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Microsoft MSFT Intelligent Cloud — Deferred Revenue

Other segment segments

Productivity And Business Processes
$39.9B+16.5%
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$2.88B-3.7%

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Other financials

Income statement

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Revenue$82.9B+18.3%
Gross profit$56.1B+16.4%
Operating income$38.4B+20.0%
Net income$31.8B+23.1%
EPS (diluted)$4.27+23.4%

Balance sheet

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Cash & equivalents$32.1B+11.4%
Total debt$125.43B+19.4%
Total equity$414.37B+28.7%
Total assets$694.23B+23.4%

Cash flow

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Operating cash flow$46.7B+26.0%
CapEx$30.9B+84.4%
Free cash flow$15.8B-22.1%

Valuation

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Market cap$2.98T-20.4%
Enterprise value$3.07T-19.6%
P/E23.8×-12.9×
P/S9.4×-3.9×

Profitability

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Gross margin68.3%-0.8pp
Operating margin46.8%+1.6pp
Net margin39.3%+3.6pp
FCF margin22.9%-2.8pp

Returns & leverage

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Return on equity34%+0.4pp
Debt / equity0.3×0.0×
Current ratio1.3×-0.1×

Where this comes from

Reported directly by Microsoft in its filing.

Tagged under the XBRL concept us-gaap:ContractWithCustomerLiability.

The official record: Microsoft’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Microsoft's intelligent cloud — deferred revenue?
Microsoft (MSFT) reported intelligent cloud — deferred revenue of $10.89B in Q1 2026.
How has Microsoft's intelligent cloud — deferred revenue changed year-over-year?
Microsoft's intelligent cloud — deferred revenue increased by 6.4% year-over-year, from $10.24B to $10.89B.
What is the long-term trend for Microsoft's intelligent cloud — deferred revenue?
Over 3 years (2022 to 2025), Microsoft's intelligent cloud — deferred revenue has grown at a -9.6% compound annual growth rate (CAGR), from $64.56B to $47.64B.
What does intelligent cloud — deferred revenue mean?
This metric represents the deferred revenue or unearned income specifically associated with Microsoft's Intelligent Cloud segment, which includes Azure, Windows Server, and SQL Server. It reflects payments received from customers in advance of the company fulfilling its performance obligations under cloud service contracts or software licensing agreements. As services are delivered over time, this liability is recognized as revenue on the income statement.