Microsoft Corporation (MSFT) SEC Filings & Earnings Calls
EquiReason read 13 Microsoft Corporation SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-21 — Microsoft filed its annual proxy statement (DEF 14A) for the 2026 shareholder meeting, including standard governance proposals and shareholder items..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
21 Oct 2026DEF 14AMicrosoft filed its annual proxy statement (DEF 14A) for the 2026 shareholder meeting, including standard governance proposals and shareholder items.SEC ↗
2 Sep 20268-K · 7.01Microsoft announces change in reportable segments to 'Agents and Infra' and 'Devices and Consumer' for FY27, with updated investor metrics and restated historicals.SEC ↗
29 Jul 20268-K · 2.02Microsoft reported Q4 FY2026 revenue of $90.0B (+18%), operating income $40.6B (+18%), net income $35.8B (+31% GAAP). Azure revenue grew 43%, Microsoft Cloud revenue $59.3B (+27%). Commercial RPO surged 84% to $678B. Strong AI-driven growthearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2026 | $90.00B | +18% y/y |
| Operating income · Q4-2026 | $40.60B | +18% y/y |
| Net income (GAAP) · Q4-2026 | $35.77B | +31% y/y |
| Diluted earnings per share (GAAP) · Q4-2026 | $4.81 | +32% y/y |
| Microsoft Cloud revenue · Microsoft Cloud · Q4-2026 | $59.30B | +27% y/y |
| Commercial remaining performance obligation · Q4-2026 | $678.00B | +84% y/y |
| Azure and other cloud services revenue growth · Azure · Q4-2026 | 43.0% | |
| Productivity and Business Processes revenue · Productivity and Business Processes · Q4-2026 | $37.80B | +14% y/y |
| Intelligent Cloud revenue · Intelligent Cloud · Q4-2026 | $39.30B | +32% y/y |
| More Personal Computing revenue · More Personal Computing · Q4-2026 | $12.90B | -4% y/y |
Risks flagged
XBOX content and services revenue declined 10%, indicating weakness in gaming segment.
“XBOX content and services revenue decreased 10%” · word for word
Windows OEM and Devices revenue decreased 7%, reflecting PC market softness.
“Windows OEM and Devices revenue decreased 7%” · word for word
29 Jul 202610-KMicrosoft filed its annual 10-K for FY2026, highlighting AI-driven growth and continued investment in cloud infrastructure.earningsopen
Risks flagged
Competitive pressure in AI and cloud
“Our AI offerings compete with AI products from hyperscalers, open-source offerings, and frontier model providers, some of which are also current or potential partners.” · word for word
Supply chain constraints for datacenter components
“There are few qualified suppliers for certain components of our servers and devices. Extended or unforeseen disruptions, or limited availability of components from these suppliers could impact our ability to operate our datacenters and manufacture devices on time to meet consumer demand.” · word for word
5 Jun 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)SEC ↗
14 May 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportSEC ↗
29 Apr 20268-K · 2.02Revenue $82.90B (+18% y/y); Operating Income $38.40B (+20% y/y); Net Income $31.78B (+23% y/y)earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $82.90B | +18% y/y |
| Operating Income · Q3-2026 | $38.40B | +20% y/y |
| Net Income · Q3-2026 | $31.78B | +23% y/y |
| Diluted Earnings per Share · Q3-2026 | $4.27 | +23% y/y |
| Microsoft Cloud Revenue · Microsoft Cloud · Q3-2026 | $54.50B | +29% y/y |
| Commercial Remaining Performance Obligation · Q3-2026 | $627.00B | +99% y/y |
| Azure and Other Cloud Services Revenue Growth · Azure · Q3-2026 | 40.0% | |
| AI Business Annual Revenue Run Rate · AI · Q3-2026 | $37.00B | +123% y/y |
| Productivity and Business Processes Revenue · Productivity and Business Processes · Q3-2026 | $35.00B | +17% y/y |
| Intelligent Cloud Revenue · Intelligent Cloud · Q3-2026 | $34.70B | +30% y/y |
Risks flagged
More Personal Computing segment decline
“Revenue in More Personal Computing decreased 1%; Windows OEM and Devices revenue decreased 2%; Xbox content and services revenue decreased 5%”
Investment in OpenAI volatility
“Net losses from investments in OpenAI resulted in a decrease in net income of $14 million in Q3 2026 vs $583 million in Q3 2025” · word for word
29 Apr 202610-QMicrosoft reported strong Q3 FY2026 results with revenue up 18% YoY, operating income up 20% YoY, and EPS up 23% YoY, driven by cloud and AI services.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2026 | $82.89B | +18% y/y |
| Net Income · Q3-2026 | $31.78B | +23% y/y |
| Diluted Earnings Per Share · Q3-2026 | $4.27 | +23% y/y |
| Operating Income · Q3-2026 | $38.40B | +20% y/y |
| Free Cash Flow · Q3-2026 | $15.80B | -22% y/y |
| Operating Cash Flow · Q3-2026 | $46.68B | +26% y/y |
| Capital Expenditures (PP&E Additions) · Q3-2026 | $30.88B | +84% y/y |
| Commercial Remaining Performance Obligations · Q3-2026 | $627.00B | |
| Unearned Revenue · Q3-2026 | $53.68B | |
| Share Repurchases · Q3-2026 | $4.63B | -3% y/y |
Risks flagged
Massive capex may pressure free cash flow
“Free cash flow declined 22% YoY in Q3 FY2026 due to a surge in capex.”
IRS transfer pricing dispute
“IRS seeking an additional tax payment of $28.9 billion plus penalties and interest for tax years 2004-2013.”
OpenAI investment risk
“Investment in OpenAI accounted for under equity method; significant funding commitments of $13 billion.”
28 Jan 20268-K · 2.02Revenue $81.30B (+17% y/y); Operating income $38.30B (+21% y/y); Net income (GAAP) $38.46B (+60% y/y)earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $81.30B | +17% y/y |
| Operating income · Q2-2026 | $38.30B | +21% y/y |
| Net income (GAAP) · Q2-2026 | $38.46B | +60% y/y |
| Diluted EPS (non-GAAP) · Q2-2026 | $4.14 | +24% y/y |
| Microsoft Cloud revenue · Microsoft Cloud · Q2-2026 | $51.50B | +26% y/y |
| Commercial RPO · Q2-2026 | $625.00B | +110% y/y |
| Azure revenue growth · Azure · Q2-2026 | 39.0% |
Risks flagged
GAAP net income includes significant non-cash gains from OpenAI investments, which may not be recurring.
“Non-GAAP results exclude $7.6 billion gain from OpenAI investments.”
28 Jan 202610-QMicrosoft reported strong Q2 FY2026 results with revenue up 17% YoY, driven by cloud and AI growth.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $81.27B | +17% y/y |
| Net Income · Q2-2026 | $38.46B | +60% y/y |
| Operating Income · Q2-2026 | $38.27B | +21% y/y |
| Diluted EPS · Q2-2026 | $5.16 | +60% y/y |
| Microsoft Cloud Revenue · Intelligent Cloud · Q2-2026 | $40.90B | +21% y/y |
| Capital Expenditures (including finance leases) · Q2-2026 | $33.50B | +112% y/y |
| Free Cash Flow · Q2-2026 | $5.88B | -9% y/y |
| Operating Cash Flow · Q2-2026 | $35.76B | +60% y/y |
Risks flagged
OpenAI Investment Volatility
“Other income (expense), net included $10.0 billion and $5.9 billion of net gains for the three and six months ended December 31, 2025, respectively, from investments in OpenAI, primarily net recognized gains (losses) on our equity method investment reflected in Other, net.”
IRS Tax Dispute
“In the NOPAs, the IRS is seeking an additional tax payment of $28.9 billion plus penalties and interest.” · word for word
8 Dec 20258-K · 5.02, 5.07Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersSEC ↗
29 Oct 202510-QMicrosoft reported strong Q1 FY2026 results with 18.4% revenue growth, 24.3% operating income growth, and a 30% increase in capex, driven by cloud and AI demand.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-FY2026 | $77.67B | +18% y/y |
| Operating income · Q1-FY2026 | $37.96B | +24% y/y |
| Net income · Q1-FY2026 | $27.75B | +13% y/y |
| Diluted EPS · Q1-FY2026 | $3.72 | +13% y/y |
| Capital expenditures (PP&E additions) · Q1-FY2026 | $19.39B | +30% y/y |
| Operating cash flow · Q1-FY2026 | $45.06B | +32% y/y |
| Unearned revenue · 2025-09-30 | $61.53B | |
| Remaining performance obligations · 2025-09-30 | $398.00B |
Risks flagged
OpenAI investment losses
“Other income (expense), net included $4.1 billion and $688 million, respectively, of net losses from investments in OpenAI, primarily net recognized losses on our equity method investment.”
IRS transfer pricing dispute
“The IRS is seeking an additional tax payment of $28.9 billion plus penalties and interest related to intercompany transfer pricing for tax years 2004 to 2013.” · word for word
Data center lease commitments
“As of September 30, 2025, we had additional leases, primarily for datacenters, that had not yet commenced of $106.2 billion.” · word for word
29 Oct 20258-K · 2.02, 7.01Revenue $77.70B (+18% y/y); Operating income $38.00B (+24% y/y); Net income (GAAP) $27.75B (+12% y/y); Guidance: Exceeded expectations across revenue, operating income, and EPS; continued investment in AI capex and talent.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $77.70B | +18% y/y |
| Operating income · Q1-2026 | $38.00B | +24% y/y |
| Net income (GAAP) · Q1-2026 | $27.75B | +12% y/y |
| Net income (non-GAAP) · Q1-2026 | $30.83B | +22% y/y |
| Diluted EPS (GAAP) · Q1-2026 | $3.72 | +13% y/y |
| Diluted EPS (non-GAAP) · Q1-2026 | $4.13 | +23% y/y |
| Microsoft Cloud revenue · Microsoft Cloud · Q1-2026 | $49.10B | +26% y/y |
| Commercial RPO · Q1-2026 | $392.00B | +51% y/y |
| Azure revenue growth · Azure · Q1-2026 | 40.0% | |
| Shareholder returns · Q1-2026 | $10.70B |
Guidance
Exceeded expectations across revenue, operating income, and EPS; continued investment in AI capex and talent.
Strong beat with accelerating cloud and AI demand, margin expansion, and massive backlog growth. Management confident and investing aggressively.
Risks flagged
OpenAI investment losses are significant and growing, impacting GAAP net income by $3.1B in Q1 vs $523M a year ago.
“Net income and diluted earnings per share were impacted by losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $3.1 billion and $0.41, respectively.” · word for word
Government contract awards
federal awards · contract value, often multi-year| Date | Agency | Value | What for |
|---|---|---|---|
| 2026-10-14 | Office of the Chief Financial Officer | $8M | ADDITIONAL FUNDING FOR MICROSOFT PROFESSIONAL SERVICES AND GOV CLOUD CONSUMPTION. |
| 2026-09-30 | Office of the Chief Financial Officer | $14M | ADDITIONAL FUNDING FOR MICROSOFT PROFESSIONAL SERVICES AND GOV CLOUD CONSUMPTION. |
| 2026-09-22 | Office of the Chief Financial Officer | $6M | ADDITIONAL FUNDING FOR CLIN 001 CSP (FIRST PARTY) XAAS CLOUD SERVICES UNDER THE PAYG CONSUMPTION PRICING MODEL; CLIN 003 CSP (FIRST PARTY) XAAS CLOUD SERVICES UNDER A POSSIBLE FFP |
| 2026-07-27 | Office of the Chief Financial Officer | $11M | ADDITIONAL FUNDING FOR CLIN 001 CSP (FIRST PARTY) XAAS CLOUD SERVICES UNDER THE PAYG CONSUMPTION PRICING MODEL; CLIN 003 CSP (FIRST PARTY) XAAS CLOUD SERVICES UNDER A POSSIBLE FFP |
| 2026-06-22 | Offices, Boards and Divisions | $8M | MS UNIFIED SUPPORT SERVICES |
| 2026-06-08 | Department of State | $7M | MICROSOFT ADDITIVE SUPPORT SERVICES |
| 2026-05-21 | Office of the Chief Financial Officer | $10M | THE PURPOSE OF MODIFICATION P0014 IS: COMPLETE AND FUNDING MOD. |
| 2026-05-20 | Office of the Chief Financial Officer | $8M | THE PURPOSE OF MODIFICATION P0012 IS: COMPLETE AND ADMINISTRATIVE MOD. |
| 2026-04-13 | Defense Information Systems Agency | $6M | JWCC PROGRAM MANAGEMENT OFFICE SUPPORT |
| 2026-03-30 | Department of the Army | $8M | THE ENTERPRISE CLOUD MANAGEMENT AGENCY (ECMA) REQUIRES MICROSOFT AZURE CLOUD COMPUTING CAPABILITIES AT DEPARTMENT OF DEFENSE (DOD) IMPACT LEVEL (IL) 2, 4, 5, AND 6 (SECRET) FOR NEW |
Microsoft Corporation — questions
- What did Microsoft Corporation file recently?
- 13 SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-21 — Microsoft filed its annual proxy statement (DEF 14A) for the 2026 shareholder meeting, including standard governance proposals and shareholder items.
Every figure on this page comes from Microsoft Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.