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| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brent Thill | Jefferies | 8 (25%) |
| Karl Keirstead | UBS | 8 (0%) |
| Mark Moerdler | Bernstein | 8 (0%) |
| Keith Weiss | Morgan Stanley | 7 (43%) |
| Kash Rangan | Goldman Sachs | 4 (25%) |
| Mark Murphy | JPMorgan | 4 (0%) |
| Brad Zelnick | Deutsche Bank | 4 (0%) |
| Gabriela Borges | Goldman Sachs | 2 (0%) |
| Raimo Lenschow | Barclays | 2 (0%) |
| Kirk Materne | Evercore ISI | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 8 (0%) |
| Bernstein | 1 | 8 (0%) |
| Jefferies | 1 | 8 (25%) |
| Morgan Stanley | 2 |
| 8 (38%) |
| Goldman Sachs | 2 | 6 (17%) |
| JPMorgan | 1 | 4 (0%) |
| Deutsche Bank | 1 | 4 (0%) |
| RBC Capital Markets | 1 | 2 (0%) |
Microsoft reported revenue of $81.3 billion, up 17% in constant currency, with Microsoft Cloud crossing $50 billion quarterly and Azure growing 39% in constant currency, while commercial RPO ballooned to $625 billion with 45% attributable to OpenAI and Anthropic commitments. Management raised FY2026 operating margin guidance from flat to 'up slightly' and stepped up Q3 Azure guidance to 37-38% constant currency, as capital expenditures climbed to $37.5 billion with two-thirds allocated to short-lived assets.
Cloud & AI | Revenue Growth | Demand | Capex Investment | Capital Allocation | Competitive Dynamics | Margin | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 7 | 1 | 2 | 1 | ||||
| 2025Q2 | 8 | 3 | 2 | 1 | 1 | 2 | 2 | |
| 2025Q3 | 6 | 5 | 4 | 3 | 2 | 1 | 1 | |
| 2025Q4 | 5 | 3 | 3 | 2 | 2 | 1 | 2 | 1 |
| 2026Q1 | 4 | 2 | 3 | 1 | 4 | 3 | 1 | |
| 2026Q2 | 5 | 3 | 2 | 3 | 2 | 1 | 2 | 1 |
| 2026Q3 | 2 | 1 | 2 | 2 | 1 | 1 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 7 | 8 | 6 | 5 | 4 | 5 | 2 |
| Revenue Growth | 1 | 3 | 5 | 3 | 2 | 3 | 1 |
| Demand | 2 | 4 | 3 | 3 | 2 | 2 | |
| Capex Investment | 2 | 1 | 3 | 2 | 1 | 3 | 2 |
| Capital Allocation | 1 | 1 | 2 | 2 | 4 | 2 | |
| Competitive Dynamics | 2 | 1 | 1 | 3 | 1 | 1 | |
| Margin | 1 | 2 | 1 | 2 | 1 | ||
| Product Launch | 2 | 1 | 1 | 1 |
What MSFT and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“At our Accelerate Roadshow in New York, and around the world, we extended the enterprise data cloud into Azure with our Pure Storage Cloud.”
Pure launched Pure Storage Cloud as an Azure-native service for Azure VMware Service, adding an enterprise storage option that supports migrations of on-prem VMware workloads into Microsoft's cloud.
“including with Microsoft Azure AI Foundry, enabling UiPath agents to work seamlessly with Azure agents and models.”
UiPath announced new integrations with Microsoft Azure AI Foundry (and Copilot), embedding its agents into Microsoft's enterprise AI stack.
“Meta, Microsoft, Oracle, and xAI are building gigawatt AI factories with Spectrum X Ethernet switches.”
Microsoft is named among hyperscalers building gigawatt AI factories with NVIDIA Spectrum X networking.
“We were also focused on helping customers get what they needed to transition to Windows 11 as Microsoft ended support for the Windows 10 operating system mid-October.”
Microsoft's end of Windows 10 support is driving PC replacement demand, a tailwind for Best Buy's computing sales.
“We also expanded our partnership with Microsoft to help joint customers securely manage their people and agents across both of our platforms.”
Workday expanded its Microsoft partnership to jointly manage human and AI-agent identities across both platforms.
“an 8-figure end-to-end flex expansion deal, where we displace two sims, Defender for Endpoint, and a Point Cloud security product.”
CrowdStrike displaced Microsoft Defender for Endpoint (and two SIEMs) in a Fortune 500 healthcare account, a competitive loss signal for Microsoft's endpoint security.
“Microsoft introduced Cobalt 200, built on the higher performance Arm Holdings plc American Depositary Shares Neoverse CSS v3 with 132 cores, up from 128 cores in Cobalt 100, which was based on the prior Neoverse n2 platform.”
Microsoft's Cobalt 200 server CPU is built on Arm's Neoverse CSS v3, another hyperscaler custom-silicon win for Arm.
“supporting our $9.7 billion AI contract with Microsoft”
IREN's $9.7 billion AI cloud contract with Microsoft, with roughly 95% of the GPU CapEx now funded, signals Microsoft is securing large-scale external AI compute capacity.
“We celebrated the first anniversary of our strategic alliance, and in that time, we jointly closed more than 100 customer agreements across 17 industries. Generating over $130 million in C3.ai, Inc. bookings.”
In the first year of the C3.ai-Microsoft alliance the pair closed over 100 agreements generating more than $130 million in C3 bookings, a positive signal for Microsoft's Azure enterprise AI channel.
“We introduced new capabilities in Azure NetApp files, including single file restore and a flexible service level for independent scaling of throughput and capacity.”
NetApp expanded its first-party Azure NetApp Files service with Microsoft, part of cloud storage services growing ~32% year over year.
“So you can buy the Oracle database at Google or Amazon, that it's available at Microsoft Azure.”
Oracle Database is available multi-cloud inside Microsoft Azure; multi-cloud consumption up 817% YoY.
“This exciting partnership adds to the ecosystem we are building with leading technology providers. Including Microsoft, Google, and Shopify fuel our ambition to be the best consumer-centric prestige beauty company.”
Estée Lauder names Microsoft among the leading technology providers building out its operating ecosystem.
“Siemens, for example, is going all in on GitHub, adopting the full platform to increase developer productivity after a successful Copilot rollout to 30,000 plus developers.”
Siemens is going all in on GitHub after a 30,000+ developer Copilot rollout, a signal on Siemens' large-scale developer-tooling standardization on Microsoft.
“Fiserv, ING, NAST, University of Kentucky, University of Manchester, US Department of Interior, and Westpac all purchased over 35,000 seats.”
Fiserv purchased over 35,000 Microsoft 365 Copilot seats, a signal on Fiserv's large-scale enterprise AI deployment.
“companies like Unilever and Consumer Goods and Synopsys and EDA are using Microsoft Discovery to orchestrate specialized agents for R and D end to end.”
Synopsys is cited as using Microsoft Discovery to orchestrate R&D agents in EDA, a signal on Synopsys adopting agentic AI for chip-design workflows.
“with Copilot Checkout, we have partnered with PayPal Shopify, and Stripe so customers can make purchases directly within the app.”
Microsoft partnered with Shopify for Copilot Checkout, indicating Shopify's integration into Copilot's in-app commerce flow.
“with Copilot Checkout, we have partnered with PayPal Shopify, and Stripe so customers can make purchases directly within the app.”
Microsoft partnered with PayPal for Copilot Checkout in-app purchasing, a signal on PayPal's positioning in agentic-commerce payment rails.
“GitHub AgentHQ is the organizing layer for all coding agents like Anthropic, OpenAI, Google, Cognition, and xAI in the context of customers' GitHub repos.”
Google's coding agents are supported within Microsoft's GitHub AgentHQ, a signal on Google's models being distributed through GitHub's multi-agent layer.
“And partners like Adobe, Databricks, Genspaw, Glean, NVIDIA, SAP, ServiceNow, and Workday are already integrating agent 365.”
Workday is named among partners integrating Microsoft's Agent 365 control plane, indicating a Workday-Microsoft agent integration.
“And partners like Adobe, Databricks, Genspaw, Glean, NVIDIA, SAP, ServiceNow, and Workday are already integrating agent 365.”
ServiceNow is named among partners integrating Microsoft's Agent 365, a signal on the ServiceNow-Microsoft agent interoperability partnership.
“And partners like Adobe, Databricks, Genspaw, Glean, NVIDIA, SAP, ServiceNow, and Workday are already integrating agent 365.”
Adobe is named among partners integrating Microsoft's Agent 365 control plane, indicating an Adobe-Microsoft agent-governance integration.
“This quarter, we added support for GPT-5.0.2 as well as Claude 4.5. Already over 1,500 customers have used both Anthropic and OpenAI models on Foundry.”
Microsoft added Anthropic's Claude 4.5 to Foundry with 1,500+ customers using Anthropic models, a signal on Anthropic's enterprise distribution through Azure.
“At the silicon layer, we have NVIDIA and AMD and our own Maya chips delivering the best all-up fleet performance, cost, and supply across multiple generations of hardware.”
Microsoft uses AMD silicon in its AI fleet alongside NVIDIA and its own Maya chips, indicating ongoing AMD accelerator demand from Azure.
“At the silicon layer, we have NVIDIA and AMD and our own Maya chips delivering the best all-up fleet performance, cost, and supply across multiple generations of hardware.”
Microsoft relies on NVIDIA silicon (alongside AMD and its own Maya chips) for its AI datacenter fleet, a signal on continued NVIDIA GPU demand from a major hyperscaler.
Calendar quarter Q4 2025Earnings call Jan 28, 2026
FY2026 Q2 in brief
Microsoft reported revenue of $81.3 billion, up 17% in constant currency, with Microsoft Cloud crossing $50 billion quarterly and Azure growing 39% in constant currency, while commercial RPO ballooned to $625 billion with 45% attributable to OpenAI and…
Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Microsoft Corporation (MSFT), FY2026 Q2: 10/10. Scores: Microsoft Corporation’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: MSFT daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +16.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $65.58B | +16.0% | $3.30 | +10.4% | 69.4% | 46.6% | 37.6% | $19.26B |
| FY2025 Q2 | $69.63B | +12.3% | $3.23 | +10.2% | 68.7% | 45.5% | 34.6% | $6.49B |
| FY2025 Q3 | $70.07B | +13.3% | $3.46 | +17.7% | 68.7% | 45.7% | 36.9% | $20.30B |
| FY2025 Q4 | $76.44B | +18.1% | $3.65 | +23.7% | 68.6% | 44.9% | 35.6% | $25.57B |
| FY2026 Q1 | $77.67B | +18.4% | $3.72 | +12.7% | 69.0% | 48.9% | 35.7% | $25.66B |
| FY2026 Q2 | $81.27B | +16.7% | $5.16 | +59.8% | 68.0% | 47.1% | 47.3% | $5.88B |
| FY2026 Q3 | $82.89B | +18.3% | $4.27 | +23.4% | 67.6% | 46.3% | 38.3% | $15.80B |
| FY2026 Q4 | $90.01B | +17.7% | $4.80 | +31.5% | 67.2% | 45.1% | 39.7% | $19.64B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MSFT Microsoft Corporation | 10 | +16.7% | |
| ADBE Adobe Inc. | 9 | +10.5% | |
| AKAM Akamai Technologies | 6 | +7.3% | |
| CPAY Corpay | 8 | +20.7% | |
| CRWD CrowdStrike | 9 | +22.2% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +110.3% | |
| FFIV F5, Inc. | 8 | +7.3% | |
| FTNT Fortinet | 7 | +14.8% | |
| GDDY GoDaddy | 8 | +6.8% | |
| GEN Gen Digital | 6 | +25.8% | |
| IOT Samsara Inc. | 10 | +29.2% | |
| MDB MongoDB, Inc. | 9 | +18.7% | |
| NET Cloudflare, Inc. | 8 | +33.6% | |
| ORCL Oracle Corporation | 9 | +14.2% | |
| PANW Palo Alto Networks | 8 | +15.7% | |
| PATH UiPath Inc. | 9 | +15.9% | |
| PLTR Palantir Technologies | 10 | +70.0% | |
| SNPS Synopsys | 6 | +37.8% | |
| VRSN Verisign | 7 | +7.6% | |
| XYZ Block, Inc. | 9 | +3.6% | |
| ZS Zscaler | 9 | +25.5% |