FY27 Q1 - Metrics - Investor Relations

Investor Metrics

Investor Metrics
(in billions, except for percentages)	Q126	Q226	Q326	Q426	FY26	Q127
Agents and Infra
Commercial bookings growth (y/y)*	112% / 111%	230% / 228%	-4% / -6%	10% / 11%	83%	-12% / -11%
Commercial remaining performance obligation	$392	$625	$627	$678	$678	$677
Microsoft Cloud revenue	$49.1	$51.5	$54.5	$59.3	$214.4	$63.9
Microsoft Cloud revenue growth (y/y)*	26% / 25%	26% / 24%	29% / 25%	27% / 27%	27% / 25%	30% / 31%
Microsoft Cloud gross margin percentage	68%	67%	66%	65%	66%	66%
Azure revenue growth (y/y)*	40% / 39%	39% / 38%	40% / 39%	42%	40%	48% / 48%
Microsoft 365 commercial cloud revenue growth (y/y)*	18% / 15%	17% / 15%	20% / 16%	16% / 15%	18% / 15%	17% / 18%
Microsoft 365 commercial seat growth (y/y)	7%	7%	6%	7%	7%	5%
Microsoft 365 consumer cloud revenue growth (y/y)*	26% / 25%	29% / 27%	33% / 29%	24% / 22%	28% / 26%	17% / 16%
Industry solutions cloud revenue growth (y/y)*	11% / 9%	12% / 10%	14% / 10%	11% / 9%	12% / 10%	10% / 10%
Devices and Consumer
Search and advertising revenue (ex TAC) growth (y/y)*	16% / 15%	13% / 12%	14% / 11%	13% / 12%	14% / 12%	12% / 12%
XBOX content and services revenue growth (y/y)*	1% / 0%	-5% / -6%	-5% / -7%	-10% / -10%	-5% / -6%	-2% / -1%
Windows OEM and devices revenue growth (y/y)*	5% / 5%	-1% / -1%	-2% / -3%	-7% / -8%	-1% / -2%	-22% / -22%

* Includes non-GAAP constant currency growth (GAAP% / Constant Currency%)

Certain amounts have been rounded for presentation purposes

Reconciliation of GAAP and non-GAAP financial measures are available in the Earnings Release Slides

We have recast certain prior period amounts to conform to the way we internally manage and monitor our business, which reflects the fiscal year 2027 changes to our segments announced in September 2026.

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.