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Microsoft MSFT Intelligent Cloud — Operating Income

Other segment segments

Productivity And Business Processes
$20.97B+20.7%
More Personal Computing
$3.67B+4.1%

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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$2.62T-26.1%
Enterprise value$2.71T-25.1%
P/E20.9×-15.8×
P/S8.2×-4.9×

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:OperatingIncomeLoss.

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 — operating income?
Microsoft (MSFT) reported intelligent cloud — operating income of $13.75B in Q1 2026.
How has Microsoft's intelligent cloud — operating income changed year-over-year?
Microsoft's intelligent cloud — operating income increased by 24.0% year-over-year, from $11.1B to $13.75B.
What is the long-term trend for Microsoft's intelligent cloud — operating income?
Over 4 years (2021 to 2025), Microsoft's intelligent cloud — operating income has grown at a 13.9% compound annual growth rate (CAGR), from $26.47B to $44.59B.
What does intelligent cloud — operating income mean?
This metric represents the operating profit or loss generated by Microsoft's Intelligent Cloud segment, calculated as segment revenue minus direct costs of goods sold and operating expenses. It encompasses the profitability of public, private, and hybrid server products and cloud services, most notably Azure, SQL Server, Windows Server, and enterprise services. This figure serves as a primary indicator of the segment's ability to scale its infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) offerings while managing the high capital and operational costs associated with global data centers.