MEMORY INDUSTRY INTELLIGENCE
FY26 4분기 - 보도자료 - 투자자 관계 - 마이크로소프트
한국어 번역·요약·분석
원문 제목: FY26 Q4 - Press Releases - Investor Relations - Microsoft
핵심 요약
마이크로소프트는 2026년 6월 30일 종료 분기 매출 900억 달러(전년 대비 18% 증가), 영업이익 406억 달러(18% 증가), GAAP 순이익 357억 6,600만 달러(31% 증가)를 발표했다. Microsoft Cloud 매출은 593억 달러로 27% 증가했고, 상업용 잔여 이행 의무는 678억 달러로 84% 증가했다. Azure 및 기타 클라우드 서비스 매출은 43% 증가했으며, Microsoft 365 Copilot 유료 좌석은 3,000만 개를 넘어섰다. 회사는 OpenAI 투자 영향이 4분기 순이익에 4억 8,000만 달러 증가, 연간 49억 6,300만 달러 증가를 초래했다고 밝혔다. 이 보도자료는 메모리 제품·수요·공급망에 대한 직접적인 언급이나 계획을 포함하지 않는다.
메모리 산업 영향 분석
이 문서는 마이크로소프트의 FY26 4분기 및 연간 실적 보도자료로, 메모리 산업과의 직접적인 연결 근거는 부족하다. Azure 및 AI 서비스 매출 성장(43% 증가)과 Microsoft Cloud 매출 27% 증가는 데이터센터 인프라 투자 확대를 시사하지만, 원문은 서버 출하량, 메모리 탑재량, HBM·서버 DRAM·eSSD 등 특정 메모리 제품의 수요나 공급 계획을 언급하지 않는다. 따라서 메모리 산업에 대한 직접 효과, 계층 이동, 사용량 효과, 적용 범위는 원문에서 확인할 수 없으며, 관련 제품·고객·지표에 대한 분석은 가설에 불과하다. 확인할 지표로는 향후 마이크로소프트의 데이터센터 Capex 공시, Azure AI 인프라 확장 계획, 서버 OEM 및 메모리 공급업체와의 계약 관련 발표 등이 있으나, 이 문서에는 포함되지 않았다.
한국어 번역 읽기
수집된 원문 v1의 분석에 제공된 본문 기준 · 12323자
**마이크로소프트 클라우드와 AI 강점이 4분기 실적을 견인**
**워싱턴주 레드먼드 — 2026년 7월 29일 —** 마이크로소프트는 오늘 2026년 6월 30일 종료 분기에 대해 전년 동기 대비 다음과 같은 실적을 발표했다:
· 매출은 900억 달러로 18% 증가(불변 통화 기준 17% 증가)
· 영업이익은 406억 달러로 18% 증가
· 순이익은 GAAP 기준 358억 달러로 31% 증가했고, 비GAAP 기준 353억 달러로 22% 증가
· 희석 주당순이익은 GAAP 기준 4.81달러로 32% 증가했고, 비GAAP 기준 4.74달러로 23% 증가
· 비GAAP 실적은 아래 비GAAP 정의 섹션에서 설명하는 OpenAI 투자 영향을 제외한다
2026년 4월 29일에 제공한 전망과 비교할 때 이번 분기 실적에 영향을 미친 몇 가지 개별 항목이 있었으며, 희석 주당순이익에 0.27달러의 이익을 가져왔다. 여기에는 Anthropic 투자에서 발생한 32억 달러 이익과 자발적 퇴직 프로그램 관련 예상보다 낮은 비용이 포함되며, XBOX의 구조조정 비용과 손상 차손이 부분적으로 상쇄했다. 이러한 항목을 조정하면 매출, 영업이익, 희석 주당순이익 모두 기대치를 초과했다.
사티아 나델라 마이크로소프트 회장 겸 최고경영자는 “우리는 비용 대비 성과 곡선의 최전선을 진전시키고 있으며, 모든 고객이 토큰을 비즈니스 성과로 전환할 수 있도록 보장하고 있다”며 “올해 Azure 매출이 처음으로 1,000억 달러를 넘어섰고, Microsoft 365 Copilot은 3,000만 개 이상의 유료 좌석에 도달했으며, 이는 고객이 AI 전환을 지원하는 우리에 대한 신뢰를 반영한다”고 말했다.
에이미 후드 마이크로소프트 최고재무책임자는 “회계연도를 마무리하는 강력한 분기를 달성했으며, Microsoft Cloud 매출이 593억 달러로 전년 대비 27% 증가한 것이 두드러진다”고 말했다.
다음 표는 OpenAI 투자 영향을 조정하고 일반적으로 인정된 회계원칙(GAAP)에 따라 보고된 재무 실적을 비GAAP 재무 실적으로 조정한다. 비GAAP 정의에 대한 추가 정보는 아래에 제공된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다.
| **2026년 6월 30일 종료 3개월** |
| --- |
| | **2026** | | **2025** | | 전년 대비 변화율 | | 전년 대비 변화율 |
| (주당 금액 제외, 백만 달러) | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | GAAP | 불변 통화 | **OpenAI 순 영향*** | 비GAAP | 비GAAP 불변 통화 |
| **순이익** | **$35,766** | $(480) | **$35,286** | | **$27,233** | $1,575 | **$28,808** | | 31% | 31% | **$(2,055)** | 22% | 22% |
| **희석 주당순이익** | **$4.81** | $(0.07) | **$4.74** | | **$3.65** | $0.21 | **$3.86** | | 32% | 32% | **$(0.28)** | 23% | 23% |
| | | | | | | | | | | | | | | | |
*OpenAI 영향은 OpenAI 투자 영향을 조정한다
**사업 하이라이트**
Microsoft Cloud 매출은 593억 달러로 27% 증가했고, 상업용 잔여 이행 의무는 678억 달러로 84% 증가했다.
생산성 및 비즈니스 프로세스 부문 매출은 378억 달러로 14% 증가했으며, 다음과 같은 사업 하이라이트가 있다:
· Microsoft 365 상업용 클라우드 매출은 전년 동기 비교에서 기간 내 매출 인식 2포인트의 혜택을 받은 것을 조정하면 16% 증가했다. 보고 기준으로 Microsoft 365 상업용 클라우드 매출은 14% 증가했다.
· Microsoft 365 소비자 클라우드 매출은 24% 증가(불변 통화 기준 22% 증가)
· LinkedIn 매출은 12% 증가(불변 통화 기준 10% 증가)
· Dynamics 365 매출은 13% 증가(불변 통화 기준 12% 증가)
인텔리전트 클라우드 부문 매출은 393억 달러로 32% 증가(불변 통화 기준 31% 증가)했으며, 다음과 같은 사업 하이라이트가 있다:
· Azure 및 기타 클라우드 서비스 매출은 43% 증가
모어 퍼스널 컴퓨팅 부문 매출은 129억 달러로 4% 감소(불변 통화 기준 5% 감소)했으며, 다음과 같은 사업 하이라이트가 있다:
· Windows OEM 및 디바이스 매출은 7% 감소
· XBOX 콘텐츠 및 서비스 매출은 10% 감소
· 트래픽 획득 비용을 제외한 검색 광고 매출은 10% 증가(불변 통화 기준 9% 증가)
마이크로소프트는 2026 회계연도 4분기에 배당금과 자사주 매입 형태로 주주에게 102억 달러를 반환했다.
**2026 회계연도 실적**
마이크로소프트는 오늘 2026년 6월 30일 종료 회계연도에 대해 전년 동기 대비 다음과 같은 실적을 발표했다:
· 매출은 3,318억 달러로 18% 증가(불변 통화 기준 16% 증가)
· 영업이익은 1,552억 달러로 21% 증가(불변 통화 기준 19% 증가)
· 순이익은 GAAP 기준 1,337억 달러로 31% 증가했고, 비GAAP 기준 22% 증가(불변 통화 기준 20% 증가)
· 희석 주당순이익은 GAAP 기준 17.95달러로 32% 증가했고, 비GAAP 기준 22% 증가(불변 통화 기준 21% 증가)
· 비GAAP 실적은 아래 비GAAP 정의 섹션에서 설명하는 OpenAI 투자 영향을 제외한다
다음 표는 OpenAI 투자 영향을 조정하고 GAAP에 따라 보고된 재무 실적을 비GAAP 재무 실적으로 조정한다. 비GAAP 정의에 대한 추가 정보는 아래에 제공된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다.
| **2026년 6월 30일 종료 12개월** |
| --- |
| | **2026** | | **2025** | | 전년 대비 변화율 | | 전년 대비 변화율 |
| (주당 금액 제외, 백만 달러) | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | GAAP | 불변 통화 | **OpenAI 순 영향*** | 비GAAP | 비GAAP 불변 통화 |
| **순이익** | **$133,749** | $(4,963) | **$128,786** | | **$101,832** | $3,620 | **$105,452** | | 31% | 30% | **$(8,583)** | 22% | 20% |
| **희석 주당순이익** | **$17.95** | $(0.67) | **$17.28** | | **$13.64** | $0.49 | **$14.13** | | 32% | 30% | **$(1.16)** | 22% | 21% |
| | | | | | | | | | | | | | | | |
*OpenAI 영향은 OpenAI 투자 영향을 조정한다
**사업 전망**
마이크로소프트는 이번 분기 실적 발표와 관련하여 실적 컨퍼런스 콜 및 웹캐스트에서 전망을 제공할 것이다.
**분기 하이라이트, 제품 출시, 고객 사례**
마이크로소프트는 매 분기 수백 개의 제품, 서비스, 개선 사항을 제공한다. 이러한 출시는 고객에게 더 큰 생산성, 보안, 차별화된 가치를 제공하기 위한 수년간의 상당한 연구개발 투자에 의해 이루어진다.
이러한 모멘텀은 우리 기술이 [산업을 형성하고 고객 성공을 이끄는](https://blogs.microsoft.com/blog/2026/07/28/looking-back-on-microsofts-fy26-from-ai-experimentation-to-frontier-transformation/)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast) 방식을 보여주는 사례에 반영되어 있다. 우리는 [Azure](https://azure.microsoft.com/en-us/blog/), [Microsoft 365](https://www.microsoft.com/en-us/microsoft-365/blog/) 및 [공식 마이크로소프트 블로그](https://blogs.microsoft.com/)의 제품 블로그에서 혁신 업데이트를 공유한다.
**웹캐스트 세부 정보**
사티아 나델라 회장 겸 최고경영자, 에이미 후드 최고재무책임자, 앨리스 졸라 최고회계책임자, 브라이언 드포 부총괄변호사 겸 기업비서, 조나단 닐슨 투자자 관계 부사장이 오늘 오후 2시 30분(태평양 시간, 동부 시간 오후 5시 30분)에 컨퍼런스 콜 및 웹캐스트를 주최하여 회사 실적과 특정 전망 정보를 논의할 예정이다. 세션은 [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor)에서 접속할 수 있다. 참가자는 (877) 407-0666 또는 국제 전화 +1 (201) 689-8023으로 비밀번호 없이 전화 접속할 수 있다. 웹캐스트는 2027년 7월 29일 업무 종료까지 다시 볼 수 있다.
**비GAAP 정의**
_OpenAI 투자 영향._ 2026 회계연도에 순이익과 희석 주당순이익은 OpenAI 투자에서 발생한 순이익의 영향을 받았으며, 이는 4분기에 순이익과 희석 주당순이익을 각각 4억 8,000만 달러와 0.07달러 증가시켰고, 전체 회계연도에는 각각 49억 6,300만 달러와 0.67달러 증가시켰다. 2025 회계연도에 순이익과 희석 주당순이익은 OpenAI 투자에서 발생한 순손실의 영향을 받았으며, 이는 4분기에 순이익과 희석 주당순이익을 각각 15억 7,500만 달러와 0.21달러 감소시켰고, 전체 회계연도에는 각각 36억 2,000만 달러와 0.49달러 감소시켰다.
마이크로소프트는 투자자가 실적을 더 잘 이해할 수 있도록 OpenAI 투자 영향과 관련된 비GAAP 재무 측정치를 제공했다. 마이크로소프트는 이러한 비GAAP 측정치가 운영 성과에 대한 추가 통찰력을 제공하고 비즈니스에 영향을 미치는 추세를 명확히 함으로써 투자자를 돕는다고 믿는다. 보고의 비교 가능성을 위해 경영진은 비즈니스 성과를 평가할 때 GAAP 재무 실적과 함께 비GAAP 측정치를 고려한다. 이 보도자료에 제시된 비GAAP 재무 측정치는 GAAP에 따라 작성된 재무 성과 측정치를 대체하거나 그보다 우월한 것으로 간주되어서는 안 된다.
**불변 통화**
마이크로소프트는 외환 변동 효과를 제외하고 기본 비즈니스가 어떻게 수행되었는지 평가하기 위한 프레임워크를 제공하기 위해 불변 통화 정보를 제시한다. 이 정보를 제시하기 위해 미국 달러 이외의 통화로 보고하는 법인의 현재 및 비교 전기 실적은 해당 기간의 실제 환율이 아닌 비교 기간의 평균 환율을 사용하여 미국 달러로 환산된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다. 마이크로소프트는 투자자가 실적을 더 잘 이해할 수 있도록 이 비GAAP 재무 정보를 제공했다. 이 보도자료에 제시된 비GAAP 재무 측정치는 GAAP에 따라 작성된 재무 성과 측정치를 대체하거나 그보다 우월한 것으로 간주되어서는 안 된다.
**재무 성과 불변 통화 조정**
| **2026년 6월 30일 종료 3개월** |
| --- |
| (주당 금액 제외, 백만 달러
[원문 후반 발췌]
8,265** | 237,731 |
| 기타 포괄손익 누계액 | **(3,284)** | (3,347) |
| 총 주주 자본 | **442,387** | 343,479 |
| 총 부채 및 주주 자본 | **$758,376** | $619,003 |
[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)현금흐름표
(백만 달러) (미감사)
| | **2026년 6월 30일 종료 3개월** | | **2026년 6월 30일 종료 12개월** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| **영업 활동** | | | | | | | |
| 순이익 | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| 순이익을 영업 활동 순현금으로 조정하기 위한 조정: | | | | | | | |
| 감가상각, 상각 및 기타 | **11,022** | | 9,317 | | **38,534** | | 29,433 |
| 주식 기반 보상 비용 | **3,122** | | 3,073 | | **12,405** | | 11,974 |
| 투자 및 파생상품에서 인식된 순손실(이익) | **(3,743)** | | 1,942 | | **(11,047)** | | 5,329 |
| 이연 법인세 | **4,650** | | (2,221) | | **14,189** | | (7,056) |
| 영업 자산 및 부채 변동: | | | | | | | |
| 매출채권 | **(21,084)** | | (16,179) | | **(12,737)** | | (10,581) |
| 재고자산 | **(178)** | | (81) | | *
**워싱턴주 레드먼드 — 2026년 7월 29일 —** 마이크로소프트는 오늘 2026년 6월 30일 종료 분기에 대해 전년 동기 대비 다음과 같은 실적을 발표했다:
· 매출은 900억 달러로 18% 증가(불변 통화 기준 17% 증가)
· 영업이익은 406억 달러로 18% 증가
· 순이익은 GAAP 기준 358억 달러로 31% 증가했고, 비GAAP 기준 353억 달러로 22% 증가
· 희석 주당순이익은 GAAP 기준 4.81달러로 32% 증가했고, 비GAAP 기준 4.74달러로 23% 증가
· 비GAAP 실적은 아래 비GAAP 정의 섹션에서 설명하는 OpenAI 투자 영향을 제외한다
2026년 4월 29일에 제공한 전망과 비교할 때 이번 분기 실적에 영향을 미친 몇 가지 개별 항목이 있었으며, 희석 주당순이익에 0.27달러의 이익을 가져왔다. 여기에는 Anthropic 투자에서 발생한 32억 달러 이익과 자발적 퇴직 프로그램 관련 예상보다 낮은 비용이 포함되며, XBOX의 구조조정 비용과 손상 차손이 부분적으로 상쇄했다. 이러한 항목을 조정하면 매출, 영업이익, 희석 주당순이익 모두 기대치를 초과했다.
사티아 나델라 마이크로소프트 회장 겸 최고경영자는 “우리는 비용 대비 성과 곡선의 최전선을 진전시키고 있으며, 모든 고객이 토큰을 비즈니스 성과로 전환할 수 있도록 보장하고 있다”며 “올해 Azure 매출이 처음으로 1,000억 달러를 넘어섰고, Microsoft 365 Copilot은 3,000만 개 이상의 유료 좌석에 도달했으며, 이는 고객이 AI 전환을 지원하는 우리에 대한 신뢰를 반영한다”고 말했다.
에이미 후드 마이크로소프트 최고재무책임자는 “회계연도를 마무리하는 강력한 분기를 달성했으며, Microsoft Cloud 매출이 593억 달러로 전년 대비 27% 증가한 것이 두드러진다”고 말했다.
다음 표는 OpenAI 투자 영향을 조정하고 일반적으로 인정된 회계원칙(GAAP)에 따라 보고된 재무 실적을 비GAAP 재무 실적으로 조정한다. 비GAAP 정의에 대한 추가 정보는 아래에 제공된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다.
| **2026년 6월 30일 종료 3개월** |
| --- |
| | **2026** | | **2025** | | 전년 대비 변화율 | | 전년 대비 변화율 |
| (주당 금액 제외, 백만 달러) | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | GAAP | 불변 통화 | **OpenAI 순 영향*** | 비GAAP | 비GAAP 불변 통화 |
| **순이익** | **$35,766** | $(480) | **$35,286** | | **$27,233** | $1,575 | **$28,808** | | 31% | 31% | **$(2,055)** | 22% | 22% |
| **희석 주당순이익** | **$4.81** | $(0.07) | **$4.74** | | **$3.65** | $0.21 | **$3.86** | | 32% | 32% | **$(0.28)** | 23% | 23% |
| | | | | | | | | | | | | | | | |
*OpenAI 영향은 OpenAI 투자 영향을 조정한다
**사업 하이라이트**
Microsoft Cloud 매출은 593억 달러로 27% 증가했고, 상업용 잔여 이행 의무는 678억 달러로 84% 증가했다.
생산성 및 비즈니스 프로세스 부문 매출은 378억 달러로 14% 증가했으며, 다음과 같은 사업 하이라이트가 있다:
· Microsoft 365 상업용 클라우드 매출은 전년 동기 비교에서 기간 내 매출 인식 2포인트의 혜택을 받은 것을 조정하면 16% 증가했다. 보고 기준으로 Microsoft 365 상업용 클라우드 매출은 14% 증가했다.
· Microsoft 365 소비자 클라우드 매출은 24% 증가(불변 통화 기준 22% 증가)
· LinkedIn 매출은 12% 증가(불변 통화 기준 10% 증가)
· Dynamics 365 매출은 13% 증가(불변 통화 기준 12% 증가)
인텔리전트 클라우드 부문 매출은 393억 달러로 32% 증가(불변 통화 기준 31% 증가)했으며, 다음과 같은 사업 하이라이트가 있다:
· Azure 및 기타 클라우드 서비스 매출은 43% 증가
모어 퍼스널 컴퓨팅 부문 매출은 129억 달러로 4% 감소(불변 통화 기준 5% 감소)했으며, 다음과 같은 사업 하이라이트가 있다:
· Windows OEM 및 디바이스 매출은 7% 감소
· XBOX 콘텐츠 및 서비스 매출은 10% 감소
· 트래픽 획득 비용을 제외한 검색 광고 매출은 10% 증가(불변 통화 기준 9% 증가)
마이크로소프트는 2026 회계연도 4분기에 배당금과 자사주 매입 형태로 주주에게 102억 달러를 반환했다.
**2026 회계연도 실적**
마이크로소프트는 오늘 2026년 6월 30일 종료 회계연도에 대해 전년 동기 대비 다음과 같은 실적을 발표했다:
· 매출은 3,318억 달러로 18% 증가(불변 통화 기준 16% 증가)
· 영업이익은 1,552억 달러로 21% 증가(불변 통화 기준 19% 증가)
· 순이익은 GAAP 기준 1,337억 달러로 31% 증가했고, 비GAAP 기준 22% 증가(불변 통화 기준 20% 증가)
· 희석 주당순이익은 GAAP 기준 17.95달러로 32% 증가했고, 비GAAP 기준 22% 증가(불변 통화 기준 21% 증가)
· 비GAAP 실적은 아래 비GAAP 정의 섹션에서 설명하는 OpenAI 투자 영향을 제외한다
다음 표는 OpenAI 투자 영향을 조정하고 GAAP에 따라 보고된 재무 실적을 비GAAP 재무 실적으로 조정한다. 비GAAP 정의에 대한 추가 정보는 아래에 제공된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다.
| **2026년 6월 30일 종료 12개월** |
| --- |
| | **2026** | | **2025** | | 전년 대비 변화율 | | 전년 대비 변화율 |
| (주당 금액 제외, 백만 달러) | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | **보고 기준** **(GAAP)** | OpenAI 영향* | **조정 기준** **(비GAAP)** | | GAAP | 불변 통화 | **OpenAI 순 영향*** | 비GAAP | 비GAAP 불변 통화 |
| **순이익** | **$133,749** | $(4,963) | **$128,786** | | **$101,832** | $3,620 | **$105,452** | | 31% | 30% | **$(8,583)** | 22% | 20% |
| **희석 주당순이익** | **$17.95** | $(0.67) | **$17.28** | | **$13.64** | $0.49 | **$14.13** | | 32% | 30% | **$(1.16)** | 22% | 21% |
| | | | | | | | | | | | | | | | |
*OpenAI 영향은 OpenAI 투자 영향을 조정한다
**사업 전망**
마이크로소프트는 이번 분기 실적 발표와 관련하여 실적 컨퍼런스 콜 및 웹캐스트에서 전망을 제공할 것이다.
**분기 하이라이트, 제품 출시, 고객 사례**
마이크로소프트는 매 분기 수백 개의 제품, 서비스, 개선 사항을 제공한다. 이러한 출시는 고객에게 더 큰 생산성, 보안, 차별화된 가치를 제공하기 위한 수년간의 상당한 연구개발 투자에 의해 이루어진다.
이러한 모멘텀은 우리 기술이 [산업을 형성하고 고객 성공을 이끄는](https://blogs.microsoft.com/blog/2026/07/28/looking-back-on-microsofts-fy26-from-ai-experimentation-to-frontier-transformation/)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast) 방식을 보여주는 사례에 반영되어 있다. 우리는 [Azure](https://azure.microsoft.com/en-us/blog/), [Microsoft 365](https://www.microsoft.com/en-us/microsoft-365/blog/) 및 [공식 마이크로소프트 블로그](https://blogs.microsoft.com/)의 제품 블로그에서 혁신 업데이트를 공유한다.
**웹캐스트 세부 정보**
사티아 나델라 회장 겸 최고경영자, 에이미 후드 최고재무책임자, 앨리스 졸라 최고회계책임자, 브라이언 드포 부총괄변호사 겸 기업비서, 조나단 닐슨 투자자 관계 부사장이 오늘 오후 2시 30분(태평양 시간, 동부 시간 오후 5시 30분)에 컨퍼런스 콜 및 웹캐스트를 주최하여 회사 실적과 특정 전망 정보를 논의할 예정이다. 세션은 [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor)에서 접속할 수 있다. 참가자는 (877) 407-0666 또는 국제 전화 +1 (201) 689-8023으로 비밀번호 없이 전화 접속할 수 있다. 웹캐스트는 2027년 7월 29일 업무 종료까지 다시 볼 수 있다.
**비GAAP 정의**
_OpenAI 투자 영향._ 2026 회계연도에 순이익과 희석 주당순이익은 OpenAI 투자에서 발생한 순이익의 영향을 받았으며, 이는 4분기에 순이익과 희석 주당순이익을 각각 4억 8,000만 달러와 0.07달러 증가시켰고, 전체 회계연도에는 각각 49억 6,300만 달러와 0.67달러 증가시켰다. 2025 회계연도에 순이익과 희석 주당순이익은 OpenAI 투자에서 발생한 순손실의 영향을 받았으며, 이는 4분기에 순이익과 희석 주당순이익을 각각 15억 7,500만 달러와 0.21달러 감소시켰고, 전체 회계연도에는 각각 36억 2,000만 달러와 0.49달러 감소시켰다.
마이크로소프트는 투자자가 실적을 더 잘 이해할 수 있도록 OpenAI 투자 영향과 관련된 비GAAP 재무 측정치를 제공했다. 마이크로소프트는 이러한 비GAAP 측정치가 운영 성과에 대한 추가 통찰력을 제공하고 비즈니스에 영향을 미치는 추세를 명확히 함으로써 투자자를 돕는다고 믿는다. 보고의 비교 가능성을 위해 경영진은 비즈니스 성과를 평가할 때 GAAP 재무 실적과 함께 비GAAP 측정치를 고려한다. 이 보도자료에 제시된 비GAAP 재무 측정치는 GAAP에 따라 작성된 재무 성과 측정치를 대체하거나 그보다 우월한 것으로 간주되어서는 안 된다.
**불변 통화**
마이크로소프트는 외환 변동 효과를 제외하고 기본 비즈니스가 어떻게 수행되었는지 평가하기 위한 프레임워크를 제공하기 위해 불변 통화 정보를 제시한다. 이 정보를 제시하기 위해 미국 달러 이외의 통화로 보고하는 법인의 현재 및 비교 전기 실적은 해당 기간의 실제 환율이 아닌 비교 기간의 평균 환율을 사용하여 미국 달러로 환산된다. 모든 성장률 비교는 전 회계연도 동기와 관련된다. 마이크로소프트는 투자자가 실적을 더 잘 이해할 수 있도록 이 비GAAP 재무 정보를 제공했다. 이 보도자료에 제시된 비GAAP 재무 측정치는 GAAP에 따라 작성된 재무 성과 측정치를 대체하거나 그보다 우월한 것으로 간주되어서는 안 된다.
**재무 성과 불변 통화 조정**
| **2026년 6월 30일 종료 3개월** |
| --- |
| (주당 금액 제외, 백만 달러
[원문 후반 발췌]
8,265** | 237,731 |
| 기타 포괄손익 누계액 | **(3,284)** | (3,347) |
| 총 주주 자본 | **442,387** | 343,479 |
| 총 부채 및 주주 자본 | **$758,376** | $619,003 |
[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)현금흐름표
(백만 달러) (미감사)
| | **2026년 6월 30일 종료 3개월** | | **2026년 6월 30일 종료 12개월** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| **영업 활동** | | | | | | | |
| 순이익 | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| 순이익을 영업 활동 순현금으로 조정하기 위한 조정: | | | | | | | |
| 감가상각, 상각 및 기타 | **11,022** | | 9,317 | | **38,534** | | 29,433 |
| 주식 기반 보상 비용 | **3,122** | | 3,073 | | **12,405** | | 11,974 |
| 투자 및 파생상품에서 인식된 순손실(이익) | **(3,743)** | | 1,942 | | **(11,047)** | | 5,329 |
| 이연 법인세 | **4,650** | | (2,221) | | **14,189** | | (7,056) |
| 영업 자산 및 부채 변동: | | | | | | | |
| 매출채권 | **(21,084)** | | (16,179) | | **(12,737)** | | (10,581) |
| 재고자산 | **(178)** | | (81) | | *
본문이 길어 29988자 중 12323자만 처리했습니다.
브리프용 요약 초안
마이크로소프트 FY26 4분기 매출은 900억 달러(전년 대비 18% 증가)였고, Microsoft Cloud 매출은 593억 달러(27% 증가)를 기록했다. Azure 및 기타 클라우드 서비스 매출은 43% 증가했으며, Microsoft 365 Copilot 유료 좌석은 3,000만 개를 넘어섰다. 이 보도자료는 메모리 제품·수요·공급망에 대한 구체적인 언급이 없어 메모리 산업과의 직접 연결 근거는 부족하다.
원문 텍스트
원문 열기 ↗**Microsoft Cloud and AI Strength Fuels Fourth Quarter Results**
**REDMOND, Wash. — July 29, 2026 —**Microsoft Corp. today announced the following results for the quarter ended June 30, 2026, as compared to the corresponding period of last fiscal year:
·Revenue was $90.0 billion and increased 18% (up 17% in constant currency)
·Operating income was $40.6 billion and increased 18%
·Net income was $35.8 billion and increased 31% on a GAAP basis, and was $35.3 billion and increased 22% on a non-GAAP basis
·Diluted earnings per share was $4.81 and increased 32% on a GAAP basis, and was $4.74 and increased 23% on a non-GAAP basis
·Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below
Several discrete items impacted our financial results in the quarter when compared to our forward-looking guidance provided on April 29, 2026, resulting in a benefit of $0.27 on diluted earnings per share. These include a $3.2 billion gain from our investment in Anthropic and lower-than-expected expenses related to the Voluntary Retirement Program which were partially offset by severance expense and impairment charges in XBOX. When adjusting for these items, we exceeded expectations across revenue, operating income, and diluted earnings per share.
“We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results," said Satya Nadella, chairman and chief executive officer of Microsoft. “This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their AI transformation.”
“We delivered a strong quarter to close out the fiscal year, highlighted by Microsoft Cloud revenue of $59.3 billion, up 27% year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.
The following table adjusts for the impact from investments in OpenAI and reconciles our financial results reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.
| **Three Months Ended June 30,** |
| --- |
| | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| ($ in millions, except per share amounts) | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | GAAP | Constant Currency | **Net Impact from OpenAI*** | Non-GAAP | Non-GAAP Constant Currency |
| **Net Income** | **$35,766** | $(480) | **$35,286** | | **$27,233** | $1,575 | **$28,808** | | 31% | 31% | **$(2,055)** | 22% | 22% |
| **Diluted Earnings per Share** | **$4.81** | $(0.07) | **$4.74** | | **$3.65** | $0.21 | **$3.86** | | 32% | 32% | **$(0.28)** | 23% | 23% |
| | | | | | | | | | | | | | | | |
*Impact from OpenAI adjusts for the impact from investments in OpenAI
**Business Highlights**
Microsoft Cloud revenue was $59.3 billion and increased 27%, and commercial remaining performance obligation increased 84% to $678 billion.
Revenue in Productivity and Business Processes was $37.8 billion and increased 14%, with the following business highlights:
·Microsoft 365 Commercial cloud revenue increased 16% when adjusted for the prior year comparable that benefited from 2 points of in-period revenue recognition. On a reported basis, Microsoft 365 Commercial cloud revenue increased 14%.
·Microsoft 365 Consumer cloud revenue increased 24% (up 22% in constant currency)
·LinkedIn revenue increased 12% (up 10% in constant currency)
·Dynamics 365 revenue increased 13% (up 12% in constant currency)
Revenue in Intelligent Cloud was $39.3 billion and increased 32% (up 31% in constant currency), with the following business highlights:
·Azure and other cloud services revenue increased 43%
Revenue in More Personal Computing was $12.9 billion and decreased 4% (down 5% in constant currency), with the following business highlights:
·Windows OEM and Devices revenue decreased 7%
·XBOX content and services revenue decreased 10%
·Search advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)
Microsoft returned $10.2 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2026.
**Fiscal Year 2026 Results**
Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2026, as compared to the corresponding period of last fiscal year:
·Revenue was $331.8 billion and increased 18% (up 16% in constant currency)
·Operating income was $155.2 billion and increased 21% (up 19% in constant currency)
·Net income was $133.7 billion and increased 31% on a GAAP basis, and increased 22% (up 20% in constant currency) on a non-GAAP basis
·Diluted earnings per share was $17.95 and increased 32% on a GAAP basis, and increased 22% (up 21% in constant currency) on a non-GAAP basis
·Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below
The following table adjusts for the impact from investments in OpenAI and reconciles our financial results reported in accordance with GAAP to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.
| **Twelve Months Ended June 30,** |
| --- |
| | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| ($ in millions, except per share amounts) | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | GAAP | Constant Currency | **Net Impact from OpenAI*** | Non-GAAP | Non-GAAP Constant Currency |
| **Net Income** | **$133,749** | $(4,963) | **$128,786** | | **$101,832** | $3,620 | **$105,452** | | 31% | 30% | **$(8,583)** | 22% | 20% |
| **Diluted Earnings per Share** | **$17.95** | $(0.67) | **$17.28** | | **$13.64** | $0.49 | **$14.13** | | 32% | 30% | **$(1.16)** | 22% | 21% |
| | | | | | | | | | | | | | | | |
*Impact from OpenAI adjusts for the impact from investments in OpenAI
**Business Outlook**
Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
**Quarterly Highlights, Product Releases, and Customer Stories**
Every quarter Microsoft delivers hundreds of products, services, and enhancements. These releases are driven by years of significant research and development investments, to empower customers with greater productivity, security, and differentiated value.
This momentum is reflected in stories that showcase how our technology is [shaping industries and driving customer success](https://blogs.microsoft.com/blog/2026/07/28/looking-back-on-microsofts-fy26-from-ai-experimentation-to-frontier-transformation/)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast). We share innovation updates on our product blogs across [Azure](https://azure.microsoft.com/en-us/blog/), [Microsoft 365](https://www.microsoft.com/en-us/microsoft-365/blog/), and more on our [Official Microsoft blog](https://blogs.microsoft.com/).
**Webcast Details**
Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Brian DeFoe, deputy general counsel and corporate secretary, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor). Participants can also dial into the conference call at (877) 407-0666 or +1 (201) 689-8023 for international, no password required. The webcast will be available for replay through the close of business on July 29, 2027.
**Non-GAAP Definition**
_Impact from investments in OpenAI._ In fiscal year 2026, net income and diluted earnings per share were impacted by net gains from investments in OpenAI, which resulted in an increase in net income and diluted earnings per share of $480 million and $0.07, respectively, in the fourth quarter, and $4,963 million and $0.67, respectively, for the full fiscal year. In fiscal year 2025, net income and diluted earnings per share were impacted by net losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $1,575 million and $0.21, respectively, in the fourth quarter, and $3,620 million and $0.49, respectively, for the full fiscal year.
Microsoft has provided non-GAAP financial measures related to the impact from investments in OpenAI to aid investors in better understanding our performance. Microsoft believes these non-GAAP measures assist investors by providing additional insight into its operational performance and help clarify trends affecting its business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
**Constant Currency**
Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
**Financial Performance Constant Currency Reconciliation**
| **Three Months Ended June 30,** |
| --- |
| ($ in millions, except per share amounts) | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | GAAP | Non- GAAP | **Constant Currency Impact** | Constant Currency | Non-GAAP Constant Currency |
| **Revenue** | **$90,007** | **-** | | **$76,441** | **-** | | 18% | - | **$391** | 17% | - |
| **Operating Income** | **$40,603** | **-** | | **$34,323** | **-** | | 18% | - | **$269** | 18% | - |
| **Net Income** | **$35,766** | **$35,286** | | **$27,233** | **$28,808** | | 31% | 22% | **$40** | 31% | 22% |
| **Diluted Earnings per Share** | **$4.81** | **$4.74** | | **$3.65** | **$3.86** | | 32% | 23% | **$0.01** | 32% | 23% |
| **Twelve Months Ended June 30,** |
| --- |
| ($ in millions, except per share amounts) | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | GAAP | Non- GAAP | **Constant Currency Impact** | Constant Currency | Non-GAAP Constant Currency |
| **Revenue** | **$331,839** | **-** | | **$281,724** | **-** | | 18% | - | **$4,445** | 16% | - |
| **Operating Income** | **$155,237** | **-** | | **$128,528** | **-** | | 21% | - | **$2,896** | 19% | - |
| **Net Income** | **$133,749** | **$128,786** | | **$101,832** | **$105,452** | | 31% | 22% | **$1,772** | 30% | 20% |
| **Diluted Earnings per Share** | **$17.95** | **$17.28** | | **$13.64** | **$14.13** | | 32% | 22% | **$0.24** | 30% | 21% |
**Segment Revenue Constant Currency Reconciliation**
| **Three Months Ended June 30,** |
| --- |
| ($ in millions) | **2026** | | **2025** | | Percentage Change Y/Y | **Constant Currency Impact** | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | | **As Reported** **(GAAP)** | | GAAP | Constant Currency |
| **Productivity and Business Processes** | **$37,847** | | **$33,112** | | 14% | **$244** | 14% |
| **Intelligent Cloud** | **$39,306** | | **$29,878** | | 32% | **$80** | 31% |
| **More Personal Computing** | **$12,854** | | **$13,451** | | (4)% | **$67** | (5)% |
**Selected Product and Service Information Constant Currency Reconciliation**
| **Three Months Ended June 30, 2026** |
| --- |
| | **Percentage Change Y/Y (GAAP)** | **Constant Currency Impact** | **Percentage Change Y/Y Constant Currency** |
| **Microsoft Cloud revenue** | **27%** | **0%** | **27%** |
| **Commercial remaining performance obligation** | **84%** | **0%** | **84%** |
| **Microsoft 365 Commercial cloud revenue** | **14%** | **0%** | **14%** |
| **Microsoft 365 Consumer cloud revenue** | **24%** | **(2)%** | **22%** |
| **LinkedIn revenue** | **12%** | **(2)%** | **10%** |
| **Dynamics 365 revenue** | **13%** | **(1)%** | **12%** |
| **Azure and other cloud services revenue** | **43%** | **0%** | **43%** |
| **Windows OEM and Devices revenue** | **(7)%** | **0%** | **(7)%** |
| **XBOX content and services revenue** | **(10)%** | **0%** | **(10)%** |
| **Search advertising revenue excluding traffic acquisition costs** | **10%** | **(1)%** | **9%** |
**About Microsoft**
Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
**Forward-Looking Statements**
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
·intense competition in all of our markets that could adversely affect our results of operations;
·substantial investments in cloud and AI strategy that depend on customer demand, technological developments, competitive dynamics, and regulatory condition;
·development, delivery, and maintenance of competitive cloud-based and AI products and services that achieve broad customer adoption and sustainable revenue growth;
·significant investments in products and services that may not achieve expected returns;
·acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;
·cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
·disclosure and misuse of personal data that could cause liability and harm to our reputation;
·the possibility that we may not be able to protect information in our products and services from use by others;
·abuse of our platforms that may harm our reputation or user engagement;
·products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
·issues about the development, deployment, and use of AI that may result in reputational or competitive harm, or liability;
·inability to develop and expand adequate infrastructure;
·supply or other quality problems;
·excessive outages, disruptions, or capacity constraints of our services if we fail to maintain an adequate operations infrastructure or secure resources necessary to support it;
·potential consequences of new, existing, and evolving legal and regulatory requirements;
·claims against us that could result in adverse outcomes in legal disputes;
·uncertainties relating to our business with government customers;
·additional tax liabilities;
·an inability to protect and utilize our intellectual property may harm our business and operating results;
·claims that Microsoft has infringed the intellectual property rights of others;
·damage to our reputation or our brands that may harm our business and results of operations;
·adverse economic or market conditions that could harm our business;
·catastrophic events or geopolitical conditions that could disrupt our business;
·exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and
·the dependence of our business on our ability to attract and retain talented employees.
For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor).
All information in this release is as of June 30, 2026. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
**For more information, press only:**
Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777,[rrt@we-worldwide.com](mailto:rrt@we-worldwide.com)
**For more information, financial analysts and investors only:**
Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400
Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at [http://www.microsoft.com/news](http://www.microsoft.com/news). Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast).[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)
**MICROSOFT CORPORATION**
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| Revenue: | | | | | | | |
| Product | **$17,234** | | $17,136 | | **$64,696** | | $63,946 |
| Service and other | **72,773** | | 59,305 | | **267,143** | | 217,778 |
| Total revenue | **90,007** | | 76,441 | | **331,839** | | 281,724 |
| Cost of revenue: | | | | | | | |
| Product | **2,938** | | 3,314 | | **12,098** | | 13,501 |
| Service and other | **26,587** | | 20,700 | | **94,276** | | 74,330 |
| Total cost of revenue | **29,525** | | 24,014 | | **106,374** | | 87,831 |
| Gross margin | **60,482** | | 52,427 | | **225,465** | | 193,893 |
| Research and development | **9,997** | | 8,829 | | **35,562** | | 32,488 |
| Sales and marketing | **7,595** | | 7,285 | | **26,710** | | 25,654 |
| General and administrative | **2,287** | | 1,990 | | **7,956** | | 7,223 |
| Operating income | **40,603** | | 34,323 | | **155,237** | | 128,528 |
| Other income (expense), net | **3,444** | | (1,707) | | **10,697** | | (4,901) |
| Income before income taxes | **44,047** | | 32,616 | | **165,934** | | 123,627 |
| Provision for income taxes | **8,281** | | 5,383 | | **32,185** | | 21,795 |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Earnings per share: | | | | | | | |
| Basic | **$4.82** | | $3.66 | | **$18.00** | | $13.70 |
| Diluted | **$4.81** | | $3.65 | | **$17.95** | | $13.64 |
| Weighted average shares outstanding: | | | | |
| Basic | **7,427** | | 7,432 | | **7,429** | | 7,433 |
| Diluted | **7,443** | | 7,461 | | **7,453** | | 7,465 |
COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Net change related to derivatives | **14** | | (9) | | **8** | | (5) |
| Net change related to investments | **(72)** | | 444 | | **215** | | 1,574 |
| Translation adjustments and other | **2** | | 1,051 | | **(160)** | | 674 |
| Other comprehensive income (loss) | **(56)** | | 1,486 | | **63** | | 2,243 |
| Comprehensive income | **$35,710** | | $28,719 | | **$133,812** | | $104,075 |
BALANCE SHEETS
(In millions) (Unaudited)
| | | |
| --- | --- | --- |
| | **June 30,** **2026** | **June 30,** **2025** |
| **Assets** | | |
| Current assets: | | |
| Cash and cash equivalents | **$20,935** | $30,242 |
| Short-term investments | **55,908** | 64,323 |
| Total cash, cash equivalents, and short-term investments | **76,843** | 94,565 |
| Accounts receivable, net of allowance for doubtful accounts of **$1,040** and $944 | **80,876** | 69,905 |
| Inventories | **1,397** | 938 |
| Other current assets | **48,594** | 25,723 |
| Total current assets | **207,710** | 191,131 |
| Property and equipment, net of accumulated depreciation of **$118,691** and $93,653 | **313,076** | 204,966 |
| Operating lease right-of-use assets | **24,177** | 24,823 |
| Equity and other investments | **36,348** | 15,405 |
| Goodwill | **119,651** | 119,509 |
| Intangible assets, net | **18,609** | 22,604 |
| Other long-term assets | **38,805** | 40,565 |
| Total assets | **$758,376** | $619,003 |
| **Liabilities and stockholders' equity** | | |
| Current liabilities: | | |
| Accounts payable | **$42,416** | $27,724 |
| Current portion of long-term debt | **9,227** | 2,999 |
| Accrued compensation | **14,945** | 13,709 |
| Short-term income taxes | **2,534** | 7,211 |
| Short-term unearned revenue | **72,965** | 64,555 |
| Other current liabilities | **26,738** | 25,020 |
| Total current liabilities | **168,825** | 141,218 |
| Long-term debt | **31,067** | 40,152 |
| Long-term income taxes | **28,647** | 25,986 |
| Long-term unearned revenue | **2,747** | 2,710 |
| Deferred income taxes | **3,054** | 2,835 |
| Operating lease liabilities | **16,532** | 17,437 |
| Other long-term liabilities | **65,117** | 45,186 |
| Total liabilities | **315,989** | 275,524 |
| Commitments and contingencies | | |
| Stockholders' equity: | | |
| Common stock and paid-in capital - shares authorized 24,000; outstanding **7,427** and 7,434 | **117,406** | 109,095 |
| Retained earnings | **328,265** | 237,731 |
| Accumulated other comprehensive loss | **(3,284)** | (3,347) |
| Total stockholders' equity | **442,387** | 343,479 |
| Total liabilities and stockholders' equity | **$758,376** | $619,003 |
[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)CASH FLOWS STATEMENTS
(In millions) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| **Operations** | | | | | | | |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Adjustments to reconcile net income to net cash from operations: | | | | | | | |
| Depreciation, amortization, and other | **11,022** | | 9,317 | | **38,534** | | 29,433 |
| Stock-based compensation expense | **3,122** | | 3,073 | | **12,405** | | 11,974 |
| Net recognized losses (gains) on investments and derivatives | **(3,743)** | | 1,942 | | **(11,047)** | | 5,329 |
| Deferred income taxes | **4,650** | | (2,221) | | **14,189** | | (7,056) |
| Changes in operating assets and liabilities: | | | | | | | |
| Accounts receivable | **(21,084)** | | (16,179) | | **(12,737)** | | (10,581) |
| Inventories | **(178)** | | (81) | | **(461)** | | 309 |
| Other current assets | **(2,842)** | | (3,686) | | **(2,627)** | | (3,044) |
| Other long-term assets | **(1,350)** | | 418 | | **(3,964)** | | (2,950) |
| Accounts payable | **2,365** | | (652) | | **5,268** | | 569 |
| Unearned revenue | **22,428** | | 18,361 | | **9,361** | | 5,438 |
| Income taxes | **(307)** | | 1,043 | | **(1,875)** | | (38) |
| Other current liabilities | **7,013** | | 5,346 | | **6,847** | | 5,922 |
| Other long-term liabilities | **(1,421)** | | (1,267) | | **(4,707)** | | (975) |
| Net cash from operations | **55,441** | | 42,647 | | **182,935** | | 136,162 |
| **Financing** | | | | | | | |
| Repayments of debt, maturities of 90 days or less | **0** | | 0 | | **0** | | (5,746) |
| Repayments of debt | **0** | | 0 | | **(3,000)** | | (3,216) |
| Common stock issued | **520** | | 548 | | **2,009** | | 2,056 |
| Common stock repurchased | **(4,579)** | | (4,546) | | **(22,271)** | | (18,420) |
| Common stock cash dividends paid | **(6,758)** | | (6,169) | | **(26,445)** | | (24,082) |
| Other, net | **(962)** | | (677) | | **(2,839)** | | (2,291) |
| Net cash used in financing | **(11,779)** | | (10,844) | | **(52,546)** | | (51,699) |
| **Investing** | | | | | | | |
| Additions to property and equipment | **(35,802)** | | (17,079) | | **(115,948)** | | (64,551) |
| Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets | **(452)** | | (1,743) | | **(1,743)** | | (5,978) |
| Purchases of investments | **(18,829)** | | (21,631) | | **(58,351)** | | (29,775) |
| Maturities of investments | **4,181** | | 4,618 | | **34,605** | | 16,079 |
| Sales of investments | **6,487** | | 2,621 | | **21,798** | | 9,309 |
| Other, net | **(10,416)** | | 2,642 | | **(19,861)** | | 2,317 |
| Net cash used in investing | **(54,831)** | | (30,572) | | **(139,500)** | | (72,599) |
| Effect of foreign exchange rates on cash and cash equivalents | **(1)** | | 183 | | **(196)** | | 63 |
| Net change in cash and cash equivalents | **(11,170)** | | 1,414 | | **(9,307)** | | 11,927 |
| Cash and cash equivalents, beginning of period | **32,105** | | 28,828 | | **30,242** | | 18,315 |
| Cash and cash equivalents, end of period | **$20,935** | | $30,242 | | **$20,935** | | $30,242 |
| | | | | | | | |
| We have recast certain prior period amounts to conform to the current period presentation. SEGMENT RESULTS (In millions) (Unaudited) **Three Months Ended** **June 30,****Twelve Months Ended** **June 30,** **2026****2025****2026****2025** **Productivity and Business Processes** Revenue**$37,847**$33,112**$139,996**$120,810 Cost of revenue**6,989**6,042**25,017**22,422 Operating expenses**8,958**8,077**31,100**28,615 Operating income**$21,900**$18,993**$83,879**$69,773 **Intelligent Cloud** Revenue**$39,306**$29,878**$137,791**$106,265 Cost of revenue**16,876**11,845**57,876**40,171 Operating expenses**6,475**5,893**22,943**21,505 Operating income**$15,955**$12,140**$56,972**$44,589 **More Personal Computing** Revenue**$12,854**$13,451**$54,052**$54,649 Cost of revenue**5,660**6,127**23,481**25,238 Operating expenses**4,446**4,134**16,185**15,245 Operating income**$2,748**$3,190**$14,386**$14,166 **Total** Revenue**$90,007**$76,441**$331,839**$281,724 Cost of revenue**29,525**24,014**106,374**87,831 Operating expenses**19,879**18,104**70,228**65,365 Operating income**$40,603**$34,323**$155,237**$128,528 |
_IMPORTANT NOTICE TO USERS (summary only, [click here](https://www.microsoft.com/en-us/Investor/long-disclaimer)for full text of notice);_ All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our[Forms 10-Q and 10-K.](https://www.microsoft.com/en-us/Investor/sec-filings)
**REDMOND, Wash. — July 29, 2026 —**Microsoft Corp. today announced the following results for the quarter ended June 30, 2026, as compared to the corresponding period of last fiscal year:
·Revenue was $90.0 billion and increased 18% (up 17% in constant currency)
·Operating income was $40.6 billion and increased 18%
·Net income was $35.8 billion and increased 31% on a GAAP basis, and was $35.3 billion and increased 22% on a non-GAAP basis
·Diluted earnings per share was $4.81 and increased 32% on a GAAP basis, and was $4.74 and increased 23% on a non-GAAP basis
·Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below
Several discrete items impacted our financial results in the quarter when compared to our forward-looking guidance provided on April 29, 2026, resulting in a benefit of $0.27 on diluted earnings per share. These include a $3.2 billion gain from our investment in Anthropic and lower-than-expected expenses related to the Voluntary Retirement Program which were partially offset by severance expense and impairment charges in XBOX. When adjusting for these items, we exceeded expectations across revenue, operating income, and diluted earnings per share.
“We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results," said Satya Nadella, chairman and chief executive officer of Microsoft. “This year, Azure revenue surpassed $100 billion for the first time, and Microsoft 365 Copilot reached over 30 million paid seats, reflecting the confidence customers are placing in us to power their AI transformation.”
“We delivered a strong quarter to close out the fiscal year, highlighted by Microsoft Cloud revenue of $59.3 billion, up 27% year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.
The following table adjusts for the impact from investments in OpenAI and reconciles our financial results reported in accordance with generally accepted accounting principles (GAAP) to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.
| **Three Months Ended June 30,** |
| --- |
| | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| ($ in millions, except per share amounts) | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | GAAP | Constant Currency | **Net Impact from OpenAI*** | Non-GAAP | Non-GAAP Constant Currency |
| **Net Income** | **$35,766** | $(480) | **$35,286** | | **$27,233** | $1,575 | **$28,808** | | 31% | 31% | **$(2,055)** | 22% | 22% |
| **Diluted Earnings per Share** | **$4.81** | $(0.07) | **$4.74** | | **$3.65** | $0.21 | **$3.86** | | 32% | 32% | **$(0.28)** | 23% | 23% |
| | | | | | | | | | | | | | | | |
*Impact from OpenAI adjusts for the impact from investments in OpenAI
**Business Highlights**
Microsoft Cloud revenue was $59.3 billion and increased 27%, and commercial remaining performance obligation increased 84% to $678 billion.
Revenue in Productivity and Business Processes was $37.8 billion and increased 14%, with the following business highlights:
·Microsoft 365 Commercial cloud revenue increased 16% when adjusted for the prior year comparable that benefited from 2 points of in-period revenue recognition. On a reported basis, Microsoft 365 Commercial cloud revenue increased 14%.
·Microsoft 365 Consumer cloud revenue increased 24% (up 22% in constant currency)
·LinkedIn revenue increased 12% (up 10% in constant currency)
·Dynamics 365 revenue increased 13% (up 12% in constant currency)
Revenue in Intelligent Cloud was $39.3 billion and increased 32% (up 31% in constant currency), with the following business highlights:
·Azure and other cloud services revenue increased 43%
Revenue in More Personal Computing was $12.9 billion and decreased 4% (down 5% in constant currency), with the following business highlights:
·Windows OEM and Devices revenue decreased 7%
·XBOX content and services revenue decreased 10%
·Search advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)
Microsoft returned $10.2 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2026.
**Fiscal Year 2026 Results**
Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2026, as compared to the corresponding period of last fiscal year:
·Revenue was $331.8 billion and increased 18% (up 16% in constant currency)
·Operating income was $155.2 billion and increased 21% (up 19% in constant currency)
·Net income was $133.7 billion and increased 31% on a GAAP basis, and increased 22% (up 20% in constant currency) on a non-GAAP basis
·Diluted earnings per share was $17.95 and increased 32% on a GAAP basis, and increased 22% (up 21% in constant currency) on a non-GAAP basis
·Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below
The following table adjusts for the impact from investments in OpenAI and reconciles our financial results reported in accordance with GAAP to non-GAAP financial results. Additional information regarding our non-GAAP definition is provided below. All growth comparisons relate to the corresponding period in the last fiscal year.
| **Twelve Months Ended June 30,** |
| --- |
| | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| ($ in millions, except per share amounts) | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | Impact from OpenAI* | **As Adjusted** **(non-GAAP)** | | GAAP | Constant Currency | **Net Impact from OpenAI*** | Non-GAAP | Non-GAAP Constant Currency |
| **Net Income** | **$133,749** | $(4,963) | **$128,786** | | **$101,832** | $3,620 | **$105,452** | | 31% | 30% | **$(8,583)** | 22% | 20% |
| **Diluted Earnings per Share** | **$17.95** | $(0.67) | **$17.28** | | **$13.64** | $0.49 | **$14.13** | | 32% | 30% | **$(1.16)** | 22% | 21% |
| | | | | | | | | | | | | | | | |
*Impact from OpenAI adjusts for the impact from investments in OpenAI
**Business Outlook**
Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
**Quarterly Highlights, Product Releases, and Customer Stories**
Every quarter Microsoft delivers hundreds of products, services, and enhancements. These releases are driven by years of significant research and development investments, to empower customers with greater productivity, security, and differentiated value.
This momentum is reflected in stories that showcase how our technology is [shaping industries and driving customer success](https://blogs.microsoft.com/blog/2026/07/28/looking-back-on-microsofts-fy26-from-ai-experimentation-to-frontier-transformation/)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast). We share innovation updates on our product blogs across [Azure](https://azure.microsoft.com/en-us/blog/), [Microsoft 365](https://www.microsoft.com/en-us/microsoft-365/blog/), and more on our [Official Microsoft blog](https://blogs.microsoft.com/).
**Webcast Details**
Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Brian DeFoe, deputy general counsel and corporate secretary, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor). Participants can also dial into the conference call at (877) 407-0666 or +1 (201) 689-8023 for international, no password required. The webcast will be available for replay through the close of business on July 29, 2027.
**Non-GAAP Definition**
_Impact from investments in OpenAI._ In fiscal year 2026, net income and diluted earnings per share were impacted by net gains from investments in OpenAI, which resulted in an increase in net income and diluted earnings per share of $480 million and $0.07, respectively, in the fourth quarter, and $4,963 million and $0.67, respectively, for the full fiscal year. In fiscal year 2025, net income and diluted earnings per share were impacted by net losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $1,575 million and $0.21, respectively, in the fourth quarter, and $3,620 million and $0.49, respectively, for the full fiscal year.
Microsoft has provided non-GAAP financial measures related to the impact from investments in OpenAI to aid investors in better understanding our performance. Microsoft believes these non-GAAP measures assist investors by providing additional insight into its operational performance and help clarify trends affecting its business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
**Constant Currency**
Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.
**Financial Performance Constant Currency Reconciliation**
| **Three Months Ended June 30,** |
| --- |
| ($ in millions, except per share amounts) | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | GAAP | Non- GAAP | **Constant Currency Impact** | Constant Currency | Non-GAAP Constant Currency |
| **Revenue** | **$90,007** | **-** | | **$76,441** | **-** | | 18% | - | **$391** | 17% | - |
| **Operating Income** | **$40,603** | **-** | | **$34,323** | **-** | | 18% | - | **$269** | 18% | - |
| **Net Income** | **$35,766** | **$35,286** | | **$27,233** | **$28,808** | | 31% | 22% | **$40** | 31% | 22% |
| **Diluted Earnings per Share** | **$4.81** | **$4.74** | | **$3.65** | **$3.86** | | 32% | 23% | **$0.01** | 32% | 23% |
| **Twelve Months Ended June 30,** |
| --- |
| ($ in millions, except per share amounts) | **2026** | | **2025** | | Percentage Change Y/Y | | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | **As Reported** **(GAAP)** | **As Adjusted** **(non-GAAP)** | | GAAP | Non- GAAP | **Constant Currency Impact** | Constant Currency | Non-GAAP Constant Currency |
| **Revenue** | **$331,839** | **-** | | **$281,724** | **-** | | 18% | - | **$4,445** | 16% | - |
| **Operating Income** | **$155,237** | **-** | | **$128,528** | **-** | | 21% | - | **$2,896** | 19% | - |
| **Net Income** | **$133,749** | **$128,786** | | **$101,832** | **$105,452** | | 31% | 22% | **$1,772** | 30% | 20% |
| **Diluted Earnings per Share** | **$17.95** | **$17.28** | | **$13.64** | **$14.13** | | 32% | 22% | **$0.24** | 30% | 21% |
**Segment Revenue Constant Currency Reconciliation**
| **Three Months Ended June 30,** |
| --- |
| ($ in millions) | **2026** | | **2025** | | Percentage Change Y/Y | **Constant Currency Impact** | Percentage Change Y/Y |
| **As Reported** **(GAAP)** | | **As Reported** **(GAAP)** | | GAAP | Constant Currency |
| **Productivity and Business Processes** | **$37,847** | | **$33,112** | | 14% | **$244** | 14% |
| **Intelligent Cloud** | **$39,306** | | **$29,878** | | 32% | **$80** | 31% |
| **More Personal Computing** | **$12,854** | | **$13,451** | | (4)% | **$67** | (5)% |
**Selected Product and Service Information Constant Currency Reconciliation**
| **Three Months Ended June 30, 2026** |
| --- |
| | **Percentage Change Y/Y (GAAP)** | **Constant Currency Impact** | **Percentage Change Y/Y Constant Currency** |
| **Microsoft Cloud revenue** | **27%** | **0%** | **27%** |
| **Commercial remaining performance obligation** | **84%** | **0%** | **84%** |
| **Microsoft 365 Commercial cloud revenue** | **14%** | **0%** | **14%** |
| **Microsoft 365 Consumer cloud revenue** | **24%** | **(2)%** | **22%** |
| **LinkedIn revenue** | **12%** | **(2)%** | **10%** |
| **Dynamics 365 revenue** | **13%** | **(1)%** | **12%** |
| **Azure and other cloud services revenue** | **43%** | **0%** | **43%** |
| **Windows OEM and Devices revenue** | **(7)%** | **0%** | **(7)%** |
| **XBOX content and services revenue** | **(10)%** | **0%** | **(10)%** |
| **Search advertising revenue excluding traffic acquisition costs** | **10%** | **(1)%** | **9%** |
**About Microsoft**
Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
**Forward-Looking Statements**
Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
·intense competition in all of our markets that could adversely affect our results of operations;
·substantial investments in cloud and AI strategy that depend on customer demand, technological developments, competitive dynamics, and regulatory condition;
·development, delivery, and maintenance of competitive cloud-based and AI products and services that achieve broad customer adoption and sustainable revenue growth;
·significant investments in products and services that may not achieve expected returns;
·acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;
·cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
·disclosure and misuse of personal data that could cause liability and harm to our reputation;
·the possibility that we may not be able to protect information in our products and services from use by others;
·abuse of our platforms that may harm our reputation or user engagement;
·products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
·issues about the development, deployment, and use of AI that may result in reputational or competitive harm, or liability;
·inability to develop and expand adequate infrastructure;
·supply or other quality problems;
·excessive outages, disruptions, or capacity constraints of our services if we fail to maintain an adequate operations infrastructure or secure resources necessary to support it;
·potential consequences of new, existing, and evolving legal and regulatory requirements;
·claims against us that could result in adverse outcomes in legal disputes;
·uncertainties relating to our business with government customers;
·additional tax liabilities;
·an inability to protect and utilize our intellectual property may harm our business and operating results;
·claims that Microsoft has infringed the intellectual property rights of others;
·damage to our reputation or our brands that may harm our business and results of operations;
·adverse economic or market conditions that could harm our business;
·catastrophic events or geopolitical conditions that could disrupt our business;
·exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and
·the dependence of our business on our ability to attract and retain talented employees.
For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor).
All information in this release is as of June 30, 2026. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
**For more information, press only:**
Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777,[rrt@we-worldwide.com](mailto:rrt@we-worldwide.com)
**For more information, financial analysts and investors only:**
Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400
Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at [http://www.microsoft.com/news](http://www.microsoft.com/news). Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at [http://www.microsoft.com/en-us/investor](http://www.microsoft.com/en-us/investor)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast).[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)
**MICROSOFT CORPORATION**
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| Revenue: | | | | | | | |
| Product | **$17,234** | | $17,136 | | **$64,696** | | $63,946 |
| Service and other | **72,773** | | 59,305 | | **267,143** | | 217,778 |
| Total revenue | **90,007** | | 76,441 | | **331,839** | | 281,724 |
| Cost of revenue: | | | | | | | |
| Product | **2,938** | | 3,314 | | **12,098** | | 13,501 |
| Service and other | **26,587** | | 20,700 | | **94,276** | | 74,330 |
| Total cost of revenue | **29,525** | | 24,014 | | **106,374** | | 87,831 |
| Gross margin | **60,482** | | 52,427 | | **225,465** | | 193,893 |
| Research and development | **9,997** | | 8,829 | | **35,562** | | 32,488 |
| Sales and marketing | **7,595** | | 7,285 | | **26,710** | | 25,654 |
| General and administrative | **2,287** | | 1,990 | | **7,956** | | 7,223 |
| Operating income | **40,603** | | 34,323 | | **155,237** | | 128,528 |
| Other income (expense), net | **3,444** | | (1,707) | | **10,697** | | (4,901) |
| Income before income taxes | **44,047** | | 32,616 | | **165,934** | | 123,627 |
| Provision for income taxes | **8,281** | | 5,383 | | **32,185** | | 21,795 |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Earnings per share: | | | | | | | |
| Basic | **$4.82** | | $3.66 | | **$18.00** | | $13.70 |
| Diluted | **$4.81** | | $3.65 | | **$17.95** | | $13.64 |
| Weighted average shares outstanding: | | | | |
| Basic | **7,427** | | 7,432 | | **7,429** | | 7,433 |
| Diluted | **7,443** | | 7,461 | | **7,453** | | 7,465 |
COMPREHENSIVE INCOME STATEMENTS
(In millions) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Other comprehensive income (loss), net of tax: | | | | | | | |
| Net change related to derivatives | **14** | | (9) | | **8** | | (5) |
| Net change related to investments | **(72)** | | 444 | | **215** | | 1,574 |
| Translation adjustments and other | **2** | | 1,051 | | **(160)** | | 674 |
| Other comprehensive income (loss) | **(56)** | | 1,486 | | **63** | | 2,243 |
| Comprehensive income | **$35,710** | | $28,719 | | **$133,812** | | $104,075 |
BALANCE SHEETS
(In millions) (Unaudited)
| | | |
| --- | --- | --- |
| | **June 30,** **2026** | **June 30,** **2025** |
| **Assets** | | |
| Current assets: | | |
| Cash and cash equivalents | **$20,935** | $30,242 |
| Short-term investments | **55,908** | 64,323 |
| Total cash, cash equivalents, and short-term investments | **76,843** | 94,565 |
| Accounts receivable, net of allowance for doubtful accounts of **$1,040** and $944 | **80,876** | 69,905 |
| Inventories | **1,397** | 938 |
| Other current assets | **48,594** | 25,723 |
| Total current assets | **207,710** | 191,131 |
| Property and equipment, net of accumulated depreciation of **$118,691** and $93,653 | **313,076** | 204,966 |
| Operating lease right-of-use assets | **24,177** | 24,823 |
| Equity and other investments | **36,348** | 15,405 |
| Goodwill | **119,651** | 119,509 |
| Intangible assets, net | **18,609** | 22,604 |
| Other long-term assets | **38,805** | 40,565 |
| Total assets | **$758,376** | $619,003 |
| **Liabilities and stockholders' equity** | | |
| Current liabilities: | | |
| Accounts payable | **$42,416** | $27,724 |
| Current portion of long-term debt | **9,227** | 2,999 |
| Accrued compensation | **14,945** | 13,709 |
| Short-term income taxes | **2,534** | 7,211 |
| Short-term unearned revenue | **72,965** | 64,555 |
| Other current liabilities | **26,738** | 25,020 |
| Total current liabilities | **168,825** | 141,218 |
| Long-term debt | **31,067** | 40,152 |
| Long-term income taxes | **28,647** | 25,986 |
| Long-term unearned revenue | **2,747** | 2,710 |
| Deferred income taxes | **3,054** | 2,835 |
| Operating lease liabilities | **16,532** | 17,437 |
| Other long-term liabilities | **65,117** | 45,186 |
| Total liabilities | **315,989** | 275,524 |
| Commitments and contingencies | | |
| Stockholders' equity: | | |
| Common stock and paid-in capital - shares authorized 24,000; outstanding **7,427** and 7,434 | **117,406** | 109,095 |
| Retained earnings | **328,265** | 237,731 |
| Accumulated other comprehensive loss | **(3,284)** | (3,347) |
| Total stockholders' equity | **442,387** | 343,479 |
| Total liabilities and stockholders' equity | **$758,376** | $619,003 |
[](https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast)CASH FLOWS STATEMENTS
(In millions) (Unaudited)
| | **Three Months Ended** **June 30,** | | **Twelve Months Ended** **June 30,** |
| --- | --- | --- | --- |
| | |
| | **2026** | | **2025** | | **2026** | | **2025** |
| **Operations** | | | | | | | |
| Net income | **$35,766** | | $27,233 | | **$133,749** | | $101,832 |
| Adjustments to reconcile net income to net cash from operations: | | | | | | | |
| Depreciation, amortization, and other | **11,022** | | 9,317 | | **38,534** | | 29,433 |
| Stock-based compensation expense | **3,122** | | 3,073 | | **12,405** | | 11,974 |
| Net recognized losses (gains) on investments and derivatives | **(3,743)** | | 1,942 | | **(11,047)** | | 5,329 |
| Deferred income taxes | **4,650** | | (2,221) | | **14,189** | | (7,056) |
| Changes in operating assets and liabilities: | | | | | | | |
| Accounts receivable | **(21,084)** | | (16,179) | | **(12,737)** | | (10,581) |
| Inventories | **(178)** | | (81) | | **(461)** | | 309 |
| Other current assets | **(2,842)** | | (3,686) | | **(2,627)** | | (3,044) |
| Other long-term assets | **(1,350)** | | 418 | | **(3,964)** | | (2,950) |
| Accounts payable | **2,365** | | (652) | | **5,268** | | 569 |
| Unearned revenue | **22,428** | | 18,361 | | **9,361** | | 5,438 |
| Income taxes | **(307)** | | 1,043 | | **(1,875)** | | (38) |
| Other current liabilities | **7,013** | | 5,346 | | **6,847** | | 5,922 |
| Other long-term liabilities | **(1,421)** | | (1,267) | | **(4,707)** | | (975) |
| Net cash from operations | **55,441** | | 42,647 | | **182,935** | | 136,162 |
| **Financing** | | | | | | | |
| Repayments of debt, maturities of 90 days or less | **0** | | 0 | | **0** | | (5,746) |
| Repayments of debt | **0** | | 0 | | **(3,000)** | | (3,216) |
| Common stock issued | **520** | | 548 | | **2,009** | | 2,056 |
| Common stock repurchased | **(4,579)** | | (4,546) | | **(22,271)** | | (18,420) |
| Common stock cash dividends paid | **(6,758)** | | (6,169) | | **(26,445)** | | (24,082) |
| Other, net | **(962)** | | (677) | | **(2,839)** | | (2,291) |
| Net cash used in financing | **(11,779)** | | (10,844) | | **(52,546)** | | (51,699) |
| **Investing** | | | | | | | |
| Additions to property and equipment | **(35,802)** | | (17,079) | | **(115,948)** | | (64,551) |
| Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets | **(452)** | | (1,743) | | **(1,743)** | | (5,978) |
| Purchases of investments | **(18,829)** | | (21,631) | | **(58,351)** | | (29,775) |
| Maturities of investments | **4,181** | | 4,618 | | **34,605** | | 16,079 |
| Sales of investments | **6,487** | | 2,621 | | **21,798** | | 9,309 |
| Other, net | **(10,416)** | | 2,642 | | **(19,861)** | | 2,317 |
| Net cash used in investing | **(54,831)** | | (30,572) | | **(139,500)** | | (72,599) |
| Effect of foreign exchange rates on cash and cash equivalents | **(1)** | | 183 | | **(196)** | | 63 |
| Net change in cash and cash equivalents | **(11,170)** | | 1,414 | | **(9,307)** | | 11,927 |
| Cash and cash equivalents, beginning of period | **32,105** | | 28,828 | | **30,242** | | 18,315 |
| Cash and cash equivalents, end of period | **$20,935** | | $30,242 | | **$20,935** | | $30,242 |
| | | | | | | | |
| We have recast certain prior period amounts to conform to the current period presentation. SEGMENT RESULTS (In millions) (Unaudited) **Three Months Ended** **June 30,****Twelve Months Ended** **June 30,** **2026****2025****2026****2025** **Productivity and Business Processes** Revenue**$37,847**$33,112**$139,996**$120,810 Cost of revenue**6,989**6,042**25,017**22,422 Operating expenses**8,958**8,077**31,100**28,615 Operating income**$21,900**$18,993**$83,879**$69,773 **Intelligent Cloud** Revenue**$39,306**$29,878**$137,791**$106,265 Cost of revenue**16,876**11,845**57,876**40,171 Operating expenses**6,475**5,893**22,943**21,505 Operating income**$15,955**$12,140**$56,972**$44,589 **More Personal Computing** Revenue**$12,854**$13,451**$54,052**$54,649 Cost of revenue**5,660**6,127**23,481**25,238 Operating expenses**4,446**4,134**16,185**15,245 Operating income**$2,748**$3,190**$14,386**$14,166 **Total** Revenue**$90,007**$76,441**$331,839**$281,724 Cost of revenue**29,525**24,014**106,374**87,831 Operating expenses**19,879**18,104**70,228**65,365 Operating income**$40,603**$34,323**$155,237**$128,528 |
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