Market cap
$3.97T
at current price
Microsoft Corporation · Common stock · Redmond, Washington
Azure accelerates, and the cash still flows.
Microsoft grew revenue 18% to $90.0B last quarter as Azure accelerated to 43%, and it guides to about 45% next. Unlike most AI spenders it still produces large free cash flow, $67B last fiscal year, even with about $41B of quarterly capex including leases.
Last close · Oct 9, 2026
$535.07
52-week range
$349–554
closing low / high
P/E
~30×
trailing GAAP EPS $17.96
Revenue TTM
Azure guide
~45%
Q1 FY27 growth, constant currency
Next earnings
Oct 28
Q1 FY27 · expected, after close
Price, last 12 months
Daily closes with the 50-day average. The stock ranged from about $349 to $554 over the past year.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
1.10
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. Microsoft's fiscal year ends June 30. Some GAAP EPS figures include OpenAI-related items. The last bar is guidance at the midpoint.
RevenueGross margin (right axis)Guidance
Q4 FY26
$90.0B
+18% YoY
Microsoft Cloud
$59.3B
+27% · Azure +43%
Commercial RPO
$678B
+84% · +25% excl. OpenAI
FY26 free cash flow
$67.0B
after $115.9B of cash capex
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
Azure accelerating
Azure grew 43% and is guided to about 45%, with demand still ahead of supply. Azure passed $100B of annual revenue.
Tailwind
Copilot
Paid Microsoft 365 Copilot seats doubled to over 30M.
Watch
Capex keeps growing
About $50B of capex is expected in Q1 FY27 and fiscal 2027 spending will rise. Gross margin slipped to 67%.
Risk
OpenAI concentration
Much of the $678B backlog is OpenAI; excluding it, backlog grew 25%.
Calendar
Oct 28, 2026
Q1 FY27 earnings (expected)
Guide: revenue $89.85–90.95B, Azure ~45% growth.
Late Jan 2027
Q2 FY27 earnings
Date not yet announced.
Jun 30, 2027
FY27 ends
Management expects capex to grow in fiscal 2027.