Team Foundation Server (TFS) is a Microsoft product that provides source control, work item tracking, build automation, reporting, and project management capabilities for collaborative software development. It allows version control with features like branching and merging. The work item tracking system allows defining requirements, tasks, bugs, and test cases. TFS provides build automation with options like continuous integration. Reporting includes over 30 out of the box reports on project data stored in a data warehouse. Project management support is included for agile and waterfall methodologies.