10-K 2026-07-29 ↗ compared with the previous 10-K 10-K 2025-07-30 ↗
Technical events and factor profile →
Microsoft warns of increased risks from AI strategy and cloud infrastructure investments, including underutilization of assets and regulatory challenges.
| After the 10-K | 1 session | 5 sessions | 20 sessions |
|---|---|---|---|
| MSFT | -0.7% | +25.3% | +25.2% |
| Nasdaq-100 (QQQ) | -2.0% | +7.2% | +5.2% |
| Difference | +1.3% | +18.1% | +20.0% |
From the close before the filing. Historical data, not a prediction.
Our cloud and AI strategy requires substantial investments and depends on evolving customer demand, technological developments, competitive dynamics, and regulatory conditions, any of which could adversely affect our business, financial condition, and results of operations. We have made and are continuing to make significant capital and operational investments to develop, train, deploy, and support AI models and related cloud-based services, including building and expanding datacenters, acquiring necessary components, and securing energy resources. These investments are being made at significant scale and on an accelerated timeline, require substantial and increasing capital expenditures and continued access to capital, and are in advance of fully developed revenue streams. The associated revenue may not be realized in the expected timeframes or at expected levels. Our capital and operational investments are complex and involve projects in multiple locations around the world that expose us to increased compliance risks and political challenges, among others. Our ability to fund these investments depends on our ability to generate sufficient cash flows and obtain financing on acceptable terms. Adverse changes in interest rates, credit markets, investor sentiment, our credit ratings, or other factors affecting capital availability could increase our cost of capital or limit our ability to execute our infrastructure strategy. The financial success of these investments depends on a number of uncertain factors, including customer demand for cloud-based and AI products and services and continued customer use of Azure to build, train, deploy, and run AI workloads, our ability to price and monetize those services at levels sufficient to recover our costs, competitive dynamics affecting pricing, and the pace of adoption of AI. Customers may reduce, delay, or shift AI workloads to competing platforms, on-premises or local deployments, or other alternatives. If adoption of our AI services develops more slowly than expected, or if customers do not continue to utilize Azure for AI workloads at anticipated levels, we may not realize the expected returns on our investments.
| Jun 26 | Mar 26 | Dec 25 | Sep 25 | Jun 25 | |
|---|---|---|---|---|---|
| Revenue | $90.0B | $82.9B | $81.3B | $77.7B | $76.4B |
| YoY growth | +17.7% | +18.3% | +16.7% | +18.4% | +18.1% |
| Gross margin | 67.2% | 67.6% | 68.0% | 69.0% | 68.6% |
| Operating margin | 45.1% | 46.3% | 47.1% | 48.9% | 44.9% |
| Net income | $35.8B | $31.8B | $38.5B | $27.7B | $27.2B |
| Diluted EPS | 4.80 | 4.27 | 5.16 | 3.72 | 3.65 |
XBRL data filed with the SEC. The fourth fiscal quarter is calculated as the full year minus the previous three quarters.
0 = the lowest in the universe, 100 = the highest. It describes how the stock has behaved, not whether to buy or sell it. Screen stocks by factors
Similar than in the previous 10-K (2025-07-30: +15, +0 points)
10-K of 2026-07-29 · 28.5% positive sentences, 12.7% negative · 267 sentences analysed
Index from −100 to +100 calculated with FinBERT on the results discussion (MD&A). The change matters more than the level: some sectors always sound more cautious.
| Pershing Square · Bill Ackman
held since Q1 2026 |
15.3% | $2.1B | new |
| Fundsmith · Terry Smith
held since Q3 2023 or earlier |
4.4% | $595.6M | -23% |
| Tiger Global · Chase Coleman
held since Q3 2023 or earlier |
3.5% | $845.6M | -9% |
| Coatue Management · Philippe Laffont
held since Q3 2023 or earlier |
2.3% | $1.1B | +18% |
| Viking Global · Andreas Halvorsen
held since Q3 2025 |
1.6% | $544.1M | -37% |
| Markel Group · Tom Gayner
held since Q3 2023 or earlier |
1.5% | $200.5M | = |
| Soros Fund Management · George Soros
held since Q2 2025 |
1.2% | $70.9M | -10% |
| Bridgewater Associates · Ray Dalio
held since Q3 2023 or earlier |
1.1% | $265.6M | -34% |
| ARK Investment Management · Cathie Wood
held since Q3 2023 or earlier |
0.0% | $2.3M | = |
| Appaloosa · David Tepper | — | sold |
Weight in each fund's portfolio and change vs. the previous quarter, from its latest 13F.
All material events for MSFT →
| 2026-10-13 | Hood Amy · CFO | Sell (10b5-1 plan) | $1.8M | SEC ↗ |
| 2026-10-13 | Hood Amy · CFO | Sell (10b5-1 plan) | $1.6M | SEC ↗ |
| 2026-10-13 | Hood Amy · CFO | Sell (10b5-1 plan) | $542K | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $5.2M | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $4.9M | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $4.4M | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $2.2M | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $2.1M | SEC ↗ |
| 2026-09-14 | Hood Amy · CFO | Sell (10b5-1 plan) | $2.0M | SEC ↗ |
Source: SEC EDGAR. Automatic comparison of the risk factors section; it may contain extraction errors. Always check the original document. For information purposes only; not investment advice.