News
Microsoft Posts $92.3 Billion Quarterly Revenue as Azure Grows 48%
Microsoft reported results for the first quarter of fiscal year 2027: revenue rose 19% to $92.3 billion, and Azure revenue grew 48%. The company also unveiled a new segment structure in which "agents" are one of the pillars.
Microsoft has published results for the quarter ended September 30, 2026. Revenue came in at $92.3 billion, up 19% from a year earlier, while Azure revenue grew 48%.
The numbers
Operating income was $45.9 billion, up 21% (22% in constant currency). GAAP net income reached $36.6 billion, with earnings per share of $4.92. Excluding the impact of investments in OpenAI, net income was $36.4 billion and earnings per share were $4.89, an increase of 18%.
Microsoft Cloud revenue rose to $63.9 billion, up 30% (31% in constant currency). Microsoft 365 commercial cloud revenue increased 17%, or 18% on an adjusted basis.
Azure grew from $22.4 billion to $33.2 billion, a 48% increase. The value of commercial contracts that have not yet turned into revenue rose 73% to $677 billion.
A new segment structure
The report shows a new segment layout. The Agents and Infra segment generated $76.8 billion in revenue, up 25%. Devices and Consumer brought in $15.5 billion, down 3%, with Windows OEM and Devices revenue falling 22%.
The name of the first segment alone shows how the company describes its business. The release says Microsoft builds platforms and tools powered by AI, and in his comments Satya Nadella spoke about the safety and security of agents.
Spending and risks
Capital expenditure on property and equipment came to $39.4 billion, compared with $19.4 billion a year earlier. That is more than double.
In its forward-looking statement disclaimers, Microsoft lists, among other things, heavy investment in cloud and AI, as well as the risk of reputational and competitive harm or legal liability tied to the development and use of artificial intelligence. The company returned $10.2 billion to shareholders in the quarter through dividends and share repurchases.
What it means for businesses
For Polish companies using Azure and Microsoft 365, the results signal that Microsoft is still investing heavily in computing capacity. The figures come from the company's release, are unaudited and reflect global results, not the Polish market.
