Microsoft outlines Q2 revenue $96B-$97.1B and Azure growth 49%-50% as CapEx moves above $50B

What happened: Microsoft guided Q2 total company revenue to $96B-$97.1B and Azure growth to 49%-50% in constant currency, with Q2 CapEx expected above $50B. Key numbers: Q1 revenue $92.3B, up 19%; EPS $4.89; Azure up 48%; Microsoft Cloud revenue over $63B, up 30%; CapEx $45.2B; Q2 revenue guide $96B-$97.1B vs analysts' $95.6B; calendar year spend about $170B. Why it matters: The Q2 revenue guide came in above analysts' $95.6B, and management said customer demand continues to exceed available supply, with some third-party capacity delayed to H2. Market: -0.1% today ($531.01), +13.0% YTD, 1.0x vol — as of 23:45 UTC Verified: Q3_2026 (Oct 28) EPS $4.89 vs $4.72 est, +3.6% beat; next print ~Jan 27 Coverage: 5 outlets in 24h

Microsoft guided Q2 total company revenue to $96B-$97.1B and Azure growth to 49%-50% in constant currency, with Q2 CapEx expected above $50B.

The Q2 revenue guide came in above analysts' $95.6B, and management said customer demand continues to exceed available supply, with some third-party capacity delayed to H2. Market: -0.1% today ($531.01), +13.0% YTD, 1.0x vol — as of 23:45 UTC Verified: Q3_2026 (Oct 28) EPS $4.89 vs $4.72 est, +3.6% beat; next print ~Jan 27