Microsoft Q4 Fiscal 2026 Revenue Seen at $87.4 Billion, Azure Growth Steady at 39-40%

Earnings
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Summary · why it matters

Microsoft is set to report fourth-quarter fiscal 2026 results on July 29, with total company revenues expected between $86.7 billion and $87.8 billion, representing growth of 13% to 15%. The Zacks Consensus Estimate for revenues is $87.42 billion, indicating 14.36% year-over-year growth, while the consensus earnings estimate has edged down 0.2% over the past 30 days to $4.21 per share, suggesting 15.34% growth. Azure constant-currency growth is guided at 39% to 40%, similar to the prior quarter, though management reiterated that capacity constraints will persist through 2026. Capital expenditures are expected to exceed $40 billion for the quarter, part of a roughly $190 billion calendar-2026 total, which is expected to compress operating margin to roughly 44% from 46.3% in the prior quarter. The More Personal Computing segment faces headwinds, with the consensus estimate pointing to a 10.5% year-over-year revenue decline to $12.03 billion, as worldwide PC shipments fell 4.9% in the second quarter of 2026, the first decline after nine consecutive quarters of growth.

Impact on stocks 3

Artificial Intelligence▼ · 2 stocks
Microsoft Corporation
MSFT
± MixedCapitalrelevance

Revenue and earnings estimates are mixed; Azure growth steady but capex compresses margins.

Dell Technologies Inc
DELL
▼ NegativeDemandrelevance

PC shipments fell 4.9% in Q2 2026, indicating weak demand for Dell's products.

Information Technology▼ · 1 stocks
HP Inc
HPQ
▼ NegativeDemandrelevance

PC shipments fell 4.9% in Q2 2026, indicating weak demand for HP's products.

Theme Impact 9

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