Microsoft (MSFT) is scheduled to report fiscal 2027 first-quarter results after the market closes on Wednesday, October 28, 2026; its earnings webcast is set for 2:30 p.m. Pacific Time. There is no reliable basis here for predicting whether the shares will rise or fall. The reaction will depend on how results and management’s outlook compare with expectations already reflected in the stock price—especially for Azure, AI capacity, margins, and spending.
When does Microsoft report earnings?
Microsoft announced on October 7 that it will release FY2027 Q1 results after market close on Wednesday, October 28, 2026. The company’s earnings-call webcast is scheduled for 2:30 p.m. Pacific Time. See Microsoft’s investor-relations release and webcast information for the event details and, when available, the company’s actual results and guidance.
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Why the stock reaction is hard to predict
A company can report year-over-year growth and still see its stock fall if investors expected more; it can also rise on results that beat a low bar or on stronger forward guidance. The relevant comparison is not simply whether revenue or earnings increased, but whether the report and outlook exceed or disappoint against the expectations built into MSFT’s price before the announcement.
Current analyst consensus and options-implied expectations are not established by the available evidence, so there is no defensible consensus figure, expected move, or price target to cite. Any precise estimate should be tied to a dated, attributed source and kept distinct from Microsoft’s own guidance.
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The latest results provide context, not a forecast
Microsoft’s latest completed quarter in the available company materials is FY2026 Q3, ended March 31, 2026. The company reported $82.886 billion in revenue and diluted earnings per share of $4.27. These are historical figures, not FY2027 Q1 estimates. Microsoft’s release identifies the earnings measure and its basis; compare GAAP figures with GAAP and any adjusted non-GAAP figures only with clearly labeled adjusted measures.
| FY2026 Q3 measure | Reported result | Comparison basis |
|---|---|---|
| Revenue | $82.886 billion | Microsoft-reported FY2026 Q3 result |
| Diluted EPS | $4.27 | Microsoft-reported FY2026 Q3 result |
| Microsoft Cloud revenue | $54.5 billion; up 29% | 29% year over year; 25% in constant currency |
| Azure and other cloud services revenue growth | 40% | Year over year; 39% in constant currency |
| Productivity and Business Processes revenue | $35.0 billion; up 17% | Year over year; 13% in constant currency |
| Intelligent Cloud revenue | $34.7 billion; up 30% | Year over year; 28% in constant currency |
| More Personal Computing revenue | $13.2 billion; down 1% | Year over year; down 3% in constant currency |
| Commercial remaining performance obligation | $627 billion; up 99% | Year over year |
| AI business annual revenue run rate | More than $37 billion; up 123% | Year over year |
These company-reported FY2026 Q3 figures and growth comparisons are from Microsoft’s FY2026 Q3 results. Constant-currency comparisons remove foreign-exchange effects to help assess underlying performance; they are not a substitute for the reported figures. Microsoft’s FY2026 Q4 materials also caution that non-GAAP measures do not replace or take precedence over GAAP results. Check the upcoming release for the basis of each figure and any discrete items before comparing performance.
What could move MSFT after the report?
Azure and cloud growth versus the market’s bar
Azure and other cloud services revenue grew 40% year over year in FY2026 Q3 (39% in constant currency). Investors will look at the next growth rate and management’s comments about demand, capacity, and the trajectory ahead. That historical growth rate alone does not determine the stock’s response; it matters how the result compares with expectations and guidance.
Whether AI demand turns into delivered business
Microsoft said demand for AI and cloud infrastructure exceeded available capacity. That makes the amount of capacity brought online, its utilization, and the revenue and profit generated from it important points to watch. Strong demand is not by itself proof that growth will translate into returns at the pace investors expect.
Margins and infrastructure spending
The company said ongoing AI investment reduced Microsoft Cloud gross-margin percentage year over year in FY2026 Q3, partly offset by efficiency gains. A report showing faster revenue growth may still disappoint if the cost of delivering that growth rises faster than revenue or profit. Read cloud and operating-margin trends alongside capital intensity, rather than treating growth as the only measure of performance.
Forward guidance and comparable segments
Management’s outlook can matter as much as the quarter just completed: investors will assess whether its revenue and growth expectations strengthen or weaken the outlook implied by the current share price. FY2027 also brings a reporting change. Microsoft will report two segments—Agents and Infra, and Devices and Consumer—instead of the previous three, and has disclosed historical figures aligned to the new structure. Use the recast data for year-over-year comparisons, not the old segment groupings; see Microsoft’s FY2027 segment reporting information.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to assess the report when it arrives
- Start with the comparison point. Use a dated analyst-consensus source available immediately before the announcement, if you have one, and distinguish it from Microsoft’s own guidance.
- Compare revenue and EPS on like-for-like bases. Keep GAAP results separate from adjusted non-GAAP figures, and check the company’s reconciliation for unusual or investment-related items.
- Check cloud growth against capacity and profitability. Compare Azure and cloud growth with management’s outlook, then weigh margin changes and infrastructure investment against the revenue progress.
- Use FY2027 segment definitions. Compare reported segments with Microsoft’s recast historical figures so that the business mix is measured consistently.
- Read the guidance, not just the headline beat or miss. The first share-price move can reflect both the reported quarter and what management says about future demand, delivery, margins, and spending.
Microsoft’s FY2026 Q3 release includes the company’s operating context and reported metrics; the eventual FY2027 Q1 release and webcast will provide the new quarter’s results and management commentary. Until those figures are public, a directional call on MSFT would go beyond what the evidence supports.
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