Microsoft has to defer reporting revenue on sales of Windows 10. From their recent investor letter: "We delivered $90.0 billion in revenue and $22.3 billion in

Microsoft has to defer reporting revenue on sales of Windows 10. From their recent investor letter: "We delivered $90.0 billion in revenue and $22.3 billion in operating income this past fiscal year. Adjusting for Windows 10 revenue deferrals and restructuring expenses, revenue was $96.7 billion with $29.3 billion in operating income." That is 31% more revenue and 34% more operating income compared to 2012 (the 5 year time period you're citing). Stock backs will also move the price -- there's almost a billion fewer shares outstanding now than there were 5 years ago. Of course, investors buy companies for future performance and not for past performance. I would suggest that investors like MSFT's current strategy and management considerably more than their past, and as the management continues to increase profits, investors gain more confidence.