Microsoft 8-K
PositiveEarningsGuidance deferred to the call
Azure-led cloud growth drove revenue and operating income higher; an OpenAI investment gain boosted GAAP earnings.
Filed 2026-01-28 16:04 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2026 results, with forward guidance to come on the earnings call. Revenue and operating income grew, led by Microsoft Cloud and Azure; GAAP earnings also reflected a large gain from OpenAI investments.
Key Figures
| Metric | Q2 FY2026 | Q2 FY2025 | Y/Y |
|---|---|---|---|
| Revenue | $81.3B | $69.6B | 17% |
| Operating income | $38.3B | $31.7B | 21% |
| Net income, GAAP | $38.5B | $24.1B | 60% |
| Net income, non-GAAP | $30.9B | $25.0B | 23% |
| Diluted EPS, GAAP | $5.16 | $3.23 | 60% |
| Diluted EPS, non-GAAP | $4.14 | $3.35 | 24% |
| Operating cash flow | $35.8B | $22.3B | 60% |
- Microsoft Cloud revenue was $51.5B, up 26%; Azure and other cloud services revenue grew 39%. Commercial remaining performance obligation rose 110% to $625B. Productivity and Business Processes revenue increased 16%, Intelligent Cloud 29%, while More Personal Computing declined 3%.
- GAAP net income included a $7.6B gain from OpenAI investments; the non-GAAP measure excludes OpenAI investment impacts. The prior-year quarter’s investments recorded a $939M loss.
- Microsoft returned $12.7B through dividends and repurchases, up 32% Y/Y. Repurchases were $7.42B vs $4.99B and dividends paid were $6.76B vs $6.17B; weighted-average diluted shares declined to 7.460B from 7.468B.
Guidance
Guidance to be given on the earnings call.
Investor Takeaways
- The earnings-call outlook is the next checkpoint; it will indicate whether Microsoft expects cloud and Azure growth to continue.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3