Intelligent Cloud — Operating Expenses
Business Segments · Operating ExpensesMicrosoft Intelligent Cloud — Operating Expenses increased by 5.3% to $5.47B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 3.4%, from $5.29B to $5.47B. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementSegment
CategoryEfficiency
SignalLower is better
VolatilityStable
First reportedQ1 2023
Last reportedQ4 2025
Rolls up toTotal Operating Expenses
How to read this metric
An increase may signal aggressive investment in AI innovation or global sales expansion, while a decrease relative to revenue suggests improved operational efficiency and higher segment margins.
Detailed definition
This metric represents the total operating expenses incurred by Microsoft's Intelligent Cloud segment, encompassing rese...
Peer comparison
Similar to the operating expenses associated with Amazon Web Services (AWS) or Google Cloud's non-direct operational overhead.
Metric ID:
msft_segment_intelligent_cloud_operating_expensesHistorical Data
8 periods
| Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q3 '24 | Q4 '24 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|
| Value | $5.11B | $5.11B | $5.11B | $5.11B | $4.98B | $5.29B | $5.19B | $5.47B |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | -2.6% | +6.3% | -1.8% | +5.3% |
| YoY Change | — | — | — | — | -2.6% | +3.6% | +4.4% | +3.4% |
Range$4.98B – $5.47B
CAGR+4.0%
Avg YoY Growth+2.2%
Median YoY Growth+3.5%
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Frequently Asked Questions
- What is Microsoft's intelligent cloud — operating expenses?
- Microsoft (MSFT) reported intelligent cloud — operating expenses of $5.47B in Q4 2025.
- How has Microsoft's intelligent cloud — operating expenses changed year-over-year?
- Microsoft's intelligent cloud — operating expenses increased by 3.4% year-over-year, from $5.29B to $5.47B.
- What does intelligent cloud — operating expenses mean?
- The total cost of running, developing, and selling Microsoft's cloud and server products, excluding the direct costs of providing the services themselves.