→Intelligent Cloud is $34.7B a quarter — 42% of the company, and the engine of the AI story.
→Office (M365) remains the quiet giant: $27.9B a quarter — more than LinkedIn and Gaming combined ($10.2B).
$331.8B+18% YoYFY 2026
◌ dashed bar = Q4 derived from FY − Q1 − Q2 − Q3 (the SEC never receives a Q4 filing)
→$331.8B in the last fiscal year.
$133.7B+31% YoYFY 2026
◌ dashed bar = Q4 derived from FY − Q1 − Q2 − Q3 (the SEC never receives a Q4 filing)
→$133.7B last fiscal year.
$67.0B−6% YoYFY 2026
→$67.0B of free cash flow last year.
→40¢ of every sales dollar survives all the way to the bottom line.
→20% FCF margin last year.
→-0.2% last year.