Supply
← 실적 발표
01
02
03
04 05 06
톤
AI
자본지출
A1 A2 A3 A4 A5 A6
MSFT
FY2026 Q2
개선
Microsoft Corporation 실적 발표
Buzzberg 분석
Demand still exceeds Microsoft’s AI supply
Microsoft reported a strong Q2 FY26, with revenue up 17% and Azure growth accelerating to 39% as AI demand outstrips supply. The company guided for Azure growth to remain in the high-30% range in the next quarter and raised its full-year operating margin outlook, despite a slightly lower Microsoft Cloud gross margin guidance. Quarterly revenue was $81.3B (+17% YoY), EPS was $4.14 (+24% YoY).
Buzzberg 분석 Demand still exceeds Microsoft’s AI supply Microsoft reported a strong Q2 FY26, with revenue up 17% and Azure growth accelerating to 39% as AI demand outstrips supply. The company guided for Azure growth to remain in the high-30% range in the next quarter and raised its full-year operating margin outlook, despite a slightly lower Microsoft Cloud gross margin guidance. Quarterly revenue was $81.3B (+17% YoY), EPS was $4.14 (+24% YoY). 전체 분석 보기분석 접기
Microsoft reported a strong Q2 FY26, with revenue up 17% and Azure growth accelerating to 39% as AI demand outstrips supply. The company guided for Azure growth to remain in the high-30% range in the next quarter and raised its full-year operating margin outlook, despite a slightly lower Microsoft Cloud gross margin guidance. Quarterly revenue was $81.3B (+17% YoY), EPS was $4.14 (+24% YoY).
- Azure growth was 39%, driven by AI demand which continues to exceed supply.
- Total commercial RPO is $625B, with 45% coming from a single customer (OpenAI).
- Capex was $37.5B, but management raised FY26 operating margin outlook to 'up slightly'.
AZURE 매출 성장률39%보고값
매출$81.273B보고값
주당순이익(EPS)$4.14보고값
매출총이익률68.04%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Azure
Azure growth would top 40% if all new GPUs went to Azure
Capex/ROI
GPU capacity largely sold for its entire useful life
핵심 내용 3개 더 보기
OpenAI
OpenAI accounts for 45% of commercial RPO balance
Copilot
Microsoft 365 Copilot reaches 15 million paid seats
Agents
Over 80% of Fortune 500 use low-code agent tools
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| AZURE 매출 성장률 | 39% | 보고값 |
| 매출 | $81.273B | 보고값 |
| 주당순이익(EPS) | $4.14 | 보고값 |
| 매출총이익률 | 68.04% | 보고값 |
| 영업이익률 | 47.09% | 보고값 |
| 잉여현금흐름 | $5.882B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 매출총이익률CLOUD | FY2026 Q3 | 65% | 65% | 제시 |
| 매출AZURE | FY2026 Q3 | 37%–38% | 37.5% | 제시 |
| 매출 | FY2026 Q3 | $80.65B–$81.75B | $81.2B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Executives repeatedly emphasized record demand, multi-year contracted capacity, and accelerating AI adoption, while framing supply constraints as a pacing issue rather than a demand problem.
경영진의 AI 분석
Management framed AI as still in the early innings of diffusion, noting Microsoft has already built an AI business larger than some franchises that took decades. They highlighted broad adoption across Copilot, Foundry, Fabric, and GitHub, and positioned agents as the next app platform, with over 80% of the Fortune 500 already using low-code/no-code agent tools.
투자 및 생산능력
Capex remains heavy at $37.5 billion in Q2, with roughly one gigawatt of capacity added in the quarter and demand still exceeding supply. Management guided Q3 capex down sequentially due to build-out variability, while stressing that much GPU capacity is already contracted for its useful life and flagging memory prices as a future cost factor.
아래에 언급된 기업 9개 모두 표시
기업발표 이후 수익률
파트너
ANTHROPIC
파트너
Amy Hood
Anthropic is another major Azure customer, contributing to the record bookings and long-duration contracts.
근거
“well as the previously announced Anthropic commitment from November”
파트너
Satya Nadella
PayPal is one of several payment partners enabling Microsoft's e-commerce push in the consumer Copilot app.
근거
“with Copilot Checkout, we are partnered with PayPal, Shopify, and Stripe so customers can make purchases directly within the app.”
MISTRAL
파트너
Satya Nadella
Mistral is benefiting from growing demand for sovereign AI models, gaining traction on Microsoft's Azure Foundry platform.
근거
“We are seeing increasing demand for region-specific models, including Mistral and Cohere, as more customers look for sovereign AI choices.”
DATABRICKS
파트너
Satya Nadella
Databricks is an early partner integrating with Microsoft's new Agent 365 control plane, indicating a cooperative relationship in the agent ecosystem.
근거
“And partners like Adobe, Databricks, GenSpark, Glean, NVIDIA, SAP, ServiceNow, and Workday are already integrating Agent 365.”
공급업체
공급업체
Satya Nadella
AMD is a key silicon supplier alongside NVIDIA, benefiting from Microsoft's multi-vendor strategy for its data-center fleet.
근거
“At the silicon layer, we have NVIDIA and AMD and our own Maya chips delivering the best all-up fleet performance”
공급망
공급망
Satya Nadella
Microsoft added nearly one gigawatt of capacity in a single quarter, signaling the pace of build-out is accelerating. — This is a massive supply-side signal, implying heavy infrastructure investment and higher demand for memory, storage, and networking components.
근거
“All up, we added nearly one gigawatt of total capacity this quarter alone.”
외부 신호
공급망 알파 · 6발표 이후 수익률
Microsoft's 'AI business' is now larger than some of its biggest franchises that took decades to build.
근거
“even in these early innings, we have built an AI business that is larger than some of our biggest franchises”
Microsoft added nearly one gigawatt of capacity in a single quarter, signaling the pace of build-out is accelerating.
Microsoft's first-party Maya 200 chip delivers >30% TCO improvement vs prior gen and is being scaled.
Microsoft's commercial bookings grew 230%, driven entirely by two huge deals (OpenAI, Anthropic).
The 6-year depreciation for servers versus a 2.5-year average RPO duration represents a mismatch but is derisked by multi-year GPU contracts.
High memory prices are a new risk to the PC market recovery, impacting Windows OEM revenue.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 9개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.