Reference market
Open- Regular hours
- 09:30 AM – 04:00 PM EST
- Next holiday
- Nov 26, 2026 · Thanksgiving Day
Equity · Technology
Microsoft Corporation (MSFT) perpetual futures
MSFT perpetual futures on 28 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade MSFTUSDT.
Microsoft develops software, cloud services, gaming, and devices across productivity, cloud computing, and personal computing divisions.
$525.22-0.2%NASDAQ open
Price chart
Interactive TradingView chart
TradingView symbol NASDAQ:MSFT
Loads TradingView's third-party widget (about 1 MB) on demand.
Auto: underlying reference priceOpen in TradingView
Trading data
Perpetual market activity
28/28 live markets
Trading data
Perpetual market activity
Venues
28
Live markets
28/28
24h volume
$171.6MCoverage: 25/28 marketsExchange-reported volume: $203.7M
Open interest
$96.6MCoverage: 24/28 markets
Best liquidity
$17M
Bitunix
Tightest spread
+0.2 bps
LBank
Highest volume
$59.5M
Binance
Settlement mix
USDT · 17/28
Perp/spot vol.
0.06x
Spot volume $2.7B
OI / float
0.00%
Float $3.9T
Spot performance
1D-0.70%
5D-1.20%
1M-4.43%
6M+28.17%
YTD+7.39%
1Y+3.19%
Venue matrix
28 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | MSFT/USDT | Trading | $525.28 | 0.0% APR 0.000% every 8h | +0.2 bps | - | $59.5M | $20M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:MSFT | Trading | $524.68 | -5.7% APR -0.00065% every 1h | +1.5 bps | - | $45.2M | $27.6M | USDC | 20x | |
 Bybit | Trade | MSFT/USDT | Trading | $525.23 | 0.0% APR 0.000% every 8h | +1.5 bps | $2M | $12.4M | $10.5M | USDT | 100x | |
 Bitget | Trade | MSFT/USDT | Trading | $525.33 | 0.0% APR 0.000% every 8h | +0.2 bps | - | $9M | $4.2M | USDT | 100x | |
 OKX | Trade | MSFT/USDT | Trading | $525.33 | 0.0% APR 0.000% every 8h | +1.5 bps | $1.7M | $8.1M | $4.9M | USDT | 20x | |
 MEXC | Trade | MSFT/USDT | Trading | $525.31 | 0.0% APR 0.000% every 8h | +0.4 bps | $10.7M | $8M | $18.2M | USDT | 100x | |
 Lighter | Trade | MSFT | Trading | $524.89 | +3.5% APR +0.00040% every 1h | +2.3 bps | $1.1M | $6.9M | $2.5M | USDC | - | |
 Gate.io | Trade | MSFT/USDT | Trading | $525.25 | 0.0% APR 0.000% every 8h | +9.4 bps | $651K | $6.4M | $3.2M | USDT | 100x | |
 Ondo Perps | Trade | MSFT/USD | Trading | $524.94 | - | +4.2 bps | $3.2M | $5.9M | $1.4M | USDC | 15x | |
 Deribit | Trade | MSFT/USDC | Trading | $525.03 | +2.1% APR +0.00196% every 8h | +1.1 bps | $1.8M | $2.2M | $402.4K | USDC | 10x | |
 Phemex | Trade | MSFT / USDT | Trading | $525.39 | 0.0% APR 0.000% every 8h | +2.1 bps | - | $1.3M | $510.9K | USDT | 10x | |
 BloFin | Trade | MSFT/USDT | Trading | $525.34 | -0.4% APR -0.00037% every 8h | +0.8 bps | - | $980.6K | $431.8K | USDT | 20x | |
 Aster | Trade | MSFTUSDT | Trading | $525.28 | 0.0% APR 0.000% every 8h | +1.0 bps | $321.9K | $939.9K | $304.8K | USDT | - | |
 KuCoin | Trade | MSFT/USDT | Trading | $525.18 | 0.0% APR 0.000% every 8h | +9.6 bps | $36.7K | $832.6K | $1M | USDT | 20x | |
 XT.com | Trade | MSFT/USDT | Trading | $525.22 | 0.0% APR 0.000% every 8h | +3.1 bps | $296.9K | $360.7K | - | USDT | 20x | |
 GRVT | Trade | MSFT/USDT | Trading | $525.25 | 0.0% APR 0.000% every 8h | +5.5 bps | $406.3K | $260.8K | $31.5K | USDT | - | |
 HTX | Trade | MSFT/USDT | Trading | $525.11 | 0.0% APR 0.000% every 8h | +5.4 bps | $488.7K | $181.3K | $446.3K | USDT | - | |
 Helix (Injective) | Trade | MSFT/USDC | Trading | $525.04 | -24.1% APR -0.00275% every 1h | +42.3 bps | $55.5K | $121.2K | - | USDC | 30x | |
 Orderly Network | Trade | MSFT/USDC | Trading | $524.93 | +11.0% APR +0.010% every 8h | - | no public depth feed | $62.1K | $30.6K | USDC | - | |
 Extended | Trade | MSFT/USD | Trading | $524.78 | 0.0% APR 0.000% every 1h | +2.1 bps | - | $56.5K | $239.8K | USD | 20x | |
 Crypto.com Exchange | Trade | MSFT/USD | Trading | $524.87 | -25.5% APR -0.00292% every 1h | +4.4 bps | $15.2K | $6.4K | $78.1K | USD | 50x | |
 Vest | Trade | MSFT/USDC | Trading | $525.44 | +5.0% APR +0.00057% every 1h | +3.4 bps | - | $2.8K | - | USDC | 25x | |
 Aevo | Trade | MSFT/USDC | Trading | $524.93 | +11.4% APR +0.00130% every 1h | +15.8 bps | $205.5K | $0 | $6.8K | USDC | 10x | |
 Paradex | Trade | MSFT/USD | Trading | $524.88 | +5.4% APR +0.00495% every 8h | +14,285.9 bps | $0 | $0 | $230.9 | USDC | 5x | |
 BingX | Trade | MSFT-USDT | Trading | $525.32 | -5.5% APR -0.00500% every 8h | +0.8 bps | $8.1M | $2.8M | - | USDT | - | |
 LBank | Trade | MSFT/USDT | Trading | $525.27 | 0.0% APR 0.000% every 8h | +0.2 bps | $5.8M | $19M⚠ | $104.3K | USDT | 50x | |
 Ourbit | Trade | MSFT/USDT | Trading | $525.26 | 0.0% APR 0.000% every 8h | +0.8 bps | $6.4M | $10.7M⚠ | $210.1K | USDT | 100x | |
 Bitunix | Trade | MSFT/USDT | Trading | $525.22 | -0.6% APR -0.00056% every 8h | +3.8 bps | $17M | $2.4M⚠ | $237K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| MSFTBbStocks | $521.86 | -0.64% | $4.5M | $3.5M | BNB Smart Chain (BEP20) |
| MSFTonOndo GM | $522.99 | -0.42% | $2.5M | $8.6M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| MSFTXxStocks | $524.88 | -0.06% | $2.1M | $7.8M | Solana · Arbitrum · BNB Smart Chain (BEP20) · Ink |
| MSFTRobinhood | $523.30 | -0.41% | $504k | $1.9M | Robinhood Chain |
| WMSFTXxStocks | $517.34 | -1.50% | $436k | $255k | X Layer · Arbitrum |
| rMSFTTokenized | $512.59 | -2.40% | $331k | $1.0M | Arbitrum |
| MSFTTokenized | $518.40 | -1.30% | $97k | – | – |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 raydiumDEX · solana | MSFTx/USDC ↗ | $525.36 | $810k | $367k |
 uniswapDEX · robinhood | MSFT/SPY ↗ | $523.30 | $504k | $259k |
| gateioCEX | MSFTON/USDT ↗ | $520.97 | $220k | – |
 pancakeswapDEX · bsc | MSFTB/USDT ↗ | $522.36 | $68k | $117k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 19 of 28 venues absorb $10k · Typical cost: +6.1 bps – +12.1 bps
Cheapest execution: Lighter · +1.4 bps
Too thin: Crypto.com Exchange
No fresh book data: Binance, Hyperliquid HIP-3, Phemex, BloFin, Orderly Network, Extended, Vest, Paradex
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
MSFTTightest spread
MSFTHighest volume
MSFTFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-27
Revenue est. $96.7B · Updated 4h ago
Dividend
$0.98
2026-11-19
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid523.23
Ask523.4
Volume6,640,803
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202720.05$395.8B+19%25
FY 202824.07$478B+21%29
FY 202929.61$587.4B+23%16
FY 203034.18$681.1B+16%7
FY 203146.31$896B+32%8
Q3 20275.50$108B+30%9
Source: FMP · Consensus
Company events
62027-01-27EarningsActual - / Estimate 4.86-
2026-11-19Dividend$0.98-
2026-10-28Earnings · After market closeActual 4.89 / Estimate 4.72Beat
2026-08-20Dividend$0.91-
2026-07-29EarningsActual 4.74 / Estimate 4.24Beat
2026-05-21Dividend$0.91-
Peer comparison
Similar listed perpsRevenue mix
Latest annualUNITED STATESGeographic$170.8B
Non UsGeographic$161B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $611.74 |
| 12-month target range (low – high) | $440 – $750 |
| Ratings in the provider's consensus | 83 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 12 | 41 | 5 | 0 | 0 |
| Oct 2026 | 14 | 41 | 5 | 0 | 0 |
| Sep 2026 | 14 | 39 | 3 | 0 | 0 |
| Aug 2026 | 14 | 40 | 3 | 0 | 0 |
| Jul 2026 | 14 | 42 | 3 | 0 | 0 |
| Jun 2026 | 13 | 41 | 3 | 0 | 0 |
| May 2026 | 12 | 43 | 3 | 0 | 0 |
| Apr 2026 | 10 | 45 | 3 | 0 | 0 |
| Mar 2026 | 10 | 45 | 3 | 0 | 0 |
| Feb 2026 | 12 | 45 | 3 | 0 | 0 |
| Jan 2026 | 12 | 45 | 2 | 0 | 0 |
| Dec 2025 | 12 | 44 | 2 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float99.9%7.4B shares
Shares outstanding7.4B shares
Institutional35.9%5,217 investors
Investor count change-1,399
Reference market activity
MSFT-PERPDay range (Nov 13)$513.82$523.51
52 week$349.2$559.15
Spot volume5.2M
Average volume-
Price performance
111D-0.7%
5D-1.2%
1M-4.4%
3M+4.5%
6M+28.2%
YTD+7.4%
1Y+3.2%
3Y+41.6%
5Y+54.5%
10Y+793.6%
MAX+534,094.6%
Insider activity
FY2026 Q4Acquisitions0 transactions0 shares
Dispositions8 transactions24,346 shares
Purchases0Ratio 0
Sales6
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Microsoft officer Numoto Takeshi (EVP, CMO) sold 5,000 common shares at $531 in an open-market sale, holding 54,412 shares after.
Microsoft CFO Amy Hood sold 7,305 common shares on the open market across two transactions on 2026-11-09 at $544.24–$544.95 per share, leaving 548,091 shares owned.
CEO Satya Nadella reported gifting 4,704 Microsoft common shares at $0.00, leaving 482,059 shares directly owned after the transaction.
Microsoft officer Amy Coleman reported an F-Tax transaction on 2026-10-15: 32 common shares (worth $533.69 each) withheld for taxes, leaving 50,925 shares owned.
Microsoft CFO Amy Hood sold 7,305 common shares in 3 open-market transactions on Oct 13, 2026 at $544.80-$546.51, leaving 555,396 shares owned.
Microsoft officer Bradford L. Smith received an award of 29,077 shares of common stock on 2026-09-15, a grant rather than an open-market purchase. He held 473,793 shares afterward.
Microsoft officer Takeshi Numoto received an award of 11,569 common shares on 2026-09-15, a grant of compensation at $0.00, not an open-market purchase; he held 59,412 shares afterward.
Microsoft CFO Amy Hood received a grant (A-Award) of 29,077 Common Stock shares at $0.00 on 2026-09-15, holding 562,701 shares after. This is compensation, not an open-market purchase.
Microsoft officer Amy Coleman (EVP, Chief Human Resources Officer) received a grant of 6,506 common shares (transaction code A-Award, a compensation grant, not an open-market purchase) at $0.00 on 2026-09-15, leaving her 50,957 shares owned. Form 4 filed 2026-09-17.
Microsoft officer Judson Althoff received a 29,077-share Common Stock award (A-Award, compensation, not a purchase) on 2026-09-15, bringing his holdings to 141,168 shares. Form 4 filed 2026-09-17.
Microsoft officer Jolla Alice L. (Chief Accounting Officer) disposed of 123 shares of Common Stock at $505.41 on 2026-09-15 via tax withholding (F-InKind), leaving 81,119 shares owned.
Microsoft officer Amy Coleman had 36 shares of common stock withheld for taxes at $505.41 on Sept 15, 2026, leaving 44,451 shares owned.
Microsoft officer Amy Hood (EVP, CFO) sold 41,674 common shares in 6 open-market sales on 2026-09-14 at $495.974–$500.783, leaving 533,624 shares owned.
Microsoft director Emma N. Walmsley received an award of 3 restricted stock units on Sept. 10, 2026, leaving her with 1,390 units owned.
Microsoft director Rainey John D received an award of 1 restricted stock unit on Sept 10, 2026, a grant that is not an open-market purchase. He owned 422 shares afterward.
Microsoft director Penny S. Pritzker received a grant of 27 Restricted Stock Units on 2026-09-10, at $0.00 (an award, not a purchase), leaving her with 14,550 shares owned after the transaction. Form 4 filed 2026-09-11.
Microsoft director Sandra E. Peterson received an award of 49 restricted stock units on 2026-09-10 (A-Award, $0.00), leaving her with 26,512 shares owned after the transaction. Filed on Form 4 dated 2026-09-11.
Filings
97 · Latest SEC filings2026-11-104Insider transaction report (Form 4)
Microsoft CFO Amy Hood sold 7,305 common shares on the open market across two transactions on 2026-11-09 at $544.24–$544.95 per share, leaving 548,091 shares owned.
2026-11-094Insider transaction report (Form 4)
CEO Satya Nadella reported gifting 4,704 Microsoft common shares at $0.00, leaving 482,059 shares directly owned after the transaction.
2026-10-154Insider transaction report (Form 4)
Microsoft officer Amy Coleman reported an F-Tax transaction on 2026-10-15: 32 common shares (worth $533.69 each) withheld for taxes, leaving 50,925 shares owned.
2026-10-144Insider transaction report (Form 4)
Microsoft CFO Amy Hood sold 7,305 common shares in 3 open-market transactions on Oct 13, 2026 at $544.80-$546.51, leaving 555,396 shares owned.
2026-09-174Insider transaction report (Form 4)
Microsoft officer Bradford L. Smith received an award of 29,077 shares of common stock on 2026-09-15, a grant rather than an open-market purchase. He held 473,793 shares afterward.
2026-09-174Insider transaction report (Form 4)
Microsoft officer Takeshi Numoto received an award of 11,569 common shares on 2026-09-15, a grant of compensation at $0.00, not an open-market purchase; he held 59,412 shares afterward.
2026-09-174Insider transaction report (Form 4)
Microsoft CFO Amy Hood received a grant (A-Award) of 29,077 Common Stock shares at $0.00 on 2026-09-15, holding 562,701 shares after. This is compensation, not an open-market purchase.
2026-09-174Insider transaction report (Form 4)
Microsoft officer Amy Coleman (EVP, Chief Human Resources Officer) received a grant of 6,506 common shares (transaction code A-Award, a compensation grant, not an open-market purchase) at $0.00 on 2026-09-15, leaving her 50,957 shares owned. Form 4 filed 2026-09-17.
2026-09-174Insider transaction report (Form 4)
Microsoft officer Judson Althoff received a 29,077-share Common Stock award (A-Award, compensation, not a purchase) on 2026-09-15, bringing his holdings to 141,168 shares. Form 4 filed 2026-09-17.
2026-09-154Insider transaction report (Form 4)
Microsoft officer Amy Hood (EVP, CFO) sold 41,674 common shares in 6 open-market sales on 2026-09-14 at $495.974–$500.783, leaving 533,624 shares owned.
2026-09-154Insider transaction report (Form 4)
Microsoft officer Jolla Alice L. (Chief Accounting Officer) disposed of 123 shares of Common Stock at $505.41 on 2026-09-15 via tax withholding (F-InKind), leaving 81,119 shares owned.
2026-09-154Insider transaction report (Form 4)
Microsoft officer Amy Coleman had 36 shares of common stock withheld for taxes at $505.41 on Sept 15, 2026, leaving 44,451 shares owned.
2026-09-114Insider transaction report (Form 4)
Microsoft director Teri List received an award of 43 restricted stock units on Sept 10, 2026, at $0.00, bringing holdings to 23,117 shares.
2026-09-114Insider transaction report (Form 4)
Microsoft director Emma N. Walmsley received an award of 3 restricted stock units on Sept. 10, 2026, leaving her with 1,390 units owned.
2026-09-114Insider transaction report (Form 4)
Microsoft director Reid Hoffman received an award of 32 restricted stock units on Sep 10, 2026, a grant at $0.00 (not a purchase), leaving 17,182 units owned after.
2026-09-114Insider transaction report (Form 4)
Microsoft director Rainey John D received an award of 1 restricted stock unit on Sept 10, 2026, a grant that is not an open-market purchase. He owned 422 shares afterward.
2026-09-114Insider transaction report (Form 4)
Microsoft director Penny S. Pritzker received a grant of 27 Restricted Stock Units on 2026-09-10, at $0.00 (an award, not a purchase), leaving her with 14,550 shares owned after the transaction. Form 4 filed 2026-09-11.
2026-09-114Insider transaction report (Form 4)
Microsoft director Sandra E. Peterson received an award of 49 restricted stock units on 2026-09-10 (A-Award, $0.00), leaving her with 26,512 shares owned after the transaction. Filed on Form 4 dated 2026-09-11.
2026-09-114Insider transaction report (Form 4)
Director Hugh F Johnston received an award of 4 restricted stock units on 2026-09-10, a grant of compensation rather than a purchase. He held 2,354 shares after the transaction.
2026-09-114Insider transaction report (Form 4)
Microsoft director Di Sibio Carmine received an A-Award grant of Restricted Stock Units on 2026-09-10, with 0 shares reported at $0.00; he owned 139 after. An award is compensation, not an open-market purchase.
2026-09-114Insider transaction report (Form 4)
Microsoft director Mark Mason was granted 1 Restricted Stock Unit in an A-Award, a compensation grant, leaving him 428 RSUs owned. The $0.00 price reflects the grant, not a purchase.
2026-09-114Insider transaction report (Form 4)
Director Catherine MacGregor received an award of 4 restricted stock units on 2026-09-10, granted under company compensation at $0.00, leaving her 2,389 shares owned after the transaction.
2026-09-104Insider transaction report (Form 4)
Microsoft officer Bradford L. Smith reported a gift (G) of 14,000 common shares at $0.00 on Sept 9, 2026, leaving 444,716 shares owned. No open-market buy or sale occurred.
2026-09-084Insider transaction report (Form 4)
Director Catherine MacGregor received a grant of 205 restricted stock units, which will vest over time.
2026-09-084Insider transaction report (Form 4)
Reid Hoffman, a director, received an award of 188 restricted stock units on Sept 5, 2026. These are compensation, not open-market purchases.
2026-09-084Insider transaction report (Form 4)
Director Carmine Di Sibio received an award of 125 restricted stock units of Microsoft, with no purchase price.
2026-09-084Insider transaction report (Form 4)
Director Hugh F. Johnston received a grant of 210 restricted stock units, with no purchase involved.
2026-09-084Insider transaction report (Form 4)
Director Sandra E. Peterson received a grant of 230 restricted stock units from Microsoft on September 5, 2026.
2026-09-084Insider transaction report (Form 4)
Director John D Rainey received a grant of 125 restricted stock units (RSUs) under Microsoft's equity plan; no cash involved.
2026-09-084Insider transaction report (Form 4)
Director Teri List was awarded 125 shares of Microsoft common stock in a compensation grant, with no cash consideration paid.
2026-09-084Insider transaction report (Form 4)
Director Mason Mark was granted 195 restricted stock units in Microsoft, with no cash involved.
2026-09-084Insider transaction report (Form 4)
Director Walmsley Emma N received an award of 125 restricted stock units of Microsoft Corporation on September 5, 2026, with no cash involved, increasing her holdings to 1,388 units.
2026-09-084Insider transaction report (Form 4)
Director John W. Stanton received a non-cash award of 125 shares of Microsoft common stock on September 5, 2026, increasing his holdings to 84,179 shares.
2026-09-084Insider transaction report (Form 4)
Director Penny S. Pritzker received an award of 200 restricted stock units of Microsoft Corporation on September 5, 2026, with no monetary value at grant.
2026-09-084Insider transaction report (Form 4)
Director Charles W. Scharf received a non-cash award of 125 shares of Microsoft common stock on September 5, 2026, increasing his holdings to 45,166 shares.
2026-09-024Insider transaction report (Form 4)
Microsoft CEO Satya Nadella reported 8 open-market sales (S-Sale) of Common Stock on 2026-09-01, totaling 86,525 shares at prices from $498.2396 to $505.1997, leaving 486,763 shares owned after the final sale.
2026-09-014Insider transaction report (Form 4)
Amy Coleman, EVP & CHRO of Microsoft, disposed of 836 common shares in a tax withholding transaction on August 31, 2026, at $513.53 per share, leaving 44,487 shares owned.
2026-09-014Insider transaction report (Form 4)
On 2026-08-31, Chief Accounting Officer Alice L. Jolla of Microsoft was awarded 5,575 shares of common stock, with 486 shares withheld to cover taxes. Ownership changed from 81,728 to 81,242 shares.
2026-09-014Insider transaction report (Form 4)
Microsoft's Chief Marketing Officer acquired 12,684 shares via stock award and disposed of 7,518 shares to cover tax withholding at $513.53, leaving 47,843 shares owned.
2026-09-014Insider transaction report (Form 4)
Bradford L. Smith, Vice Chair and President of Microsoft, was awarded 27,688 restricted stock units, and 17,036 shares were withheld for taxes, reducing his holdings to 458,716 shares.
2026-09-014Insider transaction report (Form 4)
Hood Amy (CFO of Microsoft) received 31,260 shares of Common Stock as a compensation award and had 18,739 shares withheld to cover taxes.
2026-09-014Insider transaction report (Form 4)
Microsoft officer Judson Althoff received a grant of 29,724 shares of common stock and had 18,081 shares withheld to cover taxes at $513.53 per share, leaving 112,091 shares owned.
2026-09-014Insider transaction report (Form 4)
Microsoft CEO Satya Nadella received an award of 178,622 common shares and had 70,466 shares withheld for taxes at $513.53, leaving 573,288 shares owned.
2026-08-174Insider transaction report (Form 4)
Amy Coleman, EVP & Chief HR Officer at Microsoft, disposed of 89 shares of Common Stock in a tax withholding transaction at $495.40 per share on August 17, 2026.
2026-08-064Insider transaction report (Form 4)
On 2026-08-05, Judson Althoff disposed of 10,000 shares of Microsoft common stock in an open-market sale at $487.893 per share, leaving 100,447 shares owned.
2026-08-054Insider transaction report (Form 4)
Microsoft EVP & CMO Takeshi Numoto sold 4,810 shares of common stock at $496.48 on 2026-08-04, leaving 42,677 shares owned afterward.
2026-07-154Insider transaction report (Form 4)
Amy Coleman (EVP, Chief HR Officer) had 32 Microsoft shares withheld for taxes at $384.93 each, leaving 45,413 shares owned.
2026-07-014Insider transaction report (Form 4)
A Form 4 was filed for Kathleen T. Hogan, Officer at Microsoft, on 2026-07-01, reporting a transaction with no shares and no price data provided.
2026-06-164Insider transaction report (Form 4)
Microsoft's Chief Accounting Officer Alice L. Jolla received an award grant of 5,004 shares of common stock, bringing her total holdings to 76,153 shares.
2026-06-154Insider transaction report (Form 4)
Amy Coleman (EVP, Chief HR Officer) had 36 shares of Microsoft common stock withheld to cover taxes at $390.74 per share, leaving 45,445 shares owned afterward.
2026-06-124Insider transaction report (Form 4)
Microsoft director Reid Hoffman was awarded 39 Restricted Stock Units on 2026-06-11 as compensation, bringing his total holdings to 16,963 shares.
2026-06-124Insider transaction report (Form 4)
Mark Mason, a director at Microsoft, was awarded 1 Restricted Stock Unit on 2026-06-11, a compensation grant rather than a purchase. He now owns 232 shares directly.
2026-06-124Insider transaction report (Form 4)
Numoto Takeshi (EVP, CMO) sold 4,500 shares of Microsoft common stock at $402.84 on 2026-06-10, leaving 47,468 shares owned afterward.
2026-06-124Insider transaction report (Form 4)
Director Sandra E. Peterson was awarded 61 Restricted Stock Units on 2026-06-11, a compensation grant rather than a purchase. She now owns 26,233 shares.
2026-06-124Insider transaction report (Form 4)
Microsoft director Emma N. Walmsley was granted 3 Restricted Stock Units on 2026-06-11 as compensation (not a purchase), bringing her total holdings to 1,263 shares.
2026-06-124Insider transaction report (Form 4)
Microsoft director Catherine MacGregor was awarded 5 Restricted Stock Units on 2026-06-11 at no cost, as compensation. She now owns 2,180 shares.
2026-06-124Insider transaction report (Form 4)
Microsoft director Hugh F. Johnston was granted 5 Restricted Stock Units on 2026-06-11 as compensation, bringing his post-transaction holdings to 2,140 shares.
2026-06-124Insider transaction report (Form 4)
Director Teri List was granted 54 Restricted Stock Units in Microsoft on 2026-06-11, a compensation award rather than a purchase. She now owns 23,075 shares directly.
2026-06-124Insider transaction report (Form 4)
Director Carmine Di Sibio was awarded Restricted Stock Units on 2026-06-11 (0 shares recorded), bringing his total holdings to 13 shares.
2026-06-124Insider transaction report (Form 4)
Microsoft director John D. Rainey was awarded 1 Restricted Stock Unit as compensation on 2026-06-11, bringing his total holdings to 296 shares.
2026-06-124Insider transaction report (Form 4)
Director Penny S. Pritzker received a grant of 33 Restricted Stock Units on 2026-06-11, a form of compensation rather than an open-market purchase, bringing her total holdings to 14,323 shares.
2026-06-104Insider transaction report (Form 4)
Numoto Takeshi, EVP & CMO of Microsoft, sold 2,500 common shares at $412.45 on 2026-06-08, leaving 51,968 shares owned afterward.
2026-06-094Insider transaction report (Form 4)
Microsoft director Emma N. Walmsley was awarded 150 restricted stock units on 2026-06-05, bringing her total holdings to 1,260 shares. This was a compensation grant, not an open-market purchase.
2026-06-094Insider transaction report (Form 4)
Microsoft director Hugh F. Johnston was granted 252 Restricted Stock Units as compensation on 2026-06-05, bringing his ownership to 2,135 shares.
2026-06-094Insider transaction report (Form 4)
Director Penny Pritzker was awarded 240 Restricted Stock Units on 2026-06-05, a compensation grant (not a purchase). She now owns 14,290 shares.
2026-06-094Insider transaction report (Form 4)
Microsoft director Charles W. Scharf was awarded 149 common shares on 2026-06-05 as compensation, bringing his total holdings to 45,041 shares.
2026-06-094Insider transaction report (Form 4)
Microsoft director Mark Mason was granted 231 Restricted Stock Units on 2026-06-05, bringing his post-transaction ownership to 231 shares. This was a compensation award, not an open-market purchase.
2026-06-094Insider transaction report (Form 4)
Microsoft director Catherine MacGregor was granted 246 Restricted Stock Units as compensation on 2026-06-05, not an open-market purchase. She now owns 2,175 shares directly.
2026-06-094Insider transaction report (Form 4)
John W. Stanton, a Microsoft director, was awarded 149 shares of common stock on 2026-06-05 as compensation, bringing his total holdings to 84,054 shares.
2026-06-094Insider transaction report (Form 4)
Director Carmine Di Sibio received grants of 15 common shares and 13 restricted stock units (RSUs) as compensation on 2026-06-05, with no cash paid.
2026-06-094Insider transaction report (Form 4)
Microsoft director Teri List received a grant (award) of 149 common shares on 2026-06-05, bringing her total ownership to 149 shares.
2026-06-094Insider transaction report (Form 4)
Director Sandra E. Peterson was awarded 276 Restricted Stock Units on 2026-06-05 as compensation (not a purchase). She now owns 26,172 shares.
2026-06-094Insider transaction report (Form 4)
Director Reid Hoffman was awarded 225 Restricted Stock Units on 2026-06-05 as compensation (no cash paid), bringing his total holding to 16,924 shares.
2026-06-094Insider transaction report (Form 4)
Microsoft director John D. Rainey was granted 150 Restricted Stock Units on 2026-06-05, bringing his total holdings to 296 shares.
Transcripts
Earnings callsFY2027 Q12026-10-28
Earnings calls
AI summary
positiveMicrosoft reported FY2027 Q1 revenue of $92.3 billion, up 19%, with operating income up 21% and EPS of $4.89, up 18% (19% in constant currency adjusted for the OpenAI investment). Microsoft Cloud revenue was $63.9 billion, with growth accelerating to 30% (31% in constant currency), and Azure revenue rose 48%, ahead of expectations despite third-party capacity delays. CFO Amy Hood said customer demand continues to exceed available supply and guided Q2 Azure growth to 49%–50% in constant currency. Copilot momentum included daily users up nearly 50% quarter-over-quarter, customers with more than 50,000 seats up over 8x year-over-year, and Foundry revenue more than tripling with over 120,000 customers. CapEx was $45.2 billion, with Q2 CapEx expected over $50 billion and calendar-year spend approximately $170 billion.
Key takeaways
- Microsoft Cloud revenue surpassed $63 billion and growth accelerated to 30% year-over-year, with sequential dollars added nearly doubling year-over-year.
- Azure revenue increased 48%, ahead of expectations, driven by Foundry and improved CPU monetization, even with third-party capacity delays.
- Foundry revenue more than tripled year-over-year and Foundry now has over 120,000 customers; the number of customers building agentic solutions with multiple models increased 5x year-over-year.
- Copilot daily users rose nearly 50% quarter-over-quarter and over 5x year-over-year; customers with more than 50,000 Copilot seats increased over 8x year-over-year.
- M365 Commercial Cloud revenue grew 18% (19% in constant currency adjusted for the prior-year comparable), driven by ARPU and seats, with some impact from weaker sales execution in M365 E3 and stand-alone SKUs.
Financial highlights
- Revenue was $92.3 billion, up 19%; gross margin dollars increased 17% and gross margin percentage was 68%.
- Operating income increased 21% (22% in constant currency) and operating margin rose slightly year-over-year to 50%.
- EPS was $4.89, up 18% (19% in constant currency adjusted for the OpenAI investment impact).
- Capital expenditures were $45.2 billion, cash paid for PP&E was $39.4 billion, cash flow from operations was $58 billion (up 29%) and free cash flow was $18.6 billion; $10.2 billion was returned to shareholders.
Guidance
- Q2 Agents and Infra revenue expected at $80.1 billion to $80.7 billion, or growth of 24% to 25%; Azure growth expected at 49% to 50% in constant currency.
- Q2 M365 Commercial Cloud growth expected at approximately 19% in constant currency, driven primarily by ARPU with additional contribution from seats; revenue growth expected to accelerate through the year.
- Q2 total company revenue expected between $96 billion and $97.1 billion, or growth of 18% to 19%, with COGS of $32.7 billion to $32.9 billion and operating expense of $18.5 billion to $18.6 billion.
- Q2 CapEx expected over $50 billion; calendar-year CapEx approximately $170 billion, with spend expected to accelerate in the second half of the fiscal year.
Q&A themes
- Levers behind Azure's 49%–50% constant-currency Q2 guidance, including engineering efficiency gains, token pricing variability and delayed third-party supply shifting to H2.
- Enterprise versus AI-native mix in Azure AI, with Satya Nadella citing Unilever, Rolls-Royce and RBI agentic deployments and describing enterprise AI as a decade-long opportunity.
- How token mix and value evolve across frontier models, multi-model routing such as Copilot Fusion and first-party MAI models.
- Sustaining ~50% operating margins through revenue growth, operational efficiency and disciplined operating expense, plus financing strategy including leases and potential debt market access.
Risks
- Customer demand continues to exceed available supply, and some third-party capacity deliveries expected in Q1 were delayed, with some 3P GPU-as-a-Service contracts delayed to H2.
- Commercial bookings decreased 12% (11% in constant currency) due to the impact from large Azure commitments in the prior year, and timing of significant Azure commitments may cause material volatility in bookings.
- Windows OEM revenue decreased 27% (28% in constant currency) on prior-year Windows 10 end-of-support demand, OEM and channel inventory drawdowns and weaker PC demand, with inventory levels remaining elevated.
FY2026 Q42026-07-29
Earnings calls
AI summary
positiveMicrosoft delivered strong fiscal 2026 results with revenue of $331 billion, up 18% year-over-year, and operating income growth of 21% to $155 billion. The quarter saw $90 billion in revenue, up 18%, with exceptional Azure growth of 43% and Microsoft Cloud revenue surpassing $214 billion, up 27% for the full year. The company expanded AI infrastructure capacity significantly, adding 31 new data centers and reducing GPU deployment times by 50%. Key drivers included strong adoption of Microsoft 365 Copilot with over 30 million paid seats (net adds more than doubling sequentially), GitHub Copilot reaching 50 million users with 60% revenue acceleration, and Foundry platform achieving 100,000 customers with revenue more than doubling. The company introduced new offerings including Agent 365 with nearly 40 million agents registered within two months, Project Perception for autonomous security, and extended useful lives of data centers from 15 to 25 years. Management expects FY2027 to deliver double-digit revenue and operating income growth despite headwinds from Windows OEM and Xbox. CapEx exceeded $50 billion in Q4 and is expected to continue growing in FY2027 given strong demand signal
Key takeaways
- Azure revenue grew 43% year-over-year with demand continuing to exceed available supply; efficiency gains and capacity delivery improvements drove acceleration above expectations
- M365 Copilot adoption accelerated dramatically with 30+ million paid seats and per-seat additions more than doubling sequentially, driven by new product innovations including Cowork and Autopilots that launched this quarter
- Microsoft's portfolio approach with multiple models (frontier and cost-efficient proprietary models) is delivering significant efficiency gains, including 89% GPU cost reduction in Dynamics 365 and 84% reduction in PowerPoint
- GitHub Copilot reached 50 million users with revenue accelerating over 60% quarter-over-quarter following June business model change to usage-based billing, with 1 in 3 pull requests now involving agents
- Company deployed extensive AI agent infrastructure with Foundry reaching 100,000 customers and Agent 365 registering 40 million agents in just two months, positioning for significant monetization expansion
Financial highlights
- Total company revenue of $331 billion for FY2026, up 18%, with operating income of $155 billion, up 21%, expanding operating margins to 45%
- Q4 revenue of $90 billion, up 18% and 17% in constant currency, with EPS of $4.74, up 23% when adjusted for OpenAI investment impact
- Microsoft Cloud revenue surpassed $214 billion for FY2026, up 27%, with Azure exceeding $100 billion, up 41%; cloud gross margin of 65% in Q4, down year-over-year due to Azure mix shift and AI infrastructure investments
- Commercial remaining performance obligation grew 84% to $678 billion, with 25% growth excluding OpenAI; roughly 30% will be recognized in next 12 months, up 37% year-over-year
Guidance
- FY2027 expects double-digit revenue and operating income growth with operating expense growth in mid- to high single digits; CapEx expected to grow year-over-year given demand signals; full year operating margins down less than 1 point
- Q1 FY2027 total company revenue expected between $89.85 billion and $90.95 billion, growth of 16-17%; Intelligent Cloud revenue of $40.95-41.25 billion, growth of 33-34%; Azure expected to grow approximately 45% in constant currency
- Windows OEM and Devices expected to decline in low 20s in FY2027 due to lower PC market demand, higher component costs, and elevated inventory; M365 Commercial products revenue expected to decline mid-single digits for full year due to prior-year timing of product launches
- Microsoft Cloud gross margin expected to remain relatively stable quarter-over-quarter in Q1; M365 Commercial cloud growth expected approximately 16% in constant currency on adjusted basis (15% reported basis)
Q&A themes
- Model diversification strategy: Enterprise customers need architectural separation of harness from models to maintain control of IP and create substitutable models; mixture of frontier, open-weight, and custom models drives cost efficiency while ensuring resilience and business continuity
- Capacity management amid supply-demand imbalance: Azure demand continues to exceed supply; efficiency improvements and process optimizations are being quickly monetized; Microsoft maintaining flexibility through short-lived asset focus (GPUs/CPUs) and diverse customer portfolio across geographies and segments
- Infrastructure efficiency and margin protection: Continued focus on efficiency gains across CPU and GPU fleets, process improvements for faster deployment, and silicon investments including Maia 200 (30% better performance per dollar) and custom silicon delivering 40% better performance per watt with proprietary models
- M365 Copilot transition from pilots to enterprise deployments: Product improvements (Chat, Cowork, Autopilots, Code in unified super app) driving faster time-to-usage (months to days), comparable usage intensity to Outlook/Teams, and expansion of TAM through per-seat plus consumption-based pricing models
Risks
- Capacity constraints persist despite expansion efforts; customer demand continues to exceed available supply, creating pricing pressure in spot markets and dependency on continuous efficiency improvements to meet demand
- Windows OEM and Xbox facing significant headwinds with expected declines in high teens to low 20s respectively in FY2027 due to lower PC market demand, higher component costs, and elevated inventory levels
- Potential for AI model overcapacity and pricing pressure if demand environment deteriorates; while short-lived assets provide flexibility to adjust CapEx spending, longer-term overbuilding of data centers and chips could impact margins if market conditions shift
FY2026 Q32026-04-29
Earnings calls
AI summary
positiveMicrosoft exceeded expectations across revenue ($82.9B, up 18%), operating income, and EPS, with Microsoft Cloud revenue reaching $54.5B (up 29%). AI business ARR surpassed $37B with 123% YoY growth, while Microsoft 365 Copilot paid seats more than doubled to over 20 million. The company is investing heavily in AI infrastructure capacity, expecting over $40B in Q4 CapEx and $190B for calendar 2026.
Key takeaways
- Microsoft Cloud revenue exceeded $54.5B with 29% growth; AI business ARR surpassed $37B growing 123% YoY
- Microsoft 365 Copilot paid seats reached 20+ million, up 250% YoY, with largest customer Accenture at 740,000 seats
- Azure and cloud services grew 40% in constant currency as customer demand continues to exceed available capacity
- Company transitioning business models from per-seat to per-seat-plus-consumption across productivity, coding, and security
- CapEx expected to exceed $40B in Q4 and reach $190B for calendar 2026 to meet AI infrastructure demand
Financial highlights
- Revenue $82.9B, up 18% (15% constant currency); gross margin 68% down YoY due to AI infrastructure investments
- Operating income up 20% (16% constant currency); operating margin 46%, up slightly YoY
- EPS $4.27, up 21% (18% constant currency when adjusted for OpenAI investment impact)
- Cash flow from operations $46.7B, up 26%; free cash flow $15.8B; returned $10.2B to shareholders
Guidance
- Q4 total revenue guidance $86.7B-$87.8B (13-15% growth); Azure expected to grow 39-40% in constant currency
- M365 Commercial Cloud expected to grow 15-16% in constant currency (13-14% reported basis); M365 Consumer Cloud low 20% range
- Microsoft Cloud gross margin percentage expected at 64%, down YoY from continued AI and GitHub Copilot investments
- FY27 expecting double-digit revenue and operating income growth; headcount to decline YoY; operating expense growth mid- to high single digits
Q&A themes
- Business model transition from per-seat to per-seat-plus-consumption pricing across productivity, coding, and security; bookings may not fully reflect usage-based value capture
- CapEx allocation balanced between Azure demand, first-party AI applications, and infrastructure efficiency; confidence in supply chain execution despite physical component constraints
- AI margins expected healthier than cloud transition cycle due to usage-based pricing models, first-party IP leverage, custom hardware efficiency gains, and operational improvements
- Copilot success driven by multiple form factors (chat, agents, Cowork delegation), multi-model support with context richness, and intensive daily usage comparable to Outlook; E7 combines predictable seat-based entitlements with consumption overages
Risks
- Capacity constraints expected to persist at least through 2026 requiring continued balancing of supply allocation across Azure, first-party apps, and infrastructure replacement
- Consumer business facing headwinds with Windows OEM expected to decline high teens in Q4 due to Windows 10 end-of-support comparables, inventory normalization, and PC market pricing pressure from memory costs
- Business model transition to consumption-based pricing introduces uncertainty in revenue timing and bookings patterns compared to historical per-seat models, with potential for weaker near-term bookings visibility
FY2026 Q22026-01-28
Earnings calls
AI summary
positiveMicrosoft delivered FY2026 Q2 revenue of $81.3 billion (up 17% in constant currency) with operating income growth of 21%, demonstrating strong execution despite heavy capital expenditures. Microsoft Cloud revenue reached $51.5 billion with 26% YoY growth, while Microsoft 365 Copilot seats grew 160% YoY to 15 million paid seats. The company invested $37.5 billion in capital expenditures, with approximately two-thirds allocated to short-lived AI assets (GPUs/CPUs), while balancing allocations across Azure, first-party AI products, and R&D.
Key takeaways
- Microsoft Cloud revenue exceeded $50 billion for first time, growing 26% YoY to $51.5 billion with gross margin of 67%
- Microsoft 365 Copilot achieved record 160% YoY seat growth to 15 million paid seats with 10x YoY increase in daily active users and 80% growth in $1M+ quarterly spending customers
- Azure revenue grew 39% in constant currency with strong demand exceeding supply across all workloads and customer segments
- GitHub Copilot Pro/Plus paid subscriptions increased 77% quarter-over-quarter to 4.7 million total subscribers (75% YoY growth)
- Fabric achieved $2 billion annual revenue run rate with 60% YoY growth and over 31,000 customers after two years of broad availability
Financial highlights
- Total revenue $81.3 billion, up 17% in constant currency; earnings per share $4.14, up 24% in constant currency (adjusted for OpenAI investment)
- Microsoft Cloud gross margin 67%, down YoY due to AI infrastructure investments partially offset by efficiency gains
- Operating margins 47%, ahead of expectations; company gross margin 68%, down slightly YoY
- Capital expenditures $37.5 billion with approximately two-thirds on short-lived GPU/CPU assets; cash paid for PP&E $29.9 billion; finance leases $6.7 billion
Guidance
- Q3 revenue guidance $80.65-$81.75 billion (15-17% growth); COGS $26.65-$26.85 billion (22-23% growth); operating expenses $17.8-$17.9 billion (10-11% growth)
- Microsoft Cloud gross margin percentage expected to be roughly 65% in Q3, down YoY due to continued AI investments
- Azure Q3 revenue growth expected 37-38% in constant currency; on-premises server revenue expected to decline low single digits
- Windows OEM revenue expected to decline approximately 10% in Q3 as Windows 10 end-of-support benefit normalizes
Q&A themes
- Capital expenditure ROI and capacity allocation: Management explained CapEx allocation prioritizes first-party AI products (Microsoft 365 Copilot, GitHub Copilot, Security Copilot), R&D/AI talent, and Azure growth; majority of GPU contracts already sold for entire useful life; fleet aging and software optimization maintain efficiency over hardware lifecycle
- RPO durability and OpenAI exposure: 45% of $625B commercial RPO from OpenAI; remaining $350B portfolio grew 28% YoY across segments, industries, and geographies; management emphasized strength and diversification of non-OpenAI customer base
- Capacity additions and infrastructure build-out: Added nearly 1 gigawatt in Q2 alone; Fairwater Atlanta/Wisconsin are multi-year delivery projects; company focused on global capacity additions to meet customer demand and increased usage across locations
- Silicon strategy and competitiveness: Maya 200 accelerator delivers 10+ TFLOPS at FP4 precision with 30%+ TCO improvement; company maintains partnerships with NVIDIA and AMD while pursuing vertical integration; strategy emphasizes fleet flexibility and TCO optimization across multiple hardware generations rather than lock-in to single supplier
Risks
- Heavy capital expenditure intensity with two-thirds of $37.5 billion quarterly CapEx in short-lived GPU/CPU assets creates execution risk on realizing expected returns; management must continuously balance allocation between Azure, first-party AI products, and R&D amid ongoing supply constraints
- Concentration risk with 45% of commercial RPO from single customer (OpenAI) despite strong diversification in remaining $350 billion portfolio; partnership durability and contract terms not fully disclosed
- Windows OEM market headwinds from elevated memory pricing and inventory normalization expected to drive low-teens revenue decline in Q3; broader PC market uncertainty from memory pricing impacts remains with wider-than-normal range of potential outcomes
FY2026 Q12025-10-29
Earnings calls
AI summary
positiveMicrosoft exceeded expectations across revenue ($77.7B, +18%), operating income (+24%), and EPS ($4.13, +23%), with Microsoft Cloud reaching $49.1B in revenue. Commercial remaining performance obligation surged 51% to nearly $400B with a stable 2-year weighted average duration. The company continues to scale AI infrastructure aggressively while investing in first-party AI applications and maintaining leadership across cloud, productivity, and gaming segments.
Key takeaways
- Microsoft Cloud revenue reached $49.1B (+26% YoY) with commercial RPO growing 51% to $392B; Azure revenue grew 40% with continued capacity constraints expected through end of FY2026
- M365 Copilot surpassed 150 million monthly active users with 50% quarter-over-quarter adoption growth; Microsoft 365 Copilot now used by 90%+ of Fortune 500 companies
- Commercial bookings increased 112%, significantly ahead of expectations, driven by Azure commitments including OpenAI's new agreement with incremental $250B Azure service commitments
- Capital expenditures reached $34.9B with roughly half deployed on short-lived assets (GPUs/CPUs); company expects FY2026 CapEx growth rate to exceed FY2025 due to accelerating AI demand
- Operating margins improved to 49% (up from 46% YoY) despite gross margin pressure from AI infrastructure investments, offset by efficiency gains in Azure and M365 Commercial
Financial highlights
- Total revenue: $77.7B (+18% YoY, +17% constant currency); Gross margin: 69% (down slightly YoY due to AI investments)
- Operating income: increased 24% YoY (+22% constant currency); Operating margin: 49%, ahead of expectations
- Microsoft Cloud revenue: $49.1B (+26% YoY, +25% constant currency) with gross margin of 68%
- Commercial bookings: +112% YoY (+111% constant currency); Commercial RPO: $392B (+51% YoY) with weighted average duration of 2 years
Guidance
- Q2 FY2026 total revenue guidance: $79.5B-$80.6B (+14% to +16% growth); Operating margin expected to be relatively flat YoY and down sequentially per historic seasonality
- Azure expected to grow ~37% in constant currency in Q2 with demand remaining significantly ahead of capacity; company expects capacity constraints to continue through end of FY2026
- FY2026 capital expenditure growth rate expected to be higher than FY2025; Microsoft Cloud gross margin expected to be ~66% in Q2, down YoY due to AI investments and Azure mix shift
- M365 Commercial Cloud revenue growth guidance: 13-14% constant currency; M365 Consumer Cloud guidance: mid-20s growth; Dynamics 365 guidance: mid- to high-teens growth
Q&A themes
- AGI risk mitigation: Satya emphasized that AI systems will remain in 'jagged intelligence' phase long-term, requiring organized agent systems (GitHub Agent HQ, M365 Copilot, security agents) rather than single powerful models; new OpenAI agreement provides clarity on IP and AGI definitions
- Capital efficiency and demand validation: Amy highlighted that short-lived asset investments (GPUs/CPUs) match contract durations and bookings, with depreciation aligned to revenue; demand signals accelerating across multiple products and customers (not concentrated in single user)
- Customer concentration management: Satya noted company's strategy to maintain fungible fleet serving 1P, 3P, and research workloads; company selectively declines demand that doesn't fit long-term business model or margin profile, even from large customers
- Azure capacity constraints: Company confirmed Azure is bearing most revenue impact from capacity shortages due to prioritization of M365 Copilot usage, security features, GitHub, first-party R&D, and end-of-life server replacements; exact revenue impact difficult to quantify but could be materially higher
Risks
- Azure capacity constraints expected to persist through end of FY2026, with company unable to quantify precise revenue impact but acknowledging it could be materially higher; risk of workload migration to competitors if constraints persist
- Large customer concentration risk from OpenAI's incremental $250B Azure commitment and other digital native contracts; company mitigates through fleet fungibility and portfolio balance, but macro AI demand variability could impact long-term utilization of long-lived assets
- Gross margin pressure from AI infrastructure investments and Azure mix shift expected to continue; Q2 Microsoft Cloud gross margin guidance of ~66% (down YoY) reflects ongoing capital intensity of scaling AI capabilities
FY2025 Q42025-07-30
Earnings calls
AI summary
positiveMicrosoft closed fiscal 2025 with exceptional results, achieving $281 billion in annual revenue (up 15%) and $128 billion in operating income (up 17%). Microsoft Cloud revenue surpassed $168 billion (up 23%), driven by Azure's 34% growth to over $75 billion as the company takes share in AI infrastructure. Strong momentum in Copilot adoption, with 100+ million monthly active users and accelerating customer migrations, particularly in data and AI workloads.
Key takeaways
- Azure surpassed $75 billion in annual revenue with 34% growth, leading the AI infrastructure market and achieving 400+ data centers across 70 regions with over 2 gigawatts of new capacity added in the past 12 months
- Microsoft 365 Copilot showing strong adoption with record seat additions in Q4, including major deployments at Barclays (100,000 employees), UBS (all employees), and 90% of Fortune 100 now using GitHub Copilot
- Commercial bookings exceeded $100 billion for the first time, up 37%, with commercial remaining performance obligation reaching $368 billion, up 37%
- Q4 revenue of $76.4 billion (up 18%), operating income up 23%, and earnings per share of $3.65 (up 24%), significantly exceeding expectations
- Microsoft Cloud gross margin of 68% reflecting infrastructure scaling costs partially offset by Azure efficiency gains
Financial highlights
- FY2025 total revenue: $281 billion, up 15% year-over-year; operating income: $128 billion, up 17%
- Q4 revenue: $76.4 billion (up 18%, 17% in constant currency); operating income up 23% (22% in constant currency); EPS: $3.65, up 24% (22% in constant currency)
- Microsoft Cloud revenue: $46.7 billion in Q4, up 27% (25% in constant currency); annual Microsoft Cloud revenue surpassed $168 billion, up 23%
- Commercial remaining performance obligation: $368 billion, up 37% (35% in constant currency); approximately 35% to be recognized within 12 months, up 21% year-over-year
Guidance
- FY2026: Double-digit revenue and operating income growth expected; operating margins relatively unchanged year-over-year; effective tax rate between 19-20%
- Q1 FY2026: Total revenue expected to grow with ~2 points FX benefit; Productivity and Business Processes revenue $32.2-32.5 billion (14-15% growth); Intelligent Cloud revenue $30.1-30.4 billion (25-26% growth); More Personal Computing revenue $12.4-12.9 billion
- Q1 Azure: Approximately 37% growth in constant currency; company expects to remain capacity-constrained through H1 FY2026; capital expenditures expected to exceed $30 billion in Q1
- FY2026 CapEx growth to moderate compared to FY2025 with greater mix of short-lived assets; H1 growth rates higher than H2 due to large finance lease sites delivery timing
Q&A themes
- AI workload sustainability and platform optimization: Large AI labs like OpenAI running on Azure provide valuable learning for platform optimization (Cosmos DB for chat state, context engineering); head apps driving platform development with subsequent broad diffusion to Tier 2 applications
- SaaS monetization in AI era: Multiple monetization models blending (per-user, tiered per-user, consumption-based); applications expanding from chat interfaces to autonomous agents (GitHub Copilot, M365 Copilot, Dynamics 365); data and context engineering becoming critical value drivers
- Azure migration acceleration: Three key drivers - on-premises migrations (SAP, VMware), cloud-native application scaling, and new AI workloads; customers coming for AI but staying for broader platform value; still in early-to-middle innings of migration opportunity
- CapEx strategy and software efficiency: Focus on delivering $368 billion contracted backlog rather than picking pivot points; software optimization (GPT4o example showing 90% more tokens for same GPU year-over-year) and S-curve compounding enabling efficiency gains even while scaling infrastructure
Risks
- Capacity constraints persisting through H1 FY2026 despite aggressive CapEx acceleration, indicating demand uncertainty and potential for execution challenges in infrastructure delivery
- Competitive risk from AI start-ups becoming infrastructure customers while potentially emerging as long-term competitors through in-sourcing or building their own platforms
- Azure gross margin compression from AI infrastructure scaling costs, with FY2026 Microsoft Cloud gross margin expected at ~67%, down year-over-year; operating margin guidance flat despite revenue growth indicates sustained investment requirements
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Microsoft top Nvidia's market cap for first time since June 2025
- Microsoft presses Trump to scuttle expected ban on Chinese data center technology
- Microsoft is winding down Oracle deal to rent AI cloud capacity, Bloomberg News reports
- Protesters enter Microsoft data centre site in Amsterdam
- Microsoft tightens oversight of neocloud data center projects, Bloomberg News reports
- Microsoft rejects multibillion-dollar AI deal with UK's Nscale, FT reports
- Microsoft expects to raise $25 billion in US bond sale, source says
- Microsoft Quarterly Profit Soars as Cloud Growth Accelerates
- Microsoft beats quarterly cloud revenue estimates
- Big Tech earnings a test of the AI boom amid market turmoil
Company data
Company intelligence
Updated: Nov 13, 2026, 03:10 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Infrastructure
- Chief executive
- Satya Nadella
- Employees
- 223,000
- IPO date
- Mar 13, 1986
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei9.46
Piotroski scorei6/9
Overall ratingiB+
Owner earningsi$28.27B$3.80 per share
ESG risk ratingiBIndustry rank: 8/31
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
FPT Recognized as Winner of 2026 Microsoft Malaysia Partner of the YearBusiness WireBDO Recognized by Microsoft for Helping Organizations Build the Governance Foundation of AIBusiness WireCohesity Expands Cyber Resilience and AI Data Capabilities for Microsoft EnvironmentsBusiness WireDuPont Announces Collaboration with Microsoft and NobleAI to Accelerate R&D Innovation with AIPRNewsWireBetterUp Announces Collaboration with Microsoft to Support Managers as They Lead High-Performing TeamsBusiness WireFPT Becomes the World's First Microsoft Partner to Earn Frontier Advanced SpecializationBusiness Wire
Congressional disclosures
Senate
Shelley Moore CapitoSale (Partial) · $1,001 - $15,000Disclosed: Nov 4, 2026Shelley Moore CapitoSale · $1,001 - $15,000Disclosed: Nov 5, 2026Sheldon WhitehouseSale (Partial) · $1,001 - $15,000Disclosed: Nov 2, 2026Sheldon WhitehouseSale · $1,001 - $15,000Disclosed: Nov 3, 2026Shelley Moore CapitoSale (Partial) · $15,001 - $50,000Disclosed: Aug 4, 2026
House
Pete SessionsSale · $250,001 - $500,000Disclosed: Oct 28, 2026Lisa McClainPurchase · $1,001 - $15,000Disclosed: Oct 12, 2026Lisa McClainPurchase · $1,001 - $15,000Disclosed: Oct 13, 2026Michael RulliSale · $1,001 - $15,000Disclosed: Oct 5, 2026Maria Elvira SalazarSale · $1,001 - $15,000Disclosed: Oct 8, 2026
Market cap history
$3.88T+5.2%Aug 2026 – Nov 2026
Latest: $3.88T · 2026-11-12High: $4.05T · 2026-11-09Low: $3.57T · 2026-08-17
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| 189400.KS | 3.77% | 37.8T |
| VTI | 5.19% | 235.7M |
| VOO | 5.78% | 195M |
| IVV | 6.1% | 99.8M |
| 1657.T | 4.66% | 99.8M |
| XAW.TO | 3.61% | 99.8M |
| XSP.TO | 6.21% | 99.8M |
| XUU.TO | 5.43% | 99.8M |
| XWD.TO | 4.4% | 99.8M |
| IHVV.AX | 6.26% | 99.8M |
| SPY | 6.1% | 91M |
| FXAIX | 5.77% | 90.8M |
Analyst track record
How the analysts covering MSFT have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 379 | 1,111 |
| Analysts | 67 | 87 |
| Buy / hold / sell | 360 / 19 / 0 | 1,065 / 44 / 2 |
| Upgrades / downgrades / initiations | 3 / 7 / 10 | 8 / 11 / 20 |
| Price targets hit / missed | 55 / 295 (16%) | 530 / 486 (52%) |
| Avg. return after a rating (TipRanks) | -11.2% | -1.4% |
| Best / worst call | +33.4% / -30.3% | +35.8% / -30.3% |
After buy calls on this stock: median 21-day move +1.8% vs S&P 500 -0.5% (n = 1,071)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Timothy HoranOppenheimer90% hit rate on this stock · 10 targets measuredBuytarget $625Oct 29, 2026
- Gregg MoskowitzMizuho Securities86% hit rate on this stock · 22 targets measuredBuytarget $625Oct 29, 2026
- Mark MoerdlerBernstein80% hit rate on this stock · 20 targets measuredBuytarget $722Nov 6, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 12, 2026 | Adam WoodMorgan StanleyNov 12, 2026 | BuyMaintained | $650↗ | article ↗ |
| Nov 11, 2026 | Tyler RadkeCitiNov 11, 2026 | BuyReiterated | $680↗ | article ↗ |
| Nov 11, 2026 | Billy FitzsimmonsPiper SandlerNov 11, 2026 | BuyMaintained | $650↗ | article ↗ |
| Nov 11, 2026 | Brad RebackStifel NicolausNov 11, 2026 | BuyMaintained | $650↗ | article ↗ |
| Nov 11, 2026 | Kirk MaterneEvercore ISINov 11, 2026 | BuyMaintained | $635↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 379 ratings
Frequently asked questions
Where can I trade MSFT perpetual futures?
Microsoft Corporation (MSFT) perpetual futures trade on 28 crypto venues, including Binance, Hyperliquid HIP-3, LBank. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade MSFT around the clock?
Yes. Unlike the underlying stock, MSFT perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on MSFT perpetuals?
Right now the MSFT perp funding rate is 0.0% annualized (venue median), ranging from -5.7% to +3.5% across 28 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the MSFT perp price compare to the Microsoft Corporation stock?
The venue-median MSFT perp mark is $525.2 versus a reference stock price of $525.2, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a MSFT perpetual future?
A MSFT perpetual is a derivative that tracks the price of Microsoft Corporation with no expiry date. It lets you take long or short exposure to Microsoft Corporation on crypto venues, around the clock.
What is MSFTUSDT perpetual?
MSFTUSDT is the symbol most crypto exchanges use for the Microsoft Corporation perpetual settled in USDT (Tether). It tracks the MSFT share price through an index, trades 24/7 with leverage and never expires.
Embed this asset
<a href="https://perpequities.com/stocks/msft-perp"><img src="https://perpequities.com/badge/msft-perp.svg" width="240" height="64" alt="MSFT perpetuals · perpequities.com" loading="lazy"></a>