{
  "reported": {
    "period_end": "2026-06-30",
    "price_date": "2026-09-08 16:00 America/New_York",
    "price": 493.95,
    "revenue": {
      "Productivity": 139.996,
      "Cloud": 137.791,
      "Personal": 54.052
    },
    "operating_income": 155.237,
    "cfo": 182.935,
    "cash_capex": 115.948,
    "da_and_other": 38.534,
    "sbc": 12.405,
    "finance_lease_additions": 24.608,
    "finance_lease_principal": 3.101,
    "cash_and_short_investments": 76.843,
    "debt_face": 46.136,
    "finance_lease_liability": 66.594,
    "shares_diluted": 7.453,
    "equity_and_other_investments": 36.348,
    "sources": {
      "release": "https://www.microsoft.com/en-us/Investor/earnings/FY-2026-Q4/press-release-webcast",
      "filing": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/msft-20260630.htm",
      "call": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4"
    }
  },
  "common": {
    "tax": 0.2,
    "wacc": 0.09,
    "terminal_growth": 0.035,
    "terminal_roic": 0.2,
    "operating_cash_reserve": 20.0,
    "nwc_per_incremental_revenue": 0.05
  },
  "scenarios": {
    "Downside": {
      "growth": {
        "Productivity": [
          0.1,
          0.09,
          0.08,
          0.07,
          0.06,
          0.055,
          0.05,
          0.045,
          0.04,
          0.035
        ],
        "Cloud": [
          0.24,
          0.2,
          0.16,
          0.13,
          0.1,
          0.08,
          0.07,
          0.06,
          0.05,
          0.04
        ],
        "Personal": [
          -0.04,
          0,
          0.01,
          0.02,
          0.02,
          0.02,
          0.02,
          0.02,
          0.02,
          0.02
        ]
      },
      "margin": [
        0.455,
        0.44,
        0.43,
        0.42,
        0.42,
        0.42,
        0.42,
        0.42,
        0.42,
        0.42
      ],
      "capex": [
        0.52,
        0.48,
        0.43,
        0.38,
        0.33,
        0.29,
        0.27,
        0.25,
        0.24,
        0.23
      ],
      "da": [
        0.14,
        0.17,
        0.19,
        0.2,
        0.2,
        0.19,
        0.18,
        0.17,
        0.16,
        0.15
      ],
      "terminal_roic": 0.15
    },
    "Base": {
      "growth": {
        "Productivity": [
          0.13,
          0.12,
          0.11,
          0.1,
          0.09,
          0.08,
          0.07,
          0.06,
          0.05,
          0.04
        ],
        "Cloud": [
          0.28,
          0.25,
          0.22,
          0.19,
          0.16,
          0.14,
          0.12,
          0.1,
          0.08,
          0.06
        ],
        "Personal": [
          -0.02,
          0.02,
          0.03,
          0.03,
          0.03,
          0.03,
          0.03,
          0.03,
          0.03,
          0.03
        ]
      },
      "margin": [
        0.46,
        0.455,
        0.45,
        0.445,
        0.445,
        0.445,
        0.445,
        0.445,
        0.445,
        0.445
      ],
      "capex": [
        0.5,
        0.45,
        0.39,
        0.33,
        0.28,
        0.25,
        0.23,
        0.22,
        0.21,
        0.2
      ],
      "da": [
        0.14,
        0.17,
        0.19,
        0.2,
        0.2,
        0.19,
        0.18,
        0.17,
        0.16,
        0.14
      ],
      "terminal_roic": 0.2
    },
    "Upside": {
      "growth": {
        "Productivity": [
          0.15,
          0.14,
          0.13,
          0.12,
          0.11,
          0.1,
          0.09,
          0.08,
          0.07,
          0.06
        ],
        "Cloud": [
          0.32,
          0.29,
          0.26,
          0.23,
          0.2,
          0.18,
          0.16,
          0.14,
          0.12,
          0.1
        ],
        "Personal": [
          0,
          0.03,
          0.04,
          0.04,
          0.04,
          0.04,
          0.04,
          0.04,
          0.04,
          0.04
        ]
      },
      "margin": [
        0.465,
        0.465,
        0.47,
        0.47,
        0.47,
        0.47,
        0.47,
        0.47,
        0.47,
        0.47
      ],
      "capex": [
        0.5,
        0.45,
        0.39,
        0.33,
        0.28,
        0.25,
        0.23,
        0.21,
        0.19,
        0.18
      ],
      "da": [
        0.14,
        0.17,
        0.19,
        0.2,
        0.2,
        0.19,
        0.18,
        0.17,
        0.16,
        0.14
      ],
      "terminal_roic": 0.25
    }
  }
}