Microsoft (MSFT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 28, 2026

After Close (Confirmed)

Period Ending

2026 (Q4)

Consensus EPS Forecast

4.24

Last Year’s EPS

3.65

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 35 Analysts Ratings

Earnings Call Summary

Q3 2026

Earnings Call Date:Apr 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strong, growth-focused narrative: record cloud and AI revenue, very large AI ARR growth (123%), rapid Copilot and developer adoption (20M Copilot seats, 250% seat-add growth), and substantial product and infrastructure progress. Those positives are tempered by meaningful margin and expense pressure from accelerated AI investments, very large near-term capital expenditures with supply constraints, booking volatility tied to OpenAI commitments and model transitions, and weakness in parts of More Personal Computing (OEM/devices and gaming). Management emphasized execution on capacity, efficiency gains, and a multi-year view on ROI from AI investments.

Company Guidance

Microsoft guided Q4 revenue of $86.7–$87.8B (growth 13%–15%), COGS of $29.4–$29.6B (growth 22%–23%, including ~$350M of the ~$900M one‑time voluntary retirement cost), and operating expense of $19.3–$19.4B (≈7% growth, including ~$550M retirement); adjusted Q4 tax rate ~19% and excluding OpenAI other income/expense ≈ –$100M. Segment guidance included Productivity & Business Processes $37.0–$37.3B (12%–13% growth), Microsoft 365 Commercial cloud adj. growth 15%–16% CC (13%–14% reported CC), Microsoft 365 Consumer low‑20% growth, LinkedIn ≈10%, Dynamics 365 low‑double digits; Intelligent Cloud $37.95–$38.25B (27%–28% growth) with Azure growth of 39%–40% CC; More Personal Computing $11.75–$12.25B with Windows OEM and devices down mid‑to‑high teens, Search ex‑TAC high single‑digit growth, Xbox content & services down low teens. They expect Microsoft Cloud gross margin ≈64%, FX to add ~1 point to P&BP and MPC revenue (overall <1 point) and ~1 point to COGS growth, Q4 CapEx > $40B (≈$5B of which reflects higher component pricing), calendar‑2026 CapEx ≈ $190B (≈$25B from pricing), FY‑26 operating margin up ~1 point YoY, continued headcount decline, and Azure capacity constraints persisting through 2026 with modest acceleration in H2 of the calendar year.

Record Quarterly Revenue and Earnings

Revenue of $82.9 billion for the quarter and diluted EPS of $4.27, with management stating results exceeded expectations across revenue, operating income, and EPS.

Microsoft Cloud Strength

Microsoft Cloud generated approximately $54 billion in revenue, up 29% year over year, with Microsoft Cloud gross margin around 66% and strong demand across Azure and first-party AI services.

AI Business Acceleration

AI annual revenue run rate (ARR) surpassed $37 billion, growing 123% year over year; Microsoft emphasized rapid AI adoption and platform momentum.

Copilot and Agent Momentum

Microsoft 365 Copilot paid seats exceeded 20 million, with paid seat adds up 250% year over year; Copilot queries per user rose ~20% quarter over quarter and first-party agent monthly usage is up 6x year to date.

Developer & GitHub Growth

Nearly 140,000 organizations now use GitHub Copilot in Enterprise (nearly tripled year over year); GitHub Copilot CLI usage nearly doubled month over month; announced move to a usage-based pricing model for Copilot.

Enterprise Data & Foundry Traction

Foundry and Fabric adoption: over 35,000 paid Fabric customers (up 60% year over year), over 10,000 Foundry customers using more than one model, and >15,000 customers using both Foundry and Fabric (up 60% year over year); over 300 customers expected to process >1 trillion tokens this year (tokens processed accelerating 30% quarter over quarter).

Notable Product & Infrastructure Innovations

Operational improvements including 40% improvement in inference throughput for most-used models, new Maya 200 AI accelerator (30% better tokens-per-dollar vs prior silicon), Cobalt CPU deployed at scale, and Fairwater data center coming online six weeks early; added another gigawatt of capacity this quarter.

Strong Cash Generation and Capital Deployment

Operating cash flow of $46.7 billion (up 26% year over year) and free cash flow of $15.8 billion; returned $10.2 billion to shareholders via dividends and buybacks; CapEx this quarter was $31.9 billion to build AI/cloud capacity.

Consumer & Platform Reach

Windows monthly active devices surpassed 1.6 billion, Bing monthly active users reached 1 billion, LinkedIn has 1.3 billion members, and Microsoft 365 Consumer has nearly 95 million subscribers; Xbox set new monthly user records and game streaming hours.

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
Jul 28, 2026	2026 (Q4)	4.24 / -	3.65	―	―	―
Apr 29, 2026	2026 (Q3)	4.06 / 4.27	3.46	23.41% (+0.81)
Jan 28, 2026	2026 (Q2)	3.90 / 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)

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
Apr 29, 2026	$424.46	$407.78	-3.93%
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%

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.