Microsoft Q2 FY26: revenue $81.3B, Azure +39%, capex $29.9B

Microsoft MSFT Amy Hood

Revenue rose 17% to $81.3 billion and non-GAAP EPS was $4.14, up 24%. Azure and other cloud services grew 39% (38% in constant currency), while capital expenditure additions to property and equipment reached $29.9 billion. GAAP EPS of $5.16 was lifted by OpenAI-related net gains of $7.6 billion, which the non-GAAP figures exclude. Commercial remaining performance obligation reached $625 billion, up 110%, the number to watch for multi-year contract visibility.

Revenue $81,273M, up 17% (15% constant currency)
Non-GAAP EPS $4.14, up 24%; GAAP EPS $5.16 including $1.02 from OpenAI gains
Intelligent Cloud $32,907M, up 29%; Productivity and Business Processes $34,116M, up 16%; More Personal Computing $14,250M, down 3%
Azure and other cloud services up 39% (38% constant currency)
Capex (additions to property and equipment) $29,876M; commercial RPO $625B, up 110%

MSFT around the story · hourly24 h reaction ▼ 11.35%

Moves this explains

MSFT−6.72%Jan 27 · In our data, the stock fell 6.7% on Jan 28, the day Microsoft released fiscal Q2 2026 results after the close. Press reports describe the large drop (about 10% at the close) as happening on Jan 29, after results beat estimates but capex jumped about 66% and cloud growth slowed, so the date or price shown here may be off by a day. The results release is the cause.

Source

Microsoft Investor Relations

Jan 28, 2026

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SEC filing 8-K · accession 0001193125-26-027198 · sec.gov ↗