Microsoft (MSFT) Stock Inflation-Adjusted

Microsoft Corporation (MSFT) is a global technology leader, recognized for its software, cloud computing, and enterprise solutions.

Understanding the difference between nominal and real (inflation-adjusted) stock prices is essential for evaluating true investment performance. This page recalculates Microsoft's historical stock prices using the US Consumer Price Index, providing a clearer view of its real growth over time. Explore the charts and data below to compare nominal and inflation-adjusted values and see Microsoft's actual long-term performance.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use September 2026 as the baseline (latest available CPI).

The current value of Microsoft stock is 531.33 (as of the close of Oct 27, 2026), 2.23% lower than the all-time high of 543.45 (Oct 13, 2026).

While the nominal high reached 543.45, the inflation-adjusted peak value was 551.56 on August 4, 2025.

Since March 13, 1986, the inflation-adjusted total return for the stock has been 217,626%, which is equivalent to an annual growth rate of 20.83%.

In nominal values, the total return since this date has been 674,171%, or an annualized rate of 24.24%.

Inflation-Adjusted Values by Month

This data presents Microsoft's end-of-month closing levels over time. The inflation-adjusted column shows what each past level would represent in roughly today's dollars based on the latest CPI reading, following the same present-value method that underlies the US Inflation Calculator. The newest row will show matching nominal and adjusted values until another CPI update becomes available.

Date Inflation-Adjusted Nominal value
Oct 2026 531.33 531.33
Sep 2026 512.9 512.9
Aug 2026 510.26 507.29
Jul 2026 467.84 463.64
Jun 2026 375.48 372.15
May 2026 451.63 449.19
Apr 2026 410.69 405.91
Mar 2026 375.98 368.48
Feb 2026 403.09 390.94
Jan 2026 442.89 427.53
Dec 2025 499.62 480.52
Nov 2025 508.18 488.85
Oct 2025 513.57 513.57
Sep 2025 532.91 513.71
Aug 2025 522.65 502.54
Jul 2025 550.93 528.22
Jun 2025 514.44 492.48
May 2025 477.74 455.8
Apr 2025 410.16 390.51
Mar 2025 390.76 370.88
Feb 2025 414.17 392.22
Jan 2025 434.13 409.31
Dec 2024 443.76 415.66
Nov 2024 445.98 417.59
Oct 2024 426.88 399.93
Sep 2024 452.56 423.5
Aug 2024 439.42 410.55
Jul 2024 440.27 411
Jun 2024 470.91 439.09
May 2024 437.53 407.83
Apr 2024 410.28 381.8
Mar 2024 445.09 412.58
Feb 2024 440.43 405.64
Jan 2024 425.16 389.17
Dec 2023 404.32 368.09
Nov 2023 407 370.9
Oct 2023 361.71 330.29
Sep 2023 337.66 308.45
Aug 2023 351.37 320.18
Jul 2023 360.93 327.46
Jun 2023 366.59 331.96
May 2023 354.66 320.12
Apr 2023 331.95 298.87
Mar 2023 313.04 280.43
Feb 2023 271.72 242.61
Jan 2023 270.8 240.44
Dec 2022 264.16 232.69
Nov 2022 280.17 247.55
Oct 2022 253.93 224.6
Sep 2022 255.81 225.34
Aug 2022 287.81 252.98
Jul 2022 308.26 271.05
Jun 2022 281.97 247.97
May 2022 302.58 262.49
Apr 2022 311.55 267.32
Mar 2022 348.05 296.98
Feb 2022 341.81 287.81
Jan 2022 358.26 298.94
Dec 2021 390.71 323.3
Nov 2021 385.24 317.79
Oct 2021 387.63 318.2
Sep 2021 332.27 270.51
Aug 2021 356.76 289.66
Jul 2021 336.76 272.86
Jun 2021 321.74 259.44
May 2021 299.29 239.12
Apr 2021 304.01 240.96
Mar 2021 286.57 225.28
Feb 2021 284.45 222.04
Jan 2021 284.83 221.13
Dec 2020 274.28 212.03
Nov 2020 264.23 204.07
Oct 2020 249.11 192.51
Sep 2020 258.89 199.99
Aug 2020 277.98 214.44
Jul 2020 252.88 194.46
Jun 2020 252.3 193.04
May 2020 228.42 173.82
Apr 2020 222.77 169.52
Mar 2020 194.74 149.18
Feb 2020 199.61 153.25
Jan 2020 209.74 160.58
Dec 2019 195.06 148.76
Nov 2019 187.07 142.8
Oct 2019 176.48 134.79
Sep 2019 171.53 130.71
Aug 2019 170.22 129.61
Jul 2019 167.69 127.69
Jun 2019 165.12 125.53
May 2019 152.48 115.89
Apr 2019 160.76 121.93
Mar 2019 145.95 110.11
Feb 2019 139.42 104.59
Jan 2019 129.95 97.08
Dec 2018 126.64 94.42
Nov 2018 137.81 103.09
Oct 2018 131.73 98.87
Sep 2018 141.31 105.87
Aug 2018 138.95 103.98
Jul 2018 130.79 97.82
Jun 2018 121.59 90.93
May 2018 122.06 91.14
Apr 2018 115.48 85.87
Mar 2018 113.15 83.8
Feb 2018 116.51 86.1
Jan 2018 118.03 86.83
Dec 2017 106.85 78.17
Nov 2017 105.07 76.92
Oct 2017 103.32 75.64
Sep 2017 92.47 67.74
Aug 2017 93.31 67.99
Jul 2017 90.52 65.76
Jun 2017 85.76 62.35
May 2017 86.98 63.17
Apr 2017 84.85 61.57
Mar 2017 81.87 59.24
Feb 2017 79.59 57.55
Jan 2017 80.2 57.8
Dec 2016 77.53 55.56
Nov 2016 75.21 53.87
Oct 2016 74.17 53.21
Sep 2016 71.39 51.15
Aug 2016 71.39 51.03
Jul 2016 70.05 50.03
Jun 2016 63.14 45.16
May 2016 65.61 46.78
Apr 2016 61.56 43.71
Mar 2016 68.5 48.41
Feb 2016 63.37 44.6
Jan 2016 68.19 47.95
Dec 2015 68.78 48.29
Nov 2015 67.15 47.3
Oct 2015 64.47 45.51
Sep 2015 54.18 38.26
Aug 2015 53.19 37.62
Jul 2015 56.63 40.11
Jun 2015 53.54 37.92
May 2015 57.03 40.25
Apr 2015 59.11 41.51
Mar 2015 49.52 34.7
Feb 2015 53.72 37.42
Jan 2015 49.36 34.24
Dec 2014 56.48 39.36
Nov 2014 57.81 40.51
Oct 2014 56.11 39.54
Sep 2014 55.26 39.04
Aug 2014 54.2 38.26
Jul 2014 51.08 36.12
Jun 2014 49.34 34.9
May 2014 48.53 34.26
Apr 2014 47.72 33.58
Mar 2014 48.58 34.07
Feb 2014 45.69 31.84
Jan 2014 44.97 31.22
Dec 2013 44.62 30.86
Nov 2013 45.48 31.46
Oct 2013 41.83 28.99
Sep 2013 39.21 27.25
Aug 2013 39.4 27.35
Jul 2013 37.34 25.89
Jun 2013 40.53 28.09
May 2013 41.05 28.38
Apr 2013 39 26.91
Mar 2013 33.67 23.26
Feb 2013 32.81 22.6
Jan 2013 32.66 22.32
Dec 2012 31.87 21.72
Nov 2012 31.68 21.65
Oct 2012 33.8 23.21
Sep 2012 35.23 24.2
Aug 2012 36.65 25.06
Jul 2012 35.24 23.96
Jun 2012 36.52 24.87
May 2012 34.8 23.73
Apr 2012 38.13 26.04
Mar 2012 38.53 26.23
Feb 2012 38.2 25.81
Jan 2012 35.69 24.01
Dec 2011 31.52 21.11
Nov 2011 30.98 20.8
Oct 2011 32.22 21.65
Sep 2011 30.06 20.24
Aug 2011 32.17 21.63
Jul 2011 33.23 22.28
Jun 2011 31.56 21.14
May 2011 30.32 20.34
Apr 2011 31.57 21.08
Mar 2011 31.13 20.65
Feb 2011 32.91 21.61
Jan 2011 34.5 22.55
Dec 2010 34.89 22.69
Nov 2010 31.63 20.54
Oct 2010 33.41 21.69
Sep 2010 30.72 19.91
Aug 2010 29.45 19.08
Jul 2010 32.44 20.99
Jun 2010 28.92 18.71
May 2010 32.4 20.98
Apr 2010 38.38 24.83
Mar 2010 36.87 23.82
Feb 2010 36.24 23.31
Jan 2010 35.63 22.91
Dec 2009 38.67 24.78
Nov 2009 37.25 23.91
Oct 2009 35.14 22.55
Sep 2009 32.63 20.91
Aug 2009 31.29 20.04
Jul 2009 29.92 19.12
Jun 2009 30.19 19.33
May 2009 26.76 16.99
Apr 2009 26.03 16.47
Mar 2009 23.66 14.94
Feb 2009 20.85 13.13
Jan 2009 22.19 13.9
Dec 2008 25.33 15.81
Nov 2008 26.08 16.44
Oct 2008 28.25 18.16
Sep 2008 33.42 21.7
Aug 2008 34.13 22.19
Jul 2008 32.04 20.91
Jun 2008 34.44 22.37
May 2008 35.82 23.03
Apr 2008 36.37 23.19
Mar 2008 36.41 23.08
Feb 2008 35.2 22.12
Jan 2008 42.31 26.51
Dec 2007 46.44 28.95
Nov 2007 43.8 27.32
Oct 2007 48.27 29.93
Sep 2007 38.71 23.95
Aug 2007 37.86 23.36
Jul 2007 38.13 23.57
Jun 2007 38.75 23.96
May 2007 40.43 24.95
Apr 2007 39.69 24.34
Mar 2007 37.18 22.66
Feb 2007 37.93 22.91
Jan 2007 41.77 25.09
Dec 2006 40.54 24.28
Nov 2006 39.92 23.87
Oct 2006 38.98 23.34
Sep 2006 36.93 22.24
Aug 2006 34.53 20.9
Jul 2006 32.39 19.56
Jun 2006 31.46 18.95
May 2006 30.64 18.42
Apr 2006 32.84 19.64
Mar 2006 37.31 22.13
Feb 2006 37.05 21.85
Jan 2006 38.89 22.89
Dec 2005 36.4 21.26
Nov 2005 38.38 22.51
Oct 2005 35.35 20.9
Sep 2005 35.46 20.92
Aug 2005 38.19 22.26
Jul 2005 35.91 20.82
Jun 2005 34.99 20.2
May 2005 36.36 20.98
Apr 2005 35.62 20.57
Mar 2005 34.26 19.65
Feb 2005 35.94 20.46
Jan 2005 37.76 21.37
Dec 2004 38.47 21.73
Nov 2004 38.46 21.8
Oct 2004 40.14 22.74
Sep 2004 39.89 22.48
Aug 2004 39.47 22.2
Jul 2004 41.21 23.17
Jun 2004 41.25 23.22
May 2004 38 21.33
Apr 2004 38.08 21.25
Mar 2004 36.45 20.27
Feb 2004 39.04 21.57
Jan 2004 40.9 22.48
Dec 2003 40.69 22.26
Nov 2003 38.18 20.91
Oct 2003 38.71 21.25
Sep 2003 41.13 22.6
Aug 2003 39.36 21.56
Jul 2003 39.35 21.47
Jun 2003 38.24 20.85
May 2003 36.74 20.01
Apr 2003 38.11 20.79
Mar 2003 36.01 19.69
Feb 2003 35.46 19.27
Jan 2003 35.67 19.23
Dec 2002 39.02 20.95
Nov 2002 43.44 23.38
Oct 2002 40.27 21.67
Sep 2002 33 17.73
Aug 2002 37.09 19.89
Jul 2002 36.38 19.44
Jun 2002 41.52 22.17
May 2002 38.66 20.63
Apr 2002 39.69 21.18
Mar 2002 46.06 24.44
Feb 2002 44.8 23.64
Jan 2002 49.12 25.82
Dec 2001 51.2 26.85
Nov 2001 49.42 26.02
Oct 2001 44.68 23.57
Sep 2001 39.19 20.74
Aug 2001 43.89 23.12
Jul 2001 50.92 26.82
Jun 2001 56 29.58
May 2001 53.16 28.04
Apr 2001 52.3 27.46
Mar 2001 42.38 22.16
Feb 2001 45.83 23.91
Jan 2001 47.62 24.75
Dec 2000 34.04 17.58
Nov 2000 45 23.25
Oct 2000 54.05 27.91
Sep 2000 47.41 24.44
Aug 2000 55.17 28.29
Jul 2000 55.17 28.29
Jun 2000 63.36 32.42
May 2000 49.81 25.35
Apr 2000 55.6 28.27
Mar 2000 84.74 43.06
Feb 2000 71.87 36.22
Jan 2000 79.17 39.66
Dec 1999 94.72 47.31
Nov 1999 73.87 36.9
Oct 1999 75.14 37.51
Sep 1999 73.65 36.7
Aug 1999 75.64 37.51
Jul 1999 70.29 34.78
Jun 1999 74.1 36.55
May 1999 66.29 32.7
Apr 1999 66.81 32.95
Mar 1999 74.17 36.32
Feb 1999 62.31 30.42
Jan 1999 72.72 35.46
Dec 1998 57.77 28.1
Nov 1998 50.79 24.72
Oct 1998 44.08 21.45
Sep 1998 45.93 22.3
Aug 1998 40.09 19.44
Jul 1998 45.99 22.28
Jun 1998 45.39 21.96
May 1998 35.57 17.19
Apr 1998 37.87 18.26
Mar 1998 37.67 18.14
Feb 1998 35.74 17.17
Jan 1998 31.52 15.11
Dec 1997 27.35 13.1
Nov 1997 29.91 14.34
Oct 1997 27.46 13.17
Sep 1997 28.02 13.41
Aug 1997 28.06 13.39
Jul 1997 30.07 14.32
Jun 1997 26.91 12.8
May 1997 26.44 12.56
Apr 1997 25.89 12.31
Mar 1997 19.56 9.29
Feb 1997 20.85 9.88
Jan 1997 21.89 10.33
Dec 1996 17.78 8.37
Nov 1996 16.88 7.95
Oct 1996 14.8 6.95
Sep 1996 14.26 6.68
Aug 1996 13.29 6.21
Jul 1996 12.82 5.97
Jun 1996 13.08 6.09
May 1996 12.94 6.02
Apr 1996 12.37 5.74
Mar 1996 11.31 5.22
Feb 1996 10.87 5
Jan 1996 10.23 4.69
Dec 1995 9.76 4.45
Nov 1995 9.68 4.41
Oct 1995 11.11 5.07
Sep 1995 10.08 4.58
Aug 1995 10.33 4.69
Jul 1995 10.13 4.58
Jun 1995 10.12 4.58
May 1995 9.5 4.29
Apr 1995 9.19 4.14
Mar 1995 8.02 3.6
Feb 1995 7.13 3.19
Jan 1995 6.74 3.01
Dec 1994 6.97 3.1
Nov 1994 7.17 3.19
Oct 1994 7.19 3.19
Sep 1994 6.41 2.84
Aug 1994 6.66 2.94
Jul 1994 5.92 2.61
Jun 1994 5.95 2.62
May 1994 6.22 2.72
Apr 1994 5.36 2.34
Mar 1994 4.91 2.15
Feb 1994 4.8 2.09
Jan 1994 4.97 2.16
Dec 1993 4.72 2.04
Nov 1993 4.68 2.03
Oct 1993 4.69 2.03
Sep 1993 4.85 2.09
Aug 1993 4.43 1.9
Jul 1993 4.37 1.87
Jun 1993 5.2 2.23
May 1993 5.48 2.35
Apr 1993 5.07 2.17
Mar 1993 5.5 2.34
Feb 1993 4.97 2.11
Jan 1993 5.18 2.19
Dec 1992 5.13 2.16
Nov 1992 5.6 2.36
Oct 1992 5.34 2.25
Sep 1992 4.86 2.04
Aug 1992 4.51 1.89
Jul 1992 4.42 1.84
Jun 1992 4.26 1.77
May 1992 4.93 2.04
Apr 1992 4.5 1.86
Mar 1992 4.84 2
Feb 1992 5.07 2.09
Jan 1992 4.95 2.03
Dec 1991 4.59 1.88
Nov 1991 4.02 1.64
Oct 1991 3.89 1.59
Sep 1991 3.69 1.5
Aug 1991 3.55 1.44
Jul 1991 3.07 1.24
Jun 1991 2.85 1.15
May 1991 3.07 1.24
Apr 1991 2.78 1.11
Mar 1991 2.98 1.19
Feb 1991 2.92 1.17
Jan 1991 2.77 1.1
Dec 1990 2.13 0.85
Nov 1990 2.05 0.81
Oct 1990 1.81 0.72
Sep 1990 1.8 0.71
Aug 1990 1.77 0.69
Jul 1990 1.93 0.75
Jun 1990 2.22 0.86
May 1990 2.14 0.82
Apr 1990 1.71 0.65
Mar 1990 1.63 0.62
Feb 1990 1.46 0.56
Jan 1990 1.38 0.52
Dec 1989 1.31 0.49
Nov 1989 1.31 0.49
Oct 1989 1.23 0.46
Sep 1989 1.04 0.39
Aug 1989 0.89 0.33
Jul 1989 0.83 0.31
Jun 1989 0.81 0.3
May 1989 0.93 0.34
Apr 1989 0.86 0.31
Mar 1989 0.77 0.28
Feb 1989 0.93 0.33
Jan 1989 0.93 0.34
Dec 1988 0.84 0.3
Nov 1988 0.74 0.27
Oct 1988 0.77 0.28
Sep 1988 0.83 0.29
Aug 1988 0.8 0.28
Jul 1988 0.95 0.33
Jun 1988 1.08 0.38
May 1988 0.94 0.33
Apr 1988 0.88 0.31
Mar 1988 0.92 0.32
Feb 1988 0.97 0.33
Jan 1988 0.91 0.31
Dec 1987 0.89 0.31
Nov 1987 0.74 0.25
Oct 1987 0.82 0.28
Sep 1987 1.09 0.37
Aug 1987 0.98 0.33
Jul 1987 0.78 0.26
Jun 1987 0.85 0.29
May 1987 0.97 0.32
Apr 1987 0.88 0.29
Mar 1987 0.82 0.27
Feb 1987 0.65 0.22
Jan 1987 0.62 0.21
Dec 1986 0.41 0.14
Nov 1986 0.43 0.14
Oct 1986 0.33 0.11
Sep 1986 0.24 0.08
Aug 1986 0.25 0.08
Jul 1986 0.25 0.08
Jun 1986 0.27 0.087
May 1986 0.3 0.099
Apr 1986 0.28 0.091
Mar 1986 0.24 0.077

Returns from Investing in Microsoft stock

How much did an investment in Microsoft really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for Microsoft stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year Inflation-Adjusted Return Nominal Return
2024 9.75% 12.92%
2023 53.06% 58.19%
2022 -32.39% -28.03%
2021 42.45% 52.47%
2020 40.61% 42.53%
2019 54.03% 57.55%
2018 18.52% 20.79%
2017 37.81% 40.71%
2016 12.72% 15.06%
2015 21.78% 22.67%
2014 26.58% 27.54%
2013 40% 42.1%
2012 1.13% 2.89%
2011 -9.66% -6.99%
2010 -9.78% -8.43%
2009 52.64% 56.79%
2008 -45.44% -45.39%
2007 14.55% 19.22%
2006 11.36% 14.19%
2005 -5.37% -2.13%
2004 -5.45% -2.37%
2003 4.26% 6.22%
2002 -23.77% -21.96%
2001 50.4% 52.74%
2000 -64.07% -62.85%
1999 63.96% 68.36%
1998 111.2% 114.6%
1997 53.81% 56.43%
1996 82.26% 88.32%
1995 40% 43.56%
1994 47.68% 51.63%
1993 -8.09% -5.56%
1992 11.87% 15.11%
1991 115.17% 121.76%
1990 63.03% 72.99%
1989 56.12% 63.38%
1988 -6% -1.84%
1987 115.32% 124.87%

Microsoft Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for Microsoft over various trailing periods ending September 30, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -3.75% -0.16%
Last 3 years 14.95% 18.47%
Last 5 years 9.07% 13.65%
Last 10 years 21.8% 25.93%
Last 20 years 14.06% 16.99%
Last 30 years 12.68% 15.57%
Last 40 years 21.09% 24.52%

Real Returns of Investing in the Microsoft

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Microsoft five years ago yielded an 131.36% nominal gain, but the real return (the actual increase in buying power) was 87.35%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025 $231.36 131.36% 87.35%
Last 10 years Feb 2016 - Sep 2025 $1,151.87 1,052% 740.89%
Last 25 years Feb 2001 - Sep 2025 $2,148.47 2,048% 1,063%

Inflation in Microsoft Operations

Microsoft experiences a moderate impact from inflation, primarily through its global workforce, data center operations, and hardware supply chains.

  • Labor Costs: Wage inflation can increase expenses for skilled engineers, developers, and support staff worldwide.
  • Cloud and Data Center Operations: Rising energy prices can elevate the cost of running large-scale cloud infrastructure and data centers.
  • Hardware and Supply Chain: Inflation can drive up the cost of components and logistics for products like Surface devices, Xbox consoles, and other hardware.
  • Enterprise Contracts: Some long-term contracts may limit Microsoft's ability to immediately pass higher costs to customers, affecting short-term margins.

Microsoft mitigates inflationary pressures through its diversified revenue streams, strong pricing power in software and cloud services, and ongoing operational efficiencies. Its global scale and recurring revenue model help buffer the effects of rising costs, supporting continued investment in innovation and growth.

About Microsoft

Microsoft Corporation is a multinational technology company headquartered in Redmond, Washington, co-founded by Bill Gates and later led for many years by Steve Ballmer.

The company is best known for its Windows operating system, Microsoft Office suite, Azure cloud platform, and a wide range of software, hardware, and enterprise solutions. Microsoft also develops gaming consoles (Xbox) and owns LinkedIn and other digital businesses.

As one of the world's most valuable companies, Microsoft is a major component of indices such as the S&P 500 and Nasdaq-100.

Last Close
Oct 27, 2026
531.33
Highest
Oct 13, 2026
543.45
Highest, Inflation-Adjusted
Aug 4, 2025
551.56
Annualized return
Since Mar 13, 1986
24.24%
Annualized return, Inflation-Adjusted
Since Mar 13, 1986
20.83%

More in Stocks

Other Inflation-Adjusted Data