Microsoft Corporation filed a free writing prospectus (FWP) on October 29, 2026, providing pricing terms for a ten-tranche debt offering comprising floating rate and fixed rate notes with maturities ranging from 2028 to 2066, settled under Registration Statement No. 333-283760.

Key Highlights

  • Ten tranches offered: Two floating rate note series and eight fixed rate note series, with maturities spanning November 2028 through November 2066.
  • Fixed rate coupons range from 4.850% to 6.350%: The shortest fixed tranche (2028 Notes) carries 4.850% per annum; the longest (2066 Notes) carries 6.350% per annum.
  • Floating rate spreads: The 2028 Floating Rate Notes pay Compounded SOFR plus 35 basis points (0.350%); the 2029 Floating Rate Notes pay Compounded SOFR plus 53 basis points (0.530%), reset quarterly.
  • Settlement date November 4, 2026 (T+4): Trade date was October 29, 2026.
  • Long-term debt ratings: Moody's Aaa (stable outlook) and S&P AAA (stable outlook), according to the filing.
  • Largest single tranche: The 2036 Notes and the 2056 Notes are each offered at $4,000,000,000 aggregate principal amount.
  • No exchange listing: The filing states "Listing: None" for all notes in this offering.

Microsoft's October 2026 Multi-Tranche Note Pricing Terms

According to the pricing term sheet, Microsoft Corporation is issuing ten series of notes in an SEC-registered offering under Registration Statement No. 333-283760. The two floating rate tranches, the 2028 Floating Rate Notes and the 2029 Floating Rate Notes, each carry an aggregate principal amount of $1,000,000,000 and were priced at 100.000% of principal amount. Net proceeds to the issuer, after underwriting discount but before expenses, are reported as $999,200,000 for the 2028 Floating Rate Notes and $999,000,000 for the 2029 Floating Rate Notes. Interest on both floating rate series is paid quarterly in arrears beginning February 3, 2027, with no optional redemption provisions applicable.

The eight fixed rate tranches carry aggregate principal amounts totaling approximately $23,000,000,000 combined. These include the 2028 Notes at $2,000,000,000; the 2029 Notes and 2031 Notes each at $3,250,000,000; the 2033 Notes at $2,500,000,000; the 2036 Notes and 2056 Notes each at $4,000,000,000; and the 2046 Notes and 2066 Notes each at $2,000,000,000. Fixed rate interest is paid semi-annually in arrears on May 3 and November 3 of each year, beginning May 3, 2027. Spreads to benchmark Treasuries range from 25 basis points over the relevant Treasury for the 2028 Notes to 105 basis points over the relevant Treasury for the 2066 Notes, as reported in the filing.

The joint book-running managers listed in the filing include J.P. Morgan Securities LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, and RBC Capital Markets, LLC. The Bank of New York Mellon Trust Company, N.A. is named as calculation agent for the floating rate notes. The filing contains forward-looking statements that are subject to the company's own cautionary language in the related preliminary prospectus supplement.

What Was Disclosed

Microsoft filed a free writing prospectus disclosing the pricing terms for ten series of notes, covering aggregate principal amounts, coupon rates, issue prices, maturity dates, benchmark Treasury spreads, optional redemption provisions, and net proceeds for each tranche.