Azure AI infrastructure and Copilot · US

Microsoft

Combines cloud AI infrastructure, model distribution and enterprise software. Microsoft Foundry provides access to models from several developers.

REPORTED COMPANY RESULTS

The business over time

MeasureRevenueNet incomeOperating cash flowR&D spending

$331.8bnRevenue · FY 2026 · consolidated company

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CLOUD PLATFORMS

Compared with its peers

Same starting line

Revenue indexed to FY2016 = 100 · selected cloud platforms.

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Relative growth, not company size or stock returns. Fiscal-year labels align; exact reporting periods differ across companies. Peer selection is editorial, not an exhaustive industry ranking.

Earnings and cash tell different stories

Both expressed as a share of Microsoft revenue in the same fiscal year.

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Operating cash flow is not free cash flow; capital expenditure is not deducted here. Missing observations remain gaps.

How much goes into research?

Reported R&D / company revenue · FY2025

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All reported company R&D, not AI-only spending. Accounting definitions can differ; no compatible record is not zero expenditure.

Company revenue · source filingNet income · source filingOperating cash flow · source filingResearch & development expense · source filing

Microsoft consolidated revenue is not Copilot revenue or AI-only revenue. The included series use company-wide SEC facts. Reported growth does not isolate the causal contribution of AI. R&D is all company R&D, not AI-only investment or capital expenditure.