Microsoft (MSFT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 28, 2026

After Close (Confirmed)

Period Ending

2026 (Q3)

Consensus EPS Forecast

4.05

Last Year’s EPS

3.46

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 36 Analysts Ratings

Earnings Call Summary

Q2 2026

Earnings Call Date:Jan 28, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized strong top-line growth, broad AI-driven product momentum (Microsoft Cloud, Copilots, Foundry/Fabric), significant silicon and data center advancements, and robust bookings and cash from operations. Key challenges include very high near-term capital spending focused on short-lived AI hardware, concentration of RPO with OpenAI that introduces volatility, margin pressure from AI investments, and weakness/impairments in gaming. On balance, the positive operational and financial momentum and clear AI adoption signals outweigh the risks called out by management.

Company Guidance

For Q3 Microsoft guided revenue of $80.65–$81.75 billion (growth 15–17%), COGS of $26.65–$26.85 billion (growth 22–23%), and operating expense of $17.8–$17.9 billion (growth 10–11%), with other income & expense (ex‑OpenAI) of roughly $700 million and an adjusted tax rate of ~19%; capital expenditures are expected to decrease sequentially with the short‑lived asset mix remaining similar to Q2. FX is expected to boost total revenue growth by ~3 points (productivity & business processes +4 pts; intelligent cloud +2 pts; more personal computing +2 pts) and to increase COGS and OpEx growth by ~2 points. Segment guidance: Productivity & Business Processes revenue $34.25–$34.55B (growth 14–15%) with Microsoft 365 commercial cloud growth 13–14% CC, Microsoft 365 commercial products down low single digits, Microsoft 365 consumer cloud mid‑to‑high‑20s, LinkedIn low double digits, and Dynamics 365 high teens; Intelligent Cloud $34.1–$34.4B (growth 27–29%) with Azure growth 37–38% CC and on‑prem server revenue down low single digits; More Personal Computing $12.3–$12.8B with Windows OEM revenue down roughly 10%, search & news advertising ex‑TAC high single‑digit growth, and Xbox content & services down mid single digits. Microsoft Cloud gross margin is expected to be ~65% (down year‑over‑year) and operating margins are expected to be slightly down in Q3 while FY‑26 operating margins are now expected to be up slightly.

Strong Microsoft Cloud Growth

Microsoft Cloud revenue surpassed $50 billion for the first time, totaling $51.5 billion and growing 26% year-over-year in constant currency; Microsoft Cloud gross margin was ~67% (slightly better than expected but down YoY due to AI investments).

Robust Company Financial Performance

Total revenue was $81.3 billion, up 17% in constant currency. Operating income increased 21% in constant currency and operating margin expanded to 47%. GAAP company gross margin was 68% (down slightly YoY). Adjusted EPS was $4.14, up 24% in constant currency (adjusted for OpenAI impact).

Strong Cash Generation and Shareholder Returns

Cash flow from operations was $35.8 billion, up 60% year-over-year; the company returned $12.7 billion to shareholders in the quarter, an increase of 32% year-over-year. Free cash flow was $5.9 billion (decreased sequentially, reflecting higher cash CapEx).

Major AI Infrastructure and Silicon Progress

Added nearly 1 gigawatt of total capacity in the quarter. Launched Maya 200 accelerator (delivering 10+ flops at FP4 and >30% improved TCO vs prior gen) and Cobalt 200 CPU (over 50% higher performance than prior custom CPU). Two-thirds of Q2 CapEx targeted at short-lived assets (GPUs/CPUs) to support AI workloads.

Foundry and Fabric Momentum

Fabric annual revenue run rate exceeded $2 billion with revenue up 60% year-over-year and over 31,000 customers. The number of Foundry customers spending $1M+ per quarter grew nearly 80%, and over 250 customers are on track to process more than 1 trillion tokens this year.

Rapid Adoption of Copilots and Agents

Microsoft 365 Copilot achieved 15 million paid seats; seat adds were up over 160% year-over-year. Daily active users for Microsoft 365 Copilot increased 10x year-over-year and average conversations per user doubled year-over-year. GitHub Copilot reached 4.7 million paid subscribers, up 75% year-over-year, with Copilot Pro+ subs up 77% quarter-over-quarter.

Commercial Demand and Contract Visibility

Commercial bookings rose 23% in constant currency. Commercial Remaining Performance Obligation (RPO) increased to $625 billion, up 10% year-over-year, with a weighted average duration of ~2.5 years and ~25% of commercial RPO expected to be recognized in the next 12 months (up 39% YoY).

Industry and Domain Wins

Notable customer deployments included healthcare (Dragon Copilot helping >100,000 providers and documenting 21 million patient encounters this quarter, up 3x YoY), and enterprise use cases (Alaska Airlines, BMW, Land O'Lakes, Unilever) leveraging Foundry, Fabric, and agentic systems.

Microsoft (MSFT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MSFT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 28, 2026	2026 (Q3)	4.05 / -	3.46	―	―	―
Jan 28, 2026	2026 (Q2)	3.91 / 4.14	3.23	28.17% (+0.91)
Oct 29, 2025	2026 (Q1)	3.67 / 4.13	3.3	25.15% (+0.83)
Jul 30, 2025	2025 (Q4)	3.38 / 3.65	2.95	23.73% (+0.70)
Apr 30, 2025	2025 (Q3)	3.22 / 3.46	2.94	17.69% (+0.52)
Jan 29, 2025	2025 (Q2)	3.12 / 3.23	2.93	10.24% (+0.30)
Oct 30, 2024	2025 (Q1)	3.10 / 3.30	2.99	10.37% (+0.31)
Jul 30, 2024	2024 (Q4)	2.94 / 2.95	2.69	9.67% (+0.26)
Apr 25, 2024	2024 (Q3)	2.83 / 2.94	2.45	20.00% (+0.49)
Jan 30, 2024	2024 (Q2)	2.77 / 2.93	2.32	26.29% (+0.61)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MSFT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 28, 2026	$481.63	$433.50	-9.99%
Oct 29, 2025	$540.54	$524.78	-2.92%
Jul 30, 2025	$511.44	$531.63	+3.95%
Apr 30, 2025	$393.15	$423.13	+7.63%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.