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MSFT
FY2026 Q2
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Отчётный звонок Microsoft Corporation
Вывод Buzzberg
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).
Вывод Buzzberg 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). Читать полный анализСвернуть анализ
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 Рост выручки39%Факт
Выручка$81.273BФакт
EPS$4.14Факт
Валовая маржа68.04%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Azure
Azure growth would top 40% if all new GPUs went to Azure
Capex/ROI
GPU capacity largely sold for its entire useful life
Показать ещё 3 тезиса
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
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| AZURE Рост выручки | 39% | Факт |
| Выручка | $81.273B | Факт |
| EPS | $4.14 | Факт |
| Валовая маржа | 68.04% | Факт |
| Операционная маржа | 47.09% | Факт |
| Свободный денежный поток | $5.882B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Валовая маржаCLOUD | FY2026 Q3 | 65% | 65% | Обозначен |
| ВыручкаAZURE | FY2026 Q3 | 37%–38% | 37.5% | Обозначен |
| Выручка | FY2026 Q3 | $80.65B–$81.75B | $81.2B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
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.
Оценка AI от менеджмента
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.
Инвестиции и мощности
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.
все упомянутые компании ниже: 9
Компаниис момента звонка
Партнёры
ANTHROPIC
Партнёры
Amy Hood
Anthropic is another major Azure customer, contributing to the record bookings and long-duration contracts.
Доказательства
“well as the previously announced Anthropic commitment from November”
Партнёры
Satya Nadella
PayPal is one of several payment partners enabling Microsoft's e-commerce push in the consumer Copilot app.
Доказательства
“with Copilot Checkout, we are partnered with PayPal, Shopify, and Stripe so customers can make purchases directly within the app.”
MISTRAL
Партнёры
Satya Nadella
Mistral is benefiting from growing demand for sovereign AI models, gaining traction on Microsoft's Azure Foundry platform.
Доказательства
“We are seeing increasing demand for region-specific models, including Mistral and Cohere, as more customers look for sovereign AI choices.”
DATABRICKS
Партнёры
Satya Nadella
Databricks is an early partner integrating with Microsoft's new Agent 365 control plane, indicating a cooperative relationship in the agent ecosystem.
Доказательства
“And partners like Adobe, Databricks, GenSpark, Glean, NVIDIA, SAP, ServiceNow, and Workday are already integrating Agent 365.”
Поставщики
Поставщики
Satya Nadella
AMD is a key silicon supplier alongside NVIDIA, benefiting from Microsoft's multi-vendor strategy for its data-center fleet.
Доказательства
“At the silicon layer, we have NVIDIA and AMD and our own Maya chips delivering the best all-up fleet performance”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“All up, we added nearly one gigawatt of total capacity this quarter alone.”
Внешние сигналы
Альфа цепочки поставок · 6с момента звонка
Microsoft's 'AI business' is now larger than some of its biggest franchises that took decades to build.
Доказательства
“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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 9. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.