By Gordon PapeGordon Pape
Publication Date: 2026-09-15 21:22:00
Key Points
Microsoft’s fiscal 2026 annual report shows $27.0 billion of dividends declared against $16.7 billion of stock repurchased under its buyback program.
The company’s share count ended fiscal 2026 about 1% lower than it was five years earlier.
Earnings per share rose 123% over five years, and nearly all of that growth came from higher profits, not a shrinking share count.
For years, Microsoft(NASDAQ:MSFT) spent more money buying back its own stock than it paid out in dividends. In fiscal 2021 (the year ended June 30, 2021), for instance, the software giant put $27.4 billion toward repurchases and $16.5 billion toward dividends.
That mix has flipped.
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Microsoft’s fiscal 2026 annual report shows $27.0 billion of dividends…
