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Investor Relations

Segment Results

(In millions) (Unaudited)

Three Months Ended
March 31,
Nine Months Ended
March 31,
2026 2025 2026 2025
Productivity and Business Processes
Revenue
$ 35,013
$ 29,944
$ 102,149
$ 87,698
Cost of revenue
6,197
5,517
18,028
16,380
Operating expenses
7,843
7,048
22,142
20,538
Operating income
$ 20,973
$ 17,379
$ 61,979
$ 50,780
Intelligent Cloud
Revenue
$ 34,681
$ 26,751
$ 98,485
$ 76,387
Cost of revenue
15,120
10,307
41,000
28,326
Operating expenses
5,808
5,349
16,468
15,612
Operating income
$ 13,753
$ 11,095
$ 41,017
$ 32,449
More Personal Computing
Revenue
$ 13,192
$ 13,371
$ 41,198
$ 41,198
Cost of revenue
5,511
6,095
17,821
19,111
Operating expenses
4,009
3,750
11,739
11,111
Operating income
$ 3,672
$ 3,526
$ 11,638
$ 10,976
Total
Revenue
$ 82,886
$ 70,066
$ 241,832
$ 205,283
Cost of revenue
26,828
21,919
76,849
63,817
Operating expenses
17,660
16,147
50,349
47,261
Operating income
$ 38,398
$ 32,000
$ 114,634
$ 94,205

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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