MSFT微軟2026Q2

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## Date

Wednesday, January 28, 2026 at 5:30 p.m. ET

## Call participants

Chairman and Chief Executive Officer — Satya Nadella
Chief Financial Officer — Amy Hood
Chief Accounting Officer — Alice Jolla
Corporate Secretary and Deputy General Counsel — Keith Dolliver
Corporate Vice President, Investor Relations — Jonathan Neilson

## Takeaways

Total revenue -- $81.3 billion, up 17% in constant currency, driven by growth across core commercial businesses.
Operating income -- Increased by 21% in constant currency, reflecting both higher revenue and improved operating leverage.
EPS -- $4.14, up 24% in constant currency when adjusted for OpenAI’s impact, indicating substantial bottom-line expansion.
Microsoft Cloud revenue -- $51.5 billion, up 26% in constant currency, marking the first time the cloud business surpassed $50 billion in a quarter.
Gross margin percentage -- 68%, slightly lower year over year, primarily due to continued AI infrastructure investments and higher AI product usage.
Operating expenses -- Rose 5% in constant currency, attributed to R&D in compute capacity, AI talent, and impairment charges in gaming.
Capital expenditures -- $37.5 billion, with roughly two-thirds on short-lived assets such as GPUs and CPUs; finance leases accounted for $6.7 billion, mainly for large data centers.
Cash flow from operations -- $35.8 billion, up 60%, benefiting from robust cloud billings and collections.
Free cash flow -- $5.9 billion, fell sequentially due to higher capital expenditures weighed by a lower mix of finance leases.
Capital return -- $12.7 billion returned to shareholders via dividends and repurchases, up 32% year over year.
Commercial bookings -- Increased 23% in constant currency, propelled by large, multi-year Azure and Anthropic commitments, and broad-based annuity growth.
Commercial remaining performance obligation (RPO) -- Rose to $625 billion, up 11%; 45% ($281 billion estimated) attributed to OpenAI contracts, remainder grew 28% with broad customer and product diversification.
Productivity and business processes revenue -- $34.1 billion, up 16% in constant currency, supported by Microsoft 365 Copilot and E5 momentum.
Microsoft 365 commercial cloud revenue -- Grew 17% in constant currency; Microsoft 365 commercial seats rose 6% to over 450 million.
LinkedIn revenue -- Increased 11% in constant currency, led by marketing solutions performance.
Dynamics 365 revenue -- Rose 19% in constant currency, with ongoing workload expansion.
Intelligent cloud revenue -- $32.9 billion, up 29% in constant currency; Azure and other cloud services up 39%.
On-premises server revenue -- Increased 21% in constant currency, leveraging hybrid solutions and SQL Server 2025 launch.
More personal computing revenue -- $14.3 billion, down 3%, as gaming declined and Windows OEM growth moderated.
Windows 11 users -- Surpassed 1 billion, up over 45% year over year, setting a significant adoption milestone.
Fabric annualized revenue run rate -- Exceeded $2 billion, with over 31,000 customers and revenue up 60% year over year.
Microsoft 365 Copilot paid seats -- 15 million, with over 160% seat growth and a tripled number of customers with over 35,000 seats.
GitHub Copilot subscribers -- 4.7 million paid, up 75% year over year; individual Copilot Pro Plus subscriptions grew 77% sequentially.
Capital guidance -- Fiscal third-quarter revenue expected between $80.65 billion and $81.75 billion, with FX contributing approximately three percentage points to growth.
Fiscal 2026 outlook -- Company now expects full-year operating margins to rise slightly, aided by first-half investment prioritization and revenue mix shifts.
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## Risks

Chief Financial Officer Hood highlighted, "gross margin percentage was 68%, down slightly year over year, primarily driven by continued investments in AI infrastructure and growing AI product usage," noting these costs outpaced efficiency gains.
Microsoft guided "Operating margins should be down slightly year over year." for the next quarter, citing continued investments in AI and rising operating expenses.
"gaming, revenue decreased 9% in constant currency," and "Xbox content and services revenue decreased 5%," with both results "below expectations driven by first-party content with impact across the platform."
The company cautioned that increased memory pricing "would impact capital expenditures" and may "create additional volatility" in both Windows OEM and server transactional purchasing going forward.

## Summary

Microsoft ( MSFT +2.27% ) delivered double-digit topline and bottom-line expansion, driven by accelerating cloud growth, rapid AI adoption, and resilient multi-year commitments across key enterprise workloads. Commercial RPO and bookings registered robust advances, fueled by both OpenAI partnerships and diversified sector demand, while Azure and Microsoft 365 Copilot contributions extended the addressable opportunity across productivity and developer segments. Custom silicon innovation, exemplified by the Maya 200 accelerator and substantial AI/ML infrastructure investment, illustrates Microsoft’s competitive stance on the AI utility stack as well as its approach to capacity constraint amid record customer demand. Operating cash flow and capital return outperformed, yet management cautioned on near-term margin compression from sustained investment cycles, heavier CapEx, and pressure within gaming and consumer-exposed businesses.
Chief Executive Officer Nadella identified tokens per watt per dollar as a new key infrastructure optimization metric in the AI era, citing a "50% increase in throughput" on OpenAI inferencing due to infrastructure advances.
Maya 200, Microsoft's new custom accelerator, delivers over 30% TCO improvement versus prior fleet hardware and is being deployed for both inferencing and synthetic data generation use cases.
Productivity gains from Copilot