Microsoft — SBC Tracker

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Financials (2025)

Revenue

$281.7B

Revenue Growth YoY

14.9%

EBITDA

$150.5B

Net Income

$101.8B

Stock Price

—

Market Cap

—

Stock-Based Compensation (2025)

SBC Expense

$12.0B

SBC % of Revenue

4.3%

SBC % of EBITDA

8.0%

SBC % of Market Cap

—

Buybacks

$18.4B

Unrecognized SBC

—

SBC % of Revenue — Historical

SBC vs Buybacks ($M) — Historical

SBC % Revenue vs SBC % Market Cap

Revenue-based SBC % is the P&L view. Market-cap-based % is the shareholder dilution view — how much of the company is given away each year.

Market Cap vs Cumulative SBC

Total SBC expense paid since earliest data year vs current market cap. Shows the cumulative cost of stock-based compensation relative to company size.

GAAP vs "Adjusted" Earnings

GAAP net income already includes SBC as a real expense. But many companies highlight "adjusted" earnings that add SBC back, flattering profitability. The orange gap shows how much non-GAAP metrics overstate real earnings each year.

Ownership Retained Over Time

100 = your original ownership at the earliest data year. Net share issuance drives this down.

Annual Gross Dilution vs Buyback Offset

Red = gross share issuance from SBC. Green = shares retired via buybacks. Both as % of prior-year shares.

Year-by-Year Detail

Year	SBC ($)	Revenue ($)	EBITDA ($)	SBC % Rev	SBC % EBITDA	Rev Growth	Buybacks ($)	Net Income ($)	Shares (EOY)	Price (EOY)	Market Cap	SBC % MCap	Unrecognized SBC ($)
2025	$12.0B	$281.7B	$150.5B	4.3%	8.0%	14.9%	$18.4B	$101.8B	7,433,166,379	—	—	—	—
2024	$10.7B	$245.1B	$124.6B	4.4%	8.6%	15.7%	$17.3B	$88.1B	7,433,038,381	—	—	—	—
2023	$9.6B	$211.9B	$99.5B	4.5%	9.7%	6.9%	$22.2B	$72.4B	7,429,763,722	—	—	—	—
2022	$7.5B	$198.3B	$96.0B	3.8%	7.8%	18.0%	$32.7B	$72.7B	7,457,891,872	—	—	—	—
2021	$6.1B	$168.1B	$79.2B	3.6%	7.7%	17.5%	$27.4B	$61.3B	7,514,891,248	—	—	—	—
2020	$5.3B	$143.0B	$63.7B	3.7%	8.3%	287.5%	$23.0B	$44.3B	7,567,652,935	—	—	—	—
2019	$4.7B	$36.9B	$52.7B	12.6%	8.8%	13.7%	$19.5B	$11.6B	7,635,409,400	—	—	—	—
2018	$3.9B	$32.5B	$42.8B	12.1%	9.2%	12.3%	$10.7B	$8.4B	7,668,217,316	—	—	—	—
2017	$3.3B	$28.9B	$35.1B	11.3%	9.3%	12.0%	$11.8B	$-6.3B	7,702,243,979	—	—	—	—
2016	$2.7B	$25.8B	$31.0B	10.3%	8.6%	8.5%	$16.0B	$6.3B	7,792,515,573	—	—	—	—
2015	$2.6B	$23.8B	$22.3B	10.8%	11.6%	-10.1%	$14.4B	$5.0B	7,997,980,969	—	—	—	—
2014	$2.4B	$26.5B	$31.2B	9.2%	7.9%	8.0%	$7.3B	$5.9B	8,239,848,789	—	—	—	—
2013	$2.4B	$24.5B	$29.4B	9.8%	8.2%	14.3%	$5.4B	$6.6B	8,329,956,402	—	—	—	—
2012	$2.2B	$21.5B	$24.0B	10.5%	9.4%	2.7%	$5.0B	$6.4B	8,383,396,575	—	—	—	—
2011	$2.2B	$20.9B	$29.2B	10.4%	7.4%	4.7%	$11.6B	$6.6B	8,378,265,782	—	—	—	—
2010	$1.9B	$20.0B	$25.9B	9.5%	7.3%	4.9%	$11.3B	$6.6B	8,653,567,331	—	—	—	—
2009 IPO	$1.7B	$19.0B	$22.1B	9.0%	7.7%	—	$9.4B	$6.7B	8,908,000,000	—	—	—	—

Microsoft (MSFT)