Microsoft Corporation MSFT
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
Microsoft Corporation generates revenue across three primary reporting segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment includes Microsoft 365 commercial and consumer cloud subscriptions, LinkedIn talent and advertising services, and Dynamics 365 business applications, with revenue primarily from cloud subscriptions, software licenses, and digital advertising. The Intelligent Cloud segment is anchored by Azure, providing infrastructure, platform, and AI services on consumption and subscription models, along with server products and enterprise support services. The More Personal Computing segment encompasses Windows OEM licensing, Surface and other devices, Xbox gaming hardware and content and services revenue, and Bing search and news advertising.
Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
Price & Chart#
Interactive price chart (TradingView) and the trend of key figures from the core tables. The price chart loads only after a click; at that point a connection to TradingView is established.
Daily candles with news and earnings markers. Loads only on click.
Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
Intelligent Cloud is one of the two largest reporting segments (FY2026 revenue $137,791M) alongside Productivity and Business Processes ($139,996M), and quarterly capex has risen to $35,802M in 2026-Q4 from $17,079M a year earlier, tying near-term cash flow directly to the AI build-out 30 130
Largest revenue base at $137,791M FY2026, supported by AI-capability rollouts across Edge/Bing and SQL Server 2025 30 25
Segment revenue $139,996M FY2026, with a Microsoft 365 price increase effective January 2025 30 19
Quarterly capex reached $35,802M in 2026-Q4 versus $17,079M in 2025-Q4, compressing FCF to $19,639M from $25,568M 130
OpenAI partnership extensions in 2025-10 and 2026-04, and a $3.2B gain from the Anthropic investment recognized in 2026-Q4 27 30
Xbox content and services decline flagged in FY2026, with More Personal Computing the smallest segment at $54,052M 29 30
Sector trend: Cloud and AI demand KPIs are accelerating, with group revenue rising to $90,007M in 2026-Q4 and operating income to $40,603M while profitability is flagged positive 130. Rising AI-infrastructure capex is the offsetting sector pressure, weighing on free cash flow even as demand and margins hold 130.
Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
2026 · 12 events
2026-Q4 · Apr – Jun 2026
Net income +31% GAAP to $35.8B; discrete items including $3.2B gain from Anthropic investment and lower-than-expected Voluntary Retirement Program expenses benefited results by $0.27 per diluted share (30)
Azure and other cloud services +43%; Azure annual revenue surpassed $100B for first time in FY2026; Microsoft Cloud +27% to $59.3B (30)
2026-Q3 · Jan – Mar 2026
Revenue +18% to $82.9B; operating income +20% to $38.4B; diluted EPS +23% GAAP and +21% non-GAAP (28)
AI business surpassed $37B annual revenue run rate, +123% YoY; Azure and other cloud services +40%; Microsoft Cloud +29% to $54.5B (28)
Extended strategic partnership with OpenAI in April 2026 to advance artificial intelligence responsibly (27)
2026-Q2 · Oct – Dec 2025
Microsoft Cloud revenue +26% to $51.5B; Azure and other cloud services +39%; total revenue +17% to $81.3B (25, 26)
Microsoft signed new definitive agreement with OpenAI in October 2025 extending the strategic partnership (25)
2026-Q1 · Jul – Sep 2025
Revenue +18% to $77.7B; operating income +24% with growth across each segment (23)
Microsoft Cloud revenue +26% to $49.1B; Azure and other cloud services +40% driven by demand across all workloads (23)
Gross margin percentage decreased driven by scaling AI infrastructure and growing usage of AI product features (23)
2025 · 8 events
2025-Q4 · Apr – Jun 2025
Q4 operating income increased 23% to $34.3 billion, accelerating from 16% growth in Q3 FY2025 22
Azure and other cloud services revenue grew 39%; Microsoft Cloud revenue reached $46.7 billion, up 27% year-over-year 22
2025-Q3 · Jan – Mar 2025
Azure and other cloud services revenue grew 33%, with 16 points driven by AI services 19
Microsoft Cloud gross margin percentage decreased to 69% due to scaling AI infrastructure 19
2025-Q2 · Oct – Dec 2024
AI business surpassed $13 billion annual revenue run rate, up 175% year-over-year; Azure grew 31% with 13 points from AI services 18
Microsoft Cloud gross margin percentage decreased to 70% driven by scaling AI infrastructure 17
2025-Q1 · Jul – Sep 2024
Azure and other cloud services revenue grew 33%, with 12 points driven by AI services 15
Gross margin percentage decreased driven by scaling AI infrastructure 15
2024 · 13 events
2024-Q4 · Apr – Jun 2024
FY2024 operating income rose 24% to $109.4 billion; FY2024 net income increased 22% to $88.1 billion; diluted EPS increased 22% to $11.80 (14)
Q4 revenue grew 15% to $64.7 billion; Azure and other cloud services grew 29%, moderating from 31% in Q3; Microsoft Cloud quarterly revenue rose 21% to $36.8 billion (14)
2024-Q3 · Jan – Mar 2024
Operating income increased 23% to $27.6 billion; net income increased 20% to $21.9 billion (12)
Azure and other cloud services grew 31%, up from 30% in Q2; Microsoft Cloud revenue rose 23% to $35.1 billion (11)
2024-Q2 · Oct – Dec 2023
Revenue increased 18% to $62.0 billion; operating income rose 33% to $27.0 billion (10)
Azure and other cloud services grew 30%, up from 29% in Q1; Microsoft Cloud revenue rose 24% to $33.7 billion driven by consumption-based services (9)
Net debt position flipped (-31,010.0 to +32,123.0 USDm vs 2024-Q1). 9
2024-Q1 · Jul – Sep 2023
Operating income increased 25% to $26.9 billion; net income increased 27% to $22.3 billion (7)
Net debt position flipped (+17,780.0 to -31,010.0 USDm vs 2023-Q4). 7
Activision Blizzard acquisition closed October 13, 2023 for $61.8 billion net of cash acquired, adding game development and interactive entertainment publishing to the More Personal Computing segment (7)
Azure and other cloud services revenue grew 29%; Microsoft Cloud revenue rose 24% to $31.8 billion (7)
Microsoft Cloud full-year revenue +22% to $111.6 billion; Azure and other cloud services +29% for the full year (6)
Windows OEM revenue -25%, Devices revenue -24% for full year due to elevated channel inventory and declining PC market demand (6)
Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Calendar quarter | Revenue | Op. income | Net income | EPS ($) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | Q3/2025–Q2/2026 | 331,839 | 155,237 | 133,749 | 17.95 | 182,935 | 29 |
| FY2025 | Q3/2024–Q2/2025 | 281,724 | 128,528 | 101,832 | 13.64 | 136,162 | 21 |
| FY2024 | Q3/2023–Q2/2024 | 245,122 | 109,433 | 88,136 | 11.80 | 118,548 | 13 |
Quarters
| Period | Calendar quarter | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Net Debt | Net Debt/EBITDA (x) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q4* | Q2/2026 | 2026-07-29 | 90,007 | 40,603 | – | 35,766 | 4.81 | – | 19,639 | 20,935 | 28,586 | 0.1x (LTM) | 130 |
| 2026-Q3* | Q1/2026 | 2026-04-29 | 82,886 | 38,398 | – | 31,778 | 4.27 | 4.27 | 15,803 | 32,105 | 16,996 | 0.1x (LTM) | 27 |
| 2026-Q2* | Q4/2025 | 2026-01-28 | 81,273 | 38,275 | – | 38,458 | 5.16 | 4.14 | 5,882 | 24,296 | 20,803 | 0.1x (LTM) | 25 |
| 2026-Q1* | Q3/2025 | 2025-10-29 | 77,673 | 37,961 | – | 27,747 | 3.72 | 4.13 | 25,663 | 28,849 | 22,191 | 0.1x (LTM) | 23 |
| 2025-Q4* | Q2/2025 | 2025-07-30 | 76,441 | 34,323 | – | 27,233 | 3.65 | – | 25,568 | 30,242 | 15,908 | 0.1x (LTM) | 21 |
| 2025-Q3* | Q1/2025 | 2025-04-30 | 70,066 | 32,000 | – | 25,824 | 3.46 | 3.54 | 20,299 | 28,828 | 17,052 | – | 19 |
| 2025-Q2* | Q4/2024 | 2025-01-29 | 69,632 | 31,653 | – | 24,108 | 3.23 | 3.35 | 6,487 | 17,482 | 32,736 | – | 17 |
| 2025-Q1* | Q3/2024 | 2024-10-30 | 65,585 | 30,552 | – | 24,667 | 3.30 | 3.37 | 19,257 | 20,840 | 26,526 | – | 15 |
| 2024-Q4* | Q2/2024 | 2024-07-30 | 64,727 | 27,925 | – | 22,036 | 2.95* | – | 23,322 | 18,315 | 28,871 | – | 13 |
| 2024-Q3* | Q1/2024 | 2024-04-25 | 61,858 | 27,581 | 27,581 | 21,939 | 2.94 | 2.94 | 20,965 | 19,634 | 27,522 | – | 11 |
| 2024-Q2* | Q4/2023 | 2024-01-30 | 62,020 | 27,032 | 27,032 | 21,870 | 2.93 | 2.93 | 9,118 | 17,305 | 32,123 | – | 9 |
| 2024-Q1* | Q3/2023 | 2023-10-24 | 56,517 | 26,895 | – | 22,291 | 2.99 | – | 20,666 | 80,452 | -31,010 | – | 7 |
Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 | Q3/2025–Q2/2026 | 2026-07-29 | 20,935 | 49,521 | 28,586 | 39,000 | 182,935 | 115,948 | 66,987 | 29 |
| FY2025 | Q3/2024–Q2/2025 | 2025-07-30 | 30,242 | 46,150 | 15,908 | 28,000 | 136,162 | 64,551 | 71,611 | 21 |
| FY2024 | Q3/2023–Q2/2024 | 2024-07-30 | 18,315 | 47,186 | 28,871 | 20,000 | 118,548 | 44,477 | 74,071 | 13 |
Quarters
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q4 | Q2/2026 | 2026-07-29 | 20,935 | 49,521 | 28,586 | 11,300 | 55,441 | 35,802 | 19,639 | 130 |
| 2026-Q3 | Q1/2026 | 2026-04-29 | 32,105 | 49,101 | 16,996 | 10,100 | 46,679 | 30,876 | 15,803 | 27 |
| 2026-Q2 | Q4/2025 | 2026-01-28 | 24,296 | 45,099 | 20,803 | 9,100 | 35,758 | 29,876 | 5,882 | 25 |
| 2026-Q1 | Q3/2025 | 2025-10-29 | 28,849 | 51,040 | 22,191 | 8,600 | 45,057 | 19,394 | 25,663 | 23 |
| 2025-Q4 | Q2/2025 | 2025-07-30 | 30,242 | 46,150 | 15,908 | 7,800 | 42,647 | 17,079 | 25,568 | 21 |
| 2025-Q3 | Q1/2025 | 2025-04-30 | 28,828 | 45,880 | 17,052 | 7,300 | 37,044 | 16,745 | 20,299 | 19 |
| 2025-Q2 | Q4/2024 | 2025-01-29 | 17,482 | 50,218 | 32,736 | 6,700 | 22,291 | 15,804 | 6,487 | 17 |
| 2025-Q1 | Q3/2024 | 2024-10-30 | 20,840 | 47,366 | 26,526 | 6,100 | 34,180 | 14,923 | 19,257 | 15 |
| 2024-Q4 | Q2/2024 | 2024-07-30 | 18,315 | 47,186 | 28,871 | – | 37,195 | 13,873 | 23,322 | 13 |
| 2024-Q3 | Q1/2024 | 2024-04-25 | 19,634 | 47,156 | 27,522 | – | 31,917 | 10,952 | 20,965 | 11 |
| 2024-Q2 | Q4/2023 | 2024-01-30 | 17,305 | 49,428 | 32,123 | – | 18,853 | 9,735 | 9,118 | 9 |
| 2024-Q1 | Q3/2023 | 2023-10-24 | 80,452 | 49,442 | -31,010 | – | 30,583 | 9,917 | 20,666 | 7 |
Revenue by Type (as of 2026-Q4 · USDm · 3/3)#
Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.
| Segment | Since | Period | Basis | Revenue | Source |
|---|---|---|---|---|---|
| Productivity and Business Processes | 2022-Q3 | FY2026 | 3M | 139,996 | 30 |
| Intelligent Cloud | 2022-Q3 | FY2026 | 3M | 137,791 | 30 |
| More Personal Computing | 2022-Q3 | FY2026 | 3M | 54,052 | 30 |
Products & M&A (3/6 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Xbox content and services decline | 2026 | Launched | 29 |
| Microsoft 365 price increase | 2025-01 | Launched | 19 |
| SQL Server 2025 Launch | 2025 | Launched | 25 |
| Office 2024 Release | 2024 | Launched | 25 |
| AI Skills Initiative | 2023-06 | Launched | 6 |
| Microsoft Edge and Bing Chat with AI capabilities | 2023-02 | Launched | 6 |
M&A (5)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| $3.2 billion gain from investment in Anthropic | 2026-12 | Completed | 30 |
| OpenAI partnership extension (4×) | 2023-01 | Completed | 23 |
| Nuance Communications acquisition | 2022-03 | Completed | 19 |
| Activision acquisition (2×) | 2022-01 | Completed | 27 |
| ZeniMax Media acquisition | 2021-03 | Completed | 6 |
Reported KPIs (as disclosed) (189)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-07-29 | FY2026 | employees operations | 89,000 | 29 |
| 2026-07-29 | FY2026 | employees general administration | 14,000 | 29 |
| 2026-07-29 | FY2026 | Microsoft Cloud revenue | 214.4 billion | 29 |
| 2026-07-29 | FY2026 | Equity and other investments | 36.3 billion | 29 |
| 2026-07-29 | FY2026 | Commercial remaining performance obligation | 678 billion | 29 |
| 2026-07-29 | FY2026 | Cash and equivalents and short-term investments | 76.8 billion | 29 |
| 2026-07-29 | 2026-Q4 | Xbox content and services revenue growth | (10)% | 30 |
| 2026-07-29 | 2026-Q4 | Windows OEM and Devices revenue growth | (7)% | 30 |
| 2026-07-29 | 2026-Q4 | Search advertising revenue excluding traffic acquisition costs growth | 10% | 30 |
| 2026-07-29 | 2026-Q4 | Microsoft Cloud revenue | $59.3 billion | 30 |
| 2026-07-29 | 2026-Q4 | Microsoft 365 Copilot paid seats | over 30 million | 30 |
| 2026-07-29 | 2026-Q4 | Microsoft 365 Consumer cloud revenue growth | 24% | 30 |
| 2026-07-29 | 2026-Q4 | Microsoft 365 Commercial cloud revenue growth | 14% | 30 |
| 2026-07-29 | 2026-Q4 | LinkedIn revenue growth | 12% | 30 |
| 2026-07-29 | 2026-Q4 | Dynamics 365 revenue growth | 13% | 30 |
| 2026-07-29 | 2026-Q4 | Commercial remaining performance obligation | $678 billion | 30 |
| 2026-07-29 | 2026-Q4 | Azure revenue for fiscal year | $100 billion | 30 |
| 2026-07-29 | 2026-Q4 | Azure and other cloud services revenue growth | 43% | 30 |
| 2026-04-29 | 2026-Q3 | Xbox content and services revenue growth | -5% | 27 |
| 2026-04-29 | 2026-Q3 | Windows OEM and Devices revenue growth | -2% | 27 |
| 2026-04-29 | 2026-Q3 | Shareholder returns (dividends and share repurchases) | $10.2 billion | 28 |
| 2026-04-29 | 2026-Q3 | Search advertising revenue (ex TAC) growth | 12% | 27 |
| 2026-04-29 | 2026-Q3 | Microsoft Cloud revenue | $54.5 billion | 28 |
| 2026-04-29 | 2026-Q3 | Microsoft Cloud gross margin percentage | 66% | 27 |
| 2026-04-29 | 2026-Q3 | Microsoft 365 Consumer cloud revenue growth | 33% | 27 |
| 2026-04-29 | 2026-Q3 | Microsoft 365 Commercial cloud revenue growth | 19% | 27 |
| 2026-04-29 | 2026-Q3 | LinkedIn revenue growth | 12% | 27 |
| 2026-04-29 | 2026-Q3 | Dynamics 365 revenue growth | 22% | 27 |
| 2026-04-29 | 2026-Q3 | Commercial remaining performance obligation | 627 billion | 27 |
| 2026-04-29 | 2026-Q3 | Commercial remaining performance obligation | $627 billion | 28 |
| 2026-04-29 | 2026-Q3 | Azure and other cloud services revenue growth | 40% | 27 |
| 2026-04-29 | 2026-Q3 | AI business annual revenue run rate | $37 billion | 28 |
| 2026-01-28 | 2026-Q2 | Xbox content and services revenue growth | -5% | 25 |
| 2026-01-28 | 2026-Q2 | Windows OEM and Devices revenue growth | 1% | 25 |
| 2026-01-28 | 2026-Q2 | Shareholder returns | $12.7 billion | 26 |
| 2026-01-28 | 2026-Q2 | Search and news advertising revenue (ex TAC) growth | 10% | 25 |
| 2026-01-28 | 2026-Q2 | Microsoft Cloud revenue | 51.5 billion | 25 |
| 2026-01-28 | 2026-Q2 | Microsoft Cloud revenue | $51.5 billion | 26 |
| 2026-01-28 | 2026-Q2 | Microsoft 365 Consumer cloud revenue growth | 29% | 25 |
| 2026-01-28 | 2026-Q2 | Microsoft 365 Commercial cloud revenue growth | 17% | 25 |
| 2026-01-28 | 2026-Q2 | LinkedIn revenue growth | 11% | 25 |
| 2026-01-28 | 2026-Q2 | Dynamics 365 revenue growth | 19% | 25 |
| 2026-01-28 | 2026-Q2 | Commercial remaining performance obligation | 625 billion | 25 |
| 2026-01-28 | 2026-Q2 | Commercial remaining performance obligation | $625 billion | 26 |
| 2026-01-28 | 2026-Q2 | Azure and other cloud services revenue growth | 39% | 25 |
| 2025-10-29 | 2026-Q1 | Xbox content and services revenue growth | 1% | 23 |
| 2025-10-29 | 2026-Q1 | Windows OEM and Devices revenue growth | 6% | 23 |
| 2025-10-29 | 2026-Q1 | Search and news advertising revenue (ex TAC) growth | 16% | 23 |
| 2025-10-29 | 2026-Q1 | Microsoft Cloud revenue | 49.1 billion | 23 |
| 2025-10-29 | 2026-Q1 | Microsoft 365 Consumer cloud revenue growth | 26% | 23 |
| 2025-10-29 | 2026-Q1 | Microsoft 365 Commercial cloud revenue growth | 17% | 23 |
| 2025-10-29 | 2026-Q1 | LinkedIn revenue growth | 10% | 23 |
| 2025-10-29 | 2026-Q1 | Dynamics 365 revenue growth | 18% | 23 |
| 2025-10-29 | 2026-Q1 | Commercial remaining performance obligation | 392 billion | 23 |
| 2025-10-29 | 2026-Q1 | Azure and other cloud services revenue growth | 40% | 23 |
| 2025-07-30 | FY2025 | employees operations | 89,000 | 21 |
| 2025-07-30 | FY2025 | employees general administration | 15,000 | 21 |
| 2025-07-30 | FY2025 | Microsoft Cloud revenue | $46.7 billion | 22 |
| 2025-07-30 | FY2025 | Microsoft Cloud gross margin percentage | 69% | 21 |
| 2025-07-30 | FY2025 | Microsoft 365 Consumer subscribers | 89.0 million | 21 |
| 2025-07-30 | FY2025 | Azure surpassed | $75 billion in revenue | 22 |
| 2025-04-30 | 2025-Q3 | Microsoft Cloud revenue | 42.4 billion | 19 |
| 2025-04-30 | 2025-Q3 | Microsoft Cloud revenue | $42.4 billion | 20 |
| 2025-04-30 | 2025-Q3 | Microsoft Cloud gross margin percentage 9m | 70% | 19 |
| 2025-04-30 | 2025-Q3 | Microsoft Cloud gross margin percentage | 69% | 19 |
| 2025-04-30 | 2025-Q3 | Microsoft 365 Commercial subscribers | 87.7 million | 19 |
| 2025-01-29 | 2025-Q2 | Xbox content and services revenue growth | 2% | 17 |
| 2025-01-29 | 2025-Q2 | Windows OEM and Devices revenue growth | 4% | 17 |
| 2025-01-29 | 2025-Q2 | Unearned revenue total | 48,045 (USD in millions) | 17 |
| 2025-01-29 | 2025-Q2 | TCJA transition tax installment | 4.4 billion | 17 |
| 2025-01-29 | 2025-Q2 | Shareholder returns | $9.7 billion | 18 |
| 2025-01-29 | 2025-Q2 | Share repurchases (six months) | 15 million shares for 6.3 billion | 17 |
| 2025-01-29 | 2025-Q2 | Search and news advertising revenue (ex TAC) growth | 21% | 17 |
| 2025-01-29 | 2025-Q2 | Remaining share repurchase authorization | 4.0 billion | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft Cloud revenue | 40.9 billion | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft Cloud revenue | $40.9 billion, up 21% year-over-year | 18 |
| 2025-01-29 | 2025-Q2 | Microsoft 365 Consumer subscribers | 86.3 million | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft 365 Consumer cloud revenue growth | 8% | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft 365 Commercial seat growth | 7% | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft 365 Commercial cloud revenue growth | 16% | 17 |
| 2025-01-29 | 2025-Q2 | Microsoft 365 Commercial cloud revenue growth | 16% | 18 |
| 2025-01-29 | 2025-Q2 | LinkedIn revenue growth | 9% | 17 |
| 2025-01-29 | 2025-Q2 | IRS proposed adjustment | 28.9 billion | 17 |
| 2025-01-29 | 2025-Q2 | Equity and other investments | 15.6 billion | 17 |
| 2025-01-29 | 2025-Q2 | Effective tax rate | 18% | 17 |
| 2025-01-29 | 2025-Q2 | Dynamics 365 revenue growth | 19% | 17 |
| 2025-01-29 | 2025-Q2 | Dividends declared (six months) | 12.3 billion | 17 |
| 2025-01-29 | 2025-Q2 | Cash, cash equivalents, and short-term investments | 71.6 billion | 17 |
| 2025-01-29 | 2025-Q2 | Cash used in investing (six months) | 29.3 billion | 17 |
| 2025-01-29 | 2025-Q2 | Cash used in financing (six months) | 27.8 billion | 17 |
| 2025-01-29 | 2025-Q2 | Cash from operations (six months) | 56.5 billion | 17 |
| 2025-01-29 | 2025-Q2 | Azure and other cloud services revenue growth | 31% | 17 |
| 2025-01-29 | 2025-Q2 | Azure and other cloud services revenue growth | 31% | 18 |
| 2025-01-29 | 2025-Q2 | AI services standalone growth | 157% | 17 |
| 2025-01-29 | 2025-Q2 | AI services growth contribution | 13 points | 17 |
| 2025-10-29 | 2025-Q1 | Commercial remaining performance obligation | $392 billion | 24 |
| 2025-10-29 | 2025-Q1 | Xbox content and services revenue growth | 1% | 24 |
| 2025-10-29 | 2025-Q1 | Windows OEM and Devices revenue growth | 6% | 24 |
| 2025-10-29 | 2025-Q1 | Search and news advertising revenue growth (excl. traffic acquisition costs) | 16% | 24 |
| 2025-10-29 | 2025-Q1 | Microsoft Cloud revenue | $49.1 billion | 24 |
| 2025-10-29 | 2025-Q1 | Microsoft 365 Consumer cloud revenue growth | 26% | 24 |
| 2025-10-29 | 2025-Q1 | Microsoft 365 Commercial cloud revenue growth | 17% | 24 |
| 2025-10-29 | 2025-Q1 | LinkedIn revenue growth | 10% | 24 |
| 2025-10-29 | 2025-Q1 | Dynamics 365 revenue growth | 18% | 24 |
| 2025-10-29 | 2025-Q1 | Azure and other cloud services revenue growth | 40% | 24 |
| 2024-10-30 | 2025-Q1 | Shareholder returns | $9.0 billion | 16 |
| 2024-10-30 | 2025-Q1 | Microsoft Cloud revenue | $38.9 billion | 15 |
| 2024-10-30 | 2025-Q1 | Microsoft Cloud revenue | $38.9 billion | 16 |
| 2024-10-30 | 2025-Q1 | Microsoft Cloud gross margin percentage | 71% | 15 |
| 2024-10-30 | 2025-Q1 | Microsoft 365 Consumer subscribers | 84.4 million | 15 |
| 2024-10-30 | 2025-Q1 | Microsoft 365 Consumer subscriber growth | 10% | 15 |
| 2024-10-30 | 2025-Q1 | Microsoft 365 Commercial seats growth | 8% | 15 |
| 2024-10-30 | 2025-Q1 | Equity and other investments | $15.8 billion | 15 |
| 2024-10-30 | 2025-Q1 | Cash, cash equivalents, and short-term investments | $78.4 billion | 15 |
| 2024-07-30 | FY2024 | US patents issued | 63,000 | 13 |
| 2024-07-30 | FY2024 | TEALS program volunteers | 1,500 | 13 |
| 2024-07-30 | FY2024 | TEALS program high schools | 550 | 13 |
| 2024-07-30 | FY2024 | Patents pending | 23,000 | 13 |
| 2024-07-30 | FY2024 | Partner capital fund loans | 162 (USD millions) | 13 |
| 2024-07-30 | FY2024 | Nonprofit tech acceleration organizations | 3,000 | 13 |
| 2024-07-30 | FY2024 | Minority depository institutions commitment | $150 million | 13 |
| 2024-07-30 | FY2024 | Learners trained and certified | 12.6 million | 13 |
| 2024-07-30 | FY2024 | employees operations | 86,000 | 13 |
| 2024-07-30 | FY2024 | employees general administration | 16,000 | 13 |
| 2024-07-30 | FY2024 | Black and African American suppliers spending | $500 million | 13 |
| 2024-07-30 | FY2024 | AI learners trained | 2.5 million | 13 |
| 2024-07-30 | FY2024 | AI learners countries | 92% | 13 |
| 2024-07-30 | FY2024 | Office 365 Commercial seat growth | 7% | 13 |
| 2024-07-30 | FY2024 | Microsoft Cloud revenue | 137.4 billion | 13 |
| 2024-07-30 | FY2024 | Microsoft 365 Consumer subscribers | 82.5 million | 13 |
| 2024-07-30 | FY2024 | Equity and other investments | 14.6 billion | 13 |
| 2024-07-30 | FY2024 | Cash, cash equivalents, and short-term investments | 75.5 billion | 13 |
| 2024-07-30 | FY2024 | Cash used in investing | 97.0 billion | 13 |
| 2024-07-30 | FY2024 | Cash from operations | 118.5 billion | 13 |
| 2024-07-30 | FY2024 | Azure and other cloud services growth | 30% | 13 |
| 2024-07-30 | 2024-Q4 | Microsoft Cloud quarterly revenue | $36.8 billion | 14 |
| 2024-07-30 | 2024-Q4 | Microsoft 365 Consumer subscribers | 82.5 million | 14 |
| 2024-04-25 | 2024-Q3 | Xbox content and services revenue growth | 62% | 11 |
| 2024-04-25 | 2024-Q3 | Search and news advertising revenue excl. traffic acquisition costs growth | 12% | 11 |
| 2024-04-25 | 2024-Q3 | Office 365 Commercial growth | 15% | 11 |
| 2024-04-25 | 2024-Q3 | Microsoft Cloud revenue | 35.1 billion | 11 |
| 2024-04-25 | 2024-Q3 | Microsoft Cloud revenue | $35.1 billion | 12 |
| 2024-04-25 | 2024-Q3 | Microsoft 365 Consumer subscribers | 80.8 million | 11 |
| 2024-04-25 | 2024-Q3 | Microsoft 365 Consumer subscribers | 80.8 million | 12 |
| 2024-04-25 | 2024-Q3 | Dynamics 365 growth | 23% | 11 |
| 2024-04-25 | 2024-Q3 | Azure and other cloud services growth | 31% | 11 |
| 2024-01-30 | 2024-Q2 | Xbox content and services revenue growth | 61% (up 60% in constant currency) | 10 |
| 2024-01-30 | 2024-Q2 | Shareholder returns | $8.4 billion in share repurchases and dividends | 10 |
| 2024-01-30 | 2024-Q2 | Office 365 Commercial seat growth | 9% | 9 |
| 2024-01-30 | 2024-Q2 | Office 365 Commercial revenue growth | 17% (up 16% in constant currency) | 10 |
| 2024-01-30 | 2024-Q2 | Microsoft Cloud revenue | 33.7 billion | 9 |
| 2024-01-30 | 2024-Q2 | Microsoft Cloud revenue | $33.7 billion, up 24% (up 22% in constant currency) year-over-year | 10 |
| 2024-01-30 | 2024-Q2 | Microsoft Cloud gross margin percentage | 72% | 9 |
| 2024-01-30 | 2024-Q2 | Microsoft 365 Consumer subscribers | 78.4 million | 9 |
| 2024-01-30 | 2024-Q2 | Microsoft 365 Consumer subscribers | 78.4 million | 10 |
| 2024-01-30 | 2024-Q2 | Dynamics 365 revenue growth | 27% (up 24% in constant currency) | 10 |
| 2024-01-30 | 2024-Q2 | Azure and other cloud services revenue growth | 30% | 9 |
| 2024-01-30 | 2024-Q2 | Azure and other cloud services revenue growth | 30% (up 28% in constant currency) | 10 |
| 2023-10-24 | 2024-Q1 | Xbox hardware revenue growth | -7% | 7 |
| 2023-10-24 | 2024-Q1 | Xbox content and services revenue growth | 13% | 7 |
| 2023-10-24 | 2024-Q1 | Windows revenue growth | 5% | 7 |
| 2023-10-24 | 2024-Q1 | Windows OEM revenue growth | 4% | 7 |
| 2023-10-24 | 2024-Q1 | Windows Commercial products and cloud services revenue growth | 8% | 7 |
| 2023-10-24 | 2024-Q1 | Shareholder Returns | $9.1 billion | 8 |
| 2023-10-24 | 2024-Q1 | Server products revenue growth | 2% | 7 |
| 2023-10-24 | 2024-Q1 | Server products and cloud services revenue growth | 21% | 7 |
| 2023-10-24 | 2024-Q1 | Search and news advertising revenue growth | 5% | 7 |
| 2023-10-24 | 2024-Q1 | Search and news advertising revenue excl. traffic acquisition costs growth | 10% | 7 |
| 2023-10-24 | 2024-Q1 | Office Consumer products and cloud services revenue growth | 3% | 7 |
| 2023-10-24 | 2024-Q1 | Office Commercial products and cloud services revenue growth | 15% | 7 |
| 2023-10-24 | 2024-Q1 | Office 365 Commercial seat growth | 10% | 7 |
| 2023-10-24 | 2024-Q1 | Office 365 Commercial growth | 18% | 7 |
| 2023-10-24 | 2024-Q1 | Office 365 Commercial Revenue Growth | 18% | 8 |
| 2023-10-24 | 2024-Q1 | Microsoft Cloud revenue | 31.8 billion | 7 |
| 2023-10-24 | 2024-Q1 | Microsoft Cloud gross margin percentage (excl. accounting estimate impact) | 2 points increase | 7 |
| 2023-10-24 | 2024-Q1 | Microsoft Cloud gross margin percentage | 73% | 7 |
| 2023-10-24 | 2024-Q1 | Microsoft Cloud Revenue | $31.8 billion | 8 |
| 2023-10-24 | 2024-Q1 | Microsoft 365 Consumer subscribers | 76.7 million | 7 |
| 2023-10-24 | 2024-Q1 | Microsoft 365 Consumer Subscribers | 76.7 million | 8 |
| 2023-10-24 | 2024-Q1 | LinkedIn revenue growth | 8% | 7 |
| 2023-10-24 | 2024-Q1 | Gross margin percentage (excl. accounting estimate impact) | 3 points increase | 7 |
| 2023-10-24 | 2024-Q1 | Gaming revenue growth | 9% | 7 |
| 2023-10-24 | 2024-Q1 | Enterprise and partner services revenue growth | 1% | 7 |
| 2023-10-24 | 2024-Q1 | Effective tax rate | 18% | 7 |
| 2023-10-24 | 2024-Q1 | Dynamics products and cloud services revenue growth | 22% | 7 |
| 2023-10-24 | 2024-Q1 | Dynamics 365 growth | 28% | 7 |
| 2023-10-24 | 2024-Q1 | Devices revenue growth | -22% | 7 |
| 2023-10-24 | 2024-Q1 | Azure and other cloud services growth | 29% | 7 |
| 2023-10-24 | 2024-Q1 | Azure and Other Cloud Services revenue growth | 29% | 8 |
Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
Microsoft's fiscal year 2026 revenue increased 18% to $331.8 billion, with Microsoft Cloud revenue rising 27% to $214.4 billion (30, 29). Azure and other cloud services revenue grew 41% for the full year, surpassing $100 billion in annual revenue for the first time in FY2026 (30). Operating income increased 21% to $155.2 billion and net income rose 31% to $133.7 billion, while gross margin percentage declined slightly due to continued investments in AI infrastructure and datacenter capacity (29, 30). Capital expenditure additions grew by $51.4 billion in FY2026 to support AI infrastructure buildout, and the AI business surpassed an annual revenue run rate of $37 billion by Q3 FY2026 (29, 28). Commercial remaining performance obligation expanded 84% to $678 billion at fiscal year-end, reflecting the scale of committed cloud and AI workloads (29).
FY2025
In fiscal year 2025, Microsoft reported revenue of $281.7 billion, up 15% year-over-year, with growth across all three business segments 21. Microsoft Cloud revenue grew 23% to $168.9 billion, with Azure and other cloud services increasing 34% and Microsoft 365 Commercial cloud revenue rising 15% 21. Operating income increased 17% to $128.5 billion and net income grew 16% to $101.8 billion 21. Cash from operations rose $17.6 billion to $136.2 billion while capital expenditure of $64.6 billion reflected continued investment in AI infrastructure scaling 21. Microsoft Cloud gross margin percentage declined to 69%, driven by AI infrastructure scaling and partially offset by efficiency gains 21.
FY2024
Microsoft's fiscal year 2024 revenue grew 16% to $245.1 billion, with operating income rising 24% to $109.4 billion and net income increasing 22% to $88.1 billion (14). Microsoft Cloud revenue increased 23% to $137.4 billion for the full year, driven by Azure and other cloud services growing 30% on the back of consumption-based services and AI infrastructure investment (13). The $75.4 billion acquisition of Activision Blizzard, completed October 13, 2023, was consolidated into the More Personal Computing segment; Xbox content and services revenue increased 50% for the year, of which 44 percentage points reflected net impact from the acquisition (13). Cash from operations increased $31.0 billion year-over-year to $118.5 billion (13). Microsoft received IRS Notices of Proposed Adjustment for tax years 2004-2013 seeking $28.9 billion in additional taxes plus penalties and interest related to intercompany transfer pricing (13).
FY2023
Microsoft reported FY2023 revenue of $211.9 billion, with Microsoft Cloud revenue reaching $111.6 billion, a 22% increase year-over-year driven by Azure and other cloud services growth of 29% and Office 365 Commercial seat expansion of 11% (6, 14). Full-year GAAP operating income was $88.5 billion and non-GAAP operating income was $89.7 billion, while net income totaled $72.4 billion and free cash flow was $59.5 billion (14). Results included a $1.2 billion charge for a workforce reduction of approximately 10,000 employees announced in January 2023, as well as a cumulative $3.7 billion full-year operating income benefit from a change in accounting estimate extending server and network equipment useful lives from four to six years (6). Windows OEM revenue decreased 25% and Devices revenue decreased 24% for the full year, reflecting elevated channel inventory and declining PC market demand (6). Microsoft Cloud gross margin reached 72% in the fourth quarter, and remaining performance obligations stood at $229 billion as of June 30, 2023 (5).
Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 10-Q | 2023-01-24 | Open |
| #2 | 8-K-EX99.1 | 2023-01-24 | Open |
| #3 | 10-Q | 2023-04-25 | Open |
| #4 | 8-K-EX99.1 | 2023-04-25 | Open |
| #5 / #105 | 8-K-EX99.1 | 2023-07-25 | Open |
| #6 | 10-K | 2023-07-27 | Open |
| #7 | 10-Q | 2023-10-24 | Open |
| #8 | 8-K-EX99.1 | 2023-10-24 | Open |
| #9 | 10-Q | 2024-01-30 | Open |
| #10 | 8-K-EX99.1 | 2024-01-30 | Open |
| #11 | 10-Q | 2024-04-25 | Open |
| #12 | 8-K-EX99.1 | 2024-04-25 | Open |
| #13 | 10-K | 2024-07-30 | Open |
| #14 / #114 | 8-K-EX99.1 | 2024-07-30 | Open |
| #15 | 10-Q | 2024-10-30 | Open |
| #16 | 8-K-EX99.1 | 2024-10-30 | Open |
| #17 | 10-Q | 2025-01-29 | Open |
| #18 | 8-K-EX99.1 | 2025-01-29 | Open |
| #19 | 10-Q | 2025-04-30 | Open |
| #20 | 8-K-EX99.1 | 2025-04-30 | Open |
| #21 | 10-K | 2025-07-30 | Open |
| #22 / #122 | 8-K-EX99.1 | 2025-07-30 | Open |
| #23 | 10-Q | 2025-10-29 | Open |
| #24 | 8-K-EX99.1 | 2025-10-29 | Open |
| #25 | 10-Q | 2026-01-28 | Open |
| #26 | 8-K-EX99.1 | 2026-01-28 | Open |
| #27 | 10-Q | 2026-04-29 | Open |
| #28 | 8-K-EX99.1 | 2026-04-29 | Open |
| #29 | 10-K | 2026-07-29 | Open |
| #30 / #130 | 8-K-EX99.1 | 2026-07-29 | Open |
Older sources (+17)
| # | Document type | Published | Link |
|---|---|---|---|
| #202 | 10-K | 2016-04-21 | Open |
| #206 | 10-K | 2016-07-28 | Open |
| #203 | 10-Q | 2016-10-20 | Open |
| #204 | 10-Q | 2017-01-26 | Open |
| #205 | 10-Q | 2018-01-31 | Open |
| #208 | 10-K | 2018-08-03 | Open |
| #207 | 10-Q | 2019-01-30 | Open |
| #212 | 10-K | 2019-08-01 | Open |
| #209 | 10-Q | 2019-10-23 | Open |
| #210 | 10-Q | 2020-01-29 | Open |
| #211 | 10-Q | 2020-04-29 | Open |
| #216 | 10-K | 2020-07-30 | Open |
| #213 | 10-Q | 2020-10-27 | Open |
| #214 | 10-Q | 2021-01-26 | Open |
| #215 | 10-Q | 2021-04-27 | Open |
| #217 | 10-Q | 2021-10-26 | Open |
| #201 | 8-K | 2022-07-28 | Open |
FAQ#
Does Microsoft Corporation pay a dividend?
The filings report on the dividend; most recent entry: dividends paid 12.3 billion (2025-Q2) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of Microsoft Corporation?
The sources chapter links all 51 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.