Microsoft Corporation · Common stock · Redmond, Washington

Azure accelerates, and the cash still flows.

Microsoft grew revenue 19% to $92.3B last quarter as Azure, now reported in dollars, rose 48% to $33.2B, and it guides Azure to 49–50% next. Unlike most AI spenders it still produces free cash flow, $18.6B last quarter, even with $45.2B of capex including leases.

Last close · Oct 28, 2026

$531.01

Market cap

$3.94T

at current price

52-week range

$349–554

closing low / high

P/E

~27×

FY27 consensus EPS $19.79 · trailing GAAP $19.15, ~28×

Revenue TTM

Azure guide

49–50%

Q2 FY27 growth, constant currency

Next earnings

Late Jan

Q2 FY27 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. The stock ranged from about $349 to $554 over the past year.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.10

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with gross margin on the right axis. Microsoft's fiscal year ends June 30. Some GAAP EPS figures include OpenAI-related items. The last bar is guidance at the midpoint.

RevenueGross margin (right axis)Guidance

Q1 FY27

$92.3B

+19% YoY · above $89.85–90.95B guide

Azure

$33.2B

+48% · guide was 44–45%

Microsoft Cloud

$63.9B

+30% YoY

Op. margin

49.8%

48.9% a year ago · gross 67.8%

EPS (ex-OpenAI)

$4.89

vs $4.73 consensus · GAAP $4.92

Q2 FY27 guide

$96.0–97.1B

vs $95.6B consensus · Azure 49–50%

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Azure accelerating

Azure grew 48% to $33.2B, beating the 44–45% guide, and is guided to 49–50% in the December quarter. Demand still exceeds supply.

Tailwind

Copilot

Microsoft 365 Copilot daily users rose about 50% from last quarter; paid seats, over 30M in July, were not updated.

Watch

Capex keeps growing

Capex including leases was $45.2B, below the $50B+ guide as some third-party capacity slipped. Q2 should top $50B and spending speeds up in the second half; about 75% goes to short-lived chips.

Risk

Backlog stalls

Commercial RPO was $677B, up 73% but flat with June's $678B, and much of it is OpenAI.

Calendar

Late Jan 2027

Q2 FY27 earnings

Guide: revenue $96.0–97.1B, Azure 49–50% growth, capex over $50B.

Late Apr 2027

Q3 FY27 earnings

Date not yet announced.

Jun 30, 2027

FY27 ends

Capex to accelerate in the second half; management expects positive free cash flow for the year.