MSX US Stock Daily Observation: Microsoft FY2026 Q4 Cloud Business Fully Exceeds Expectations, Azure Growth Rate Hits 43% Surpassing $100 Billion Record

Today’s Watch

Microsoft’s quarterly revenue, profit, and cloud growth all exceeded expectations. Revenue reached $90 billion, up 18% year-over-year. Azure grew 43%, significantly beating the ~40% estimate, and surpassed $100 billion in annual revenue for the first time. Interestingly, this quarter’s GAAP EPS ($4.81) was higher than adjusted EPS ($4.74). The main reason was a one-time net gain from 人工智慧 equity investments like Open人工智慧, reversing the drag from massive losses in previous quarters. Furthermore, next quarter’s guidance was also strong: Azure growth guidance of 45% far exceeded the consensus estimate of 41.4%, though capital expenditures continue to accelerate.

Data in a Minute

• Revenue: $90.007 billion, +18% YoY, beating the $87.723 billion estimate

• Adjusted EPS: $4.74, beating the $4.25 estimate; GAAP EPS: $4.81 was higher due to a one-time gain from AI equity investments

• Azure: +43% YoY, beating the ~40% estimate, surpassing $100 billion in annual revenue for the first time

• RPO (Remaining Performance Obligations): +84% YoY; Copilot paid seats exceeded 30 million

• Operating Income: $40.6 billion, +18% YoY, with a margin of approximately 45%

• Next Quarter Guidance: Azure growth of 45% (beating the 41.4% estimate); capital expenditures exceeding $50 billion

MSX View

In Microsoft’s quarterly report, one key detail is GAAP surpassing non-GAAP. This represents a one-time benefit from AI equity investments and is unrelated to core operations. What truly matters remains the solid growth of non-GAAP EPS and operating income (+18%). Setting that aside, Azure guidance significantly exceeded expectations, RPO surged by 84%, and Copilot surpassed 30 million users, signaling strong demand. The only concern is that capital expenditures continue to accelerate and depreciation periods are being lengthened. It remains to be seen how much of the reported profit margin is genuine operating leverage and how much is accounting embellishment, a point worthy of continued observation.

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Risk Disclaimer: Macroeconomic and US stock market conditions are volatile. This content is for academic and research observation purposes by the MSX Research Institute and does not constitute any investment advice.

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