MSFTMicrosoft
- Employees
- 223,000
- Headquarters
- Redmond, WA
- CEO
- Satya Nadella
- Next results
- around Jan 27, 2027
The biggest changes in the 10-K filed 2026-07-29, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+34.4% Big change FY to 2026-06-30 vs 2025-06-30“Cash from operations increased $46.8 billion to $182.9 billion for fiscal year 2026, primarily due to an increase in cash received from customers and a decrease in cash used to pay income taxes, offset in part by an increase in cash paid to suppliers.”
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Net income
+31.3% Big change FY to 2026-06-30 vs 2025-06-30“The increase in our effective tax rate was primarily due to changes in the mix of our earnings and tax expenses between the U.S. and foreign countries.”
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“Our effective tax rate was lower than the U.S. federal statutory rate, primarily due to earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations center in Ireland.”
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Revenue
+17.8% Big change FY to 2026-06-30 vs 2025-06-30“Revenue increased $50.1 billion or 18% driven by growth in Microsoft Cloud.”
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“Microsoft 365 Commercial cloud revenue grew 17% with growth in revenue per user driven by Microsoft 365 Copilot and Microsoft 365 E5.”
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Operating margin
45.6% → 46.8% (+1.2 pts) Big change FY to 2026-06-30 vs 2025-06-30“Operating expenses increased $4.9 billion or 7% driven by continued investments in research and development compute capacity, AI talent, and data to support product development that benefits the entire portfolio, impairment and other related expenses in our XBOX business, investments in commercial sales, and higher Copilot advertising expenses.”
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“Operating income increased $26.7 billion or 21% driven by growth in Productivity and Business Processes and Intelligent Cloud.”
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Gross margin
68.8% → 67.9% (-0.9 pts) FY to 2026-06-30 vs 2025-06-30“Cost of revenue increased $18.5 billion or 21% driven by growth in Microsoft Cloud.”
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“Microsoft Cloud gross margin percentage decreased to 66% driven by continued investments in AI infrastructure and growing AI product usage, offset in part by efficiency gains in Azure and Microsoft 365 Commercial cloud.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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