---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40307959.md"
description: "MSFT F3Q26 First Take: Results once again highlight a steady profile, with most key metrics slightly beating expectations but by modest margins. Ex-FX tailwinds, revenue and profit growth momentum was broadly in line with last quarter. Azure grew 39% at cc, a slight acceleration, but it lagged the sharper re-acceleration seen at Google Cloud and AWS. Specifically: 1) Total revenue rose 15% ex-FX, with growth flat vs. last quarter. OP grew 20%, also flat vs. last quarter, but ex-FX profit growth slowed to 16% this quarter vs. 19% last quarter. Overall delivery was stable. 2) Azure grew 39% at cc, up 100bps QoQ and roughly in line with the Street. While not matching competitors' strong acceleration, it shows signs of re-acceleration. Recent developments suggest OpenAI order pullbacks weighed on growth. 3) The other two segments also came in slightly better than expected. Productivity & Business Processes (PBP) revenue grew 17% at cc, up 100bps and steadily improving. More Personal Computing (MPC) declined 1%, much better than the Street's -5%. 4) On other metrics, AI ARR reached 37 bn, ~150% above Amazon's disclosed 15 bn, keeping MSFT in the lead by absolute AI scale. However, with the OpenAI partnership further downgraded, new enterprise bookings fell 4% YoY (ex-OAI +7%). Similarly, RPO was 627 bn, up 99% YoY, but only +26% ex-OpenAI orders. Based on Dolphin Research's preliminary estimate, the implied OAI order balance fell by about 5 bn QoQ this quarter. 5) Despite subdued top-line growth, profit delivery was solid, driven by upside in PBP and MPC. Cloud OP margin came in at 39.7%, below expectations and down ~180bps YoY, reflecting capex investment and revenue mix shifts. 6) Capex was 31.9 bn, down over 5 bn QoQ and below expectations, likely reflecting OAI order adjustments and the corresponding pacing. The company guided CY26 total capex to 190 bn, implying >50 bn per quarter over the next three quarters, potentially surpassing Amazon as the most aggressive CSP spender. 7) For next quarter, Azure revenue is guided to grow 39–40% at cc, steady but not particularly surprising. Overall revenue guidance roughly matches expectations (aside from the usual conservatism in MPC), but the profit guide is slightly light; the implied OPM midpoint is 44%, below expectations and 44.9% a year ago, suggesting greater margin pressure next quarter.$Microsoft(MSFT.US)"
datetime: "2026-04-30T01:55:51.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40307959.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40307959.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40307959.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# MSFT F3Q26 First Take: Results once again highligh…


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## Comments (4)

- **saqima · 2026-04-30T13:51:03.000Z**: Msft 加油
- **stallioN种马 · 2026-04-30T02:05:53.000Z · 👍 1**: Cutting ties with OpenAI is a good thing, the future is bright.
- **Jack www · 2026-04-30T02:00:26.000Z · 👍 2**: I'm here.
  - **Dolphin Research** (2026-04-30T06:46:36.000Z): Welcome👏👏👏👏