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Microsoft (MSFT) investor relations material
Microsoft Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 Oct, 2025
Executive summary
Revenue reached $77.7 billion, up 18% year-over-year, with growth across all segments driven by cloud and AI offerings.
Net income was $27.7 billion, up 12%, and non-GAAP net income was $30.8 billion, up 22%, with diluted EPS at $3.72 (up 13%) and non-GAAP EPS at $4.13 (up 23%).
Microsoft Cloud revenue grew 26% to $49.1 billion, and commercial remaining performance obligation surged 51% to $392 billion.
Operating income increased 24% to $38.0 billion, with margin expansion in Productivity and Business Processes and More Personal Computing.
AI platform and Copilot adoption accelerated, with over 150 million monthly active users and 90% of the Fortune 500 using Microsoft 365 Copilot.
Financial highlights
Gross margin was $53.6 billion, up 18%, with a gross margin percentage of 69%, down slightly year-over-year due to AI investments.
Free cash flow rose 33% to $25.7 billion; cash from operations was $45.1 billion.
Returned $10.7 billion to shareholders via dividends and share repurchases.
Capital expenditures reached $34.9 billion, with about half spent on short-lived assets (GPUs/CPUs) and $19.4 billion in cash paid for property and equipment.
Commercial bookings increased 112%, driven by Azure and M365 contracts and OpenAI commitments.
Outlook and guidance
Q2 revenue expected at $79.5–$80.6 billion, up 14–16%; COGS growth 21–22%, operating expense growth 7–8%.
FY 2026 capital expenditure growth rate to exceed FY 2025, with increased spend on GPUs and CPUs.
Microsoft Cloud gross margin percentage expected at ~66%, down year-over-year due to AI investments and Azure mix shift.
Azure Q2 revenue growth expected at ~37% in constant currency, with capacity constraints persisting through fiscal year.
Management anticipates ongoing margin pressure from AI scaling but expects efficiency gains to partially offset this.
What drives the increasing OpenAI investment losses?
Detail AI capital allocation and expected returns
Breakdown of commercial RPO growth drivers
What criteria guide large AI contract acceptance?
How do you ensure ROI on AI infrastructure spend?
How are Azure capacity constraints impacting growth?
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AGM 20255 Dec, 2025
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Frequently asked questions
Operating Systems Pioneer
Microsoft Corporation is a global technology company that specializes in the development, licensing, and support of a wide range of software products, services, and devices. Its portfolio includes operating systems for computing devices, servers, cloud-based services, business solution applications, software development tools, video games, personal computers, and much more. Microsoft is headquartered in Redmond, Washington, and its shares are listed on the NASDAQ.
Bill Gates and Paul Allen
The story of Microsoft begins in 1975, when the two friends Bill Gates and Paul Allen started a company that would develop and sell software for microcomputers. They had a vision of putting a personal computer in every home, and they believed that software would be the key to making that vision a reality. Their first product was a BASIC interpreter for the Altair 8800, a microcomputer that was popular at the time. The success of this product led to the founding of Microsoft and the development of other programming languages and software.
One of Microsoft's most significant contributions to the tech industry is the development of the Windows operating system. Windows was first released in 1985 and quickly became the dominant operating system for personal computers. This success was due in part to the user-friendly graphical user interface that Windows offered, which made it easier for people to use computers. Windows is still the most widely used operating system for computers, with Apple's MacOS being in second place.
The Software Offerings Today
Microsoft offers a broad spectrum of software products and services catering to individuals, businesses, and developers. These offerings span from productivity and communication tools to cloud computing platforms and development tools. Some of the company's most important software offerings besides its operating systems are as follows:
Microsoft 365 (formerly Office 365): A subscription service that includes access to various Microsoft applications like Word (word processing), Excel, PowerPoint, OneNote, Outlook, and more. It also offers cloud storage through OneDrive.
Microsoft Teams: A communication and collaboration platform that integrates chat, video meetings, file storage (including collaboration on files), and application integration. It's designed for businesses, schools, and other organizations.
Azure: A cloud computing platform offering over 200 products and cloud services. It supports various programming languages, tools, and frameworks, including both Microsoft-specific and third-party software and systems.
Microsoft Hardware
Microsoft has diversified its product line extensively over the years, moving beyond exclusively a software focus to design and manufacture a variety of hardware devices. The company produces and sells various forms of computers and laptops, tablets, and accessories, as well as the Xbox gaming system which directly competes with the Sony PlayStation and Nintendo's various devices.
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