Microsoft(US:MSFT) Huaan Securities·2025-08-05 02:08Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported FY25Q4 earnings with total revenue of $76.4 billion, a year-over-year increase of 18.1%, exceeding Bloomberg consensus by 3.45% [5] - Operating profit reached $34.3 billion, up 22.9% year-over-year, also surpassing Bloomberg expectations by 7.09% [5] - GAAP net profit was $27.2 billion, reflecting a 23.6% year-over-year growth, exceeding Bloomberg consensus by 7.78% [5] - Capital expenditures (CapEx) amounted to $24.2 billion, higher than the expected $23 billion [5] - Azure revenue grew by 39% year-over-year, significantly above the expected 34%, contributing to a total Azure revenue of over $75 billion for FY25 [6] Summary by Sections Financial Performance - Total revenue for FY25Q4 was $76.4 billion, with a year-over-year growth of 18.1% [5] - Operating profit was $34.3 billion, up 22.9% year-over-year [5] - GAAP net profit recorded at $27.2 billion, a 23.6% increase year-over-year [5] - CapEx for the quarter was $24.2 billion, exceeding expectations [5] Business Segments - Productivity and Business Processes generated $33.1 billion in revenue, a 15.7% year-over-year increase [5] - More Personal Computing segment reported $13.5 billion in revenue, up 9.2% year-over-year [5] - Intelligent Cloud segment revenue reached $29.9 billion, a 25.6% year-over-year increase, with Azure revenue growth of 39% [5][6] Future Guidance - The company expects Azure growth to be around 37% at constant currency for the next quarter [6] - For FY26, the company projects revenues of $321.5 billion, with a year-over-year growth of 14.1% [7] - Net profit estimates for FY26 are projected at $114.8 billion, reflecting a 12.8% year-over-year increase [7]