Microsoft has posted its tenth straight quarter of record revenue, reaching $92.3 billion in the three months ended September 30, 2026. The latest result shows how fast the company's cloud and AI businesses are growing.
Revenue rose 19% from a year earlier, according to Microsoft's October 28 earnings release. Operating income increased 21% to $45.9 billion, while GAAP net income climbed 32% to $36.6 billion.
The streak stretches back to the June 2024 quarter, when Microsoft reported $64.7 billion in revenue. Since then, every quarter has set a new high, lifting quarterly sales by roughly 43% in just over two years.
Ten quarters, ten new highs
The pace of growth is clear in the numbers: revenue passed $70 billion in early 2025, $80 billion at the end of that year, and $90 billion in the June 2026 quarter. The latest $92.3 billion figure extends the run rather than merely matching the previous record.
Microsoft quarterly revenue, in billions of US dollars. Source: Microsoft Investor Relations.
Cloud keeps doing the heavy lifting
Microsoft Cloud revenue reached $63.9 billion, up 30%. Azure revenue alone grew 48%, while Microsoft 365 commercial cloud revenue increased 17% on a reported basis.
The company's newly reported Agents and Infra segment generated $76.8 billion, an increase of 25%. Its Devices and Consumer business brought in $15.5 billion, down 3%. These segments follow a reporting reorganization for fiscal 2027, so they should not be directly compared with the old segment categories.
Another sign of demand: Microsoft's commercial remaining performance obligation reached $677 billion, up 73% year over year. This represents contracted business yet to be recognized as revenue, not cash already collected.
A voluntary option for employees
Separately, on October 26, Microsoft introduced a Voluntary Exit Offer (VEO) for eligible employees at level 70 and below in participating teams across Canada, India, the UK and the US. Employees who choose to take the offer can receive financial support and career-planning resources.
Chief People Officer Amy Coleman described the program as giving employees considering a move outside Microsoft another option, while helping individual organizations adapt to changing needs. Participation is voluntary, and the offer does not apply to every team.
For Microsoft, the bigger story remains the scale of its business: ten quarterly records in a row, with Azure growing faster than the company overall. The question now is how much of that cloud demand can keep turning into revenue and operating profit.
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