Microsoft said fiscal first-quarter revenue was $92.3 billion

Microsoft said revenue for the quarter ended Sept. 30, 2026, was $92.3 billion, up 19% from a year earlier. The earnings release, furnished to the Securities and Exchange Commission on Oct. 28 and also posted on Microsoft's news site, says operating income was $45.9 billion, up 21%, or 22% in constant currency. GAAP net income was $36.6 billion, up 32%. GAAP diluted earnings were $4.92 a share, up 32%. Non-GAAP net income was $36.4 billion, up 18%, and non-GAAP diluted earnings were $4.89 a share, up 18%, or 19% in constant currency. The release says the non-GAAP figures exclude the impact of investments in OpenAI.

The reconciliation table in that release shows GAAP net income of $36,629 million and an OpenAI impact of $(207) million, leaving non-GAAP net income of $36,422 million. A year earlier the table shows GAAP net income of $27,747 million, an OpenAI impact of $3,086 million, and non-GAAP net income of $30,833 million. GAAP diluted earnings were $4.92 against $3.72, and non-GAAP earnings were $4.89 against $4.13. The release says this quarter's OpenAI investments produced a net gain that increased net income by $207 million and earnings by $0.03 a share, and that the year-earlier quarter's net losses decreased net income by $3.1 billion and earnings by $0.41 a share. Those non-GAAP figures are Microsoft's, after the items it lists. They are not a second set of results calculated here. The same release says constant-currency comparisons convert current and prior results into dollars using the prior period's average exchange rates.

Revenue in Agents and Infra was $76.8 billion, up 25%. The segment table shows $76,795 million against $61,672 million, and operating income of $40,558 million against $32,718 million. Devices and Consumer revenue was $15.5 billion, down 3%. That table shows $15,484 million against $16,001 million, and operating income of $5,357 million against $5,243 million. The release says prior-period amounts were recast for the fiscal 2027 segment changes announced in September 2026. Microsoft Cloud revenue was $63.9 billion, up 30%, or 31% in constant currency. Azure revenue increased 48%, with no constant-currency difference in the product table, and that table lists Azure at $33,165 million against $22,384 million a year earlier. Commercial remaining performance obligation increased 73% to $677 billion. The same afternoon, the Federal Reserve held the funds rate at 3.75% to 4%.

Microsoft 365 commercial cloud revenue increased 17% on a reported basis, or 18% in constant currency, and increased 18% in constant currency on an adjusted basis that the release says is normalized for a 1-point benefit from in-period revenue recognition in the prior year. Microsoft 365 consumer cloud revenue increased 17%, or 16% in constant currency. Industry solutions cloud revenue increased 10%. Search and advertising revenue excluding traffic acquisition costs increased 12%. Xbox content and services revenue decreased 2%, or 1% in constant currency. Windows OEM and Devices revenue decreased 22%.

Microsoft said it returned $10.2 billion to shareholders in dividends and share repurchases in the first quarter of fiscal 2027. Chief executive Satya Nadella said in the release that the company is "delivering greater capability, choice, control, and cost efficiency for customers across our entire stack." Chief financial officer Amy Hood said cloud revenue growth accelerated to 30% and that results exceeded expectations across revenue, operating income, and earnings per share. The "exceeded expectations" line is hers. This article does not compare the figures with a separate analyst tally. The dividend and the repurchases are company actions reported in the release. They are not a judgment on whether the shares should be owned.