Microsoft Corp.
Cash Flow Statement
| Line Item | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $16.57B | $25.49B | $20.54B | $12.19B | $22.07B | $21.86B | $16.98B | $23.15B |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $7.70B | $6.10B | $4.90B | $4.10B | $3.40B | $2.60B | $2.20B | $2.00B |
| Amortization | $2.20B | $1.70B | $978.0M | $1.30B | $845.0M | $739.0M | $558.0M | $537.0M |
| Stock-Based Compensation | $3.94B | $3.27B | $2.67B | $2.57B | — | — | — | — |
| Net Cash from Operating Activities | $43.88B | $39.51B | $33.33B | $29.67B | $32.50B | $28.83B | $31.63B | $26.99B |
| Investing Activities | ||||||||
| Capital Expenditures | $11.63B | $8.13B | $8.34B | $5.94B | $5.49B | $4.26B | $2.31B | $2.36B |
| Business Acquisitions | — | — | — | — | — | — | — | $71.0M |
| Net Cash from Investing Activities | $-6.06B | $-46.78B | $-23.95B | — | — | $-23.81B | $-24.79B | $-14.62B |
| Financing Activities | ||||||||
| Dividends Paid | $12.70B | $11.85B | $11.01B | $9.88B | $8.88B | $7.46B | $6.39B | $5.18B |
| Stock Repurchases | $10.72B | $11.79B | $15.97B | $14.44B | $7.32B | $5.36B | $5.03B | $11.56B |
| Net Cash from Financing Activities | $-33.59B | $8.41B | $-8.39B | — | — | $-8.15B | $-9.41B | $-8.38B |
| Net Change in Cash | $4.28B | $1.15B | $915.0M | $-3.07B | $4.87B | $-3.13B | $-2.67B | $4.11B |
| Free Cash Flow | $32.25B | $31.38B | $24.98B | $23.72B | $27.02B | $24.58B | $29.32B | $24.64B |
Go for a business that any idiot can run – because sooner or later any idiot probably is going to be running it.