This brief reports what Microsoft's 8-K earnings release, 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 |
|---|---|---|
| Revenue | 18% | quarter ended September 30, 2025 |
| Operating income | 24% | quarter ended September 30, 2025 |
| Net income (GAAP) | 12% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 13% | quarter ended September 30, 2025 |
| Microsoft Cloud revenue | 26% | quarter ended September 30, 2025 |
| Commercial remaining performance obligation | 51% | quarter ended September 30, 2025 |
| Revenue in Productivity and Business Processes | 17% | quarter ended September 30, 2025 |
| Microsoft 365 Commercial cloud revenue | 17% | quarter ended September 30, 2025 |
| Microsoft 365 Consumer cloud revenue | 26% | quarter ended September 30, 2025 |
| LinkedIn revenue | 10% | quarter ended September 30, 2025 |
| Dynamics 365 revenue | 18% | quarter ended September 30, 2025 |
| Revenue in Intelligent Cloud | 28% | quarter ended September 30, 2025 |
| Azure and other cloud services revenue | 40% | quarter ended September 30, 2025 |
| Revenue in More Personal Computing | 4% | quarter ended September 30, 2025 |
| Windows OEM and Devices revenue | 6% | quarter ended September 30, 2025 |
| Xbox content and services revenue | 1% | quarter ended September 30, 2025 |
| Search and news advertising revenue excluding traffic acquisition costs | 16% | quarter ended September 30, 2025 |
| Net income (GAAP) | 12% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 13% | quarter ended September 30, 2025 |
| Net income (GAAP) | 11% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 11% | quarter ended September 30, 2025 |
| Net income (non-GAAP) | 22% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) | 23% | quarter ended September 30, 2025 |
| Net income (non-GAAP) | 21% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) | 21% | quarter ended September 30, 2025 |
| Revenue | 18% | quarter ended September 30, 2025 |
| Operating income | 24% | quarter ended September 30, 2025 |
| Net income (GAAP) | 12% | quarter ended September 30, 2025 |
| Net income (non-GAAP) | 22% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 13% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) | 23% | quarter ended September 30, 2025 |
| Microsoft Cloud revenue | 26% | quarter ended September 30, 2025 |
| Commercial remaining performance obligation | 51% | quarter ended September 30, 2025 |
| Revenue in Productivity and Business Processes | 17% | quarter ended September 30, 2025 |
| Microsoft 365 Commercial cloud revenue | 17% | quarter ended September 30, 2025 |
| Revenue in Intelligent Cloud | 28% | quarter ended September 30, 2025 |
| Azure and other cloud services revenue | 40% | quarter ended September 30, 2025 |
| Revenue in More Personal Computing | 4% | quarter ended September 30, 2025 |
| Windows OEM and Devices revenue | 6% | quarter ended September 30, 2025 |
| Net income (GAAP) | 12% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 13% | quarter ended September 30, 2025 |
| Net income (GAAP) | 11% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 11% | quarter ended September 30, 2025 |
| Net income (non-GAAP) | 22% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) | 23% | quarter ended September 30, 2025 |
| Net income (non-GAAP) | 21% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) | 21% | quarter ended September 30, 2025 |
| Revenue | 18% | quarter ended September 30, 2025 |
| Operating income | 24% | quarter ended September 30, 2025 |
| Net income (GAAP) | 12% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) | 13% | quarter ended September 30, 2025 |
| Microsoft Cloud revenue | 26% | quarter ended September 30, 2025 |
| Commercial remaining performance obligation | 51% | quarter ended September 30, 2025 |
| Revenue in Productivity and Business Processes | 17% | quarter ended September 30, 2025 |
| Microsoft 365 Commercial cloud revenue | 17% | quarter ended September 30, 2025 |
| Microsoft 365 Consumer cloud revenue | 26% | quarter ended September 30, 2025 |
| LinkedIn revenue | 10% | quarter ended September 30, 2025 |
| Dynamics 365 revenue | 18% | quarter ended September 30, 2025 |
| Revenue in Intelligent Cloud | 28% | quarter ended September 30, 2025 |
| Azure and other cloud services revenue | 40% | quarter ended September 30, 2025 |
| Revenue in More Personal Computing | 4% | quarter ended September 30, 2025 |
| Windows OEM and Devices revenue | 6% | quarter ended September 30, 2025 |
| Xbox content and services revenue | 1% | quarter ended September 30, 2025 |
| Search and news advertising revenue excluding traffic acquisition costs | 16% | quarter ended September 30, 2025 |
| Microsoft shareholder returns | $10.7 billion | first quarter of fiscal year 2026 |
| Net income (GAAP) growth | 12% | quarter ended September 30, 2025 |
| Diluted earnings per share (GAAP) growth | 13% | quarter ended September 30, 2025 |
| Net income growth (constant currency) | 11% | quarter ended September 30, 2025 |
| Diluted earnings per share growth (constant currency) | 11% | quarter ended September 30, 2025 |
| Net income (non-GAAP) growth | 22% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) growth | 23% | quarter ended September 30, 2025 |
| Net income (non-GAAP) growth (constant currency) | 21% | quarter ended September 30, 2025 |
| Diluted earnings per share (non-GAAP) growth (constant currency) | 21% | quarter ended September 30, 2025 |
| Microsoft's net income and diluted earnings per share | 3,086 | 2025 |
| Microsoft's net income and diluted earnings per share | 12% | 2025 vs 2024 |
| Microsoft's net income and diluted earnings per share | 11% | 2025 vs 2024 |
| Microsoft's net income and diluted earnings per share | 22% | 2025 vs 2024 |
| Microsoft's net income and diluted earnings per share | 21% | 2025 vs 2024 |
| Microsoft Cloud revenue | 26% | 2025 vs 2024 |
| Microsoft Cloud revenue | 25% | 2025 vs 2024 |
| Commercial remaining performance obligation | 51% | 2025 vs 2024 |
| Revenue in Productivity and Business Processes | 17% | 2025 vs 2024 |
| Revenue in Productivity and Business Processes | 14% | 2025 vs 2024 |
| Microsoft 365 Commercial cloud revenue | 17% | 2025 vs 2024 |
| Microsoft 365 Commercial cloud revenue | 15% | 2025 vs 2024 |
| Microsoft 365 Consumer cloud revenue | 26% | 2025 vs 2024 |
| Microsoft 365 Consumer cloud revenue | 25% | 2025 vs 2024 |
| LinkedIn revenue | 10% | 2025 vs 2024 |
| LinkedIn revenue | 9% | 2025 vs 2024 |
| Dynamics 365 revenue | 18% | 2025 vs 2024 |
| Dynamics 365 revenue | 16% | 2025 vs 2024 |
| Revenue in Intelligent Cloud | 28% | 2025 vs 2024 |
| Revenue in Intelligent Cloud | 27% | 2025 vs 2024 |
| Azure and other cloud services revenue | 40% | 2025 vs 2024 |
| Azure and other cloud services revenue | 39% | 2025 vs 2024 |
| Revenue in More Personal Computing | 4% | 2025 vs 2024 |
| Windows OEM and Devices revenue | 6% | 2025 vs 2024 |
| Xbox content and services revenue | 1% | 2025 vs 2024 |
| Search and news advertising revenue excluding traffic acquisition costs | 16% | 2025 vs 2024 |
| Search and news advertising revenue excluding traffic acquisition costs | 15% | 2025 vs 2024 |
| Microsoft | $10.7 billion | first quarter of fiscal year 2026 |
| Net income and diluted earnings per share | 3.1 billion | first quarter of fiscal year 2026 |
| Net income and diluted earnings per share | 0.41 | first quarter of fiscal year 2026 |
| Net income and diluted earnings per share | 523 million | first quarter of fiscal year 2025 |
| Net income and diluted earnings per share | 0.07 | first quarter of fiscal year 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
Revenue was $77.7 billion and increased 18% (up 17% in constant currency)
Operating income was $38.0 billion and increased 24% (up 22% in constant currency)
Net income, on a GAAP basis, was $27.7 billion and increased 12%
Diluted earnings per share, on a GAAP basis, was $3.72 and increased 13%
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency)
commercial remaining performance obligation increased 51% to $392 billion
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency)
Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Microsoft 365 Consumer cloud revenue increased 26% (up 25% in constant currency)
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics 365 revenue increased 18% (up 16% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency)
Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Revenue in More Personal Computing was $13.8 billion and increased 4%
Windows OEM and Devices revenue increased 6%
Xbox content and services revenue increased 1% (relatively unchanged in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 16% (up 15% in constant currency)
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
competitive displacement / win-loss / platform consolidation
Revenue was $77.7 billion and increased 18% (up 17% in constant currency)
Operating income was $38.0 billion and increased 24% (up 22% in constant currency)
Net income, on a GAAP basis, was $27.7 billion and increased 12%, and on a non-GAAP basis was $30.8 billion and increased 22% (up 21% in constant currency)
Net income, on a GAAP basis, was $27.7 billion and increased 12%, and on a non-GAAP basis was $30.8 billion and increased 22% (up 21% in constant currency)
Diluted earnings per share, on a GAAP basis, was $3.72 and increased 13%, and on a non-GAAP basis was $4.13 and increased 23% (up 21% in constant currency)
Diluted earnings per share, on a GAAP basis, was $3.72 and increased 13%, and on a non-GAAP basis was $4.13 and increased 23% (up 21% in constant currency)
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency), and commercial remaining performance obligation increased 51% to $392 billion.
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency), and commercial remaining performance obligation increased 51% to $392 billion.
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency), with the following business highlights:•Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency), with the following business highlights:•Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency), with the following business highlights:•Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency), with the following business highlights:•Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Revenue in More Personal Computing was $13.8 billion and increased 4%, with the following business highlights:•Windows OEM and Devices revenue increased 6%
Revenue in More Personal Computing was $13.8 billion and increased 4%, with the following business highlights:•Windows OEM and Devices revenue increased 6%
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
AI product monetisation / attach
Revenue was $77.7 billion and increased 18% (up 17% in constant currency)
Operating income was $38.0 billion and increased 24% (up 22% in constant currency)
Net income, on a GAAP basis, was $27.7 billion and increased 12%
Diluted earnings per share, on a GAAP basis, was $3.72 and increased 13%
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency)
commercial remaining performance obligation increased 51% to $392 billion
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency)
Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Microsoft 365 Consumer cloud revenue increased 26% (up 25% in constant currency)
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics 365 revenue increased 18% (up 16% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency)
Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Revenue in More Personal Computing was $13.8 billion and increased 4%
Windows OEM and Devices revenue increased 6%
Xbox content and services revenue increased 1% (relatively unchanged in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 16% (up 15% in constant currency)
Microsoft returned $10.7 billion to shareholders in the form of dividends and share repurchases in the first quarter of fiscal year 2026.
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
guidance raised/cut, outlook change
Net Income DilutedEarningsper Share 2024 As Reported (GAAP) $24,667 $3.30 Impact from investments in OpenAI 523 0.07 2024 As Adjusted (non-GAAP) $25,190 $3.37 2025 As Reported (GAAP) $27,747 $3.72 Impact from investments in OpenAI 3,086 0.41 2025 As Adjusted (non-GAAP) $30,833 $4.13
Percentage Change Y/Y (GAAP) 12% 13%
Percentage Change Y/Y Constant Currency 11% 11%
Percentage Change Y/Y (non-GAAP) 22% 23%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
Scope: non-GAAP Constant Currency.
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency)
Microsoft Cloud revenue was $49.1 billion and increased 26% (up 25% in constant currency)
commercial remaining performance obligation increased 51% to $392 billion
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency)
Revenue in Productivity and Business Processes was $33.0 billion and increased 17% (up 14% in constant currency)
Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Microsoft 365 Commercial cloud revenue increased 17% (up 15% in constant currency)
Microsoft 365 Consumer cloud revenue increased 26% (up 25% in constant currency)
Microsoft 365 Consumer cloud revenue increased 26% (up 25% in constant currency)
LinkedIn revenue increased 10% (up 9% in constant currency)
LinkedIn revenue increased 10% (up 9% in constant currency)
Dynamics 365 revenue increased 18% (up 16% in constant currency)
Dynamics 365 revenue increased 18% (up 16% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency)
Revenue in Intelligent Cloud was $30.9 billion and increased 28% (up 27% in constant currency)
Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Azure and other cloud services revenue increased 40% (up 39% in constant currency)
Revenue in More Personal Computing was $13.8 billion and increased 4%
Windows OEM and Devices revenue increased 6%
Xbox content and services revenue increased 1% (relatively unchanged in constant currency)
Xbox content and services revenue increased 1% (relatively unchanged in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 16% (up 15% in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 16% (up 15% in constant currency)
Microsoft returned $10.7 billion to shareholders in the form of dividends and share repurchases in the first quarter of fiscal year 2026.
In the first quarter of fiscal year 2026, net income and diluted earnings per share were impacted by losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $3.1 billion and $0.41, respectively.
In the first quarter of fiscal year 2026, net income and diluted earnings per share were impacted by losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $3.1 billion and $0.41, respectively.
In the first quarter of fiscal year 2025, net income and diluted earnings per share were impacted by losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $523 million and $0.07, respectively.
In the first quarter of fiscal year 2025, net income and diluted earnings per share were impacted by losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $523 million and $0.07, respectively.
Verification ledger
- 115 statements proposed by the extractor
- 106 verified verbatim against the fetched filing (92%)
- 9 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.