OpenNashEarnings

Software · Nasdaq: MSFT

Microsoft earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends June · next results expected around 27 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q1 FY2027

Revenue was $92.3 billion and increased 19%, operating income was $45.9 billion and increased 21% (up 22% in constant currency), and diluted earnings per share was $4.92 and increased 32% on a GAAP basis.

Microsoft's first fiscal quarter was strong. Revenue was $92.3 billion, up 19%, and Microsoft Cloud revenue reached $63.9 billion, with growth accelerating to 30%. Azure grew 48%. Commercial remaining performance obligation, the backlog of signed contracts, rose 73% to $677 billion. GAAP net income was $36.6 billion, up 32%. Windows OEM and devices fell 22% as PC demand weakened. Operating cash flow was $58 billion, but heavy data center spending cut free cash flow to $18.6 billion.

Read the Q1 FY2027 summary →

Quarters

KPI history

Revenue$92.3B+18.8% y/yQ1 FY27
Q2 FY25: $69.6BQ2 25$69.6BQ3 FY25: $70.1BQ3 25$70.1BQ4 FY25: $76.4B (worked out from the annual figure)Q4 25$76.4BQ1 FY26: $77.7BQ1 26$77.7BQ2 FY26: $81.3BQ2 26$81.3BQ3 FY26: $82.9BQ3 26$82.9BQ4 FY26: $90.0B (worked out from the annual figure)Q4 26$90.0BQ1 FY27: $92.3BQ1 27$92.3B

Fourth quarter worked out from the annual figure.

Data
Q2 FY25$69.6B
Q3 FY25$70.1B
Q4 FY25$76.4B *
Q1 FY26$77.7B
Q2 FY26$81.3B
Q3 FY26$82.9B
Q4 FY26$90.0B *
Q1 FY27$92.3B
Diluted EPS (GAAP)$4.92+32.3% y/yQ1 FY27
Q2 FY25: $3.23Q2 25$3.23Q3 FY25: $3.46Q3 25$3.46Q1 FY26: $3.72Q1 26$3.72Q2 FY26: $5.16Q2 26$5.16Q3 FY26: $4.27Q3 26$4.27Q1 FY27: $4.92Q1 27$4.92
Data
Q2 FY25$3.23
Q3 FY25$3.46
Q1 FY26$3.72
Q2 FY26$5.16
Q3 FY26$4.27
Q1 FY27$4.92

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin49.8%+0.9 pts y/yQ1 FY27
Q2 FY25: 45.5%Q2 2545.5%Q3 FY25: 45.7%Q3 2545.7%Q4 FY25: 44.9%Q4 2544.9%Q1 FY26: 48.9%Q1 2648.9%Q2 FY26: 47.1%Q2 2647.1%Q3 FY26: 46.3%Q3 2646.3%Q4 FY26: 45.1%Q4 2645.1%Q1 FY27: 49.8%Q1 2749.8%
Data
Q2 FY2545.5%
Q3 FY2545.7%
Q4 FY2544.9%
Q1 FY2648.9%
Q2 FY2647.1%
Q3 FY2646.3%
Q4 FY2645.1%
Q1 FY2749.8%
Free cash flow$18.6B−27.4% y/yQ1 FY27
Q2 FY25: $6.5BQ2 25$6.5BQ3 FY25: $20.3BQ3 25$20.3BQ4 FY25: $25.6BQ4 25$25.6BQ1 FY26: $25.7BQ1 26$25.7BQ2 FY26: $5.9BQ2 26$5.9BQ3 FY26: $15.8BQ3 26$15.8BQ4 FY26: $19.6BQ4 26$19.6BQ1 FY27: $18.6BQ1 27$18.6B
Data
Q2 FY25$6.5B
Q3 FY25$20.3B
Q4 FY25$25.6B
Q1 FY26$25.7B
Q2 FY26$5.9B
Q3 FY26$15.8B
Q4 FY26$19.6B
Q1 FY27$18.6B

Operating cash flow minus capital expenditure, from cash flow statements.

Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue$69.6B$70.1B$76.4Bd$77.7B$81.3B$82.9B$90.0Bd$92.3B
Gross margin68.7%68.7%68.6%69.0%68.0%67.6%67.2%67.8%
Operating income$31.7B$32.0B$34.3Bd$38.0B$38.3B$38.4B$40.6Bd$45.9B
Operating margin45.5%45.7%44.9%48.9%47.1%46.3%45.1%49.8%
Net income$24.1B$25.8B$27.2Bd$27.7B$38.5B$31.8B$35.8Bd$36.6B
Diluted EPS$3.23$3.46—$3.72$5.16$4.27—$4.92
Operating cash flow$22.3B$37.0B$42.6Bd$45.1B$35.8B$46.7B$55.4Bd$58.0B
Capital expenditure$15.8B$16.7B$17.1Bd$19.4B$29.9B$30.9B$35.8Bd$39.4B
Free cash flow$6.5B$20.3B$25.6B$25.7B$5.9B$15.8B$19.6B$18.6B
R&D expense$7.9B$8.2B$8.8Bd$8.1B$8.5B$8.9B$10.0Bd$9.0B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings