MSFT$532.60▲ 1.5%Microsoft offers buyouts to 60,000. Since 2022, staff barely grew; its build-out soared
Microsoft offered about 60,000 employees a paid way to leave on Oct. 26, AP and CBS reported. Its 10-Ks show its build-out took 63% of its operating cash last fiscal year, by KeyVex's math.
KeyVex News··5 min readFact-checked against 7 public recordsKeyVex News··5 min readFact-checked against 7 public recordsMSFT$532.60▲ 1.5%Close, Oct. 26. Prices from Tiingo.The short versionTap to readTap to close
- For years, Microsoft added people and buildings together. From June 2017 to June 2022, its full-time staff grew from about 124,000 to about 221,000, its annual reports show.
- Then the two split. Staff stayed between about 221,000 and 228,000 through June 2026. Yearly spending on facilities, data centers and computer systems rose from $23.9 billion to $115.9 billion.
- The business brought in about twice as much cash too, but the spending grew faster: it took 63% of that cash in the year to June 2026, up from 27%, by KeyVex's math.
- Microsoft's annual reports have long warned that revenue may not keep pace with this spending. July's report went further: the revenue "may not be realized in the expected timeframes or at expected levels."
- About 60,000 employees, roughly a quarter of the staff, can take a paid exit, AP and CBS reported. Microsoft reports quarterly results on Oct. 28.
The offer: Microsoft offered about 60,000 employees, roughly a quarter of its global workforce, a paid way to leave the company on Oct. 26, the Associated Press and CBS News reported.APCBS The 60,000 figure came from a Reuters report; the memo did not give one, Computerworld said.Computerworld The offer gives employees "who may be considering a future outside the company a new choice," chief people officer Amy Coleman wrote in a memo, according to CBS.CBS
The records: Microsoft's annual reports, its 10-Ks, show what grew and what didn't. Its full-time staff was about 221,000 in June 2022 and about 223,000 in June 2026.10-K 202210-K 2026 Over the same four years, its build-out, the yearly cash it spends on property and equipment, went from $23.9 billion to $115.9 billion. The 10-K says that spending includes new facilities, data centers and computer systems, and supports growth in its cloud business and AI training.10-K 2026XBRL
Why it matters: In the year to June 30, that spending took 63% of the cash Microsoft's business brought in, up from 27% four years earlier, by KeyVex's math from the same filings.10-K 2026XBRL Microsoft's 10-Ks have warned for years that its revenue may not grow in line with this kind of spending. In July, it put it more sharply: revenue from its cloud and AI investments "may not be realized in the expected timeframes or at expected levels."10-K 2026
Microsoft's stock and the story's key datesDaily close, April 1 to Oct. 26, 2026 ▲ 44.2%Show chartHide chart
- 1April 23, 2026 Microsoft's first voluntary buyout program is reported. For U.S. staff whose age plus years at Microsoft reach 70, starting in May, CNBC reported, per Engadget. AP later put it at about 8,750 people.
- 2July 29, 2026 Fiscal-year results and the 10-K, after the close. 223,000 full-time employees at June 30; $115.9 billion spent on property and equipment in the year.
- 3July 30, 2026 The next day's close. $451.10, up 15.5% from $390.54.
- 4Oct. 13, 2026 Record close. $543.45.
- 5Oct. 26, 2026 The Voluntary Exit Offer. Open to about 60,000 employees, AP and CBS reported. The stock closed at $532.60.
View the data (144 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-26 | $532.60 | +1.5% |
| 2026-10-23 | $524.51 | +0.7% |
| 2026-10-22 | $521.08 | −2.2% |
| 2026-10-21 | $532.95 | +0.2% |
| 2026-10-20 | $531.87 | −0.3% |
| 2026-10-19 | $533.52 | +0.8% |
| 2026-10-16 | $529.05 | −1.9% |
| 2026-10-15 | $539.44 | +1.1% |
| 2026-10-14 | $533.69 | −1.8% |
| 2026-10-13 | $543.45 | +0.4% |
| 2026-10-12 | $541.15 | +1.1% |
| 2026-10-09 | $535.07 | +2.4% |
| 2026-10-08 | $522.61 | −1.3% |
| 2026-10-07 | $529.76 | +0.1% |
| 2026-10-06 | $529.30 | +0.8% |
| 2026-10-05 | $525.18 | +1.5% |
| 2026-10-02 | $517.53 | +0.9% |
| 2026-10-01 | $512.80 | 0.0% |
| 2026-09-30 | $512.90 | +0.8% |
| 2026-09-29 | $508.96 | −0.1% |
| 2026-09-28 | $509.22 | −1.3% |
| 2026-09-25 | $516.17 | +3.7% |
| 2026-09-24 | $497.93 | −0.5% |
| 2026-09-23 | $500.59 | +0.5% |
| 2026-09-22 | $498.00 | −0.7% |
| 2026-09-21 | $501.61 | +1.6% |
| 2026-09-18 | $493.78 | −0.8% |
| 2026-09-17 | $497.75 | +1.5% |
| 2026-09-16 | $490.30 | −1.4% |
| 2026-09-15 | $497.12 | −1.6% |
| 2026-09-14 | $505.41 | +2.0% |
| 2026-09-11 | $495.63 | +0.6% |
| 2026-09-10 | $492.44 | +0.2% |
| 2026-09-09 | $491.65 | −0.5% |
| 2026-09-08 | $493.95 | −1.2% |
| 2026-09-04 | $499.70 | −2.0% |
| 2026-09-03 | $510.12 | +2.7% |
| 2026-09-02 | $496.82 | −0.8% |
| 2026-09-01 | $501.02 | −1.2% |
| 2026-08-31 | $507.29 | −1.2% |
| 2026-08-28 | $513.53 | +1.7% |
| 2026-08-27 | $505.06 | +1.8% |
| 2026-08-26 | $496.37 | +0.9% |
| 2026-08-25 | $491.71 | +0.9% |
| 2026-08-24 | $487.31 | +0.8% |
| 2026-08-21 | $483.24 | +0.4% |
| 2026-08-20 | $481.15 | −0.7% |
| 2026-08-19 | $484.31 | +0.6% |
| 2026-08-18 | $481.63 | +0.3% |
| 2026-08-17 | $480.35 | −3.0% |
| 2026-08-14 | $495.40 | −0.3% |
| 2026-08-13 | $496.88 | +0.9% |
| 2026-08-12 | $492.43 | −2.3% |
| 2026-08-11 | $503.81 | −0.4% |
| 2026-08-10 | $506.06 | +1.2% |
| 2026-08-07 | $499.99 | 0.0% |
| 2026-08-06 | $499.86 | +2.5% |
| 2026-08-05 | $487.46 | −1.1% |
| 2026-08-04 | $492.81 | +1.1% |
| 2026-08-03 | $487.65 | +4.9% |
| 2026-07-31 | $464.72 | +3.0% |
| 2026-07-30 | $451.10 | +15.5% |
| 2026-07-29 | $390.54 | −0.7% |
| 2026-07-28 | $393.35 | +1.1% |
| 2026-07-27 | $389.10 | +1.9% |
| 2026-07-24 | $381.70 | 0.0% |
| 2026-07-23 | $381.58 | −2.2% |
| 2026-07-22 | $390.34 | −1.9% |
| 2026-07-21 | $397.75 | −1.1% |
| 2026-07-20 | $402.29 | +2.2% |
| 2026-07-17 | $393.82 | −1.8% |
| 2026-07-16 | $401.10 | +1.4% |
| 2026-07-15 | $395.63 | +2.8% |
| 2026-07-14 | $384.93 | −1.5% |
| 2026-07-13 | $390.99 | +1.5% |
| 2026-07-10 | $385.10 | +0.2% |
| 2026-07-09 | $384.36 | +0.3% |
| 2026-07-08 | $383.34 | −1.4% |
| 2026-07-07 | $388.84 | +0.5% |
| 2026-07-06 | $386.74 | −1.0% |
| 2026-07-02 | $390.49 | +1.6% |
| 2026-07-01 | $384.28 | +3.0% |
| 2026-06-30 | $373.02 | +1.2% |
| 2026-06-29 | $368.57 | −1.2% |
| 2026-06-26 | $372.97 | +5.7% |
| 2026-06-25 | $352.83 | −3.5% |
| 2026-06-24 | $365.46 | −2.3% |
| 2026-06-23 | $373.94 | +1.8% |
| 2026-06-22 | $367.34 | −3.2% |
| 2026-06-18 | $379.40 | +0.1% |
| 2026-06-17 | $378.91 | −3.8% |
| 2026-06-16 | $393.83 | −1.5% |
| 2026-06-15 | $399.76 | +2.3% |
| 2026-06-12 | $390.74 | +0.1% |
| 2026-06-11 | $390.34 | −1.8% |
| 2026-06-10 | $397.36 | −1.5% |
| 2026-06-09 | $403.41 | −2.0% |
| 2026-06-08 | $411.74 | −1.2% |
| 2026-06-05 | $416.67 | −2.7% |
| 2026-06-04 | $428.05 | +0.2% |
| 2026-06-03 | $427.34 | −3.2% |
| 2026-06-02 | $441.31 | −4.2% |
| 2026-06-01 | $460.52 | +2.3% |
| 2026-05-29 | $450.24 | +5.4% |
| 2026-05-28 | $426.99 | +3.5% |
| 2026-05-27 | $412.67 | −0.8% |
| 2026-05-26 | $416.03 | −0.6% |
| 2026-05-22 | $418.57 | −0.1% |
| 2026-05-21 | $419.09 | −0.5% |
| 2026-05-20 | $421.06 | +0.9% |
| 2026-05-19 | $417.42 | −1.4% |
| 2026-05-18 | $423.54 | +0.4% |
| 2026-05-15 | $421.92 | +3.1% |
| 2026-05-14 | $409.43 | +1.0% |
| 2026-05-13 | $405.21 | −0.6% |
| 2026-05-12 | $407.77 | −1.2% |
| 2026-05-11 | $412.66 | −0.6% |
| 2026-05-08 | $415.12 | −1.3% |
| 2026-05-07 | $420.77 | +1.6% |
| 2026-05-06 | $413.96 | +0.6% |
| 2026-05-05 | $411.38 | −0.5% |
| 2026-05-04 | $413.62 | −0.2% |
| 2026-05-01 | $414.44 | +1.6% |
| 2026-04-30 | $407.78 | −3.9% |
| 2026-04-29 | $424.46 | −1.1% |
| 2026-04-28 | $429.25 | +1.0% |
| 2026-04-27 | $424.82 | 0.0% |
| 2026-04-24 | $424.62 | +2.1% |
| 2026-04-23 | $415.75 | −4.0% |
| 2026-04-22 | $432.92 | +2.1% |
| 2026-04-21 | $424.16 | +1.5% |
| 2026-04-20 | $418.07 | −1.1% |
| 2026-04-17 | $422.79 | +0.6% |
| 2026-04-16 | $420.26 | +2.2% |
| 2026-04-15 | $411.22 | +4.6% |
| 2026-04-14 | $393.11 | +2.3% |
| 2026-04-13 | $384.37 | +3.6% |
| 2026-04-10 | $370.87 | −0.6% |
| 2026-04-09 | $373.07 | −0.3% |
| 2026-04-08 | $374.33 | +0.5% |
| 2026-04-07 | $372.29 | −0.2% |
| 2026-04-06 | $372.88 | −0.2% |
| 2026-04-02 | $373.46 | +1.1% |
| 2026-04-01 | $369.37 |
Microsoft closed at $532.60 on Oct. 26, the day of the offer, up 1.5%. Its record close was $543.45 on Oct. 13. Source: Tiingo end-of-day closes, as traded, via KeyVex.Chart data
Ten years, two lines
Microsoft's fiscal year ends June 30. From June 2017 to June 2022, its people and its building grew together. Full-time staff went from about 124,000 to about 221,000, and yearly spending on property and equipment from $8.1 billion to $23.9 billion.10-K 201710-K 2022XBRL
View the data
| As of | Full-time employees | Note |
|---|---|---|
| June 2017 | 124K | About 124,000 full-time |
| June 2018 | 131K | About 131,000 full-time |
| June 2019 | 144K | About 144,000 full-time |
| June 2020 | 163K | About 163,000 full-time |
| June 2021 | 181K | About 181,000 full-time |
| June 2022 | 221K | About 221,000 full-time |
| June 2023 | 221K | About 221,000 full-time |
| June 2024 | 228K | About 228,000 full-time |
| June 2025 | 228K | About 228,000 full-time |
| June 2026 | 223K | About 223,000 full-time |
Source: Microsoft Form 10-K filings for fiscal 2017 to 2026, Item 1 ("approximately").
Then the staff count leveled off: about 221,000 again in June 2023, about 228,000 in 2024 and 2025, and about 223,000 in June 2026. Those totals are net of job cuts: in January 2023, Microsoft announced cuts that reduced its workforce by about 10,000 jobs, its fiscal 2023 10-K says.10-K 202310-K 202410-K 202510-K 2026
The spending kept climbing: $28.1 billion in fiscal 2023, $44.5 billion in 2024 and $64.6 billion in 2025, before the $115.9 billion of fiscal 2026.XBRL
Microsoft's yearly cash spending on property and equipmentShow chartHide chart
View the data
| Fiscal year | Spent on property and equipment | Note |
|---|---|---|
| FY2017 | $8B | $8.129 billion |
| FY2018 | $12B | $11.632 billion |
| FY2019 | $14B | $13.925 billion |
| FY2020 | $15B | $15.441 billion |
| FY2021 | $21B | $20.622 billion |
| FY2022 | $24B | $23.886 billion |
| FY2023 | $28B | $28.107 billion |
| FY2024 | $44B | $44.477 billion |
| FY2025 | $65B | $64.551 billion |
| FY2026 | $116B | $115.948 billion |
"Additions to property and equipment" on Microsoft's cash flow statement; it leaves out assets Microsoft leases. Source: Microsoft 10-K filings via SEC XBRL data.
Cash from operations, the cash its business brings in, rose from $89.0 billion in fiscal 2022 to $182.9 billion in fiscal 2026, about double. Microsoft bought back $22.3 billion of its stock in fiscal 2026.10-K 2026XBRL
What Microsoft told its shareholders in July
The 10-K Microsoft filed on July 29 lists risk factors, the things the company says could hurt its business. One covers its cloud and AI spending, in data centers, components and energy, which it says is "being made at significant scale and on an accelerated timeline."10-K 2026
These investments are being made at significant scale and on an accelerated timeline, require substantial and increasing capital expenditures and continued access to capital, and are in advance of fully developed revenue streams. The associated revenue may not be realized in the expected timeframes or at expected levels.
Not the first offer this year
In April, CNBC reported that Microsoft planned its first voluntary buyout program, starting in May, for U.S. staff whose age plus years at Microsoft reach 70, Engadget reported. AP, citing two people familiar with the plan, put it at about 8,750 people.EngadgetAP
The new offer is broader. It covers participating teams in the U.S., Canada, the U.K. and India, Coleman wrote, Computerworld reported. Marketing, sales, commercial business, security and some data center staff are left out, Computerworld reported, citing Reuters.Computerworld "Some organizations are providing the Voluntary Exit Offer, and some are not," Coleman wrote.ComputerworldCTech "The Voluntary Exit Offer is new for us," she wrote.APComputerworld
The other side
An exit offer is not a layoff: each eligible employee decides whether to take it. None of the 10-Ks cited here mentions the offer, which came three months after the latest one. "Microsoft's internal AI use does not establish substitution of particular roles," Sanchit Vir Gogia, chief analyst at Greyhound Research, told Computerworld.Computerworld
Microsoft's July filing says its ability to pay for the build "depends on our ability to generate sufficient cash flows and obtain financing on acceptable terms."10-K 2026
What to watch
Microsoft reports quarterly results, AP reported: the first since its July 10-K, covering July to September.
Employees must decide on the exit offer by the first week of December, CTech reported.
The paper trail
Microsoft's annual reports cited here, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| July 29, 2026, 4:08 p.m. | 10-K | Microsoft | About 223,000 full-time employees; $115.9 billion spent on property and equipment; the new risk factor. |
| July 30, 2025, 4:11 p.m. | 10-K | Microsoft | About 228,000 full-time employees; $64.6 billion spent on property and equipment. |
| July 30, 2024, 4:06 p.m. | 10-K | Microsoft | About 228,000 full-time employees; $44.5 billion spent on property and equipment. |
| July 27, 2023, 4:01 p.m. | 10-K | Microsoft | About 221,000 full-time employees; $28.1 billion spent on property and equipment. |
| July 28, 2022, 4:06 p.m. | 10-K | Microsoft | About 221,000 full-time employees; $23.9 billion spent on property and equipment. |
| Aug. 2, 2017, 4:15 p.m. | 10-K | Microsoft | About 124,000 full-time employees; $8.1 billion spent on property and equipment. |
Sources
13 sources, 7 of them public records
Public records
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2026SEC EDGAR · July 29, 2026
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2025SEC EDGAR · July 30, 2025
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2024SEC EDGAR · July 30, 2024
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2023SEC EDGAR · July 27, 2023
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2022SEC EDGAR · July 28, 2022
- Microsoft Corp., Form 10-K for the fiscal year ended June 30, 2017SEC EDGAR · Aug. 2, 2017
- Microsoft Corp., XBRL company facts: additions to property and equipment, fiscal 2017 to 2026SEC · through July 29, 2026
Reporting
- "Microsoft offers a quarter of its global workforce voluntary buyouts as AI spending accelerates" (Michelle Chapman)Associated Press, via ABC7 San Francisco · Oct. 26, 2026
- "Microsoft offers buyouts to 60,000 workers as it pours money into AI" (Megan Cerullo)CBS News · Oct. 26, 2026
- "Microsoft offers exits to thousands, including employees on AI and Copilot teams" (Gyana Swain)Computerworld · Oct. 27, 2026
- "After years of job cuts, Microsoft turns to voluntary exits to reshape its workforce"CTech by Calcalist · Oct. 27, 2026
- "Microsoft is reportedly offering voluntary buyouts to up to 7 percent of its employees" (Ian Carlos Campbell, citing CNBC)Engadget · April 23, 2026
Data
- End-of-day prices for MSFT, SPY and QQQ (Tiingo)KeyVex · through Oct. 26, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Microsoft's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Microsoft stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Spending on property and equipment is the "Additions to property and equipment" line of Microsoft's cash flow statement (XBRL PaymentsToAcquirePropertyPlantAndEquipment), as filed: fiscal 2017 $8,129 million, 2022 $23,886 million, 2023 $28,107 million, 2024 $44,477 million, 2025 $64,551 million, 2026 $115,948 million. Fiscal 2026 is 4.85 times fiscal 2022. The line leaves out finance leases, which Microsoft includes when it gives its own capital expenditure figures, so Microsoft's own totals are higher. Cash from operations ("Net cash from operations"): fiscal 2022 $89,035 million, 2026 $182,935 million. The share of operating cash is KeyVex's math: 26.8% in fiscal 2022, 63.4% in fiscal 2026. Stock bought back in fiscal 2026: $22,271 million.
- Headcounts are Microsoft's own rounded figures, "approximately" so many full-time employees on June 30 of each year, from Item 1 of each 10-K for fiscal 2017 through 2026. "Roughly a quarter" is AP's and CBS's description; 60,000 is about 27% of 223,000.
- We searched the full text of Microsoft's 10-Ks for fiscal 2023, 2024 and 2025 for the risk factor's phrases ("in advance of fully developed revenue streams", "may not be realized in the expected timeframes", "on an accelerated timeline"). None appears in them; all three appear in the fiscal 2026 10-K.
- The header image was generated for KeyVex by an image model. It is an illustration of a Microsoft office building beside a construction site, not a photograph of a real Microsoft site. This is a reading of Microsoft's filings and of news reports, not investment advice.