MICROSOFT · NASDAQ: MSFT
Microsoft (MSFT) Stock Research
Research Microsoft (MSFT) earnings, business trends, valuation context, institutional ownership, risks, and the next investor checkpoints.
- Latest financial period
- Q4 FY2026
- Latest filing
- Jul 30, 2026
- Research updated
- Sep 15, 2026
01
Reported evidence
Latest MSFT financial snapshot
Q4 FY2026 · filed Jul 30, 202602
Latest filing analysis
What changed in the latest reported period
Q4 FY2026 revenue increased 18% year over year to $90.01 billion, led by Microsoft Cloud and Azure demand.
Microsoft Cloud revenue rose 27% to $59.3 billion, while Azure and other cloud services revenue increased 43%.
Intelligent Cloud revenue increased 32% to $39.31 billion and Productivity and Business Processes revenue rose 14% to $37.85 billion.
GAAP operating income increased 18% to $40.60 billion; GAAP net income rose 31% to $35.77 billion and diluted EPS reached $4.81.
Commercial remaining performance obligation increased 84% to $678 billion, while More Personal Computing revenue declined 4% to $12.85 billion.
03
BasisPilot
What matters for MSFT now
Azure and AI demand
Azure and other cloud services revenue grew 43%. Capacity additions and customer workload consumption determine how efficiently demand becomes revenue.
Evidence checkpointCloud margin
Microsoft Cloud gross margin was 66% for FY2026 as AI infrastructure investment and growing AI usage weighed on the percentage despite efficiency gains.
Evidence checkpointContracted backlog
Commercial RPO reached $678 billion, up 84%. Contract duration, delivery capacity and customer consumption will determine recognition timing.
Evidence checkpointEarnings quality
Q4 GAAP net income included a $480 million net gain from OpenAI investments; Microsoft reported $35.29 billion of net income excluding that impact.
Evidence checkpointConsumer and gaming
More Personal Computing revenue declined 4%, including a 10% decline in XBOX content and services and a 7% decline in Windows OEM and Devices.
Evidence checkpoint04
Revenue mix
How Microsoft makes money
05
Historical filings
MSFT earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q4 FY2026 | $90B | 18% | 4.81 | Jul 30, 2026 |
06
Valuation context
MSFT valuation
Evaluate MSFT through revenue growth, margins, cash generation and the expectations implied by the market price. BasisPilot does not display an undated valuation multiple.
07
SEC 13F
Institutional ownership
15
BasisPilot Insights
Latest Microsoft research
No matching BasisPilot Insight has been published yet.
14
Decision support
Risks and next checkpoints
AI infrastructure spending and product usage can pressure cloud gross margin if capacity utilization or monetization develops more slowly than expected.
Microsoft depends on continued Azure, Microsoft 365 and Copilot adoption in markets with strong cloud and AI competition.
The $678 billion commercial RPO balance is not current revenue and depends on contract execution, consumption and delivery timing.
Investments in OpenAI and other private companies can create material non-operating gains or losses that complicate GAAP earnings comparisons.
Cybersecurity incidents, service outages and failures in AI systems can create financial, regulatory and reputational costs.
Antitrust, privacy, copyright and AI regulation may restrict product design, distribution, acquisitions or commercial practices.
16
FAQ
MSFT investor questions
What was Microsoft's latest quarterly revenue?
Microsoft reported $90.01 billion of Q4 FY2026 revenue, up 18% year over year, and $40.60 billion of GAAP operating income.
How fast is Azure growing?
Azure and other cloud services revenue increased 43%, while Microsoft Cloud revenue increased 27% to $59.3 billion.
Is Microsoft's $678 billion commercial RPO current revenue?
No. Commercial RPO represents contracted revenue not yet recognized; timing depends on contract duration, customer consumption and delivery capacity.
How did OpenAI investments affect Microsoft earnings?
Net gains from OpenAI investments added $480 million to Q4 GAAP net income and $0.07 to diluted EPS, so adjusted results provide useful additional context.
Are MSFT 13F holdings real-time?
No. Form 13F reports delayed quarter-end positions and does not reveal real-time trades or institutions' true historical cost.
What should MSFT investors monitor next?
Key checkpoints are Azure consumption, returns on AI infrastructure, cloud margin, commercial RPO conversion, Copilot adoption, regulation and cybersecurity.
17
Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.