Microsoft earnings for the fiscal first quarter are due after the market close on October 28, 2026. Analysts expect adjusted earnings of $4.73 per share and revenue of $90.69 billion, according to LSEG estimates.

Key Takeaways

  • Microsoft plans to disclose Azure cloud revenue in dollars for the first time; analysts surveyed by StreetAccount expect $32.32 billion.
  • The quarter ended September 30 will be the first reported under two operating segments rather than three.

Microsoft earnings and the new segment structure

Microsoft will report under two operating segments for the first time since 1998, after using three segments for the previous 11 years. Its annual report describes the new reporting segments as Agents and Infra and Devices and Consumer.

The Azure dollar disclosure will give investors a new figure to assess the cloud business. The $32.32 billion StreetAccount estimate would represent growth of more than 44%; it is an analyst forecast, not a reported result.

AI spending and workforce changes

Analysts surveyed by StreetAccount expect $50.67 billion in capital expenditures and finance leases for the quarter. Microsoft has been expanding infrastructure and enhancing products as it builds out its artificial intelligence business.

During the quarter, Microsoft said it would cut 4,800 jobs. On October 26, it announced buyout offers for up to 60,000 employees. The company also established an AI implementation unit and unveiled a Copilot AI app with coding capabilities.

Through the October 27 close, Microsoft shares were up almost 10% for the year, compared with a gain of about 13% for the S&P 500.

Next milestone

Microsoft executives are scheduled to discuss the results and issue guidance on a conference call at 5:30 p.m. ET on October 28.

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