Zhi Tong Cai Jing·2026-01-30 01:22Core Insights - Microsoft reported Q2 FY26 revenue of $81.3 billion, a 17% year-over-year increase, with operating income up 21% and adjusted EPS at $4.14, reflecting a 24% increase [1] - Cloud revenue surpassed $50 billion for the first time, reaching $51.5 billion, a 26% increase year-over-year [1] - The company’s commercial order volume grew by 230% year-over-year, driven by significant long-term commitments from clients like OpenAI [1] Financial Performance - Q2 revenue: $81.3 billion, up 17% YoY (15% at constant currency) [1] - Operating income: up 21% YoY (19% at constant currency) [1] - Adjusted EPS: $4.14, up 24% YoY (21% at constant currency) [1] - Cloud revenue: $51.5 billion, up 26% YoY (24% at constant currency) [1] - Gross margin: 67% [1] Business Outlook - Q3 revenue forecast: $80.65 billion to $81.75 billion, a 15%-17% YoY increase [1] - Expected cost of revenue: $26.65 billion to $26.85 billion, a 22% YoY increase [1] - Anticipated operating expenses: $17.8 billion to $17.9 billion, a 10%-11% YoY increase [1] - Capital expenditures expected to decrease quarter-over-quarter due to normal fluctuations in cloud infrastructure construction [1] Strategic Focus - The company’s strategy emphasizes three layers of technology stack: cloud and token factory, agent platform, and superior agent experience [2] - The impact of AI on GDP and Total Addressable Market (TAM) growth is just beginning [2] - The agent platform is seen as the next generation of application platforms, requiring various services for deployment and management [2] Capital Expenditure and ROI - CapEx growth is driven by long-term demand, with investments aimed at supporting applications like M365 Copilot and GitHub Copilot [3] - Azure's growth guidance is linked to capacity allocation rather than immediate revenue [3] - The average contract duration for RPO has increased from 2 years to 2.5 years, indicating a more stable revenue outlook [3] OpenAI Partnership - Approximately 45% of the unfulfilled orders (RPO) are related to OpenAI, with the remaining 55% reflecting a diverse business portfolio [4][5] - The partnership with OpenAI is viewed positively, contributing to Microsoft's leadership in technology and application innovation [5] Capacity Expansion - The company is focused on increasing capacity globally, with significant projects in Atlanta and Wisconsin [6] - Long-term infrastructure development is prioritized to ensure efficient deployment of GPU and CPU resources [6] Chip Development - The Maia 200 accelerator shows significant performance improvements, enhancing Microsoft's competitive edge in AI workloads [6] - Continuous innovation in chip design and system optimization is crucial for maintaining cost advantages [7] Client Transformation - Clients adopting Microsoft’s AI technology stack are experiencing transformative benefits, with potential for increased spending as they become "frontier firms" [8] - The deployment of agents is changing how companies coordinate work, leading to greater impact [8] Cloud Migration Trends - Ongoing cloud migration is evident, with services like SQL Server on Azure showing growth [9] - The need for a balanced approach between commercial cloud and AI cloud is emphasized as clients migrate workloads [9]