Microsoft Corporation (MSFT)

Outperform Recap: Q4 FY26

Azure Accelerates to 43 and the Cash Flow Bear Case Breaks, But the Capex Cut Is an Accounting Entry

Hold Recap: Q3 FY26

Azure Reaccelerates and FCF Heals, But the $190B Capex Reveal Moves the Goalposts Again

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