Filing Flows › Microsoft (MSFT) › Q4 FY26 › vs Q4 FY25
Microsoft (MSFT) Q4 FY26 vs Q4 FY25 (year over year)
Microsoft's revenue rose $13.6B (+18%) from $76.4B in Q4 FY25 to $90.0B in Q4 FY26. Gross margin 67.2% against 68.6% (-1.4 pts).
Microsoft, Q4 FY26: revenue $90.0B (+18% year over year), operating margin 45.1%, net earnings $35.8B, operating cash flow $55.4B. The chart draws each line against Q4 FY25, the increases inside each band.
Margins
| Q4 FY26 | Q4 FY25 | Change | |
|---|---|---|---|
| Gross margin | 67.2% | 68.6% | -1.4 pts |
| Operating margin | 45.1% | 44.9% | +0.2 pts |
| Net margin | 39.7% | 35.6% | +4.1 pts |
| Free cash flow margin | 21.8% | 33.4% | -11.6 pts |
Every line
| Line | Q4 FY26 | Q4 FY25 | Change | % |
|---|---|---|---|---|
| Revenue | $90.0B | $76.4B | $13.6B | +18% |
| Gross profit | $60.5B | $52.4B | $8.1B | +15% |
| Cost of revenue | $29.5B | $24.0B | $5.5B | +23% |
| Other income, net | $3.4B | −$1.7B | $5.2B | — |
| Operating profit | $40.6B | $34.3B | $6.3B | +18% |
| Operating expenses | $19.9B | $18.1B | $1.8B | +10% |
| Pre-tax earnings | $44.0B | $32.6B | $11.4B | +35% |
| Research & development | $10.0B | $8.8B | $1.2B | +13% |
| Sales & marketing | $7.6B | $7.3B | $310M | +4% |
| General & admin | $2.3B | $2.0B | $297M | +15% |
| Net earnings | $35.8B | $27.2B | $8.5B | +31% |
| Income tax | $8.3B | $5.4B | $2.9B | +54% |
| Depreciation & amortization | $11.3B | $7.8B | $3.5B | +45% |
| Share-based compensation | $3.1B | $3.1B | $49.0M | +2% |
| Working capital & other | $5.3B | $4.5B | $712M | +16% |
| Operating cash flow | $55.4B | $42.6B | $12.8B | +30% |
| Free cash flow (OCF − capex) | $19.6B | $25.6B | −$5.9B | -23% |
| Capital expenditures | $35.8B | $17.1B | $18.7B | +110% |
Questions
How much did Microsoft's revenue grow year over year in Q4 FY26?
Microsoft's revenue rose $13.6B (+18%) from $76.4B in Q4 FY25 to $90.0B in Q4 FY26. Gross margin 67.2% against 68.6% (-1.4 pts).