 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 87.

Is MSFT trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $131.86 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $493.78, that is 274% 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 23 readings since Jul 17, 2026; the latest reads 97.2 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 · $3.67T mkt cap · FY2026 filings · as of Sep 19, 2026 · Wide moat ·

On the watchlist

Wide moat

The five investor questions

100

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $198.3B to $331.8B, increasing; diluted EPS 9.65 to 17.95, increasing.

100

Median gross margin 68.2% over 10y, very stable.

100

Median ROIC 28.4%, above the 12% hurdle in 100% of years.

Net debt/EBITDA 0.1x, interest coverage 51x.

Owner earnings changed +20.2%/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

274% above value if growth stopped today

: $88.1B
: $131.86
: $213.61
: $493.78
: 274% above value if growth stopped today

What today’s price assumes: owner earnings growing ~30%/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 227% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 19, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

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

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.

20 years of fundamentals

The business, in plain English

MICROSOFT CORPORATION booked $331.8B of revenue in FY2026 in the Technology sector and kept 67.9% of it as gross profit — a high-margin business by that measure. After every other cost, 40.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $60.4B (FY2008) to $331.8B (FY2026) — about 9.9% a year compounded over 18 years.

It earned 27.1% on invested capital in the latest filed year, FY2026. Across the full 19-year measurable filed record, median ROIC was 27.1%. Over the v3 recent window (10 measurable filed years), median ROIC was 28.4%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $40.3B of total debt in FY2026 against $133.7B of owner earnings — roughly 0.3 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 (87/100), which is how MSFT lands at 97/100 — 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$331.8B FY2026

Revenue kept after cost of goods67.9% FY2026

Standard ROIC or separately labeled Operating ROICStandard ROIC 30.6% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$133.7B FY2026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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
	$331.8B	100%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Cost of revenue	$106.4B	32%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$225.5B	68%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$155.2B	47%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Income before tax	$165.9B	50%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Income tax	$32.2B	10%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$133.7B	40%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

· event Jun 30, 2026 · retrieved Sep 19, 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	$758.4B	100%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Cash and equivalents	$20.9B	3%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$40.3B	5%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Stockholders’ equity	$442.4B	58%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

· event Jun 30, 2026 · retrieved Sep 19, 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
	$133.7B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Income before tax	$165.9B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Operating income	$155.2B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$331.8B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Ending assets	$758.4B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Beginning assets	$619.0B	FY2025	10-K · FY 2025Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$442.4B	FY2026	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
	$343.5B	FY2025	10-K · FY 2025Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

Source:

10-K · filed Jul 29, 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

· event Jun 30, 2026 · retrieved Sep 19, 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	$182.9B	100%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026
Depreciation and amortization	$39.0B	21%	10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001193125-26-323660 · filed Jul 29, 2026

· event Jun 30, 2026 · retrieved Sep 19, 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.

11 holding0 exited7 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Brave Warrior Advisors	4,275 shares$1.6M · 0% of eligible reported 13F	Added to position · +2,250 shares (111%)	13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
Dodge & Cox	12,836,229 shares$4.8B · 3% of eligible reported 13F	Added to position · +876,294 shares (7%)	13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
First Eagle	3,880,430 shares$1.4B · 1% of eligible reported 13F	Added to position · +2,555,332 shares (193%)	13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
Fundsmith	1,596,737 shares$596M · 4% of eligible reported 13F	Trimmed · -483,000 shares (−23%)	13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
Gardner Russo & Quinn	3,584 shares$1.3M · 0% of eligible reported 13F	Added to position · +40 shares (1%)	13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
Mairs & Power	1,950,737 shares$728M · 7% of eligible reported 13F	Added to position · +8,346 shares (0%)	13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
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
Oakmark / Harris Associates	68,612 shares$25.6M · 0% of eligible reported 13F	Added to position · +61,855 shares (915%)	13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
Polen Capital	2,098,613 shares$783M · 7% of eligible reported 13F	Trimmed · -747,275 shares (−26%)	13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
Sequoia / Ruane Cunniff	737 shares$274916 · 0% of eligible reported 13F	Unchanged · 0 shares (0%)	13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
Yacktman Asset Management	1,009,284 shares$376M · 5% of eligible reported 13F	Added to position · +16,368 shares (2%)	13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
Abrams Capital	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
Akre Capital	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
Baupost Group	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
Berkshire Hathaway	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
Gates Foundation Trust	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
Southeastern Asset Management	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
Tweedy, Browne	No position reported	No position reported	13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
Pershing Square	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:

37 SEC filings

13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026

· event Jun 30, 2026 · retrieved Sep 19, 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-Q4	0	4	Unavailable
2026-Q1	1	1	Unavailable
2026-Q2	0	4	Unavailable
2026-Q3	0	16	Unavailable

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

Source:

13 SEC filings

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
SEC filingFiling detailsAccession 0000789019-26-000161
SEC filingFiling detailsAccession 0000789019-26-000212

· event Sep 14, 2026 · retrieved Sep 19, 2026

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Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale97.2 / 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 (79 versus 20). The filing codes alone do not establish that every such row arose from a compensation plan.

: -$112,586,793
: 1 P / 25 S
: No

Transaction-code histogram

Supporting event counts for the same certified window, Sep 21, 2025–Sep 21, 2026.

P: 1
S: 25
A: 95
F: 32
M: 0
G: 5
C: 0
J: 0
W: 0

Insider					Shares owned after	Date	Filing detail
SMITH BRADFORD LVice Chair and President	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	29,077	—Grant, award, or other acquisition (A)	—	473,793.2944	Sep 15, 2026	1 filed lot Table I · Common Stock: 29,077 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 473,793.2944 · FORM 4 · filed Sep 17, 2026Filing detailsAccession 0000789019-26-000224 · filed Sep 17, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	11,569	—Grant, award, or other acquisition (A)	—	59,412.2403	Sep 15, 2026	1 filed lot Table I · Common Stock: 11,569 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 59,412.2403 · FORM 4 · filed Sep 17, 2026Filing detailsAccession 0000789019-26-000223 · filed Sep 17, 2026
Hood AmyEVP & Chief Financial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	29,077	—Grant, award, or other acquisition (A)	—	562,701.427	Sep 15, 2026	1 filed lot Table I · Common Stock: 29,077 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 562,701.427 · FORM 4 · filed Sep 17, 2026Filing detailsAccession 0000789019-26-000222 · filed Sep 17, 2026
Coleman AmyEVP, Chief Human Resources Off	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	6,506	—Grant, award, or other acquisition (A)	—	50,957.4031	Sep 15, 2026	1 filed lot Table I · Common Stock: 6,506 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 50,957.4031 · FORM 4 · filed Sep 17, 2026Filing detailsAccession 0000789019-26-000221 · filed Sep 17, 2026
Althoff JudsonEVP, Chief Commercial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	29,077	—Grant, award, or other acquisition (A)	—	141,167.886	Sep 15, 2026	1 filed lot Table I · Common Stock: 29,077 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 141,167.886 · FORM 4 · filed Sep 17, 2026Filing detailsAccession 0000789019-26-000220 · filed Sep 17, 2026
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	122.773	$505.41	$62,051	81,119.1096	Sep 15, 2026	1 filed lot Table I · Common Stock: 122.773 shares at $505.41 · code F · owned after 81,119.1096 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000214 · filed Sep 15, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	35.943	$505.41	$18,166	44,451.4031	Sep 15, 2026	1 filed lot Table I · Common Stock: 35.943 shares at $505.41 · code F · owned after 44,451.4031 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000213 · filed Sep 15, 2026
Hood AmyEVP, Chief Financial Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	41,674	$498.2686	$20,764,845	See lot detail	Sep 14, 2026	6 filed lots Table I · Common Stock: 4,339 shares at $495.974 · code S · owned after 570,959.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026 Table I · Common Stock: 10,433 shares at $496.9118 · code S · owned after 560,526.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026 Table I · Common Stock: 9,821 shares at $497.7849 · code S · owned after 550,705.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026 Table I · Common Stock: 4,305 shares at $498.8845 · code S · owned after 546,400.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026 Table I · Common Stock: 8,834 shares at $500.1135 · code S · owned after 537,566.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026 Table I · Common Stock: 3,942 shares at $500.783 · code S · owned after 533,624.427 · FORM 4 · filed Sep 15, 2026Filing detailsAccession 0000789019-26-000212 · filed Sep 15, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	2.563	—Grant, award, or other acquisition (A)	—	1,390.247	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 2.563 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,390.247 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000208 · filed Sep 11, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.778	—Grant, award, or other acquisition (A)	—	422.119	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 0.778 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 422.119 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000207 · filed Sep 11, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	26.838	—Grant, award, or other acquisition (A)	—	14,550.424	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 26.838 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,550.424 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000206 · filed Sep 11, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	48.902	—Grant, award, or other acquisition (A)	—	26,511.947	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 48.902 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,511.947 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000205 · filed Sep 11, 2026
Mason MarkDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.787	—Grant, award, or other acquisition (A)	—	427.705	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 0.787 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 427.705 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000204 · filed Sep 11, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	4.405	—Grant, award, or other acquisition (A)	—	2,389.162	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 4.405 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,389.162 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000203 · filed Sep 11, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	42.639	—Grant, award, or other acquisition (A)	—	23,117.153	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 42.639 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 23,117.153 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000202 · filed Sep 11, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	4.341	—Grant, award, or other acquisition (A)	—	2,354.022	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 4.341 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,354.022 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000201 · filed Sep 11, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	31.692	—Grant, award, or other acquisition (A)	—	17,182.471	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 31.692 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 17,182.471 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000200 · filed Sep 11, 2026
Di Sibio CarmineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	0.255	—Grant, award, or other acquisition (A)	—	138.56	Sep 10, 2026	1 filed lot Table II · Restricted Stock Units: 0.255 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 138.56 · FORM 4 · filed Sep 11, 2026Filing detailsAccession 0000789019-26-000199 · filed Sep 11, 2026
SMITH BRADFORD LVice Chair and President	Gift (G)Table I · Disposed · Common Stock	14,000	—Gift (G)	—	444,716.2944	Sep 9, 2026	1 filed lot Table I · Common Stock: 14,000 shares at — (Gift (G)) · code G · owned after 444,716.2944 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0000789019-26-000188 · filed Sep 10, 2026
Walmsley Emma NDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	125.075	—Grant, award, or other acquisition (A)	—	1,387.684	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 125.075 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,387.684 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000186 · filed Sep 8, 2026
STANTON JOHN WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	125	—Grant, award, or other acquisition (A)	—	84,179	Sep 5, 2026	1 filed lot Table I · Common Stock: 125 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 84,179 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000185 · filed Sep 8, 2026
SCHARF CHARLES WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	125	—Grant, award, or other acquisition (A)	—	45,166	Sep 5, 2026	1 filed lot Table I · Common Stock: 125 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 45,166 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000184 · filed Sep 8, 2026
Rainey John DDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	125.075	—Grant, award, or other acquisition (A)	—	421.341	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 125.075 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 421.341 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000183 · filed Sep 8, 2026
PRITZKER PENNY SDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	200.12	—Grant, award, or other acquisition (A)	—	14,523.587	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 200.12 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,523.587 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000182 · filed Sep 8, 2026
PETERSON SANDRA EDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	230.138	—Grant, award, or other acquisition (A)	—	26,463.045	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 230.138 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,463.045 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000181 · filed Sep 8, 2026
Mason MarkDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	195.117	—Grant, award, or other acquisition (A)	—	426.918	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 195.117 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 426.918 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000180 · filed Sep 8, 2026
MacGregor CatherineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	205.123	—Grant, award, or other acquisition (A)	—	2,384.756	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 205.123 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,384.756 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000179 · filed Sep 8, 2026
List TeriDirector	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	125	—Grant, award, or other acquisition (A)	—	125	Sep 5, 2026	1 filed lot Table I · Common Stock: 125 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 125 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000178 · filed Sep 8, 2026
Johnston Hugh FDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	210.126	—Grant, award, or other acquisition (A)	—	2,349.681	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 210.126 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,349.681 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000177 · filed Sep 8, 2026
Hoffman ReidDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	187.613	—Grant, award, or other acquisition (A)	—	17,150.779	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 187.613 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 17,150.779 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000176 · filed Sep 8, 2026
Di Sibio CarmineDirector	Grant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units	125.075	—Grant, award, or other acquisition (A)	—	138.305	Sep 5, 2026	1 filed lot Table II · Restricted Stock Units: 125.075 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 138.305 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0000789019-26-000175 · filed Sep 8, 2026
Nadella SatyaDirector, Chief Executive Officer	Open-market or private sale (S)Table I · Disposed · Common Stock	86,525	$501.4566	$43,388,532	See lot detail	Sep 1, 2026	8 filed lots Table I · Common Stock: 1,040 shares at $498.2396 · code S · owned after 572,247.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 5,080 shares at $499.4452 · code S · owned after 567,167.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 24,723 shares at $500.4678 · code S · owned after 542,444.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 32,901 shares at $501.1233 · code S · owned after 509,543.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 4,520 shares at $502.2909 · code S · owned after 505,023.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 7,067 shares at $503.4372 · code S · owned after 497,956.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 9,834 shares at $504.1124 · code S · owned after 488,122.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026 Table I · Common Stock: 1,360 shares at $505.1997 · code S · owned after 486,762.534 · FORM 4 · filed Sep 2, 2026Filing detailsAccession 0000789019-26-000161 · filed Sep 2, 2026
SMITH BRADFORD LVice Chair and President	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	27,688	—Grant, award, or other acquisition (A)	—	475,695.2313	Aug 31, 2026	1 filed lot Table I · Common Stock: 27,688 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 475,695.2313 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000159 · filed Sep 1, 2026
SMITH BRADFORD LVice Chair and President	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	17,036.099	$513.53	$8,748,548	458,716.2944	Aug 31, 2026	1 filed lot Table I · Common Stock: 17,036.099 shares at $513.53 · code F · owned after 458,716.2944 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000159 · filed Sep 1, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	12,684	—Grant, award, or other acquisition (A)	—	55,361.4483	Aug 31, 2026	1 filed lot Table I · Common Stock: 12,684 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 55,361.4483 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000158 · filed Sep 1, 2026
Numoto TakeshiEVP, Chief Marketing Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	7,518.208	$513.53	$3,860,825	47,843.2403	Aug 31, 2026	1 filed lot Table I · Common Stock: 7,518.208 shares at $513.53 · code F · owned after 47,843.2403 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000158 · filed Sep 1, 2026
Nadella SatyaDirector, Chief Executive Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	178,622	—Grant, award, or other acquisition (A)	—	643,753.378	Aug 31, 2026	1 filed lot Table I · Common Stock: 178,622 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 643,753.378 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000157 · filed Sep 1, 2026
Nadella SatyaDirector, Chief Executive Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	70,465.844	$513.53	$36,186,325	573,287.534	Aug 31, 2026	1 filed lot Table I · Common Stock: 70,465.844 shares at $513.53 · code F · owned after 573,287.534 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000157 · filed Sep 1, 2026
Jolla Alice L.Chief Accounting Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	5,575	—Grant, award, or other acquisition (A)	—	81,727.6646	Aug 31, 2026	1 filed lot Table I · Common Stock: 5,575 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 81,727.6646 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000156 · filed Sep 1, 2026
Jolla Alice L.Chief Accounting Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	485.782	$513.53	$249,464	81,241.8826	Aug 31, 2026	1 filed lot Table I · Common Stock: 485.782 shares at $513.53 · code F · owned after 81,241.8826 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000156 · filed Sep 1, 2026
Hood AmyEVP, Chief Financial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	31,260	—Grant, award, or other acquisition (A)	—	594,037.25	Aug 31, 2026	1 filed lot Table I · Common Stock: 31,260 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 594,037.25 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000155 · filed Sep 1, 2026
Hood AmyEVP, Chief Financial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	18,738.823	$513.53	$9,622,948	575,298.427	Aug 31, 2026	1 filed lot Table I · Common Stock: 18,738.823 shares at $513.53 · code F · owned after 575,298.427 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000155 · filed Sep 1, 2026
Coleman AmyEVP, Chief Human Resources Off	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	836.23	$513.53	$429,429	44,487.3461	Aug 31, 2026	1 filed lot Table I · Common Stock: 836.23 shares at $513.53 · code F · owned after 44,487.3461 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000154 · filed Sep 1, 2026
Althoff JudsonEVP, Chief Commercial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	29,724	—Grant, award, or other acquisition (A)	—	130,171.434	Aug 31, 2026	1 filed lot Table I · Common Stock: 29,724 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 130,171.434 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000153 · filed Sep 1, 2026
Althoff JudsonEVP, Chief Commercial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock	18,080.548	$513.53	$9,284,904	112,090.886	Aug 31, 2026	1 filed lot Table I · Common Stock: 18,080.548 shares at $513.53 · code F · owned after 112,090.886 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0000789019-26-000153 · filed Sep 1, 2026
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

Source-event as of Sep 15, 2026. Retrieved Sep 21, 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 749 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#2IBEX IBEX LIMITED98.5 out of 100, Wide moatWide moat
#3META Meta Platforms, Inc.98.4 out of 100, Wide moatWide moat
#5GOOG 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 FY2026 SEC filings, the Moat Index scores MICROSOFT CORPORATION (MSFT) 97.2 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 87.
Is MSFT trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $131.86 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $493.78, that is 274% 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 23 readings since Jul 17, 2026; the latest reads 97.2 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.