Microsoft Corporation (MSFT)

Outperform Flashcap: Q3 FY26

Azure Holds 39% on a Bigger Base, Capex Steps DOWN $6.6B Q/Q, RPO Sprints to $627B — The Q2 Bear Case Just Got Materially Weaker

Hold Recap: Q2 FY26

Operational Beat, FCF Collapse, Azure Step-Down: The First Quarter Where the Spending Outpaces the Story

Outperform Recap: Q1 FY26

Operational Beat, Capex Walk-Back: The FY26 Spending Curve Just Got Steeper — and the Backlog Got Bigger

Outperform Recap: Q4 FY25

Azure Accelerates to 39% on a Bigger Base — and the FY26 Setup Just Got Cleaner

Outperform Recap: Q3 FY25

Azure Reaccelerates to 35% — Demand Still Exceeds Supply, and the Capex Question Just Got Quieter