This brief reports what Microsoft's 8-K earnings release, 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 |
|---|---|---|
| Revenue | 17% | the quarter ended December 31, 2025 |
| Operating income | 21% | the quarter ended December 31, 2025 |
| Net income (GAAP) | 60% | the quarter ended December 31, 2025 |
| Net income (non-GAAP) | 23% | the quarter ended December 31, 2025 |
| Diluted earnings per share (GAAP) | 60% | the quarter ended December 31, 2025 |
| Diluted earnings per share (non-GAAP) | 24% | the quarter ended December 31, 2025 |
| Microsoft Cloud revenue | 26% | the quarter ended December 31, 2025 |
| Commercial remaining performance obligation | 110% | the quarter ended December 31, 2025 |
| Revenue in Productivity and Business Processes | 16% | the quarter ended December 31, 2025 |
| Microsoft 365 Commercial cloud revenue | 17% | the quarter ended December 31, 2025 |
| Microsoft 365 Consumer cloud revenue | 29% | the quarter ended December 31, 2025 |
| LinkedIn revenue | 11% | the quarter ended December 31, 2025 |
| Dynamics 365 revenue | 19% | the quarter ended December 31, 2025 |
| Revenue in Intelligent Cloud | 29% | the quarter ended December 31, 2025 |
| Azure and other cloud services revenue | 39% | the quarter ended December 31, 2025 |
| Revenue in More Personal Computing | 3% | the quarter ended December 31, 2025 |
| Windows OEM and Devices revenue | 1% | the quarter ended December 31, 2025 |
| Xbox content and services revenue | 5% | the quarter ended December 31, 2025 |
| Search and news advertising revenue excluding traffic acquisition costs | 10% | the quarter ended December 31, 2025 |
| Shareholder returns (dividends and share repurchases) | 32% | the second quarter of fiscal year 2026 |
| Net income (GAAP) percentage change | 60% | the quarter ended December 31, 2025 |
| Net income percentage change (constant currency) | 57% | the quarter ended December 31, 2025 |
| Net income (non-GAAP) percentage change | 23% | the quarter ended December 31, 2025 |
| Net income (non-GAAP) percentage change (constant currency) | 21% | the quarter ended December 31, 2025 |
| Microsoft Cloud revenue | $51.5 billion | — |
| Commercial remaining performance obligation | $625 billion | — |
| Revenue in Productivity and Business Processes | $34.1 billion | — |
| Microsoft 365 Commercial cloud revenue | 17% | — |
| Microsoft 365 Consumer cloud revenue | 29% | — |
| LinkedIn revenue | 11% | — |
| Dynamics 365 revenue | 19% | — |
| Revenue in Intelligent Cloud | $32.9 billion | — |
| Azure and other cloud services revenue | 39% | — |
| Revenue in More Personal Computing | $14.3 billion | — |
| Windows OEM and Devices revenue | 1% | — |
| Xbox content and services revenue | 5% | — |
| Search and news advertising revenue excluding traffic acquisition costs | 10% | — |
| Microsoft | $12.7 billion | second quarter of fiscal year 2026 |
| Microsoft shareholder returns | 32% | second quarter of fiscal year 2026 |
| Net Income (2024 GAAP) | $24,108 | 2024 |
| Diluted Earnings per Share (2024 GAAP) | $3.23 | 2024 |
| Net Income (2024 non-GAAP) | $25,047 | 2024 |
| Diluted Earnings per Share (2024 non-GAAP) | $3.35 | 2024 |
| Net Income (2025 GAAP) | $38,458 | 2025 |
| Diluted Earnings per Share (2025 GAAP) | $5.16 | 2025 |
| Net Income (2025 non-GAAP) | $30,875 | 2025 |
| Diluted Earnings per Share (2025 non-GAAP) | $4.14 | 2025 |
| Net Income (Y/Y change) | 60% | — |
| Diluted Earnings per Share (Y/Y change) | 60% | — |
| Net Income (Y/Y change constant currency) | 57% | — |
| Diluted Earnings per Share (Y/Y change constant currency) | 58% | — |
| Net Income (Y/Y change non-GAAP) | 23% | — |
| Diluted Earnings per Share (Y/Y change non-GAAP) | 24% | — |
| Net Income (Y/Y change non-GAAP constant currency) | 21% | — |
| Diluted Earnings per Share (Y/Y change non-GAAP constant currency) | 21% | — |
| Net income impact from OpenAI investments (2026) | $7.6 billion | second quarter of fiscal year 2026 |
| Diluted earnings per share impact from OpenAI investments (2026) | $1.02 | second quarter of fiscal year 2026 |
| Net income impact from OpenAI investments (2025) | $939 million | second quarter of fiscal year 2025 |
| Diluted earnings per share impact from OpenAI investments (2025) | $0.12 | second 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 $81.3 billion and increased 17% (up 15% in constant currency)
Operating income was $38.3 billion and increased 21% (up 19% in constant currency)
Net income on a GAAP basis was $38.5 billion and increased 60%, and on a non-GAAP basis was $30.9 billion and increased 23% (up 21% in constant currency)
Net income on a GAAP basis was $38.5 billion and increased 60%, and on a non-GAAP basis was $30.9 billion and increased 23% (up 21% in constant currency)
Diluted earnings per share on a GAAP basis was $5.16 and increased 60%, and on a non-GAAP basis was $4.14 and increased 24% (up 21% in constant currency)
Diluted earnings per share on a GAAP basis was $5.16 and increased 60%, and on a non-GAAP basis was $4.14 and increased 24% (up 21% in constant currency)
Microsoft Cloud revenue was $51.5 billion and increased 26% (up 24% in constant currency)
commercial remaining performance obligation increased 110% to $625 billion
Revenue in Productivity and Business Processes was $34.1 billion and increased 16% (up 14% in constant currency)
Microsoft 365 Commercial cloud revenue increased 17% (up 14% in constant currency)
Microsoft 365 Consumer cloud revenue increased 29% (up 27% in constant currency)
LinkedIn revenue increased 11% (up 10% in constant currency)
Dynamics 365 revenue increased 19% (up 17% in constant currency)
Revenue in Intelligent Cloud was $32.9 billion and increased 29% (up 28% in constant currency)
Azure and other cloud services revenue increased 39% (up 38% in constant currency)
Revenue in More Personal Computing was $14.3 billion and decreased 3%
Windows OEM and Devices revenue increased 1% (relatively unchanged in constant currency)
Xbox content and services revenue decreased 5% (down 6% in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)
Microsoft returned $12.7 billion to shareholders in the form of dividends and share repurchases in the second quarter of fiscal year 2026, an increase of 32% compared to the second quarter of fiscal year 2025.
Percentage Change Y/Y (GAAP) 60% 60%
Percentage Change Y/Y Constant Currency 57% 58%
Percentage Change Y/Y (non-GAAP) 23% 24%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
competitive displacement / win-loss / platform consolidation
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
Microsoft Cloud revenue was $51.5 billion and increased 26% (up 24% in constant currency), and commercial remaining performance obligation increased 110% to $625 billion.
Microsoft Cloud revenue was $51.5 billion and increased 26% (up 24% in constant currency), and commercial remaining performance obligation increased 110% to $625 billion.
Revenue in Productivity and Business Processes was $34.1 billion and increased 16% (up 14% in constant currency), with the following business highlights:
Microsoft 365 Commercial cloud revenue increased 17% (up 14% in constant currency)
Microsoft 365 Consumer cloud revenue increased 29% (up 27% in constant currency)
LinkedIn revenue increased 11% (up 10% in constant currency)
Dynamics 365 revenue increased 19% (up 17% in constant currency)
Revenue in Intelligent Cloud was $32.9 billion and increased 29% (up 28% in constant currency), with the following business highlights:
Azure and other cloud services revenue increased 39% (up 38% in constant currency)
Revenue in More Personal Computing was $14.3 billion and decreased 3%, with the following business highlights:
Windows OEM and Devices revenue increased 1% (relatively unchanged in constant currency)
Xbox content and services revenue decreased 5% (down 6% in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 10% (up 9% in constant currency)
Microsoft returned $12.7 billion to shareholders in the form of dividends and share repurchases in the second quarter of fiscal year 2026, an increase of 32% compared to the second quarter of fiscal year 2025.
Microsoft returned $12.7 billion to shareholders in the form of dividends and share repurchases in the second quarter of fiscal year 2026, an increase of 32% compared to the second quarter of fiscal year 2025.
Net Income DilutedEarningsper Share 2024 As Reported (GAAP) $24,108 $3.23
Net Income DilutedEarningsper Share 2024 As Reported (GAAP) $24,108 $3.23
2024 As Adjusted (non-GAAP) $25,047 $3.35
2024 As Adjusted (non-GAAP) $25,047 $3.35
2025 As Reported (GAAP) $38,458 $5.16
2025 As Reported (GAAP) $38,458 $5.16
2025 As Adjusted (non-GAAP) $30,875 $4.14
2025 As Adjusted (non-GAAP) $30,875 $4.14
Percentage Change Y/Y (GAAP) 60% 60%
Percentage Change Y/Y (GAAP) 60% 60%
Percentage Change Y/Y Constant Currency 57% 58%
Percentage Change Y/Y Constant Currency 57% 58%
Percentage Change Y/Y (non-GAAP) 23% 24%
Percentage Change Y/Y (non-GAAP) 23% 24%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
Percentage Change Y/Y (non-GAAP) Constant Currency 21% 21%
In the second quarter of fiscal year 2026, net income and diluted earnings per share were impacted by net gains from investments in OpenAI, which resulted in an increase in net income and diluted earnings per share of $7.6 billion and $1.02, respectively.
In the second quarter of fiscal year 2026, net income and diluted earnings per share were impacted by net gains from investments in OpenAI, which resulted in an increase in net income and diluted earnings per share of $7.6 billion and $1.02, respectively.
In the second quarter of fiscal year 2025, net income and diluted earnings per share were impacted by net losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $939 million and $0.12, respectively.
In the second quarter of fiscal year 2025, net income and diluted earnings per share were impacted by net losses from investments in OpenAI, which resulted in a decrease in net income and diluted earnings per share of $939 million and $0.12, respectively.
Verification ledger
- 59 statements proposed by the extractor
- 59 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.