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Sentiment · FY2026 Q4
| 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 | 7 (29%) |
| Mark Moerdler | Bernstein | 7 (0%) |
| Karl Keirstead | UBS | 7 (0%) |
| Keith Weiss | Morgan Stanley | 6 (50%) |
| Brad Zelnick | Deutsche Bank | 4 (0%) |
| Kash Rangan | Goldman Sachs | 3 (33%) |
| Mark Murphy | JPMorgan | 3 (0%) |
| Raimo Lenschow | Barclays | 2 (0%) |
| Gabriela Borges | Goldman Sachs | 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. |
|---|---|---|
| Jefferies | 1 | 7 (29%) |
| Bernstein | 1 | 7 (0%) |
| UBS | 1 | 7 (0%) |
| Morgan Stanley | 2 |
| 7 (43%) |
| Goldman Sachs | 2 | 5 (20%) |
| Deutsche Bank | 1 | 4 (0%) |
| JPMorgan | 1 | 3 (0%) |
| Barclays | 1 | 2 (0%) |
Microsoft delivered revenue of $82.9 billion, up 18%, with Azure growing 40% in constant currency against an accelerating prior-year comparison and the AI business surpassing $37 billion in annualized revenue growing 123%. Management provided qualitative FY2027 guidance of another year of double-digit revenue and operating income growth, while announcing $190 billion in CY2026 capital expenditures as M365 Copilot reached 20 million seats with 250% year-over-year growth and gaming revenue declined amid content comparables.
Cloud & AI | Revenue Growth | Demand | Capex Investment | Capital Allocation | Competitive Dynamics | Margin | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 8 | 3 | 2 | 1 | 1 | 2 | 2 | |
| 2025Q3 | 6 | 5 | 4 | 3 | 2 | 1 | 1 | 1 |
| 2025Q4 | 5 | 3 | 3 | 2 | 2 | 1 | 2 | |
| 2026Q1 | 4 | 2 | 3 | 1 | 4 | 3 | 1 | 1 |
| 2026Q2 | 5 | 3 | 2 | 3 | 2 | 1 | 2 | 1 |
| 2026Q3 | 2 | 1 | 2 | 2 | 1 | 1 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 8 | 6 | 5 | 4 | 5 | 2 |
| Revenue Growth | 3 | 5 | 3 | 2 | 3 | 1 |
| Demand | 2 | 4 | 3 | 3 | 2 | 2 |
| Capex Investment | 1 | 3 | 2 | 1 | 3 | 2 |
| Capital Allocation | 1 | 2 | 2 | 4 | 2 | |
| Competitive Dynamics | 2 | 1 | 1 | 3 | 1 | 1 |
| Margin | 1 | 2 | 1 | 2 | 1 | |
| Innovation & R&D | 2 | 1 | 1 | 1 |
| 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).
What MSFT and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We are now open for business on the Microsoft marketplace and customers can use their Microsoft Azure consumption commitment dollars on Falcon.”
CrowdStrike went live on the Microsoft marketplace, letting customers apply Azure consumption commitments to Falcon, marking a shift toward partnership between two historical security rivals.
“while Microsoft is advancing its Arm-based strategy with Cobalt, designed to deliver high-performance and energy-efficient compute for Azure workloads.”
Microsoft is advancing its Arm-based Cobalt custom silicon for Azure, a positive read-through on Microsoft custom-chip investment.
“Second, Engine is now the multi-category financial offer provider within Microsoft Copilot Discovery feeds and MSN AI, live with credit cards and deposits and expanding to mortgages, loans and insurances.”
Gen's Engine marketplace is now the multi-category financial offer provider within Microsoft Copilot Discovery feeds and MSN AI.
“selected Azure NetApp Files for its proven performance, ease of use and enterprise-grade reliability.”
A customer chose Azure NetApp Files (NetApp's first-party Microsoft Azure service) as the cornerstone of its cloud transformation.
“We now have 33 regions live with Microsoft and 14 live with Google.”
Microsoft Azure is a core multicloud partner for Oracle Database, with Oracle reporting broad region coverage that turns Oracle database demand into deployments in Azure.
“our platform used for distribution in partnership with Microsoft.”
Franklin built its AI Intelligence Hub distribution platform in partnership with Microsoft.
“we are seeing school systems like the Kansas City Public Schools switching from Chromebooks and Windows PCs to the MacBook Neo.”
Apple cites education customers switching away from Windows PCs to MacBook Neo, implying education share loss for Microsoft's Windows platform.
“AWS is the leader in cloud infrastructure, so extending our relationship with Amazon Bracket and now Azure Quantum and qBraid is an important validation of our technology and our go-to-market strategy.”
Rigetti extended distribution of its 108-qubit system to Microsoft Azure Quantum, a cloud-platform read-through for Microsoft's quantum services.
“Our branded custom business logic and calculation engines as well as many of the tools that exist in Cap IQ Pro will integrate with platforms like Copilot and Claude.”
S&P Global plans to integrate its Cap IQ Pro business logic and tools with Microsoft Copilot as a third-party AI distribution channel.
“Consumers can now find licensed Yelp content on Amazon Alexa, Apple Maps, Microsoft Bing, Meta.ai and Yahoo, among many other platforms.”
Licensed Yelp content appears on Microsoft Bing, feeding Yelp local data into Microsoft's search.
“Last week, we welcomed Amazon, Meta, Microsoft, Salesforce and Stripe as new members to the UCP tech Council.”
Microsoft joined Google's Universal Commerce Protocol tech council as a new member.
“The Microsoft contract is way more stretched, and we have the delivery schedule up to the end of this year.”
Microsoft is a large multi-year capacity customer of Nebius with deliveries scheduled through the end of 2026, reflecting Microsoft's use of third-party AI capacity.
“Yet you, Google and Amazon are showing higher margins tonight as you report.”
An analyst groups Amazon with Microsoft and Google as hyperscalers reporting higher margins alongside heavy AI investment, an implied positive read-through on Amazon's cloud margins.
“Yet you, Google and Amazon are showing higher margins tonight as you report.”
An analyst frames Microsoft, Google and Amazon as hyperscalers all reporting higher margins despite AI spend, an implied positive read-through on Google's cloud/AI margins.
“the number who have used Anthropic and OpenAI models increased 2x quarter-over-quarter”
Anthropic models are available on Azure AI Foundry and customer usage of Anthropic/OpenAI models doubled quarter-over-quarter, a positive demand signal for Anthropic.
“overall, we feel good about partnership with OpenAI”
Microsoft reaffirms its OpenAI partnership under a revised framework: royalty-free IP rights through model 32, a revenue share running through 2030, equity ownership, and OpenAI as a large Azure/compute customer.
“Bayer, Johnson & Johnson, Mercedes and Roche all committed to 90,000 or more seats.”
Johnson & Johnson committed to 90,000+ M365 Copilot seats, indicating large-scale AI productivity tooling adoption.
“Accenture now has over 740,000 seats, our largest Copilot win to date.”
Accenture is Microsoft's largest M365 Copilot deployment, signaling heavy internal AI-tool adoption at Accenture.
“We also continue to modernize our fleet with our first-party innovation alongside the latest from NVIDIA and AMD.”
Microsoft names AMD alongside NVIDIA as a source of the latest accelerator silicon for its data-center fleet, a positive demand read-through for AMD.
“We also continue to modernize our fleet with our first-party innovation alongside the latest from NVIDIA and AMD.”
Microsoft continues buying the latest NVIDIA silicon to build out Azure AI capacity, a positive demand signal for NVIDIA as a key GPU supplier.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MSFT Microsoft Corporation | 9 | +18.3% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |