This brief reports what Microsoft's 10-Q, filed 2025-10-29, 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 |
|---|---|---|
| Cash from operations | $10.9 billion | three months ended September 30, 2025 |
| Cash used in financing | $4.8 billion | three months ended September 30, 2025 |
| Cash used in investing | $19.4 billion | three months ended September 30, 2025 |
| Share repurchases | $4.0 billion | three months ended September 30, 2025 |
| Dividends | $6.8 billion | three months ended September 30, 2025 |
| Remaining share repurchase program authorization | $53.4 billion | September 30, 2025 |
| Unearned revenue | $26,848 million | December 31, 2025 |
| Foreign currency – Revenue | 12305 | September 30, 2025 |
| Foreign currency – Investments | 19 | September 30, 2025 |
| Interest rate | 1569 | September 30, 2025 |
| Credit | 523 | September 30, 2025 |
| Equity | 906 | September 30, 2025 |
| Foreign currency – Revenue | 12305 | September 30, 2025 |
| Foreign currency – Investments | 19 | September 30, 2025 |
| Interest rate | 1569 | September 30, 2025 |
| Credit | 523 | September 30, 2025 |
| Equity | 906 | September 30, 2025 |
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
Cash from operations increased $10.9 billion to $45.1 billion for the three months ended September 30, 2025
Cash used in financing decreased $4.8 billion to $11.8 billion for the three months ended September 30, 2025
Cash used in investing increased $19.4 billion to $34.6 billion for the three months ended September 30, 2025
For the three months ended September 30, 2025 and 2024, we repurchased 8 million shares and 7 million shares of our common stock for $4.0 billion and $2.8 billion, respectively
For the three months ended September 30, 2025 and 2024, our Board of Directors declared dividends totaling $6.8 billion and $6.2 billion, respectively
As of September 30, 2025, $53.4 billion remained of our $60 billion share repurchase program
The following table outlines the expected future recognition of unearned revenue as of September 30, 2025: (In millions) Three Months Ending December 31, 2025 $ 26,848
If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable.
Scope: from transaction-based to subscription or consumption-based.
competitive displacement / win-loss / platform consolidation
Foreign currency – Revenue 10% decrease in foreign exchange rates $ (12,305 )
Foreign currency – Investments 10% decrease in foreign exchange rates (19 )
Interest rate 100 basis point increase in U.S. treasury interest rates (1,569 )
Credit 100 basis point increase in credit spreads (523 )
Equity 10% decrease in equity market prices (906 )
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
We face intense competition across all markets for our products and services, which could adversely affect our results of operations.
Competition in the technology sectorOur competitors range in size from diversified global companies with significant research and development resources to small, specialized firms whose narrower product lines may let them be more effective in deploying technical, marketing, and financial resources.
Barriers to entry in many of our businesses are low and many of the areas in which we compete evolve rapidly with changing and disruptive technologies, shifting user needs, and frequent introductions of new products and services.
A competing vertically-integrated model, in which a single firm controls the hardware and software elements of a product and related services, has succeeded with some consumer products such as PCs, tablets, smartphones, gaming consoles, wearables, and other endpoint devices.
We derive substantial revenue from licenses of Windows operating systems on PCs.
We face significant competition from competing platforms developed for new devices and form factors such as smartphones and tablets.
Users continue to turn to these devices to perform functions that in the past were performed by PCs.
Competing with operating systems licensed at low or no cost may decrease our PC operating system margins.
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
Foreign currency – Revenue 10% decrease in foreign exchange rates $ (12,305 ) Earnings
Foreign currency – Investments 10% decrease in foreign exchange rates (19 ) Fair Value
Interest rate 100 basis point increase in U.S. treasury interest rates (1,569 ) Fair Value
Credit 100 basis point increase in credit spreads (523 ) Fair Value
Equity 10% decrease in equity market prices (906 ) Earnings
Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
cost action / restructuring / headcount
Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development.
Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel, and the costs of advertising, promotions, trade shows, seminars, and other programs.
General and administrative expenses include payroll, employee benefits, stock-based compensation expense, employee severance expense incurred as part of a corporate program, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees.
Verification ledger
- 36 statements proposed by the extractor
- 32 verified verbatim against the fetched filing (89%)
- 4 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.