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Investor Relations

Segment Results

(In millions) (Unaudited)

Three Months Ended
September 30,
2025 2024
Productivity and Business Processes
Revenue
$ 33,020
$ 28,317
Cost of revenue
5,721
5,294
Operating expenses
6,892
6,507
Operating income
$ 20,407
$ 16,516
Intelligent Cloud
Revenue
$ 30,897
$ 24,092
Cost of revenue
12,314
8,614
Operating expenses
5,192
4,975
Operating income
$ 13,391
$ 10,503
More Personal Computing
Revenue
$ 13,756
$ 13,176
Cost of revenue
6,008
6,191
Operating expenses
3,585
3,452
Operating income
$ 4,163
$ 3,533
Total
Revenue
$ 77,673
$ 65,585
Cost of revenue
24,043
20,099
Operating expenses
15,669
14,934
Operating income
$ 37,961
$ 30,552

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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