This brief reports what Microsoft's 8-K earnings release, filed 2026-09-02, 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 |
|---|---|---|
| Azure revenue growth (y/y) | 40% | FY27 Q4 |
| Microsoft 365 commercial cloud revenue growth (y/y) | 18% | FY27 Q4 |
| Microsoft 365 commercial seat growth (y/y) | 7% | FY27 Q4 |
| Industry solutions cloud revenue growth (y/y) | 12% | FY27 Q4 |
| Search and advertising revenue (ex TAC) growth (y/y) | 14% | FY27 Q4 |
| Total Company Revenue | $89.85 to $90.95 billion | FY27 Q1 |
| Productivity and Business Processes Revenue | $36.7 to $37.0 billion | FY27 Q1 |
| Intelligent Cloud Revenue | $40.95 to $41.25 billion | FY27 Q1 |
| More Personal Computing Revenue | $12.2 to $12.7 billion | FY27 Q1 |
| Cost of revenue COGS | $29.6 to $29.8 billion | FY27 Q1 |
| Operating expenses | $16.8 to $16.9 billion | FY27 Q1 |
| Other income and expense | $(100) million | FY27 Q1 |
| Effective tax rate | 20% | FY27 Q1 |
| Capital expenditures | over $50 billion | FY27 |
| Agents and Infra Revenue | $75.15 to $75.75 billion | FY27 Q1 |
| Devices and Consumer Revenue | $14.7 to $15.2 billion | FY27 Q1 |
| Microsoft 365 Commercial cloud revenue | approximately 15% | FY27 Q1 |
| Microsoft 365 Commercial products revenue | mid-single digits | FY27 Q1 |
| Microsoft 365 Consumer cloud revenue | mid-teens | FY27 Q1 |
| LinkedIn revenue | high-single digits | FY27 Q1 |
| Dynamics 365 revenue | low-teens | FY27 Q1 |
| Azure and other cloud services revenue | approximately 45% | FY27 Q1 |
| Server products revenue | low- to mid-single digits | FY27 Q1 |
| Search advertising revenue (ex TAC) | mid-single digits | FY27 Q1 |
| XBOX revenue Content and services revenue | mid-single digits | FY27 Q1 |
| Windows OEM and Devices revenue | low-twenties | FY27 Q1 |
| Azure revenue | 4 | FY27 Q1 |
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
Azure revenue growth metric definition has been updated to reflect the move of GitHub cloud and other developer cloud services revenue, and the move of Security Copilot revenue to Microsoft 365 commercial cloud, as well as the move of Healthcare and Life Sciences cloud revenue to Industry solutions cloud
Microsoft 365 commercial cloud revenue growth metric definition has been updated to include revenue from GitHub cloud and other developer cloud services, as well as Security Copilot, which were previously reported in Azure
Microsoft 365 commercial seat growth metric definition has been updated to include paid GitHub seats
Industry solutions cloud revenue growth metric is created by combining revenue from Dynamics 365 together with revenue from LinkedIn Talent Solutions and Sales Solutions, which were previously reported in LinkedIn, as well as Healthcare and Life Sciences cloud which was previously reported in Azure
Search and advertising revenue (ex TAC) growth metric definition has been updated to include revenue from LinkedIn Marketing Solutions (ex TAC) and Premium Subscriptions which were previously reported in LinkedIn
Azure revenue growth: revenue from Azure, including cloud and AI consumption-based services and virtual desktop offerings
Microsoft 365 commercial cloud revenue growth: revenue from Microsoft 365 Commercial subscriptions (comprising Microsoft 365 Commercial, Enterprise Mobility + Security, the cloud portion of Windows Commercial, and other commercial services), Microsoft 365 Copilot, GitHub Cloud and other cloud-based developer services, and Security Copilot
Microsoft 365 commercial seat growth: the number of Microsoft 365 Commercial seats and GitHub Cloud seats at end of period where seats are paid users covered by a Microsoft 365 Commercial subscription or GitHub subscription
Microsoft 365 consumer cloud revenue growth: revenue from Microsoft 365 Consumer subscriptions and other consumer services
Industry solutions cloud revenue growth: revenue from Dynamics 365 (including a set of intelligent, cloud-based applications across ERP, CRM, Service, Power Apps, and Power Automate), LinkedIn Talent Solutions, LinkedIn Sales Solutions, and Healthcare and Life Sciences cloud
seat vs consumption / usage-based pricing mix shift
Microsoft 365 commercial cloud revenue growth metric definition has been updated to include revenue from GitHub cloud and other developer cloud services, as well as Security Copilot, which were previously reported in Azure
Microsoft 365 commercial seat growth metric definition has been updated to include paid GitHub seats
Industry solutions cloud revenue growth metric is created by combining revenue from Dynamics 365 together with revenue from LinkedIn Talent Solutions and Sales Solutions, which were previously reported in LinkedIn, as well as Healthcare and Life Sciences cloud which was previously reported in Azure
Search and advertising revenue (ex TAC) growth metric definition has been updated to include revenue from LinkedIn Marketing Solutions (ex TAC) and Premium Subscriptions which were previously reported in LinkedIn
Microsoft Cloud revenue and revenue growth: revenue from Azure, Microsoft 365 commercial cloud, and Industry solutions cloud
Azure revenue growth: revenue from Azure, including cloud and AI consumption-based services and virtual desktop offerings
Microsoft 365 commercial cloud revenue growth: revenue from Microsoft 365 Commercial subscriptions (comprising Microsoft 365 Commercial, Enterprise Mobility + Security, the cloud portion of Windows Commercial, and other commercial services), Microsoft 365 Copilot, GitHub Cloud and other cloud-based developer services, and Security Copilot
Microsoft 365 commercial seat growth: the number of Microsoft 365 Commercial seats and GitHub Cloud seats at end of period where seats are paid users covered by a Microsoft 365 Commercial subscription or GitHub subscription
Microsoft 365 consumer cloud revenue growth: revenue from Microsoft 365 Consumer subscriptions and other consumer services
Industry solutions cloud revenue growth: revenue from Dynamics 365 (including a set of intelligent, cloud-based applications across ERP, CRM, Service, Power Apps, and Power Automate), LinkedIn Talent Solutions, LinkedIn Sales Solutions, and Healthcare and Life Sciences cloud
Search and advertising revenue (ex TAC) growth: revenue from search advertising excluding traffic acquisition costs ("TAC") paid to Bing Ads network publishers and content partners, as well as revenue from LinkedIn Marketing Solutions (ex TAC) and LinkedIn Premium Subscriptions
XBOX content and services revenue growth: revenue from XBOX content and services, comprising first- and third-party content (including games and in-game content), XBOX Game Pass and other subscriptions, XBOX Cloud Gaming, advertising, and other cloud services
Windows OEM and devices revenue growth: revenue from sales of Windows Pro and non-Pro licenses sold through the OEM channel and sales of first-party devices (including Surface and PC accessories), and related Windows offerings beyond OEM licensing
Commercial bookings growth: for commercial products and cloud services, sum of revenue growth, plus change in balance of unearned revenue plus the change in contracted not billed balance
Commercial remaining performance obligation: commercial portion of revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods
AI product monetisation / attach
Microsoft 365 commercial seat growth: the number of Microsoft 365 Commercial seats and GitHub Cloud seats at end of period where seats are paid users covered by a Microsoft 365 Commercial subscription or GitHub subscription
Industry solutions cloud revenue growth: revenue from Dynamics 365 (including a set of intelligent, cloud-based applications across ERP, CRM, Service, Power Apps, and Power Automate), LinkedIn Talent Solutions, LinkedIn Sales Solutions, and Healthcare and Life Sciences cloud
Search and advertising revenue (ex TAC) growth: revenue from search advertising excluding traffic acquisition costs ("TAC") paid to Bing Ads network publishers and content partners, as well as revenue from LinkedIn Marketing Solutions (ex TAC) and LinkedIn Premium Subscriptions
Azure revenue growth: revenue from Azure, including cloud and AI consumption-based services and virtual desktop offerings
Microsoft 365 commercial cloud revenue growth: revenue from Microsoft 365 Commercial subscriptions (comprising Microsoft 365 Commercial, Enterprise Mobility + Security, the cloud portion of Windows Commercial, and other commercial services), Microsoft 365 Copilot, GitHub Cloud and other cloud-based developer services, and Security Copilot
Microsoft Cloud revenue and revenue growth: revenue from Azure, Microsoft 365 commercial cloud, and Industry solutions cloud
Commercial bookings growth: for commercial products and cloud services, sum of revenue growth, plus change in balance of unearned revenue plus the change in contracted not billed balance
Commercial remaining performance obligation: commercial portion of revenue allocated to remaining performance obligations, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods
Microsoft Cloud gross margin percentage: gross margin percentage for our Microsoft Cloud business
guidance raised/cut, outlook change
Azure revenue growth (y/y) 40% / 39% 39% / 38% 40% / 39% 42% 40%
Microsoft 365 commercial cloud revenue growth (y/y) 18% / 15% 17% / 15% 20% / 16% 16% / 15% 18% / 15%
Microsoft 365 commercial seat growth (y/y) 7% 7% 6% 7% 7%
Industry solutions cloud revenue growth (y/y) 11% / 9% 12% / 10% 14% / 10% 11% / 9% 12% / 10%
Search and advertising revenue (ex TAC) growth (y/y) 16% / 15% 13% / 12% 14% / 11% 13% / 12% 14% / 12%
Total Company Revenue of $89.85 to $90.95 billion
Productivity and Business Processes Revenue of $36.7 to $37.0 billion
Intelligent Cloud Revenue of $40.95 to $41.25 billion
More Personal Computing Revenue of $12.2 to $12.7 billion
Cost of revenue COGS of $29.6 to $29.8 billion
Operating expenses Expenses of $16.8 to $16.9 billion
Other income and expense Expected to be roughly $(100) million excluding any impact from our investments in OpenAI
Effective tax rate Approximately 20%
Capital expenditures Expected to be over $50 billion including the impact of the useful life update
Agents and Infra Revenue of $75.15 to $75.75 billion
Devices and Consumer Revenue of $14.7 to $15.2 billion
Microsoft 365 Commercial cloud revenue Growth of approximately 15% in constant currency
Microsoft 365 Commercial products revenue Growth in mid-single digits
Microsoft 365 Consumer cloud revenue Growth in the mid-teens
LinkedIn revenue Growth in high-single digits
Dynamics 365 revenue Growth in low-teens
Azure and other cloud services revenue Growth of approximately 45% in constant currency
Server products revenue Decline in low- to mid-single digits
Search advertising revenue (ex TAC) Growth in mid-single digits
XBOX revenue Content and services revenue expected to decline in mid-single digits
Windows OEM and Devices revenue Decline in low-twenties
Azure revenue Growth of 4
Verification ledger
- 63 statements proposed by the extractor
- 61 verified verbatim against the fetched filing (97%)
- 2 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.