MSFT Microsoft Corp

What the last report said

Wed, Jul 29, 2026

Microsoft FY26Q4: Revenue, operating income and adj. EPS significantly beat; GAAP EPS beat driven primarily by $0.27 benefit from Anthropic gain + $0.07 OpenAI investment net gain; ex-one-offs, core execution remains strong — Azure revenue surpassed $100B for first time, Cloud revenue +27% YoY.

• Microsoft Cloud revenue of $59.3B (+27% YoY), accounting for 66% of total revenue and serving as the primary growth engine; Commercial RPO reached $678B (+84% YoY).
• Intelligent Cloud revenue of $39.3B (+32% YoY), with Azure and other cloud services up +43% YoY (constant currency +43%).
• Productivity and Business Processes revenue of $37.8B (+14% YoY): Microsoft 365 Commercial Cloud +16% (ex prior-year in-period recognition benefit), Consumer Cloud +24%, LinkedIn +12%, Dynamics 365 +13%.
• More Personal Computing revenue of $12.9B (-4% YoY), a drag: Windows OEM & Devices -7%, XBOX content & services -10%.
• Gross margin at 67.2% (-1.4pp YoY, reflecting product mix shift and front-loaded cloud infrastructure investment); operating margin at 45.1% (+0.2pp YoY), indicating scale benefits and disciplined expense management.

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