Microsoft Corporation (MSFT.US) Fiscal Year 2026 First Quarter Earnings Conference Call
Live time: Oct 29, 2025 16:30
Microsoft Corporation (MSFT.US) Fiscal Year 2026 First Quarter Earnings Conference Call
Live time: 10/29/2025 16:30:00
微软公司 (MSFT.US) 2026 财年第一季度业绩电话会
Summary
00:00
Opening Remarks by Jonathan Nelson
Jonathan Nelson, Vice President of Investor Relations, welcomes participants to Microsoft's FY26 Q1 earnings call, noting the call is being recorded and will include a Q&A session after the formal presentation.
03:02
CEO Satya Nadella Q1 Business Overview
CEO Satya Nadella reports a strong start to the fiscal year with Microsoft Cloud revenue exceeding $49 billion, a 26% year-over-year increase. He highlights the growing demand for AI platforms and collaborative tools, and the significant investments in capital and talent.
16:51
CFO Amy Hood Financial Results
CFO Amy Hood announces that Microsoft's Q1 performance exceeded expectations in revenue, operating income, and EPS. Revenue reached $77.7 billion, with a 18% growth at constant currency, and EPS at $4.13, reflecting a 23% growth after adjusting for OpenAI investment impacts.
25:26
CFO Amy Hood Q2 Outlook
CFO Amy Hood provides guidance for Q2, expecting revenue between $79.5 billion and $80.6 billion, with a growth rate of 14% to 16%. She notes the impact of foreign exchange and outlines expected operating expenses and profit margins.
31:52
AGI and Microsoft's Position — Analyst: Keith Weiss (Morgan Stanley)
CEO Satya Nadella addresses concerns about AGI's impact on Microsoft's market position, emphasizing the importance of deploying AI systems that provide real-world value and the company's confidence in its strategic direction.
36:40
Explosive Growth in Bookings — Analyst: Brent Thill (Jefferies)
CFO Amy Hood discusses the significant growth in bookings and RPO, highlighting the breadth of Microsoft's contracts and the short-term nature of many commitments, which reflect real-world value creation.
46:52
OpenAI Investment Impact — Analyst: Karl Keirstead (UBS)
CFO Amy Hood clarifies the impact of Microsoft's investment in OpenAI, explaining that the increase in losses is due to the equity method of accounting and not related to the new agreement.
55:00
Microsoft's Competitive Position — Analyst: Kash Rangan (Goldman Sachs)
CEO Satya Nadella discusses Microsoft's strategy in maintaining a flexible and interchangeable fleet to balance third-party and first-party demands, ensuring long-term profitability and differentiation.
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