Quarterly Earnings Performance
Note: Microsoft's fiscal year ends June 30. Quarters below are labeled by fiscal quarter but grouped by the calendar year in which they were reported.
| Quarter | Period | Report Date | Revenue | YoY Growth | EPS (non-GAAP) | Guidance (next qtr) | Notes |
|---|---|---|---|---|---|---|---|
| Q2 FY2025 | Oct–Dec 2024 | 2025-01-29 | $69.6B | +12% | $3.23 | — | Azure +31% CC; AI services scaling |
| Q3 FY2025 | Jan–Mar 2025 | 2025-04-30 | $70.1B | +13% | $3.46 | — | Azure +33% CC; Copilot traction |
| Q4 FY2025 | Apr–Jun 2025 | 2025-07-29 | $76.4B | +18% | $3.65 | — | FY2025 close; Azure accelerating |
| Q1 FY2026 | Jul–Sep 2025 | 2025-10-29 | $77.7B | +18% | $4.13 | — | Record qtr; Azure +34-35% CC |
| FY2025 | Jul 2024–Jun 2025 | — | $281.7B | +15% | $13.64 | — | Full-year record; cloud + AI driving |
| Quarter | Est. Report Date | Est. Revenue | Est. EPS | Source |
|---|---|---|---|---|
| Q2 FY2026 | ~2026-01-28 | ~$80–83B (est.) | ~$3.85 (est.) | Analyst consensus |
| Q3 FY2026 | ~2026-04-29 | ~$84–87B (est.) | ~$4.10 (est.) | Analyst consensus |
Microsoft delivered accelerating growth throughout calendar 2025, driven by Azure (cloud) and AI Copilot services, with revenue growth stepping up from +12% in Q2 FY2025 to +18% by Q1 FY2026. Full FY2025 closed at $281.7B (+15%), with net income of $101.8B (+16%) and EPS of $13.64 (+16%) — all records. The Q1 FY2026 non-GAAP EPS of $4.13 (+23%) underscores strong operating leverage. Azure AI demand has been outpacing data center capacity; Microsoft has been aggressively investing in infrastructure to meet it, which will pressure margins near-term but support multi-year growth.
Generated: 2026-05-27