In fiscal year 2021, we delivered $168 billion in revenue, up 18 percent year-over-year. Operating income grew 32 percent to $70 billion. And we continue to create successful new franchises. LinkedIn and our security business both passed $10 billion in annual revenue for the first time.
I have had the honor to see how the hard work and commitment of Microsoft’s employees, the ingenuity of our partners, the trust of our customers, and the support of our shareholders translate into strong results. In fiscal year 2021, we delivered $168 billion in revenue, up 18 percent year-over-year. Operating income grew 32 percent to $70 billion.
Based on the carrying amount of server and network equipment included in property and equipment, net as of June 30, 2020, the effect of this change in estimate for fiscal year 2021 was an increase in operating income of $2.7 billion and net income of $2.3 billion, or $0.30 per both basic and diluted share.
Cash used in financing increased $2.5 billion to $48.5 billion for fiscal year 2021, mainly due to a $4.4 billion increase in common stock repurchases and a $1.4 billion increase in dividends paid, offset in part by a $1.8 billion decrease in repayments of debt and a $1.7 billion decrease in cash premium paid on debt exchange.