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Microsoft MSFT Q2 2026 earnings

Reported January 28, 2026 · After market close

Revenue$81.3BBeat by $964.3M
EPS$4.14Beat by $0.24
Revenue estimate$80.3B
EPS estimate$3.90

Next report

Oct 28, 2026 (In 3 weeks)
Revenue estimate$90.6B
EPS estimate$4.71

Financials

Q2 2026

Income statement

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Revenue$81.3B+16.7%
Gross profit$55.3B+15.6%
Operating income$38.3B+20.9%
Net income$38.5B+59.5%
EPS (diluted)$5.16+59.8%

Balance sheet

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Cash & equivalents$24.3B+39.0%
Total debt$123.28B+19.8%
Total equity$390.88B+29.1%
Total assets$665.30B+24.6%

Cash flow

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Operating cash flow$35.8B+60.4%
CapEx$29.9B+89.0%
Free cash flow$5.9B-9.3%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$3.59T+14.7%
Enterprise value$3.69T+14.7%
P/E30.1×-3.6×
P/S11.8×-0.2×

Profitability

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Gross margin68.6%-0.8pp
Operating margin46.7%+1.7pp
Net margin39%+3.6pp
FCF margin25.3%-1.4pp

Returns & leverage

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Return on equity34.4%+0.1pp
Debt / equity0.3×0.0×
Current ratio1.4×0.0×

Segments

By product

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Server Products And Cloud Services$30.9B+30.6%
Microsoft 365 Commercial Products And Cloud Services$24.5B+16.1%
Gaming$6.0B-9.5%
Linked In Corporation$5.1B+10.8%
Windows And Devices$4.5B-0.7%

By segment

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Productivity And Business Processes$34.1B+15.9%
Intelligent Cloud$32.9B+28.8%
More Personal Computing$14.3B-2.7%

FAQ

When did Microsoft report Q2 2026 earnings?
Microsoft (MSFT) reported Q2 2026 earnings on January 28, 2026 after market close.
What were Microsoft's Q2 2026 revenue and EPS?
Microsoft reported revenue of $81.3B and eps of $4.14 for Q2 2026.
Did Microsoft beat estimates in Q2 2026?
Revenue beat the consensus estimate of $80.3B by $964.3M. EPS beat the consensus estimate of $3.90 by $0.24.
How did Microsoft's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 16.7% from $69.6B a year earlier and eps grew 28.2% from $3.23.
Where can I find Microsoft's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001193125-26-027198) and the 10-Q periodic report (0001193125-26-027207) directly on SEC EDGAR. The filing index links above go to sec.gov.