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Full earnings analysis

Research updated: Jul 11, 2026, 12:00 AM UTC

Microsoft (MSFT) FY2026 Q3

Microsoft's latest completed quarter was fiscal 2026 Q3, ended March 31, 2026, with cloud and AI demand supporting growth across Azure and the broader commercial platform.

Reported outcomes

Revenue
$82.886 billion
Up 18% year over year
Operating income
$38.398 billion
Up 20% year over year
GAAP diluted EPS
$4.27
Up 23% year over year
Azure and other cloud services revenue growth
40% year-over-year growth
39% growth in constant currency

Management guidance

  • Microsoft directed investors to its earnings call for forward guidance; the release identified continued cloud and AI demand as the central operating driver.

Risks that still need monitoring

  • AI capital intensity

    Large AI and data-center investments could pressure returns if capacity deployment gets ahead of monetized demand.

  • Cybersecurity and service resilience

    Cybersecurity failures or service outages could damage trust, create liability, and slow cloud adoption.

  • Technology and AI regulation

    Antitrust, privacy, copyright, and AI regulation could restrict product bundling or raise compliance costs.

Market reaction

-5.00%

2026-04-28 $429.25 → 2026-04-30 $407.78

Method: previous trading-day close to the first full trading-day close after the announcement.

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Primary sources

Microsoft Cloud and AI Strength Fuels Third Quarter ResultsMicrosoft Corporation · earningsVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 29, 2026, 12:00 AM

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Microsoft Investor RelationsMicrosoft Corporation · companyVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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Microsoft SEC FilingsMicrosoft Corporation · filingVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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MSFT editorial research profileAlphaVue Research · editorialVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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