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 March 2026 as the baseline (latest available CPI).

The current value of Microsoft stock is 424.46 (as of the close of Apr 29, 2026), 21.41% 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 543.03 on August 4, 2025.

Since March 13, 1986, the inflation-adjusted total return for the stock has been 176,564%, which is equivalent to an annual growth rate of 20.48%.

In nominal values, the total return since this date has been 536,085%, or an annualized rate of 23.86%.

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
Apr 2026 424.46 424.46
Mar 2026 370.17 370.17
Feb 2026 396.86 392.74
Jan 2026 436.04 429.49
Dec 2025 491.9 482.73
Nov 2025 500.33 491.1
Oct 2025 515.93 515.93
Sep 2025 524.67 516.07
Aug 2025 514.57 504.85
Jul 2025 542.41 530.64
Jun 2025 506.48 494.75
May 2025 470.36 457.9
Apr 2025 403.82 392.31
Mar 2025 384.72 372.59
Feb 2025 407.77 394.02
Jan 2025 427.42 411.19
Dec 2024 436.9 417.57
Nov 2024 439.08 419.51
Oct 2024 420.28 401.76
Sep 2024 445.57 425.44
Aug 2024 432.63 412.43
Jul 2024 433.46 412.89
Jun 2024 463.63 441.11
May 2024 430.77 409.71
Apr 2024 403.94 383.55
Mar 2024 438.21 414.48
Feb 2024 433.62 407.5
Jan 2024 418.59 390.96
Dec 2023 398.07 369.78
Nov 2023 400.71 372.6
Oct 2023 356.12 331.81
Sep 2023 332.44 309.87
Aug 2023 345.94 321.65
Jul 2023 355.35 328.96
Jun 2023 360.93 333.49
May 2023 349.17 321.59
Apr 2023 326.82 300.24
Mar 2023 308.2 281.72
Feb 2023 267.52 243.72
Jan 2023 266.61 241.55
Dec 2022 260.08 233.76
Nov 2022 275.84 248.69
Oct 2022 250.01 225.63
Sep 2022 251.86 226.38
Aug 2022 283.36 254.15
Jul 2022 303.49 272.3
Jun 2022 277.61 249.11
May 2022 297.91 263.7
Apr 2022 306.74 268.55
Mar 2022 342.67 298.35
Feb 2022 336.52 289.14
Jan 2022 352.72 300.31
Dec 2021 384.67 324.78
Nov 2021 379.28 319.25
Oct 2021 381.64 319.66
Sep 2021 327.14 271.75
Aug 2021 351.25 290.99
Jul 2021 331.55 274.11
Jun 2021 316.77 260.63
May 2021 294.67 240.22
Apr 2021 299.31 242.07
Mar 2021 282.14 226.31
Feb 2021 280.05 223.06
Jan 2021 280.43 222.15
Dec 2020 270.04 213.01
Nov 2020 260.15 205.01
Oct 2020 245.26 193.4
Sep 2020 254.89 200.91
Aug 2020 273.69 215.43
Jul 2020 248.97 195.35
Jun 2020 248.4 193.92
May 2020 224.89 174.62
Apr 2020 219.33 170.3
Mar 2020 191.73 149.87
Feb 2020 196.53 153.95
Jan 2020 206.5 161.32
Dec 2019 192.04 149.45
Nov 2019 184.18 143.46
Oct 2019 173.75 135.41
Sep 2019 168.88 131.31
Aug 2019 167.59 130.21
Jul 2019 165.1 128.28
Jun 2019 162.57 126.1
May 2019 150.12 116.43
Apr 2019 158.28 122.49
Mar 2019 143.69 110.61
Feb 2019 137.26 105.07
Jan 2019 127.95 97.53
Dec 2018 124.68 94.86
Nov 2018 135.68 103.56
Oct 2018 129.7 99.32
Sep 2018 139.12 106.35
Aug 2018 136.8 104.46
Jul 2018 128.77 98.27
Jun 2018 119.71 91.35
May 2018 120.18 91.56
Apr 2018 113.69 86.26
Mar 2018 111.4 84.19
Feb 2018 114.71 86.49
Jan 2018 116.21 87.23
Dec 2017 105.19 78.53
Nov 2017 103.45 77.28
Oct 2017 101.73 75.99
Sep 2017 91.04 68.05
Aug 2017 91.87 68.3
Jul 2017 89.12 66.06
Jun 2017 84.44 62.64
May 2017 85.63 63.46
Apr 2017 83.54 61.86
Mar 2017 80.6 59.51
Feb 2017 78.36 57.81
Jan 2017 78.96 58.07
Dec 2016 76.33 55.81
Nov 2016 74.05 54.12
Oct 2016 73.03 53.46
Sep 2016 70.29 51.39
Aug 2016 70.28 51.26
Jul 2016 68.97 50.26
Jun 2016 62.16 45.37
May 2016 64.6 46.99
Apr 2016 60.61 43.91
Mar 2016 67.44 48.63
Feb 2016 62.39 44.8
Jan 2016 67.13 48.17
Dec 2015 67.72 48.51
Nov 2015 66.12 47.52
Oct 2015 63.48 45.72
Sep 2015 53.35 38.44
Aug 2015 52.37 37.8
Jul 2015 55.75 40.3
Jun 2015 52.71 38.1
May 2015 56.15 40.43
Apr 2015 58.2 41.7
Mar 2015 48.75 34.86
Feb 2015 52.89 37.59
Jan 2015 48.59 34.39
Dec 2014 55.61 39.54
Nov 2014 56.91 40.7
Oct 2014 55.24 39.72
Sep 2014 54.41 39.22
Aug 2014 53.36 38.43
Jul 2014 50.3 36.29
Jun 2014 48.57 35.06
May 2014 47.78 34.42
Apr 2014 46.98 33.73
Mar 2014 47.83 34.22
Feb 2014 44.99 31.99
Jan 2014 44.27 31.36
Dec 2013 43.93 31
Nov 2013 44.77 31.6
Oct 2013 41.18 29.13
Sep 2013 38.61 27.38
Aug 2013 38.79 27.47
Jul 2013 36.77 26.01
Jun 2013 39.9 28.21
May 2013 40.41 28.51
Apr 2013 38.4 27.04
Mar 2013 33.15 23.37
Feb 2013 32.3 22.71
Jan 2013 32.15 22.42
Dec 2012 31.38 21.82
Nov 2012 31.19 21.74
Oct 2012 33.28 23.31
Sep 2012 34.69 24.31
Aug 2012 36.09 25.18
Jul 2012 34.7 24.07
Jun 2012 35.96 24.99
May 2012 34.26 23.84
Apr 2012 37.54 26.16
Mar 2012 37.93 26.35
Feb 2012 37.61 25.93
Jan 2012 35.14 24.12
Dec 2011 31.03 21.21
Nov 2011 30.5 20.9
Oct 2011 31.72 21.75
Sep 2011 29.59 20.33
Aug 2011 31.67 21.73
Jul 2011 32.71 22.38
Jun 2011 31.07 21.24
May 2011 29.85 20.43
Apr 2011 31.09 21.17
Mar 2011 30.65 20.74
Feb 2011 32.4 21.71
Jan 2011 33.96 22.65
Dec 2010 34.35 22.8
Nov 2010 31.14 20.63
Oct 2010 32.89 21.79
Sep 2010 30.24 20
Aug 2010 29 19.17
Jul 2010 31.93 21.08
Jun 2010 28.48 18.8
May 2010 31.9 21.07
Apr 2010 37.79 24.95
Mar 2010 36.3 23.93
Feb 2010 35.68 23.42
Jan 2010 35.08 23.02
Dec 2009 38.07 24.9
Nov 2009 36.67 24.02
Oct 2009 34.6 22.65
Sep 2009 32.12 21.01
Aug 2009 30.81 20.14
Jul 2009 29.46 19.21
Jun 2009 29.73 19.42
May 2009 26.35 17.06
Apr 2009 25.63 16.55
Mar 2009 23.3 15.01
Feb 2009 20.53 13.19
Jan 2009 21.85 13.97
Dec 2008 24.94 15.88
Nov 2008 25.68 16.52
Oct 2008 27.81 18.24
Sep 2008 32.91 21.8
Aug 2008 33.6 22.29
Jul 2008 31.54 21.01
Jun 2008 33.91 22.47
May 2008 35.26 23.13
Apr 2008 35.81 23.3
Mar 2008 35.85 23.18
Feb 2008 34.66 22.22
Jan 2008 41.66 26.63
Dec 2007 45.72 29.08
Nov 2007 43.12 27.45
Oct 2007 47.52 30.07
Sep 2007 38.11 24.06
Aug 2007 37.27 23.47
Jul 2007 37.54 23.68
Jun 2007 38.15 24.07
May 2007 39.81 25.07
Apr 2007 39.07 24.46
Mar 2007 36.61 22.77
Feb 2007 37.34 23.01
Jan 2007 41.12 25.21
Dec 2006 39.91 24.39
Nov 2006 39.3 23.98
Oct 2006 38.38 23.45
Sep 2006 36.36 22.34
Aug 2006 34 20.99
Jul 2006 31.89 19.65
Jun 2006 30.98 19.03
May 2006 30.17 18.5
Apr 2006 32.33 19.73
Mar 2006 36.73 22.23
Feb 2006 36.48 21.95
Jan 2006 38.29 22.99
Dec 2005 35.84 21.36
Nov 2005 37.79 22.61
Oct 2005 34.8 20.99
Sep 2005 34.91 21.02
Aug 2005 37.6 22.37
Jul 2005 35.35 20.92
Jun 2005 34.45 20.29
May 2005 35.8 21.07
Apr 2005 35.07 20.67
Mar 2005 33.73 19.74
Feb 2005 35.38 20.55
Jan 2005 37.17 21.47
Dec 2004 37.87 21.83
Nov 2004 37.86 21.9
Oct 2004 39.52 22.85
Sep 2004 39.27 22.59
Aug 2004 38.86 22.3
Jul 2004 40.57 23.27
Jun 2004 40.61 23.33
May 2004 37.42 21.43
Apr 2004 37.49 21.34
Mar 2004 35.88 20.36
Feb 2004 38.43 21.67
Jan 2004 40.27 22.59
Dec 2003 40.06 22.36
Nov 2003 37.59 21
Oct 2003 38.11 21.35
Sep 2003 40.49 22.71
Aug 2003 38.75 21.66
Jul 2003 38.74 21.57
Jun 2003 37.65 20.94
May 2003 36.18 20.1
Apr 2003 37.53 20.89
Mar 2003 35.45 19.78
Feb 2003 34.91 19.36
Jan 2003 35.12 19.32
Dec 2002 38.42 21.05
Nov 2002 42.77 23.48
Oct 2002 39.65 21.77
Sep 2002 32.49 17.81
Aug 2002 36.51 19.98
Jul 2002 35.82 19.53
Jun 2002 40.88 22.27
May 2002 38.07 20.73
Apr 2002 39.08 21.28
Mar 2002 45.35 24.55
Feb 2002 44.11 23.75
Jan 2002 48.36 25.94
Dec 2001 50.4 26.97
Nov 2001 48.66 26.14
Oct 2001 43.99 23.67
Sep 2001 38.58 20.83
Aug 2001 43.21 23.23
Jul 2001 50.13 26.95
Jun 2001 55.13 29.72
May 2001 52.34 28.16
Apr 2001 51.49 27.58
Mar 2001 41.73 22.26
Feb 2001 45.12 24.02
Jan 2001 46.88 24.86
Dec 2000 33.51 17.66
Nov 2000 44.3 23.36
Oct 2000 53.22 28.04
Sep 2000 46.68 24.55
Aug 2000 54.31 28.42
Jul 2000 54.31 28.42
Jun 2000 62.38 32.57
May 2000 49.04 25.47
Apr 2000 54.74 28.4
Mar 2000 83.43 43.26
Feb 2000 70.76 36.39
Jan 2000 77.95 39.85
Dec 1999 93.26 47.53
Nov 1999 72.73 37.07
Oct 1999 73.98 37.68
Sep 1999 72.51 36.87
Aug 1999 74.47 37.68
Jul 1999 69.2 34.94
Jun 1999 72.95 36.72
May 1999 65.27 32.85
Apr 1999 65.77 33.1
Mar 1999 73.02 36.49
Feb 1999 61.35 30.56
Jan 1999 71.6 35.62
Dec 1998 56.88 28.23
Nov 1998 50 24.83
Oct 1998 43.4 21.55
Sep 1998 45.22 22.4
Aug 1998 39.47 19.53
Jul 1998 45.28 22.38
Jun 1998 44.69 22.06
May 1998 35.02 17.26
Apr 1998 37.28 18.35
Mar 1998 37.09 18.22
Feb 1998 35.19 17.25
Jan 1998 31.03 15.18
Dec 1997 26.93 13.16
Nov 1997 29.45 14.4
Oct 1997 27.04 13.23
Sep 1997 27.59 13.47
Aug 1997 27.63 13.45
Jul 1997 29.6 14.39
Jun 1997 26.5 12.86
May 1997 26.03 12.62
Apr 1997 25.49 12.37
Mar 1997 19.26 9.33
Feb 1997 20.53 9.92
Jan 1997 21.55 10.38
Dec 1996 17.51 8.41
Nov 1996 16.62 7.98
Oct 1996 14.57 6.98
Sep 1996 14.04 6.71
Aug 1996 13.09 6.23
Jul 1996 12.62 6
Jun 1996 12.88 6.11
May 1996 12.74 6.04
Apr 1996 12.18 5.76
Mar 1996 11.13 5.25
Feb 1996 10.71 5.02
Jan 1996 10.07 4.71
Dec 1995 9.61 4.47
Nov 1995 9.53 4.43
Oct 1995 10.93 5.09
Sep 1995 9.93 4.61
Aug 1995 10.17 4.71
Jul 1995 9.97 4.61
Jun 1995 9.96 4.6
May 1995 9.35 4.31
Apr 1995 9.04 4.16
Mar 1995 7.89 3.62
Feb 1995 7.02 3.21
Jan 1995 6.64 3.02
Dec 1994 6.86 3.11
Nov 1994 7.06 3.2
Oct 1994 7.08 3.21
Sep 1994 6.31 2.86
Aug 1994 6.56 2.96
Jul 1994 5.83 2.62
Jun 1994 5.86 2.63
May 1994 6.12 2.74
Apr 1994 5.27 2.35
Mar 1994 4.84 2.16
Feb 1994 4.73 2.1
Jan 1994 4.89 2.17
Dec 1993 4.65 2.05
Nov 1993 4.61 2.04
Oct 1993 4.62 2.04
Sep 1993 4.78 2.1
Aug 1993 4.36 1.91
Jul 1993 4.31 1.88
Jun 1993 5.12 2.24
May 1993 5.4 2.36
Apr 1993 4.99 2.18
Mar 1993 5.41 2.35
Feb 1993 4.9 2.12
Jan 1993 5.1 2.2
Dec 1992 5.06 2.17
Nov 1992 5.51 2.37
Oct 1992 5.26 2.26
Sep 1992 4.79 2.05
Aug 1992 4.44 1.9
Jul 1992 4.35 1.85
Jun 1992 4.2 1.78
May 1992 4.85 2.05
Apr 1992 4.43 1.87
Mar 1992 4.77 2.01
Feb 1992 4.99 2.09
Jan 1992 4.88 2.04
Dec 1991 4.52 1.89
Nov 1991 3.95 1.65
Oct 1991 3.83 1.59
Sep 1991 3.63 1.51
Aug 1991 3.5 1.45
Jul 1991 3.02 1.25
Jun 1991 2.81 1.16
May 1991 3.02 1.24
Apr 1991 2.73 1.12
Mar 1991 2.94 1.2
Feb 1991 2.87 1.17
Jan 1991 2.72 1.11
Dec 1990 2.1 0.85
Nov 1990 2.02 0.82
Oct 1990 1.78 0.72
Sep 1990 1.77 0.71
Aug 1990 1.75 0.7
Jul 1990 1.9 0.75
Jun 1990 2.18 0.86
May 1990 2.11 0.83
Apr 1990 1.68 0.66
Mar 1990 1.61 0.63
Feb 1990 1.44 0.56
Jan 1990 1.36 0.52
Dec 1989 1.29 0.49
Nov 1989 1.29 0.49
Oct 1989 1.22 0.46
Sep 1989 1.02 0.39
Aug 1989 0.88 0.33
Jul 1989 0.82 0.31
Jun 1989 0.8 0.3
May 1989 0.91 0.34
Apr 1989 0.85 0.32
Mar 1989 0.76 0.28
Feb 1989 0.91 0.34
Jan 1989 0.92 0.34
Dec 1988 0.83 0.3
Nov 1988 0.73 0.27
Oct 1988 0.76 0.28
Sep 1988 0.81 0.3
Aug 1988 0.78 0.28
Jul 1988 0.94 0.34
Jun 1988 1.06 0.38
May 1988 0.92 0.33
Apr 1988 0.87 0.31
Mar 1988 0.91 0.32
Feb 1988 0.96 0.34
Jan 1988 0.9 0.32
Dec 1987 0.88 0.31
Nov 1987 0.72 0.25
Oct 1987 0.81 0.28
Sep 1987 1.08 0.37
Aug 1987 0.97 0.34
Jul 1987 0.77 0.27
Jun 1987 0.84 0.29
May 1987 0.95 0.33
Apr 1987 0.86 0.29
Mar 1987 0.81 0.27
Feb 1987 0.64 0.22
Jan 1987 0.61 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 0.24 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 March 31, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -3.78% -0.65%
Last 3 years 6.3% 9.53%
Last 5 years 5.58% 10.34%
Last 10 years 18.56% 22.5%
Last 20 years 12.24% 15.1%
Last 30 years 12.39% 15.24%
Last 40 years 20.2% 23.58%

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
Apr 29, 2026
424.46
Highest
Oct 28, 2025
540.1
Highest, Inflation-Adjusted
Aug 4, 2025
543.03
Annualized return
Since Mar 13, 1986
23.86%
Annualized return, Inflation-Adjusted
Since Mar 13, 1986
20.48%

More in Stocks

Other Inflation-Adjusted Data