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 April 2026 as the baseline (latest available CPI).

The current value of Microsoft stock is 409.43 (as of the close of May 14, 2026), 24.19% lower than the all-time high of 540.1 (Oct 28, 2025).

While the nominal high reached 540.1, the inflation-adjusted peak value was 547.65 on August 4, 2025.

Since March 13, 1986, the inflation-adjusted total return for the stock has been 168,872%, which is equivalent to an annual growth rate of 20.32%.

In nominal values, the total return since this date has been 517,098%, or an annualized rate of 23.72%.

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
May 2026 409.43 409.43
Apr 2026 407.78 407.78
Mar 2026 373.32 370.17
Feb 2026 400.23 392.74
Jan 2026 439.75 429.49
Dec 2025 496.08 482.73
Nov 2025 504.58 491.1
Oct 2025 515.93 515.93
Sep 2025 529.13 516.07
Aug 2025 518.94 504.85
Jul 2025 547.02 530.64
Jun 2025 510.79 494.75
May 2025 474.35 457.9
Apr 2025 407.26 392.31
Mar 2025 387.99 372.59
Feb 2025 411.24 394.02
Jan 2025 431.06 411.19
Dec 2024 440.61 417.57
Nov 2024 442.82 419.51
Oct 2024 423.85 401.76
Sep 2024 449.35 425.44
Aug 2024 436.31 412.43
Jul 2024 437.14 412.89
Jun 2024 467.57 441.11
May 2024 434.43 409.71
Apr 2024 407.37 383.55
Mar 2024 441.93 414.48
Feb 2024 437.3 407.5
Jan 2024 422.15 390.96
Dec 2023 401.45 369.78
Nov 2023 404.11 372.6
Oct 2023 359.15 331.81
Sep 2023 335.27 309.87
Aug 2023 348.88 321.65
Jul 2023 358.37 328.96
Jun 2023 364 333.49
May 2023 352.14 321.59
Apr 2023 329.6 300.24
Mar 2023 310.82 281.72
Feb 2023 269.79 243.72
Jan 2023 268.88 241.55
Dec 2022 262.29 233.76
Nov 2022 278.19 248.69
Oct 2022 252.13 225.63
Sep 2022 254 226.38
Aug 2022 285.77 254.15
Jul 2022 306.07 272.3
Jun 2022 279.97 249.11
May 2022 300.44 263.7
Apr 2022 309.34 268.55
Mar 2022 345.58 298.35
Feb 2022 339.38 289.14
Jan 2022 355.72 300.31
Dec 2021 387.94 324.78
Nov 2021 382.51 319.25
Oct 2021 384.88 319.66
Sep 2021 329.92 271.75
Aug 2021 354.23 290.99
Jul 2021 334.37 274.11
Jun 2021 319.46 260.63
May 2021 297.17 240.22
Apr 2021 301.86 242.07
Mar 2021 284.54 226.31
Feb 2021 282.43 223.06
Jan 2021 282.81 222.15
Dec 2020 272.34 213.01
Nov 2020 262.36 205.01
Oct 2020 247.34 193.4
Sep 2020 257.05 200.91
Aug 2020 276.01 215.43
Jul 2020 251.09 195.35
Jun 2020 250.51 193.92
May 2020 226.81 174.62
Apr 2020 221.19 170.3
Mar 2020 193.36 149.87
Feb 2020 198.2 153.95
Jan 2020 208.26 161.32
Dec 2019 193.67 149.45
Nov 2019 185.74 143.46
Oct 2019 175.23 135.41
Sep 2019 170.31 131.31
Aug 2019 169.01 130.21
Jul 2019 166.5 128.28
Jun 2019 163.95 126.1
May 2019 151.4 116.43
Apr 2019 159.62 122.49
Mar 2019 144.91 110.61
Feb 2019 138.43 105.07
Jan 2019 129.03 97.53
Dec 2018 125.74 94.86
Nov 2018 136.84 103.56
Oct 2018 130.8 99.32
Sep 2018 140.3 106.35
Aug 2018 137.96 104.46
Jul 2018 129.86 98.27
Jun 2018 120.72 91.35
May 2018 121.2 91.56
Apr 2018 114.66 86.26
Mar 2018 112.34 84.19
Feb 2018 115.68 86.49
Jan 2018 117.19 87.23
Dec 2017 106.09 78.53
Nov 2017 104.33 77.28
Oct 2017 102.59 75.99
Sep 2017 91.81 68.05
Aug 2017 92.65 68.3
Jul 2017 89.88 66.06
Jun 2017 85.16 62.64
May 2017 86.36 63.46
Apr 2017 84.25 61.86
Mar 2017 81.29 59.51
Feb 2017 79.03 57.81
Jan 2017 79.63 58.07
Dec 2016 76.98 55.81
Nov 2016 74.68 54.12
Oct 2016 73.65 53.46
Sep 2016 70.88 51.39
Aug 2016 70.88 51.26
Jul 2016 69.55 50.26
Jun 2016 62.69 45.37
May 2016 65.15 46.99
Apr 2016 61.12 43.91
Mar 2016 68.01 48.63
Feb 2016 62.93 44.8
Jan 2016 67.71 48.17
Dec 2015 68.3 48.51
Nov 2015 66.68 47.52
Oct 2015 64.01 45.72
Sep 2015 53.8 38.44
Aug 2015 52.82 37.8
Jul 2015 56.23 40.3
Jun 2015 53.16 38.1
May 2015 56.62 40.43
Apr 2015 58.69 41.7
Mar 2015 49.16 34.86
Feb 2015 53.34 37.59
Jan 2015 49.01 34.39
Dec 2014 56.08 39.54
Nov 2014 57.4 40.7
Oct 2014 55.71 39.72
Sep 2014 54.87 39.22
Aug 2014 53.81 38.43
Jul 2014 50.72 36.29
Jun 2014 48.99 35.06
May 2014 48.18 34.42
Apr 2014 47.38 33.73
Mar 2014 48.23 34.22
Feb 2014 45.37 31.99
Jan 2014 44.65 31.36
Dec 2013 44.3 31
Nov 2013 45.15 31.6
Oct 2013 41.53 29.13
Sep 2013 38.93 27.38
Aug 2013 39.12 27.47
Jul 2013 37.08 26.01
Jun 2013 40.24 28.21
May 2013 40.76 28.51
Apr 2013 38.72 27.04
Mar 2013 33.44 23.37
Feb 2013 32.57 22.71
Jan 2013 32.43 22.42
Dec 2012 31.65 21.82
Nov 2012 31.45 21.74
Oct 2012 33.56 23.31
Sep 2012 34.98 24.31
Aug 2012 36.39 25.18
Jul 2012 34.99 24.07
Jun 2012 36.26 24.99
May 2012 34.55 23.84
Apr 2012 37.86 26.16
Mar 2012 38.26 26.35
Feb 2012 37.93 25.93
Jan 2012 35.44 24.12
Dec 2011 31.29 21.21
Nov 2011 30.76 20.9
Oct 2011 31.99 21.75
Sep 2011 29.84 20.33
Aug 2011 31.94 21.73
Jul 2011 32.99 22.38
Jun 2011 31.33 21.24
May 2011 30.11 20.43
Apr 2011 31.35 21.17
Mar 2011 30.91 20.74
Feb 2011 32.67 21.71
Jan 2011 34.25 22.65
Dec 2010 34.64 22.8
Nov 2010 31.4 20.63
Oct 2010 33.17 21.79
Sep 2010 30.5 20
Aug 2010 29.25 19.17
Jul 2010 32.21 21.08
Jun 2010 28.72 18.8
May 2010 32.17 21.07
Apr 2010 38.11 24.95
Mar 2010 36.61 23.93
Feb 2010 35.98 23.42
Jan 2010 35.38 23.02
Dec 2009 38.4 24.9
Nov 2009 36.98 24.02
Oct 2009 34.89 22.65
Sep 2009 32.4 21.01
Aug 2009 31.07 20.14
Jul 2009 29.71 19.21
Jun 2009 29.98 19.42
May 2009 26.57 17.06
Apr 2009 25.85 16.55
Mar 2009 23.49 15.01
Feb 2009 20.7 13.19
Jan 2009 22.03 13.97
Dec 2008 25.15 15.88
Nov 2008 25.89 16.52
Oct 2008 28.05 18.24
Sep 2008 33.19 21.8
Aug 2008 33.88 22.29
Jul 2008 31.81 21.01
Jun 2008 34.2 22.47
May 2008 35.56 23.13
Apr 2008 36.11 23.3
Mar 2008 36.16 23.18
Feb 2008 34.95 22.22
Jan 2008 42.01 26.63
Dec 2007 46.11 29.08
Nov 2007 43.49 27.45
Oct 2007 47.93 30.07
Sep 2007 38.44 24.06
Aug 2007 37.59 23.47
Jul 2007 37.86 23.68
Jun 2007 38.48 24.07
May 2007 40.15 25.07
Apr 2007 39.41 24.46
Mar 2007 36.92 22.77
Feb 2007 37.66 23.01
Jan 2007 41.47 25.21
Dec 2006 40.25 24.39
Nov 2006 39.64 23.98
Oct 2006 38.7 23.45
Sep 2006 36.67 22.34
Aug 2006 34.29 20.99
Jul 2006 32.16 19.65
Jun 2006 31.24 19.03
May 2006 30.43 18.5
Apr 2006 32.6 19.73
Mar 2006 37.05 22.23
Feb 2006 36.79 21.95
Jan 2006 38.62 22.99
Dec 2005 36.15 21.36
Nov 2005 38.11 22.61
Oct 2005 35.1 20.99
Sep 2005 35.21 21.02
Aug 2005 37.92 22.37
Jul 2005 35.65 20.92
Jun 2005 34.74 20.29
May 2005 36.1 21.07
Apr 2005 35.37 20.67
Mar 2005 34.01 19.74
Feb 2005 35.68 20.55
Jan 2005 37.49 21.47
Dec 2004 38.2 21.83
Nov 2004 38.18 21.9
Oct 2004 39.86 22.85
Sep 2004 39.61 22.59
Aug 2004 39.19 22.3
Jul 2004 40.92 23.27
Jun 2004 40.96 23.33
May 2004 37.73 21.43
Apr 2004 37.81 21.34
Mar 2004 36.19 20.36
Feb 2004 38.76 21.67
Jan 2004 40.61 22.59
Dec 2003 40.4 22.36
Nov 2003 37.91 21
Oct 2003 38.44 21.35
Sep 2003 40.83 22.71
Aug 2003 39.08 21.66
Jul 2003 39.07 21.57
Jun 2003 37.97 20.94
May 2003 36.48 20.1
Apr 2003 37.84 20.89
Mar 2003 35.75 19.78
Feb 2003 35.21 19.36
Jan 2003 35.41 19.32
Dec 2002 38.75 21.05
Nov 2002 43.13 23.48
Oct 2002 39.99 21.77
Sep 2002 32.76 17.81
Aug 2002 36.83 19.98
Jul 2002 36.12 19.53
Jun 2002 41.22 22.27
May 2002 38.39 20.73
Apr 2002 39.41 21.28
Mar 2002 45.73 24.55
Feb 2002 44.49 23.75
Jan 2002 48.77 25.94
Dec 2001 50.83 26.97
Nov 2001 49.07 26.14
Oct 2001 44.37 23.67
Sep 2001 38.91 20.83
Aug 2001 43.58 23.23
Jul 2001 50.56 26.95
Jun 2001 55.6 29.72
May 2001 52.78 28.16
Apr 2001 51.93 27.58
Mar 2001 42.08 22.26
Feb 2001 45.5 24.02
Jan 2001 47.28 24.86
Dec 2000 33.8 17.66
Nov 2000 44.68 23.36
Oct 2000 53.67 28.04
Sep 2000 47.08 24.55
Aug 2000 54.78 28.42
Jul 2000 54.78 28.42
Jun 2000 62.91 32.57
May 2000 49.46 25.47
Apr 2000 55.21 28.4
Mar 2000 84.14 43.26
Feb 2000 71.36 36.39
Jan 2000 78.61 39.85
Dec 1999 94.05 47.53
Nov 1999 73.35 37.07
Oct 1999 74.61 37.68
Sep 1999 73.13 36.87
Aug 1999 75.1 37.68
Jul 1999 69.79 34.94
Jun 1999 73.57 36.72
May 1999 65.82 32.85
Apr 1999 66.33 33.1
Mar 1999 73.65 36.49
Feb 1999 61.87 30.56
Jan 1999 72.21 35.62
Dec 1998 57.36 28.23
Nov 1998 50.43 24.83
Oct 1998 43.76 21.55
Sep 1998 45.61 22.4
Aug 1998 39.8 19.53
Jul 1998 45.67 22.38
Jun 1998 45.07 22.06
May 1998 35.32 17.26
Apr 1998 37.6 18.35
Mar 1998 37.41 18.22
Feb 1998 35.49 17.25
Jan 1998 31.29 15.18
Dec 1997 27.16 13.16
Nov 1997 29.7 14.4
Oct 1997 27.27 13.23
Sep 1997 27.82 13.47
Aug 1997 27.86 13.45
Jul 1997 29.86 14.39
Jun 1997 26.72 12.86
May 1997 26.25 12.62
Apr 1997 25.71 12.37
Mar 1997 19.42 9.33
Feb 1997 20.71 9.92
Jan 1997 21.73 10.38
Dec 1996 17.66 8.41
Nov 1996 16.76 7.98
Oct 1996 14.69 6.98
Sep 1996 14.16 6.71
Aug 1996 13.2 6.23
Jul 1996 12.72 6
Jun 1996 12.99 6.11
May 1996 12.85 6.04
Apr 1996 12.28 5.76
Mar 1996 11.22 5.25
Feb 1996 10.8 5.02
Jan 1996 10.15 4.71
Dec 1995 9.69 4.47
Nov 1995 9.61 4.43
Oct 1995 11.03 5.09
Sep 1995 10.01 4.61
Aug 1995 10.25 4.71
Jul 1995 10.06 4.61
Jun 1995 10.04 4.6
May 1995 9.43 4.31
Apr 1995 9.12 4.16
Mar 1995 7.96 3.62
Feb 1995 7.08 3.21
Jan 1995 6.7 3.02
Dec 1994 6.92 3.11
Nov 1994 7.12 3.2
Oct 1994 7.14 3.21
Sep 1994 6.37 2.86
Aug 1994 6.61 2.96
Jul 1994 5.88 2.62
Jun 1994 5.91 2.63
May 1994 6.18 2.74
Apr 1994 5.32 2.35
Mar 1994 4.88 2.16
Feb 1994 4.77 2.1
Jan 1994 4.93 2.17
Dec 1993 4.69 2.05
Nov 1993 4.65 2.04
Oct 1993 4.66 2.04
Sep 1993 4.82 2.1
Aug 1993 4.4 1.91
Jul 1993 4.34 1.88
Jun 1993 5.16 2.24
May 1993 5.44 2.36
Apr 1993 5.03 2.18
Mar 1993 5.46 2.35
Feb 1993 4.94 2.12
Jan 1993 5.14 2.2
Dec 1992 5.1 2.17
Nov 1992 5.56 2.37
Oct 1992 5.3 2.26
Sep 1992 4.83 2.05
Aug 1992 4.48 1.9
Jul 1992 4.39 1.85
Jun 1992 4.23 1.78
May 1992 4.89 2.05
Apr 1992 4.46 1.87
Mar 1992 4.81 2.01
Feb 1992 5.03 2.09
Jan 1992 4.92 2.04
Dec 1991 4.56 1.89
Nov 1991 3.99 1.65
Oct 1991 3.86 1.59
Sep 1991 3.66 1.51
Aug 1991 3.53 1.45
Jul 1991 3.05 1.25
Jun 1991 2.83 1.16
May 1991 3.05 1.24
Apr 1991 2.76 1.12
Mar 1991 2.96 1.2
Feb 1991 2.9 1.17
Jan 1991 2.75 1.11
Dec 1990 2.12 0.85
Nov 1990 2.03 0.82
Oct 1990 1.8 0.72
Sep 1990 1.79 0.71
Aug 1990 1.76 0.7
Jul 1990 1.92 0.75
Jun 1990 2.2 0.86
May 1990 2.13 0.83
Apr 1990 1.69 0.66
Mar 1990 1.62 0.63
Feb 1990 1.45 0.56
Jan 1990 1.37 0.52
Dec 1989 1.3 0.49
Nov 1989 1.3 0.49
Oct 1989 1.23 0.46
Sep 1989 1.03 0.39
Aug 1989 0.89 0.33
Jul 1989 0.83 0.31
Jun 1989 0.8 0.3
May 1989 0.92 0.34
Apr 1989 0.85 0.32
Mar 1989 0.77 0.28
Feb 1989 0.92 0.34
Jan 1989 0.93 0.34
Dec 1988 0.83 0.3
Nov 1988 0.74 0.27
Oct 1988 0.77 0.28
Sep 1988 0.82 0.3
Aug 1988 0.79 0.28
Jul 1988 0.95 0.34
Jun 1988 1.07 0.38
May 1988 0.93 0.33
Apr 1988 0.88 0.31
Mar 1988 0.91 0.32
Feb 1988 0.96 0.34
Jan 1988 0.91 0.32
Dec 1987 0.89 0.31
Nov 1987 0.73 0.25
Oct 1987 0.81 0.28
Sep 1987 1.08 0.37
Aug 1987 0.98 0.34
Jul 1987 0.78 0.27
Jun 1987 0.85 0.29
May 1987 0.96 0.33
Apr 1987 0.87 0.29
Mar 1987 0.81 0.27
Feb 1987 0.65 0.22
Jan 1987 0.62 0.21
Dec 1986 0.41 0.14
Nov 1986 0.42 0.14
Oct 1986 0.33 0.11
Sep 1986 0.24 0.08
Aug 1986 0.24 0.081
Jul 1986 0.25 0.081
Jun 1986 0.26 0.087
May 1986 0.3 0.099
Apr 1986 0.28 0.091
Mar 1986 0.24 0.078

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 April 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 0.13% 3.94%
Last 3 years 7.35% 10.74%
Last 5 years 6.2% 10.99%
Last 10 years 20.9% 24.96%
Last 20 years 13.46% 16.35%
Last 30 years 12.38% 15.25%
Last 40 years 19.98% 23.39%

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
May 14, 2026
409.43
Highest
Oct 28, 2025
540.1
Highest, Inflation-Adjusted
Aug 4, 2025
547.65
Annualized return
Since Mar 13, 1986
23.72%
Annualized return, Inflation-Adjusted
Since Mar 13, 1986
20.32%

More in Stocks

Other Inflation-Adjusted Data