“Revenue in Intelligent Cloud was $24.1 billion and increased 20% (up 21% in constant currency). Server products and cloud services revenue increased 23% driven by Azure and other cloud services revenue growth of 33% (up 34% in constant currency). Segment Revenue Constant Currency Reconciliation: 2024 As Reported (GAAP) Productivity and Business Processes $28,317, Intelligent Cloud $24,092, More Personal Computing $13,176. We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.”
“Revenue in Intelligent Cloud was $25.5 billion and increased 19%, with the following business highlights: Server products and cloud services revenue increased 21% driven by Azure and other cloud services revenue growth of 31%. Segment Revenue Constant Currency Reconciliation: 2024 As Reported (GAAP) Productivity and Business Processes $29,437, Intelligent Cloud $25,544, More Personal Computing $14,651.”
“Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights: Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency). Segment Revenue Constant Currency Reconciliation: 2025 As Reported (GAAP) Productivity and Business Processes $29,944, Intelligent Cloud $26,751, More Personal Computing $13,371.”
“Revenue in Intelligent Cloud was $29.9 billion and increased 26% (up 25% in constant currency), with the following business highlights: Server products and cloud services revenue increased 27% driven by Azure and other cloud services revenue growth of 39%. Segment Revenue Constant Currency Reconciliation: 2025 As Reported (GAAP) Productivity and Business Processes $33,112, Intelligent Cloud $29,878, More Personal Computing $13,451.”
“Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency), with the following business highlights: Azure and other cloud services revenue increased 40% (up 39% in constant currency). Segment Revenue Constant Currency Reconciliation: 2025 As Reported (GAAP) Productivity and Business Processes $33,020, Intelligent Cloud $30,897, More Personal Computing $13,756.”
“Revenue in Intelligent Cloud was $32.9 billion and increased 29% (up 28% in constant currency), with the following business highlights: Azure and other cloud services revenue increased 39% (up 38% in constant currency). Segment Revenue Constant Currency Reconciliation: 2025 As Reported (GAAP) Productivity and Business Processes $34,116, Intelligent Cloud $32,907, More Personal Computing $14,250.”
“Revenue in Intelligent Cloud was $34.7 billion and increased 30% (up 28% in constant currency), with the following business highlights: Azure and other cloud services revenue increased 40% (up 39% in constant currency). Segment Revenue Constant Currency Reconciliation: Intelligent Cloud $34,681 for 2026 and $26,751 for 2025.”
“Revenue in Intelligent Cloud was $39.3 billion and increased 32% (up 31% in constant currency), with the following business highlights: Azure and other cloud services revenue increased 43%. Segment Revenue Constant Currency Reconciliation: 2026 As Reported (GAAP) Productivity and Business Processes $37,847, Intelligent Cloud $39,306, More Personal Computing $12,854.”
Capex guidance (stated)
Guidance revisions are the sector's leading indicator.
“For calendar year 2026, we expect to invest roughly $190 billion in capital expenditures which includes approximately $25 billion from the impact of higher component pricing.”
“Outside of this useful life impact, our calendar year 2026 CapEx investment expectations remain unchanged. However, the shift from finance to operating leases adjusts our expectation to approximately $175 billion.”
Hyperscaler bookings and backlog
Master AI-infrastructure-demand headline metric and leading indicator of future revenue.
“Commercial remaining performance obligation increased 22% and 21% in constant currency to $259 billion. Roughly 40% will be recognized in revenue in the next 12 months.”
“Commercial remaining performance obligation increased to $298 billion, up 34% and 36% in constant currency. Roughly 40% will be recognized in revenue in the next 12 months.”
“Commercial remaining performance obligation increased to $315 billion, up 34% and 33% in constant currency. Roughly 40% will be recognized in revenue in the next 12 months.”
“Commercial remaining performance obligation increased to $368 billion, up 37% and 35% in constant currency. Roughly 35% will be recognized in revenue in the next 12 months.”
“Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency), and commercial remaining performance obligation increased 51% to $392 billion.”
“Commercial remaining performance obligation, which continues to be reported net of reserves, increased to $625 billion and was up 110% year-over-year with a weighted average duration of approximately two and a half years.”
“RPO increased to $627 billion and was up 99% year-over-year with a weighted average duration of approximately two and a half years when including OpenAI.”
“Commercial remaining performance obligation grew 84% to $678 billion. All sequential commercial RPO growth was driven by commitments from customers outside of frontier model companies.”
Current source layer
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Honest gaps
Excluded and Undisclosed Items
Not disclosed
3
Rejected
0
Unverifiable
0
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