Microsoft — 2026Q3 财报
公布于 2026-07-29
每股收益 $4.74，预期 $4.24 — 超预期
次一交易日 +15.5%（收盘 2026-07-29 → 2026-07-30）
来源
新闻稿 ↗综述
A cloud-and-AI-carried close to fiscal 2026: Q4 revenue rose 18% to $90.0 billion, Microsoft Cloud grew 27% to $59.3 billion, and commercial RPO surged 84% to $678 billion, while a $3.2 billion gain on the Anthropic investment flattered GAAP EPS of $4.81 and More Personal Computing declined 4% on softer Windows OEM and Xbox. Nadella flagged two fiscal-year milestones — Azure passing $100 billion in revenue for the first time and Microsoft 365 Copilot passing 30 million paid seats. The call's through-line was demand outrunning supply: 31 new data centers added this quarter (88 for the year), Azure's 43% growth still leaving customer demand above available capacity, and roughly two-thirds of capex going to short-lived assets like CPUs and GPUs.
财报电话会
财报电话会网络直播 ↗点评
引文为原始文件中的英文原话，未作翻译；其下一行是 TradingPilot 对它的解读。
来自财报
Microsoft closed fiscal 2026 with fourth-quarter revenue of $90.0 billion, up 18%, as cloud and AI carried the quarter: Microsoft Cloud grew 27% and commercial remaining performance obligation surged 84% to $678 billion. GAAP earnings got a further lift from a $3.2 billion gain on the Anthropic investment, while More Personal Computing declined 4% on softer Windows OEM and Xbox.
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“Revenue was $90.0 billion and increased 18% (up 17% in constant currency)”
Fourth-quarter revenue was $90.0 billion, up 18% year over year (17% in constant currency).
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“Diluted earnings per share was $4.81 and increased 32% on a GAAP basis, and was $4.74 and increased 23% on a non-GAAP basis”
Diluted earnings per share was $4.81, up 32% on a GAAP basis, and $4.74, up 23% non-GAAP.
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“Microsoft Cloud revenue was $59.3 billion and increased 27%, and commercial remaining performance obligation increased 84% to $678 billion.”
Microsoft Cloud revenue reached $59.3 billion, up 27%, while commercial remaining performance obligation jumped 84% to $678 billion.
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“These include a $3.2 billion gain from our investment in Anthropic and lower-than-expected expenses related to the Voluntary Retirement Program which were partially offset by severance expense and impairment charges in XBOX.”
Discrete items flattered the quarter versus guidance: a $3.2 billion gain on the investment in Anthropic and lower-than-expected Voluntary Retirement Program expenses, partially offset by severance and Xbox impairment charges.
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“This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their AI transformation.”
CEO Satya Nadella flagged two fiscal-year milestones: Azure revenue surpassed $100 billion for the first time and Microsoft 365 Copilot passed 30 million paid seats.
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来自电话会
Management's through-line was demand outrunning supply: Satya Nadella detailed 31 new data centers added this quarter (88 for the year), and CFO Amy Hood said Azure's 43% growth came with customer demand still exceeding available capacity, with roughly 2/3 of capital expenditures going to short-lived assets like CPUs and GPUs.
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“We added 31 new data centers across 5 continents this quarter, bringing the total to 88 this year as we expand our footprint in response to accelerating demand.”
CEO Satya Nadella said Microsoft added 31 new data centers across 5 continents in the quarter, bringing the fiscal year's total to 88, in response to accelerating demand.
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“In Azure and other cloud services, revenue grew 43% against a prior year that included accelerating growth. Customer demand continues to exceed available capacity.”
CFO Amy Hood said Azure and other cloud services revenue grew 43% against an accelerating prior-year comparison, with customer demand still exceeding available capacity.
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“Roughly 2/3 of our CapEx was for short-lived assets, primarily CPUs and GPUs as customers increasingly build solutions that leverage both AI and non-AI infrastructure.”
Amy Hood noted roughly 2/3 of the quarter's capital expenditures went to short-lived assets, primarily CPUs and GPUs.
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截至 2026-08-10