This brief reports what Microsoft's 10-K, filed 2026-07-29, states, and nothing else. Every item below is a sentence the filing contains, quoted exactly and verified character-for-character against the document fetched from EDGAR. No inference is drawn and no claim is made about what any figure means.
The figures
| Metric | Value | Period |
|---|---|---|
| Microsoft Cloud revenue | $214.4 billion | fiscal years 2026 |
| Microsoft Cloud revenue | $168.9 billion | fiscal years 2025 |
| Microsoft Cloud revenue | $137.7 billion | fiscal years 2024 |
Every figure above is quoted from the filing; the sentence it was read from appears under its beat below.
The evidence, by beat
ARR / NRR / NDR growth or dilution
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
seat vs consumption / usage-based pricing mix shift
Azure revenue is mainly affected by infrastructure-as-a-service and platform-as-a-service consumption-based services.
Azure is a comprehensive set of cloud services that offer developers, IT professionals, and enterprises freedom to build, deploy, and manage applications on any platform or device.
Azure AI offerings provide a competitive advantage as companies seek ways to optimize and scale their business with AI.
We offer supercomputing power for AI at scale to run large workloads, complemented by our rapidly expanding portfolio of AI cloud services (including the latest models) and hardware, which includes custom-built silicon and strong partnerships with chip manufacturers.
Azure AI Foundry is a unified platform for developers to design, customize, and manage AI applications and agents.
Server products revenue is mainly affected by purchases through volume licensing programs, licenses sold to OEMs, and retail packaged products.
CALs provide access rights to certain server products, including SQL Server and Windows Server, and revenue is reported along with the associated server product.
GitHub includes both cloud and on-premises offerings.
Health and Life Sciences cloud services provides AI solutions to the healthcare industry.
Azure faces diverse competition from cloud service providers and open-source offerings.
Our AI offerings compete with AI products from hyperscalers, as well as products from other emerging competitors and other open-source offerings, many of which are also current or potential partners.
Our Azure Security offerings include our cloud security solution and our security information and event management solution, which compete with providers in the cybersecurity and cloud security space.
competitive displacement / win-loss / platform consolidation
Azure faces diverse competition from cloud service providers and open-source offerings.
Azure’s competitive advantage includes enabling a hybrid cloud, allowing deployment of existing datacenters with our public cloud into a single, cohesive infrastructure, and the ability to run at a scale that meets the needs of businesses of all sizes and complexities.
Our AI offerings compete with AI products from hyperscalers, as well as products from other emerging competitors and other open-source offerings, many of which are also current or potential partners.
Our Azure Security offerings include our cloud security solution and our security information and event management solution, which compete with providers in the cybersecurity and cloud security space.
We believe our cloud’s global scale, coupled with our broad portfolio of identity and security solutions, allows us to effectively solve complex cybersecurity challenges for our customers and differentiates us from the competition.
Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches.
Vertically integrated computer manufacturers offer their own versions of the Unix operating system preinstalled on server hardware and nearly all computer manufacturers offer server hardware for the Linux operating system.
We compete to provide enterprise-wide computing and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity, security, hosting, database, and e-business servers.
Our database, business intelligence, and data warehousing solutions offerings compete with products from providers in the data and analytics industry.
Our system management solutions compete with server management and server virtualization platform providers.
Our products for software developers compete against offerings from major technology providers, as well as open-source alternatives.
We believe our server products provide customers with advantages in performance, total costs of ownership, and productivity by delivering superior applications, development tools, compatibility with a broad base of hardware and software applications, security, and manageability.
Our Enterprise and partner services business competes with a wide range of companies that provide strategy and business planning, application development, and infrastructure services, including multinational consulting firms and small niche businesses focused on specific technologies.
AI product monetisation / attach
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
guidance raised/cut, outlook change
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
cost action / restructuring / headcount
Operating expenses that are allocated primarily include those relating to our investments in AI infrastructure and training, as well as marketing of products and services, from which multiple segments benefit and are generally allocated based on relative gross margin.
In addition, certain costs are incurred at a corporate level and allocated to our segments. These allocated costs generally include legal, including settlements and fines, information technology, human resources, finance, excise taxes, field selling, shared facilities services, customer service and support, and severance incurred as part of a corporate program.
Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated and is generally based on relative gross margin or relative headcount.
Our Microsoft Cloud revenue, which includes Microsoft 365 Commercial cloud, Azure and other cloud services, the commercial portion of LinkedIn, and Dynamics 365, was $214.4 billion, $168.9 billion, and $137.7 billion in fiscal years 2026, 2025, and 2024, respectively.
Our Microsoft Cloud revenue, which includes Microsoft 365 Commercial cloud, Azure and other cloud services, the commercial portion of LinkedIn, and Dynamics 365, was $214.4 billion, $168.9 billion, and $137.7 billion in fiscal years 2026, 2025, and 2024, respectively.
Our Microsoft Cloud revenue, which includes Microsoft 365 Commercial cloud, Azure and other cloud services, the commercial portion of LinkedIn, and Dynamics 365, was $214.4 billion, $168.9 billion, and $137.7 billion in fiscal years 2026, 2025, and 2024, respectively.
Verification ledger
- 31 statements proposed by the extractor
- 31 verified verbatim against the fetched filing (100%)
- 0 discarded — not quotable character-for-character
The verbatim check contains no model: the extractor proposes a statement, and a deterministic substring match against the fetched text decides whether it is admissible. A proposal that does not verify is dropped.
This brief publishes no inference and no synthesis. The publication's inference layer must clear a measured second-lab confirmation threshold before it may appear; it has not, so it is absent by rule rather than by omission.