Microsoft Corporation · MSFT · Next earnings

Microsoft Corporation reports Wednesday, Oct 28, 2026

MSFT reports after market close with consensus EPS at $4.69 and revenue at $90.59B. Last quarter: Microsoft Q3 FY2026: Record Revenue, AI ARR Tops $37B, Capex Spike Drives Sell-Off

Reports After market close38 days awayDate estimated Technology

What the street expects

Consensus for the coming report
Consensus EPS $4.69 Calendar consensus
Consensus revenue $90.59B Calendar consensus
Report date Oct 28, 2026 Wednesday, date estimated
Session After market close 38 days away

Where MSFT left off: FY2026 Q3

Full report

Microsoft Q3 FY2026: Record Revenue, AI ARR Tops $37B, Capex Spike Drives Sell-Off

EPS surprise +5.2% Reported $4.27 vs $4.06
Revenue surprise +1.8% Reported $82.89B vs $81.44B
Stock move -3.9% Event window
Subsequent drift +10.4% Up to 20 sessions

Q4 FY2026 revenue guidance of $86.7-87.8B implies roughly 14-15% YoY growth, with capex guidance exceeding $40B, a notable step-up from Q2's $37.5B. Prior Q3 guidance of $80.65-81.75B was exceeded, with actual revenue of $82.9B beating the high end. FY2026 capex target of $190B represents a significant acceleration. Guidance sentiment was maintained, but the capex outlook shifted from decreasing to increasing.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • High AI investment pressure on gross margins as capex accelerates.
  • Supply-chain constraints for GPUs, CPUs, and other critical components.
  • Potential slowdown in overall IT spending amid macro-economic headwinds.
  • Volatility in commercial bookings during the shift from seat-based to consumption-based revenue.
  • One-time costs from voluntary retirement program affecting COGS.

Questions analysts left open

  • How AI demand translates into commercial bookings and renewal patterns.
  • Ability to meet aggressive capex targets amid component shortages.
  • Margin impact of continued AI investments versus efficiency gains.
  • Details of the revised OpenAI agreement and its financial implications.
  • Timing and scale of the shift from seat-based to consumption-based revenue.

Ask FN2 about MSFT next report

Transcript, numbers and history already loaded
What should I watch for in MSFT's next earnings report?How did MSFT guide last quarter, and is consensus above or below that?Give me the bull and bear case going into MSFT earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Get the MSFT recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Recent MSFT quarters

All MSFT earnings
-3.9%FY2026 Q3

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q3

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.