Microsoft FY2026: revenue $331.84 billion, up 18.0%; cash slips
Microsoft closed fiscal 2026 with $331.84 billion of revenue, up 18.0%, and GAAP earnings per share of $17.95, up 32.0%, yet the cash the business generates actually shrank. Read it as two stories: the income statement is booming on cloud demand, and the cash flow statement shows $115.95 billion of capital spending eating the gains.
1 · Expected vs. Actual
Free preview belowFourth-quarter GAAP EPS was $4.81 and non-GAAP was $4.74, both above the $4.33 consensus estimate carried in our data. For the year, GAAP EPS was $17.95 (+32.0%) and non-GAAP was $17.28 (+22.0%), a gap explained by the OpenAI stake: gains added $4.96 billion ($0.67 a share) this year versus a $3.62 billion drag last year, an $8.58 billion ($1.16) swing. Operations grew at roughly a low-20s pace; the investment line did the rest.
Fourth-quarter revenue was $90.01 billion, up 18.0%, and full-year revenue was $331.84 billion, also up 18.0% (16.0% in constant currency). Growth is no longer balanced: Intelligent Cloud rose 32.0% to $39.31 billion while More Personal Computing fell 4.0% to $12.85 billion. One data caution: the structured summary also lists a $90.01 billion figure and a $76.44 billion prior-year figure, but those are the June quarter and its year-earlier quarter, not the full year.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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