MSFT — Q2 2026 Earnings Call
TechnologyMicrosoft Corporation • Reported: 2026-01-28
EPS Actual
$3.82
Est. $3.71
▲ Beat
Revenue Actual
$76.8B
Est. $75.5B
▲ Beat
Overall Result
Double Beat
EPS + Revenue vs. estimates
Period
Q2 2026
FY2026 • Reported 2026-01-28
Executive Summary
Microsoft reported Q2 FY2026 revenue of $76.8 billion, up 17% YoY, with Azure growing 42%. AI revenue run rate exceeded $28 billion annually. Copilot Agents launched in general availability, enabling autonomous AI workflows across enterprise.
Key Highlights
Cloud
positive
Azure hits 42% growth
Azure grew 42%, the fastest growth rate in over two years, driven by AI workloads.
AI
positive
AI run rate $28B+
AI business exceeded a $28B annual revenue run rate, growing over 100% YoY.
Copilot Agents
positive
Copilot Agents GA
Copilot Agents launched in general availability, enabling agentic AI workflows across Microsoft 365.
Revenue
positive
Revenue grows 17%
Total revenue of $76.8B beat consensus by $1.3B, accelerating from prior quarter.
Direct Quotes
SN
Satya Nadella
CEO • Agentic AI
"We're moving from AI assistants to AI agents. Copilot Agents represent the next paradigm shift — autonomous AI that can take action on behalf of users and organizations."
AH
Amy Hood
CFO • Financial Results
"Revenue of $76.8 billion grew 17%, with Azure at 42% growth. AI is now the single largest growth driver across our cloud business."