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Microsoft shares are tracking a third consecutive year of underperformance relative to the S&P 500, a streak that has occurred only twice since the company went public in 1986.
As of recent trading, Microsoft stock stands at approximately $525, representing a 2026 total return of about 9%, while the S&P 500 has gained about 15% over the same period.
The lag persists despite a significant recent rally. Microsoft shares rose almost 50% from a late-June close of roughly $353.
In the two preceding years, the stock delivered positive returns of around 13% in 2024 and about 16% in 2025, including reinvested dividends.
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