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Investor Relations

Segment Results

(In millions) (Unaudited)

Three Months Ended
December 31,
Six Months Ended
December 31,
2025 2024 2025 2024
Productivity and Business Processes
Revenue
$ 34,116
$ 29,437
$ 67,136
$ 57,754
Cost of revenue
6,110
5,569
11,831
10,863
Operating expenses
7,407
6,983
14,299
13,490
Operating income
$ 20,599
$ 16,885
$ 41,006
$ 33,401
Intelligent Cloud
Revenue
$ 32,907
$ 25,544
$ 63,804
$ 49,636
Cost of revenue
13,566
9,405
25,880
18,019
Operating expenses
5,468
5,288
10,660
10,263
Operating income
$ 13,873
$ 10,851
$ 27,264
$ 21,354
More Personal Computing
Revenue
$ 14,250
$ 14,651
$ 28,006
$ 27,827
Cost of revenue
6,302
6,825
12,310
13,016
Operating expenses
4,145
3,909
7,730
7,361
Operating income
$ 3,803
$ 3,917
$ 7,966
$ 7,450
Total
Revenue
$ 81,273
$ 69,632
$ 158,946
$ 135,217
Cost of revenue
25,978
21,799
50,021
41,898
Operating expenses
17,020
16,180
32,689
31,114
Operating income
$ 38,275
$ 31,653
$ 76,236
$ 62,205

IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice) All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.
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