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Microsoft (MSFT) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Jul 29, 2026
Microsoft (MSFT) reported revenue of $90.0B for the fourth quarter fiscal 2026 (Q4 FY26), +18% from a year earlier and +9% from the quarter before. Operating margin was 45.1%, net earnings $35.8B (39.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $90.0B | +9% | +18% |
| Gross profit | $60.5B | +8% | +15% |
| Operating profit | $40.6B | +6% | +18% |
| Net earnings | $35.8B | +13% | +31% |
| Operating cash flow | $55.4B | +19% | +30% |
| Free cash flow | $19.6B | +24% | -23% |
What changed
Revenue was $90.0B in Q4 FY26, up 18% year over year and up 9% from the previous quarter. Service Other was the largest line at 81% of revenue.
Gross margin was 67.2%, down 1.4 points from Q4 FY25. Operating profit was $40.6B, a 45.1% margin (up 0.2 points year over year). Of the extra revenue versus Q4 FY25, 46% reached operating profit, above the 45% margin then. Operating expenses grew 10% against revenue growth of 18%. The fastest-growing cost line was General & admin (+15%). Net earnings were $35.8B, up 31% year over year. The effective tax rate was 18.8%.
Operating cash flow was $55.4B (up 30% year over year), 155% of net earnings. Non-cash charges added back $11.3B of depreciation and amortization and $3.1B of share-based compensation. Working capital and other items added $5.3B. Capital expenditures of $35.8B left free cash flow of $19.6B.
Questions
What was Microsoft's revenue in the fourth quarter fiscal 2026?
Microsoft (MSFT) reported revenue of $90.0B for the fourth quarter fiscal 2026 (Q4 FY26), +18% from a year earlier and +9% from the quarter before.
Was Microsoft profitable in the fourth quarter fiscal 2026?
Operating profit was $40.6B (45.1% of revenue) and net earnings $35.8B.
Source: Microsoft 10-K on SEC EDGAR.