{
  "research_cutoff_utc": "2026-09-25T03:27:17Z",
  "question": "Do executed buybacks reduce period-end common shares? Apple and Microsoft FY2023–FY2025.",
  "sources": {
    "A23": {
      "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
      "title": "Apple FY2023 annual report / Form 10-K"
    },
    "A24": {
      "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/aapl-20240928.htm",
      "title": "Apple FY2024 annual report / Form 10-K"
    },
    "A25": {
      "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
      "title": "Apple FY2025 annual report / Form 10-K"
    },
    "M23": {
      "url": "https://www.microsoft.com/investor/reports/ar23/",
      "title": "Microsoft FY2023 annual report / Form 10-K"
    },
    "M24": {
      "url": "https://www.microsoft.com/investor/reports/ar24/",
      "title": "Microsoft FY2024 annual report / Form 10-K"
    },
    "M25": {
      "url": "https://www.microsoft.com/investor/reports/ar25/",
      "title": "Microsoft FY2025 annual report / Form 10-K"
    },
    "A24Q1": {
      "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000006/aapl-20231230.htm",
      "title": "Apple Q1 FY2024 Form 10-Q"
    }
  },
  "units_and_signs": {
    "reported": "Source units and source cash/equity outflow signs preserved. Repurchased shares are negative roll-forward entries; program amounts and expense are positive.",
    "normalized": "USD million and million common shares; spending and repurchases expressed as positive magnitudes, net changes signed. Apple thousand-share values divided by 1000.",
    "formulas": {
      "change": "ending - opening",
      "change_percent": "100 * (ending - opening) / opening",
      "rollforward_residual": "ending - opening + repurchased - issued",
      "cash_minus_equity": "positive cash outflow - positive equity repurchase charge"
    },
    "precision": "Apple share counts to 1,000 shares; Microsoft to 1 million. Percentages derived from reported rounded counts. Microsoft zero means unchanged at published precision.",
    "split_adjustment": "No split within the compared fiscal periods identified; published annual comparative counts used without further adjustment."
  },
  "comparability": {
    "periods": "Apple 52/53-week September fiscal year; Microsoft July–June. Not matched calendar windows.",
    "comparative_selection": "Use FY2025 three-year comparatives for core series; compare original FY2023 and FY2024 annual filings. Supplemental historical disclosures retained with their original dates.",
    "restatements": "No differences in extracted core series found across the six annual filings. Microsoft FY2025 Note 1 recasts segment information (primarily Notes 8, 12, 18) without impact on consolidated balance sheets, income or cash-flow statements. Apple FY2025 Note 1 describes prior-note reclassifications and retrospective adoption of segment disclosures. These are not changes to the extracted share/cash/SBC series. This is not a survey of every subsequent filing through the cutoff.",
    "sbc": "Accounting expense only; not shares issued. Apple equity statement SBC differs from expense; use Note 11 expense, not equity credit. No dollar expense is subtracted from shares."
  },
  "observations": [
    {
      "company": "Apple",
      "fiscal_year": 2023,
      "fiscal_start": "2022-09-25",
      "fiscal_end": "2023-09-30",
      "opening_balance_date": "2022-09-24",
      "period_weeks": 53,
      "reported": {
        "cash_flow_repurchases": {
          "value": -77550,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, financing, Repurchases of common stock, p.33"
          }
        },
        "program_repurchases_amount": {
          "value": 76.6,
          "unit": "USD billion",
          "source": {
            "source_id": "A23",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
            "table_reference": "Note 10, Share Repurchase Program"
          },
          "precision": "Rounded to 0.1 billion; executed repurchases, not authorization"
        },
        "opening_common_shares": {
          "value": 15943425,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "ending_common_shares": {
          "value": 15550061,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "repurchased_common_shares": {
          "value": -471419,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "issued_common_shares_net_of_employee_tax_withholding": {
          "value": 78055,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 15812547,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 3, EPS computation, Weighted-average diluted shares, p.36"
          }
        },
        "stock_based_compensation_expense": {
          "value": 10833,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 11, Share-Based Compensation, expense table, p.45"
          }
        },
        "equity_repurchases": {
          "value": -77046,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Shareholders’ Equity, accumulated deficit, Common stock repurchased, p.32"
          }
        },
        "employee_withholding_cash_flow": {
          "value": -5431,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, Payments for taxes related to net share settlement of equity awards, p.33"
          }
        },
        "employee_shares_withheld_approximate": {
          "value": 37,
          "unit": "million shares",
          "source": {
            "source_id": "A23",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
            "table_reference": "Note 11, Restricted Stock Units, net share settlement paragraph"
          },
          "status": "Approximately; not subtracted again from net issuance"
        }
      },
      "original_filing_cross_check": {
        "source_id": "A23",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
        "tables": "Cash flows; Note 3; Note 10; Note 11",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 15943.425,
        "ending_shares_million": 15550.061,
        "repurchased_shares_million": 471.419,
        "net_issued_shares_million": 78.055,
        "weighted_average_diluted_shares_million": 15812.547,
        "cash_spent_cf_million": 77550,
        "executed_program_amount_million_rounded": 76600,
        "change_shares_million": -393.364,
        "change_percent": -2.467249038396706,
        "share_rollforward_residual_million": 0.0,
        "cash_minus_equity_outflow_million": 504,
        "cash_minus_rounded_program_million": 950,
        "equity_minus_rounded_program_million": 446
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Separate cash-flow line; netted in Note 10 issuance share count.",
        "excise_tax": "FY2023 Note 10 explicitly excludes excise tax from $76.6bn. FY2024 and FY2025 Note 10 do not explicitly specify inclusion; no exact tax bridge reproduced.",
        "fees": "Not separately quantified in the cited annual repurchase disclosures.",
        "accelerated_repurchase": "FY2023 $5,000m upfront August ASR payment; 22.085m initial shares. FY2024 Q1 final delivery 6.498m shares. These are included in reported period activity; not added again."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": 504,
          "description": "Cash-flow spending minus equity repurchase charge; full bridge not reproduced. Not assigned wholly to taxes, fees or settlement timing."
        },
        {
          "type": "program_bridge",
          "amount_million": 950,
          "description": "Difference against rounded Note 10 amount, not a precise unexplained expense. Tax/ASR/timing/rounding components are not fully quantified."
        }
      ],
      "share_reconciliation_limit": "Aggregate roll-forward fully balances. It does not separately decompose gross employee issuance, withholding and any other issuance. No separate acquisition share change is shown."
    },
    {
      "company": "Apple",
      "fiscal_year": 2024,
      "fiscal_start": "2023-10-01",
      "fiscal_end": "2024-09-28",
      "opening_balance_date": "2023-09-30",
      "period_weeks": 52,
      "reported": {
        "cash_flow_repurchases": {
          "value": -94949,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, financing, Repurchases of common stock, p.33"
          }
        },
        "program_repurchases_amount": {
          "value": 95.0,
          "unit": "USD billion",
          "source": {
            "source_id": "A24",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/aapl-20240928.htm",
            "table_reference": "Note 10, Share Repurchase Program"
          },
          "precision": "Rounded to 0.1 billion; executed repurchases, not authorization"
        },
        "opening_common_shares": {
          "value": 15550061,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "ending_common_shares": {
          "value": 15116786,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "repurchased_common_shares": {
          "value": -499372,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "issued_common_shares_net_of_employee_tax_withholding": {
          "value": 66097,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 15408095,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 3, EPS computation, Weighted-average diluted shares, p.36"
          }
        },
        "stock_based_compensation_expense": {
          "value": 11688,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 11, Share-Based Compensation, expense table, p.45"
          }
        },
        "equity_repurchases": {
          "value": -95846,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Shareholders’ Equity, accumulated deficit, Common stock repurchased, p.32"
          }
        },
        "employee_withholding_cash_flow": {
          "value": -5441,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, Payments for taxes related to net share settlement of equity awards, p.33"
          }
        },
        "employee_shares_withheld_approximate": {
          "value": 31,
          "unit": "million shares",
          "source": {
            "source_id": "A24",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/aapl-20240928.htm",
            "table_reference": "Note 11, Restricted Stock Units, net share settlement paragraph"
          },
          "status": "Approximately; not subtracted again from net issuance"
        }
      },
      "original_filing_cross_check": {
        "source_id": "A24",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/aapl-20240928.htm",
        "tables": "Cash flows; Note 3; Note 10; Note 11",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 15550.061,
        "ending_shares_million": 15116.786,
        "repurchased_shares_million": 499.372,
        "net_issued_shares_million": 66.097,
        "weighted_average_diluted_shares_million": 15408.095,
        "cash_spent_cf_million": 94949,
        "executed_program_amount_million_rounded": 95000,
        "change_shares_million": -433.275,
        "change_percent": -2.7863234748725425,
        "share_rollforward_residual_million": 0.0,
        "cash_minus_equity_outflow_million": -897,
        "cash_minus_rounded_program_million": -51,
        "equity_minus_rounded_program_million": 846
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Separate cash-flow line; netted in Note 10 issuance share count.",
        "excise_tax": "FY2023 Note 10 explicitly excludes excise tax from $76.6bn. FY2024 and FY2025 Note 10 do not explicitly specify inclusion; no exact tax bridge reproduced.",
        "fees": "Not separately quantified in the cited annual repurchase disclosures.",
        "accelerated_repurchase": "FY2023 $5,000m upfront August ASR payment; 22.085m initial shares. FY2024 Q1 final delivery 6.498m shares. These are included in reported period activity; not added again."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": -897,
          "description": "Cash-flow spending minus equity repurchase charge; full bridge not reproduced. Not assigned wholly to taxes, fees or settlement timing."
        },
        {
          "type": "program_bridge",
          "amount_million": -51,
          "description": "Difference against rounded Note 10 amount, not a precise unexplained expense. Tax/ASR/timing/rounding components are not fully quantified."
        }
      ],
      "share_reconciliation_limit": "Aggregate roll-forward fully balances. It does not separately decompose gross employee issuance, withholding and any other issuance. No separate acquisition share change is shown."
    },
    {
      "company": "Apple",
      "fiscal_year": 2025,
      "fiscal_start": "2024-09-29",
      "fiscal_end": "2025-09-27",
      "opening_balance_date": "2024-09-28",
      "period_weeks": 52,
      "reported": {
        "cash_flow_repurchases": {
          "value": -90711,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, financing, Repurchases of common stock, p.33"
          }
        },
        "program_repurchases_amount": {
          "value": 89.3,
          "unit": "USD billion",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Share Repurchase Program"
          },
          "precision": "Rounded to 0.1 billion; executed repurchases, not authorization"
        },
        "opening_common_shares": {
          "value": 15116786,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "ending_common_shares": {
          "value": 14773260,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "repurchased_common_shares": {
          "value": -401672,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "issued_common_shares_net_of_employee_tax_withholding": {
          "value": 58146,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 10, Shares of Common Stock, opening / repurchased / issued net of employee tax withholding / ending rows (2025 p.45)"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 15004697,
          "unit": "thousand shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 3, EPS computation, Weighted-average diluted shares, p.36"
          }
        },
        "stock_based_compensation_expense": {
          "value": 12863,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 11, Share-Based Compensation, expense table, p.45"
          }
        },
        "equity_repurchases": {
          "value": -90052,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Shareholders’ Equity, accumulated deficit, Common stock repurchased, p.32"
          }
        },
        "employee_withholding_cash_flow": {
          "value": -5960,
          "unit": "USD million",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Consolidated Statements of Cash Flows, Payments for taxes related to net share settlement of equity awards, p.33"
          }
        },
        "employee_shares_withheld_approximate": {
          "value": null,
          "unit": "million shares",
          "source": {
            "source_id": "A25",
            "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
            "table_reference": "Note 11, Restricted Stock Units, net share settlement paragraph"
          },
          "status": "Not separately disclosed in FY2025 note"
        }
      },
      "original_filing_cross_check": {
        "source_id": "A25",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm",
        "tables": "Cash flows; Note 3; Note 10; Note 11",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 15116.786,
        "ending_shares_million": 14773.26,
        "repurchased_shares_million": 401.672,
        "net_issued_shares_million": 58.146,
        "weighted_average_diluted_shares_million": 15004.697,
        "cash_spent_cf_million": 90711,
        "executed_program_amount_million_rounded": 89300,
        "change_shares_million": -343.526,
        "change_percent": -2.2724804068801396,
        "share_rollforward_residual_million": 0.0,
        "cash_minus_equity_outflow_million": 659,
        "cash_minus_rounded_program_million": 1411,
        "equity_minus_rounded_program_million": 752
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Separate cash-flow line; netted in Note 10 issuance share count.",
        "excise_tax": "FY2023 Note 10 explicitly excludes excise tax from $76.6bn. FY2024 and FY2025 Note 10 do not explicitly specify inclusion; no exact tax bridge reproduced.",
        "fees": "Not separately quantified in the cited annual repurchase disclosures.",
        "accelerated_repurchase": "No ASR adjustment separately identified in the FY2025 annual repurchase disclosure."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": 659,
          "description": "Cash-flow spending minus equity repurchase charge; full bridge not reproduced. Not assigned wholly to taxes, fees or settlement timing."
        },
        {
          "type": "program_bridge",
          "amount_million": 1411,
          "description": "Difference against rounded Note 10 amount, not a precise unexplained expense. Tax/ASR/timing/rounding components are not fully quantified."
        }
      ],
      "share_reconciliation_limit": "Aggregate roll-forward fully balances. It does not separately decompose gross employee issuance, withholding and any other issuance. No separate acquisition share change is shown."
    },
    {
      "company": "Microsoft",
      "fiscal_year": 2023,
      "fiscal_start": "2022-07-01",
      "fiscal_end": "2023-06-30",
      "opening_balance_date": "2022-06-30",
      "reported": {
        "cash_flow_repurchases": {
          "value": -22245,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Cash Flows Statements, financing, Common stock repurchased"
          }
        },
        "program_repurchases_amount": {
          "value": 18400,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Share Repurchases, quarterly table, Total amount"
          }
        },
        "opening_common_shares": {
          "value": 7464,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "ending_common_shares": {
          "value": 7432,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "repurchased_common_shares": {
          "value": -69,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "issued_common_shares": {
          "value": 37,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 7472,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 2, EPS, Common stock and common stock equivalents (C); Income Statements, diluted weighted average shares"
          }
        },
        "stock_based_compensation_expense": {
          "value": 9611,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock and Savings Plans, expense table"
          }
        },
        "employee_withholding_repurchases_rounded": {
          "value": 3.8,
          "unit": "USD billion",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, paragraph following Share Repurchases table"
          },
          "precision": "Rounded to 0.1 billion; excluded from program table"
        },
        "equity_repurchases_capital": {
          "value": -4696,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, common stock and paid-in capital, Common stock repurchased"
          }
        },
        "equity_repurchases_retained_earnings": {
          "value": -17568,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, retained earnings, Common stock repurchased"
          }
        },
        "stock_awards_vested": {
          "value": 44,
          "unit": "million shares",
          "source": {
            "source_id": "M23",
            "url": "https://www.microsoft.com/investor/reports/ar23/",
            "table_reference": "Note 18, Employee Stock and Savings Plans, stock awards activity, Vested"
          }
        },
        "espp_shares_purchased": {
          "value": 7,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock Purchase Plan, Shares purchased"
          }
        }
      },
      "original_filing_cross_check": {
        "source_id": "M23",
        "url": "https://www.microsoft.com/investor/reports/ar23/",
        "tables": "Cash flows; Note 2; Note 16 equity; Note 18 employee plans",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 7464,
        "ending_shares_million": 7432,
        "repurchased_shares_million": 69,
        "issued_shares_million": 37,
        "weighted_average_diluted_shares_million": 7472,
        "cash_spent_cf_million": 22245,
        "executed_program_amount_million": 18400,
        "change_shares_million": -32,
        "change_percent": -0.4287245444801715,
        "share_rollforward_residual_million": 0,
        "equity_repurchases_total_million": 22264,
        "cash_minus_equity_outflow_million": -19,
        "cash_minus_program_million": 3845,
        "cash_minus_program_minus_rounded_withholding_million": 45,
        "issued_minus_vested_minus_espp_million": -14
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Program table excludes it; cash-flow total is broader. Rounded withholding explains the gap approximately, not exactly.",
        "excise_tax": "No separately quantified buyback excise-tax component or explicit inclusion policy identified in cited repurchase disclosures.",
        "fees": "Not separately quantified.",
        "accelerated_repurchase": "No separate ASR adjustment identified in cited repurchase disclosures."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": -19,
          "description": "Cash-flow spending minus total equity repurchase charge; cause not separately quantified."
        },
        {
          "type": "cash_bridge_after_rounded_withholding",
          "amount_million": 45,
          "description": "Residual after rounded employee withholding; all fit rounding to 0.1bn, but an exact reconciliation is not disclosed."
        },
        {
          "type": "gross_issuance_detail",
          "amount_million_shares": -14,
          "description": "Issued minus vested awards minus ESPP purchases. Unexplained detailed bridge, not asserted to equal shares withheld; vesting is not necessarily same-period issuance."
        }
      ],
      "share_reconciliation_limit": "Aggregate Note 15 roll-forward fully balances at million-share precision. Issued is the filing caption, not a claimed gross employee issuance measure. Do not subtract employee withholding again. Acquisitions or other issuance are not separately itemized in this roll-forward."
    },
    {
      "company": "Microsoft",
      "fiscal_year": 2024,
      "fiscal_start": "2023-07-01",
      "fiscal_end": "2024-06-30",
      "opening_balance_date": "2023-06-30",
      "reported": {
        "cash_flow_repurchases": {
          "value": -17254,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Cash Flows Statements, financing, Common stock repurchased"
          }
        },
        "program_repurchases_amount": {
          "value": 11960,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Share Repurchases, quarterly table, Total amount"
          }
        },
        "opening_common_shares": {
          "value": 7432,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "ending_common_shares": {
          "value": 7434,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "repurchased_common_shares": {
          "value": -32,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "issued_common_shares": {
          "value": 34,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 7469,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 2, EPS, Common stock and common stock equivalents (C); Income Statements, diluted weighted average shares"
          }
        },
        "stock_based_compensation_expense": {
          "value": 10734,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock and Savings Plans, expense table"
          }
        },
        "employee_withholding_repurchases_rounded": {
          "value": 5.3,
          "unit": "USD billion",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, paragraph following Share Repurchases table"
          },
          "precision": "Rounded to 0.1 billion; excluded from program table"
        },
        "equity_repurchases_capital": {
          "value": -5712,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, common stock and paid-in capital, Common stock repurchased"
          }
        },
        "equity_repurchases_retained_earnings": {
          "value": -11547,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, retained earnings, Common stock repurchased"
          }
        },
        "stock_awards_vested": {
          "value": 42,
          "unit": "million shares",
          "source": {
            "source_id": "M24",
            "url": "https://www.microsoft.com/investor/reports/ar24/",
            "table_reference": "Note 18, Employee Stock and Savings Plans, stock awards activity, Vested"
          }
        },
        "espp_shares_purchased": {
          "value": 6,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock Purchase Plan, Shares purchased"
          }
        }
      },
      "original_filing_cross_check": {
        "source_id": "M24",
        "url": "https://www.microsoft.com/investor/reports/ar24/",
        "tables": "Cash flows; Note 2; Note 16 equity; Note 18 employee plans",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 7432,
        "ending_shares_million": 7434,
        "repurchased_shares_million": 32,
        "issued_shares_million": 34,
        "weighted_average_diluted_shares_million": 7469,
        "cash_spent_cf_million": 17254,
        "executed_program_amount_million": 11960,
        "change_shares_million": 2,
        "change_percent": 0.02691065662002153,
        "share_rollforward_residual_million": 0,
        "equity_repurchases_total_million": 17259,
        "cash_minus_equity_outflow_million": -5,
        "cash_minus_program_million": 5294,
        "cash_minus_program_minus_rounded_withholding_million": -6,
        "issued_minus_vested_minus_espp_million": -14
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Program table excludes it; cash-flow total is broader. Rounded withholding explains the gap approximately, not exactly.",
        "excise_tax": "No separately quantified buyback excise-tax component or explicit inclusion policy identified in cited repurchase disclosures.",
        "fees": "Not separately quantified.",
        "accelerated_repurchase": "No separate ASR adjustment identified in cited repurchase disclosures."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": -5,
          "description": "Cash-flow spending minus total equity repurchase charge; cause not separately quantified."
        },
        {
          "type": "cash_bridge_after_rounded_withholding",
          "amount_million": -6,
          "description": "Residual after rounded employee withholding; all fit rounding to 0.1bn, but an exact reconciliation is not disclosed."
        },
        {
          "type": "gross_issuance_detail",
          "amount_million_shares": -14,
          "description": "Issued minus vested awards minus ESPP purchases. Unexplained detailed bridge, not asserted to equal shares withheld; vesting is not necessarily same-period issuance."
        }
      ],
      "share_reconciliation_limit": "Aggregate Note 15 roll-forward fully balances at million-share precision. Issued is the filing caption, not a claimed gross employee issuance measure. Do not subtract employee withholding again. Acquisitions or other issuance are not separately itemized in this roll-forward."
    },
    {
      "company": "Microsoft",
      "fiscal_year": 2025,
      "fiscal_start": "2024-07-01",
      "fiscal_end": "2025-06-30",
      "opening_balance_date": "2024-06-30",
      "reported": {
        "cash_flow_repurchases": {
          "value": -18420,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Cash Flows Statements, financing, Common stock repurchased"
          }
        },
        "program_repurchases_amount": {
          "value": 13000,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Share Repurchases, quarterly table, Total amount"
          }
        },
        "opening_common_shares": {
          "value": 7434,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "ending_common_shares": {
          "value": 7434,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "repurchased_common_shares": {
          "value": -31,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "issued_common_shares": {
          "value": 31,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, Shares Outstanding table, opening / issued / repurchased / ending rows"
          }
        },
        "weighted_average_diluted_shares": {
          "value": 7465,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 2, EPS, Common stock and common stock equivalents (C); Income Statements, diluted weighted average shares"
          }
        },
        "stock_based_compensation_expense": {
          "value": 11974,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock and Savings Plans, expense table"
          }
        },
        "employee_withholding_repurchases_rounded": {
          "value": 5.4,
          "unit": "USD billion",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 15, paragraph following Share Repurchases table"
          },
          "precision": "Rounded to 0.1 billion; excluded from program table"
        },
        "equity_repurchases_capital": {
          "value": -5856,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, common stock and paid-in capital, Common stock repurchased"
          }
        },
        "equity_repurchases_retained_earnings": {
          "value": -12568,
          "unit": "USD million",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Stockholders’ Equity Statements, retained earnings, Common stock repurchased"
          }
        },
        "stock_awards_vested": {
          "value": 38,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock and Savings Plans, stock awards activity, Vested"
          }
        },
        "espp_shares_purchased": {
          "value": 6,
          "unit": "million shares",
          "source": {
            "source_id": "M25",
            "url": "https://www.microsoft.com/investor/reports/ar25/",
            "table_reference": "Note 17, Employee Stock Purchase Plan, Shares purchased"
          }
        }
      },
      "original_filing_cross_check": {
        "source_id": "M25",
        "url": "https://www.microsoft.com/investor/reports/ar25/",
        "tables": "Cash flows; Note 2; Note 15 equity; Note 17 employee plans",
        "result": "Core values agree with FY2025 comparative values; no restatement of these series identified in the six annual filings."
      },
      "derived": {
        "unit_shares": "million shares",
        "unit_money": "USD million",
        "opening_shares_million": 7434,
        "ending_shares_million": 7434,
        "repurchased_shares_million": 31,
        "issued_shares_million": 31,
        "weighted_average_diluted_shares_million": 7465,
        "cash_spent_cf_million": 18420,
        "executed_program_amount_million": 13000,
        "change_shares_million": 0,
        "change_percent": 0.0,
        "share_rollforward_residual_million": 0,
        "equity_repurchases_total_million": 18424,
        "cash_minus_equity_outflow_million": -4,
        "cash_minus_program_million": 5420,
        "cash_minus_program_minus_rounded_withholding_million": 20,
        "issued_minus_vested_minus_espp_million": -13
      },
      "repurchase_scope": {
        "employee_tax_withholding": "Program table excludes it; cash-flow total is broader. Rounded withholding explains the gap approximately, not exactly.",
        "excise_tax": "No separately quantified buyback excise-tax component or explicit inclusion policy identified in cited repurchase disclosures.",
        "fees": "Not separately quantified.",
        "accelerated_repurchase": "No separate ASR adjustment identified in cited repurchase disclosures."
      },
      "unresolved_differences": [
        {
          "type": "cash_bridge",
          "amount_million": -4,
          "description": "Cash-flow spending minus total equity repurchase charge; cause not separately quantified."
        },
        {
          "type": "cash_bridge_after_rounded_withholding",
          "amount_million": 20,
          "description": "Residual after rounded employee withholding; all fit rounding to 0.1bn, but an exact reconciliation is not disclosed."
        },
        {
          "type": "gross_issuance_detail",
          "amount_million_shares": -13,
          "description": "Issued minus vested awards minus ESPP purchases. Unexplained detailed bridge, not asserted to equal shares withheld; vesting is not necessarily same-period issuance."
        }
      ],
      "share_reconciliation_limit": "Aggregate Note 15 roll-forward fully balances at million-share precision. Issued is the filing caption, not a claimed gross employee issuance measure. Do not subtract employee withholding again. Acquisitions or other issuance are not separately itemized in this roll-forward."
    }
  ],
  "three_year_aggregates": [
    {
      "company": "Apple",
      "opening_balance_date": "2022-09-24",
      "closing_balance_date": "2025-09-27",
      "opening_shares_million": 15943.425,
      "ending_shares_million": 14773.26,
      "change_shares_million": -1170.165,
      "change_percent": -7.339483203891259,
      "repurchased_shares_million": 1372.463,
      "offsetting_aggregate_issuance_million": 202.298,
      "cash_flow_spending_million": 263210
    },
    {
      "company": "Microsoft",
      "opening_balance_date": "2022-06-30",
      "closing_balance_date": "2025-06-30",
      "opening_shares_million": 7464.0,
      "ending_shares_million": 7434.0,
      "change_shares_million": -30.0,
      "change_percent": -0.40192926045016075,
      "repurchased_shares_million": 132.0,
      "offsetting_aggregate_issuance_million": 102.0,
      "cash_flow_spending_million": 57919
    }
  ],
  "asr_supplement": {
    "upfront_payment": {
      "value": 5000,
      "unit": "USD million",
      "source": {
        "source_id": "A23",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
        "table_reference": "Item 5, issuer purchases, footnote (2), p.18"
      }
    },
    "initial_delivery": {
      "value": 22085,
      "unit": "thousand shares",
      "source": {
        "source_id": "A23",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm",
        "table_reference": "Item 5, August 2023 ASRs row, p.18"
      }
    },
    "final_delivery": {
      "value": 6498,
      "unit": "thousand shares",
      "source": {
        "source_id": "A24Q1",
        "url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000006/aapl-20231230.htm",
        "table_reference": "Item 2, issuer purchases, August 2023 ASRs row, p.20"
      }
    },
    "settlement": "October 2023; FY2024. Supplemental Q1 filing confirms final delivery. Do not add these shares or dollars again to annual totals."
  },
  "limitations": [
    "No valuation, return forecast or trading recommendation.",
    "Share roll-forwards explain aggregate net change, not a complete allocation of issuance among employee plans, tax withholding and acquisitions.",
    "Cash-to-equity bridges remain unresolved where explicitly labeled; no unsupported allocation to excise taxes, fees or ASR settlements.",
    "Weighted-average diluted EPS denominator is not period-end outstanding shares.",
    "No counterfactual EPS or business improvement attribution."
  ],
  "validation": {
    "status": "Passed local checks",
    "checks": [
      "JSON parse; exactly six unique company-year observations",
      "Seven distinct primary-source URLs with per-value table references",
      "Source sign and unit conversion consistency",
      "All six share roll-forwards and annual percentages recomputed",
      "Cash/equity/program/rounded-withholding differences recomputed",
      "Three-year totals and continuity checked",
      "All six Markdown table rows matched to JSON",
      "Main narrative under 1,800 words",
      "Microsoft reported values cross-checked against locally retrieved annual-report text; Apple values checked against web-rendered SEC statements"
    ],
    "independent_assurance": false
  }
}