MSFT changes
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- Balance sheet
- added: Cash: $76.8B Debt: $46.1B Net cash: $30.7B Interest cover: 50× Debt due within 12 months: $9.3B Ratings: S&P AAA, Moody's Aaa (stable outlook) Microsoft has the highest credit removed: ratings: AAA from S&P added: ratings, and removed: Aaa from Moody's. Moody's affirmed its removed: rating with a stable outlook on August 21, 2026. Its bond debt is small. removed: At June 30, 2026, it had $46.1 billion added: It pays for much of its data center build-out through leases, not bonds, and these leases fix a large part of future costs, even if AI demand does not hold. Debt is the face value of senior unsecured removed: notes, with $9.25 billion added: notes at June 30, 2026, and the amount due removed: in added: within 12 months is for the year to June 2027. removed: Against this, it had $76.8 billion of cash and short-term investments. It added: Moody's affirmed its rating on August 21, 2026. Microsoft issued no new bonds in fiscal 2026. removed: It pays for much of its data center build-out through leases, not bonds. Finance lease liabilities rose to $66.6 billion from $46.2 billion a year earlier, and operating lease liabilities were $21.9 billion. Leases that had not started yet added $329.1 billion of future commitments. removed: In added: Interest cover is for fiscal 2026, removed: operating income added: and most of removed: $155.2 billion covered interest expense of $3.05 billion about 50 times. Most of that interest now comes from finance leases. Operating cash flow of $182.9 billion paid for capital expenditure of $115.9 billion, dividends of $26.4 billion and buybacks of $22.3 billion. The balance sheet gives room to keep spending and returning cash. removed: But the lease commitments fix a large part of future costs, even if AI demand does not hold. As of Jun 30, 2026.