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 February 2026 as the baseline (latest available CPI).

The current value of Microsoft stock is 395.55 (as of the close of Mar 13, 2026), 26.76% lower than the all-time high of 540.1 (Oct 28, 2025).

Since March 13, 1986, the inflation-adjusted total return for the stock has been 166,259%, which is equivalent to an annual growth rate of 20.37%.

In nominal values, the total return since this date has been 499,565%, or an annualized rate of 23.73%.

Inflation-Adjusted Values by Month

This data presents Microsoft's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Mar 2026 395.55 395.55
Feb 2026 392.74 392.74
Jan 2026 431.52 429.49
Dec 2025 486.79 482.73
Nov 2025 495.13 491.1
Oct 2025 515.93 515.93
Sep 2025 519.22 516.07
Aug 2025 509.23 504.85
Jul 2025 536.78 530.64
Jun 2025 501.23 494.75
May 2025 465.47 457.9
Apr 2025 399.63 392.31
Mar 2025 380.72 372.59
Feb 2025 403.54 394.02
Jan 2025 422.99 411.19
Dec 2024 432.36 417.57
Nov 2024 434.53 419.51
Oct 2024 415.92 401.76
Sep 2024 440.94 425.44
Aug 2024 428.14 412.43
Jul 2024 428.96 412.89
Jun 2024 458.82 441.11
May 2024 426.3 409.71
Apr 2024 399.75 383.55
Mar 2024 433.66 414.48
Feb 2024 429.12 407.5
Jan 2024 414.24 390.96
Dec 2023 393.94 369.78
Nov 2023 396.55 372.6
Oct 2023 352.42 331.81
Sep 2023 328.99 309.87
Aug 2023 342.35 321.65
Jul 2023 351.66 328.96
Jun 2023 357.18 333.49
May 2023 345.55 321.59
Apr 2023 323.42 300.24
Mar 2023 305 281.72
Feb 2023 264.74 243.72
Jan 2023 263.84 241.55
Dec 2022 257.38 233.76
Nov 2022 272.98 248.69
Oct 2022 247.41 225.63
Sep 2022 249.24 226.38
Aug 2022 280.42 254.15
Jul 2022 300.34 272.3
Jun 2022 274.73 249.11
May 2022 294.81 263.7
Apr 2022 303.55 268.55
Mar 2022 339.11 298.35
Feb 2022 333.03 289.14
Jan 2022 349.06 300.31
Dec 2021 380.68 324.78
Nov 2021 375.35 319.25
Oct 2021 377.67 319.66
Sep 2021 323.74 271.75
Aug 2021 347.6 290.99
Jul 2021 328.11 274.11
Jun 2021 313.48 260.63
May 2021 291.61 240.22
Apr 2021 296.21 242.07
Mar 2021 279.21 226.31
Feb 2021 277.14 223.06
Jan 2021 277.52 222.15
Dec 2020 267.24 213.01
Nov 2020 257.45 205.01
Oct 2020 242.71 193.4
Sep 2020 252.24 200.91
Aug 2020 270.85 215.43
Jul 2020 246.39 195.35
Jun 2020 245.82 193.92
May 2020 222.56 174.62
Apr 2020 217.05 170.3
Mar 2020 189.74 149.87
Feb 2020 194.49 153.95
Jan 2020 204.36 161.32
Dec 2019 190.05 149.45
Nov 2019 182.27 143.46
Oct 2019 171.95 135.41
Sep 2019 167.12 131.31
Aug 2019 165.85 130.21
Jul 2019 163.38 128.28
Jun 2019 160.88 126.1
May 2019 148.57 116.43
Apr 2019 156.63 122.49
Mar 2019 142.2 110.61
Feb 2019 135.84 105.07
Jan 2019 126.62 97.53
Dec 2018 123.38 94.86
Nov 2018 134.28 103.56
Oct 2018 128.35 99.32
Sep 2018 137.68 106.35
Aug 2018 135.38 104.46
Jul 2018 127.43 98.27
Jun 2018 118.46 91.35
May 2018 118.93 91.56
Apr 2018 112.51 86.26
Mar 2018 110.24 84.19
Feb 2018 113.52 86.49
Jan 2018 115 87.23
Dec 2017 104.1 78.53
Nov 2017 102.37 77.28
Oct 2017 100.67 75.99
Sep 2017 90.1 68.05
Aug 2017 90.91 68.3
Jul 2017 88.19 66.06
Jun 2017 83.56 62.64
May 2017 84.74 63.46
Apr 2017 82.67 61.86
Mar 2017 79.76 59.51
Feb 2017 77.55 57.81
Jan 2017 78.14 58.07
Dec 2016 75.54 55.81
Nov 2016 73.28 54.12
Oct 2016 72.27 53.46
Sep 2016 69.56 51.39
Aug 2016 69.56 51.26
Jul 2016 68.25 50.26
Jun 2016 61.52 45.37
May 2016 63.93 46.99
Apr 2016 59.98 43.91
Mar 2016 66.74 48.63
Feb 2016 61.75 44.8
Jan 2016 66.44 48.17
Dec 2015 67.02 48.51
Nov 2015 65.43 47.52
Oct 2015 62.82 45.72
Sep 2015 52.79 38.44
Aug 2015 51.83 37.8
Jul 2015 55.18 40.3
Jun 2015 52.17 38.1
May 2015 55.56 40.43
Apr 2015 57.6 41.7
Mar 2015 48.24 34.86
Feb 2015 52.34 37.59
Jan 2015 48.09 34.39
Dec 2014 55.03 39.54
Nov 2014 56.32 40.7
Oct 2014 54.67 39.72
Sep 2014 53.84 39.22
Aug 2014 52.8 38.43
Jul 2014 49.77 36.29
Jun 2014 48.07 35.06
May 2014 47.28 34.42
Apr 2014 46.5 33.73
Mar 2014 47.33 34.22
Feb 2014 44.52 31.99
Jan 2014 43.81 31.36
Dec 2013 43.47 31
Nov 2013 44.31 31.6
Oct 2013 40.76 29.13
Sep 2013 38.21 27.38
Aug 2013 38.39 27.47
Jul 2013 36.38 26.01
Jun 2013 39.49 28.21
May 2013 39.99 28.51
Apr 2013 38 27.04
Mar 2013 32.81 23.37
Feb 2013 31.96 22.71
Jan 2013 31.82 22.42
Dec 2012 31.05 21.82
Nov 2012 30.87 21.74
Oct 2012 32.93 23.31
Sep 2012 34.33 24.31
Aug 2012 35.71 25.18
Jul 2012 34.34 24.07
Jun 2012 35.58 24.99
May 2012 33.91 23.84
Apr 2012 37.15 26.16
Mar 2012 37.54 26.35
Feb 2012 37.22 25.93
Jan 2012 34.78 24.12
Dec 2011 30.71 21.21
Nov 2011 30.18 20.9
Oct 2011 31.4 21.75
Sep 2011 29.28 20.33
Aug 2011 31.34 21.73
Jul 2011 32.37 22.38
Jun 2011 30.75 21.24
May 2011 29.55 20.43
Apr 2011 30.76 21.17
Mar 2011 30.33 20.74
Feb 2011 32.06 21.71
Jan 2011 33.61 22.65
Dec 2010 33.99 22.8
Nov 2010 30.82 20.63
Oct 2010 32.55 21.79
Sep 2010 29.93 20
Aug 2010 28.7 19.17
Jul 2010 31.6 21.08
Jun 2010 28.18 18.8
May 2010 31.57 21.07
Apr 2010 37.39 24.95
Mar 2010 35.93 23.93
Feb 2010 35.31 23.42
Jan 2010 34.72 23.02
Dec 2009 37.68 24.9
Nov 2009 36.29 24.02
Oct 2009 34.24 22.65
Sep 2009 31.79 21.01
Aug 2009 30.49 20.14
Jul 2009 29.15 19.21
Jun 2009 29.42 19.42
May 2009 26.08 17.06
Apr 2009 25.36 16.55
Mar 2009 23.05 15.01
Feb 2009 20.32 13.19
Jan 2009 21.62 13.97
Dec 2008 24.68 15.88
Nov 2008 25.41 16.52
Oct 2008 27.52 18.24
Sep 2008 32.56 21.8
Aug 2008 33.25 22.29
Jul 2008 31.21 21.01
Jun 2008 33.56 22.47
May 2008 34.9 23.13
Apr 2008 35.44 23.3
Mar 2008 35.48 23.18
Feb 2008 34.3 22.22
Jan 2008 41.23 26.63
Dec 2007 45.24 29.08
Nov 2007 42.67 27.45
Oct 2007 47.03 30.07
Sep 2007 37.72 24.06
Aug 2007 36.89 23.47
Jul 2007 37.15 23.68
Jun 2007 37.76 24.07
May 2007 39.4 25.07
Apr 2007 38.67 24.46
Mar 2007 36.23 22.77
Feb 2007 36.95 23.01
Jan 2007 40.7 25.21
Dec 2006 39.5 24.39
Nov 2006 38.89 23.98
Oct 2006 37.98 23.45
Sep 2006 35.98 22.34
Aug 2006 33.65 20.99
Jul 2006 31.56 19.65
Jun 2006 30.65 19.03
May 2006 29.86 18.5
Apr 2006 31.99 19.73
Mar 2006 36.35 22.23
Feb 2006 36.1 21.95
Jan 2006 37.89 22.99
Dec 2005 35.47 21.36
Nov 2005 37.39 22.61
Oct 2005 34.44 20.99
Sep 2005 34.55 21.02
Aug 2005 37.21 22.37
Jul 2005 34.99 20.92
Jun 2005 34.09 20.29
May 2005 35.43 21.07
Apr 2005 34.7 20.67
Mar 2005 33.38 19.74
Feb 2005 35.02 20.55
Jan 2005 36.79 21.47
Dec 2004 37.48 21.83
Nov 2004 37.47 21.9
Oct 2004 39.11 22.85
Sep 2004 38.87 22.59
Aug 2004 38.46 22.3
Jul 2004 40.15 23.27
Jun 2004 40.19 23.33
May 2004 37.03 21.43
Apr 2004 37.1 21.34
Mar 2004 35.51 20.36
Feb 2004 38.03 21.67
Jan 2004 39.85 22.59
Dec 2003 39.64 22.36
Nov 2003 37.2 21
Oct 2003 37.72 21.35
Sep 2003 40.07 22.71
Aug 2003 38.35 21.66
Jul 2003 38.34 21.57
Jun 2003 37.26 20.94
May 2003 35.8 20.1
Apr 2003 37.14 20.89
Mar 2003 35.08 19.78
Feb 2003 34.55 19.36
Jan 2003 34.75 19.32
Dec 2002 38.02 21.05
Nov 2002 42.33 23.48
Oct 2002 39.24 21.77
Sep 2002 32.15 17.81
Aug 2002 36.14 19.98
Jul 2002 35.44 19.53
Jun 2002 40.45 22.27
May 2002 37.67 20.73
Apr 2002 38.67 21.28
Mar 2002 44.88 24.55
Feb 2002 43.65 23.75
Jan 2002 47.86 25.94
Dec 2001 49.88 26.97
Nov 2001 48.15 26.14
Oct 2001 43.54 23.67
Sep 2001 38.18 20.83
Aug 2001 42.76 23.23
Jul 2001 49.61 26.95
Jun 2001 54.56 29.72
May 2001 51.79 28.16
Apr 2001 50.95 27.58
Mar 2001 41.29 22.26
Feb 2001 44.65 24.02
Jan 2001 46.4 24.86
Dec 2000 33.17 17.66
Nov 2000 43.84 23.36
Oct 2000 52.66 28.04
Sep 2000 46.2 24.55
Aug 2000 53.75 28.42
Jul 2000 53.75 28.42
Jun 2000 61.74 32.57
May 2000 48.53 25.47
Apr 2000 54.17 28.4
Mar 2000 82.57 43.26
Feb 2000 70.03 36.39
Jan 2000 77.14 39.85
Dec 1999 92.29 47.53
Nov 1999 71.97 37.07
Oct 1999 73.21 37.68
Sep 1999 71.76 36.87
Aug 1999 73.7 37.68
Jul 1999 68.49 34.94
Jun 1999 72.19 36.72
May 1999 64.59 32.85
Apr 1999 65.09 33.1
Mar 1999 72.27 36.49
Feb 1999 60.71 30.56
Jan 1999 70.85 35.62
Dec 1998 56.29 28.23
Nov 1998 49.49 24.83
Oct 1998 42.94 21.55
Sep 1998 44.75 22.4
Aug 1998 39.06 19.53
Jul 1998 44.81 22.38
Jun 1998 44.23 22.06
May 1998 34.65 17.26
Apr 1998 36.89 18.35
Mar 1998 36.71 18.22
Feb 1998 34.82 17.25
Jan 1998 30.71 15.18
Dec 1997 26.65 13.16
Nov 1997 29.14 14.4
Oct 1997 26.76 13.23
Sep 1997 27.3 13.47
Aug 1997 27.34 13.45
Jul 1997 29.3 14.39
Jun 1997 26.22 12.86
May 1997 25.76 12.62
Apr 1997 25.23 12.37
Mar 1997 19.06 9.33
Feb 1997 20.32 9.92
Jan 1997 21.32 10.38
Dec 1996 17.33 8.41
Nov 1996 16.45 7.98
Oct 1996 14.42 6.98
Sep 1996 13.9 6.71
Aug 1996 12.95 6.23
Jul 1996 12.49 6
Jun 1996 12.75 6.11
May 1996 12.61 6.04
Apr 1996 12.05 5.76
Mar 1996 11.01 5.25
Feb 1996 10.6 5.02
Jan 1996 9.96 4.71
Dec 1995 9.51 4.47
Nov 1995 9.43 4.43
Oct 1995 10.82 5.09
Sep 1995 9.82 4.61
Aug 1995 10.06 4.71
Jul 1995 9.87 4.61
Jun 1995 9.86 4.6
May 1995 9.25 4.31
Apr 1995 8.95 4.16
Mar 1995 7.81 3.62
Feb 1995 6.94 3.21
Jan 1995 6.57 3.02
Dec 1994 6.79 3.11
Nov 1994 6.98 3.2
Oct 1994 7.01 3.21
Sep 1994 6.25 2.86
Aug 1994 6.49 2.96
Jul 1994 5.77 2.62
Jun 1994 5.8 2.63
May 1994 6.06 2.74
Apr 1994 5.22 2.35
Mar 1994 4.79 2.16
Feb 1994 4.68 2.1
Jan 1994 4.84 2.17
Dec 1993 4.6 2.05
Nov 1993 4.56 2.04
Oct 1993 4.57 2.04
Sep 1993 4.73 2.1
Aug 1993 4.31 1.91
Jul 1993 4.26 1.88
Jun 1993 5.07 2.24
May 1993 5.34 2.36
Apr 1993 4.94 2.18
Mar 1993 5.36 2.35
Feb 1993 4.84 2.12
Jan 1993 5.04 2.2
Dec 1992 5 2.17
Nov 1992 5.45 2.37
Oct 1992 5.2 2.26
Sep 1992 4.74 2.05
Aug 1992 4.4 1.9
Jul 1992 4.31 1.85
Jun 1992 4.15 1.78
May 1992 4.8 2.05
Apr 1992 4.38 1.87
Mar 1992 4.72 2.01
Feb 1992 4.94 2.09
Jan 1992 4.83 2.04
Dec 1991 4.47 1.89
Nov 1991 3.91 1.65
Oct 1991 3.79 1.59
Sep 1991 3.6 1.51
Aug 1991 3.46 1.45
Jul 1991 2.99 1.25
Jun 1991 2.78 1.16
May 1991 2.99 1.24
Apr 1991 2.71 1.12
Mar 1991 2.91 1.2
Feb 1991 2.84 1.17
Jan 1991 2.69 1.11
Dec 1990 2.08 0.85
Nov 1990 2 0.82
Oct 1990 1.76 0.72
Sep 1990 1.75 0.71
Aug 1990 1.73 0.7
Jul 1990 1.88 0.75
Jun 1990 2.16 0.86
May 1990 2.09 0.83
Apr 1990 1.66 0.66
Mar 1990 1.59 0.63
Feb 1990 1.43 0.56
Jan 1990 1.34 0.52
Dec 1989 1.27 0.49
Nov 1989 1.28 0.49
Oct 1989 1.2 0.46
Sep 1989 1.01 0.39
Aug 1989 0.87 0.33
Jul 1989 0.81 0.31
Jun 1989 0.79 0.3
May 1989 0.9 0.34
Apr 1989 0.84 0.32
Mar 1989 0.75 0.28
Feb 1989 0.9 0.34
Jan 1989 0.91 0.34
Dec 1988 0.82 0.3
Nov 1988 0.73 0.27
Oct 1988 0.75 0.28
Sep 1988 0.81 0.3
Aug 1988 0.78 0.28
Jul 1988 0.93 0.34
Jun 1988 1.05 0.38
May 1988 0.91 0.33
Apr 1988 0.86 0.31
Mar 1988 0.9 0.32
Feb 1988 0.95 0.34
Jan 1988 0.89 0.32
Dec 1987 0.87 0.31
Nov 1987 0.72 0.25
Oct 1987 0.8 0.28
Sep 1987 1.06 0.37
Aug 1987 0.96 0.34
Jul 1987 0.76 0.27
Jun 1987 0.83 0.29
May 1987 0.94 0.33
Apr 1987 0.85 0.29
Mar 1987 0.8 0.27
Feb 1987 0.64 0.22
Jan 1987 0.61 0.21
Dec 1986 0.4 0.14
Nov 1986 0.42 0.14
Oct 1986 0.32 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 0.27 0.091
Mar 1986 0.23 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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -2.68% -0.33%
Last 3 years 14.05% 17.24%
Last 5 years 7.22% 11.98%
Last 10 years 20.32% 24.25%
Last 20 years 12.68% 15.51%
Last 30 years 12.8% 15.64%

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
Mar 13, 2026
395.55
Highest
Oct 28, 2025
540.1
Highest, Inflation-Adjusted
Oct 28, 2025
540.1
Annualized return
Since Mar 13, 1986
23.73%
Annualized return, Inflation-Adjusted
Since Mar 13, 1986
20.37%

More in Stocks

Other Inflation-Adjusted Data