This brief reports what Microsoft's 10-Q, filed 2026-01-28, 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 | 26% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Commercial remaining performance obligation | 110% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Microsoft 365 Commercial cloud revenue | 17% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Microsoft 365 Consumer cloud revenue | 29% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| LinkedIn revenue | 11% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Dynamics 365 revenue | 19% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Azure and other cloud services revenue | 39% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Windows OEM and Devices revenue | 1% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Xbox content and services revenue | 5% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Search and news advertising revenue excluding traffic acquisition costs | 10% | second quarter of fiscal year 2026 compared with the second quarter of fiscal year 2025 |
| Cash from operations | $24.3 billion | six months ended December 31, 2025 |
| Cash used in financing | $1.6 billion | six months ended December 31, 2025 |
| Cash used in investing | $28.0 billion | six months ended December 31, 2025 |
| Common stock repurchases | $9.9 billion | six months ended December 31, 2025 |
| Common stock repurchases | $6.3 billion | six months ended December 31, 2024 |
| Remaining share repurchase program authorization | $47.4 billion | December 31, 2025 |
| Dividends declared | $13.5 billion | six months ended December 31, 2025 |
| Dividends declared | $12.3 billion | six months ended December 31, 2024 |
| Unearned revenue | $26,335 million | March 31, 2026 |
| Foreign currency – Revenue | 12434 | December 31, 2025 |
| Foreign currency – Investments | 7 | December 31, 2025 |
| Interest rate | 1462 | December 31, 2025 |
| Credit | 495 | December 31, 2025 |
| Equity | 1847 | December 31, 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
Microsoft Cloud revenue increased 26% to $51.5 billion.
Commercial remaining performance obligation increased 110% to $625 billion.
Microsoft 365 Commercial cloud revenue increased 17%.
Microsoft 365 Consumer cloud revenue increased 29%.
LinkedIn revenue increased 11%.
Dynamics 365 revenue increased 19%.
Azure and other cloud services revenue increased 39%.
Windows OEM and Devices revenue increased 1%.
Xbox content and services revenue decreased 5%.
Search and news advertising revenue excluding traffic acquisition costs increased 10%.
seat vs consumption / usage-based pricing mix shift
Cash from operations increased $24.3 billion to $80.8 billion for the six months ended December 31, 2025
Cash used in financing increased $1.6 billion to $29.4 billion for the six months ended December 31, 2025
Cash used in investing increased $28.0 billion to $57.3 billion for the six months ended December 31, 2025
For the six months ended December 31, 2025 and 2024, we repurchased 20 million shares and 15 million shares of our common stock for $9.9 billion and $6.3 billion, respectively
For the six months ended December 31, 2025 and 2024, we repurchased 20 million shares and 15 million shares of our common stock for $9.9 billion and $6.3 billion, respectively
As of December 31, 2025, $47.4 billion remained of our $60 billion share repurchase program
For the six months ended December 31, 2025 and 2024, our Board of Directors declared dividends totaling $13.5 billion and $12.3 billion, respectively
For the six months ended December 31, 2025 and 2024, our Board of Directors declared dividends totaling $13.5 billion and $12.3 billion, respectively
The following table outlines the expected future recognition of unearned revenue as of December 31, 2025: (In millions) Three Months Ending March 31, 2026 $ 26,335
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.
competitive displacement / win-loss / platform consolidation
Foreign currency – Revenue 10% decrease in foreign exchange rates $ (12,434 ) Earnings
Foreign currency – Investments 10% decrease in foreign exchange rates (7 ) Fair Value
Interest rate 100 basis point increase in U.S. treasury interest rates (1,462 ) Fair Value
Credit 100 basis point increase in credit spreads (495 ) Fair Value
Equity 10% decrease in equity market prices (1,847 ) Earnings
There were no changes in our internal control over financial reporting during the quarter ended December 31, 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
The filing names this beat, but no statement in it verified as a verbatim quote, so none is reported here.
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
- 41 statements proposed by the extractor
- 37 verified verbatim against the fetched filing (90%)
- 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.