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Operating Income by Segment
Shows profitability across different business units, highlighting which segments drive earnings and where there might be opportunities or challenges.Productivity & Business Processes’ operating income has surged since late‑2024, outpacing Intelligent Cloud and suggesting Microsoft is converting Copilot and Microsoft 365 adoption into outsized profitability via subscription and product mix leverage. Intelligent Cloud still grows but faces margin pressure from large AI infrastructure spend and persistent capacity constraints called out on the call, tempering near‑term operating income upside. More Personal Computing remains the weakest franchise. Watch heavy CapEx, one‑time retirement costs and OpenAI booking volatility as the main risks to sustaining these operating‑income gains.
Date | Intelligent Cloud | Productivity and Business Processes | More Personal Computing | Corporate and Other |
|---|---|---|---|---|
Jun 30, 2026 | $15.96B | $21.90B | $2.75B | $0.00 |
Mar 31, 2026 | $13.75B | $20.97B | $3.67B | $0.00 |
Dec 31, 2025 | $13.87B | $20.60B | $3.80B | $0.00 |
Sep 30, 2025 | $13.39B | $20.41B | $4.16B | $0.00 |
Jun 30, 2025 | $12.14B | $18.99B | $3.19B | $0.00 |
Mar 31, 2025 | $11.10B | $17.38B | $3.53B | $0.00 |
Dec 31, 2024 | $10.85B | $16.89B | $3.92B | $0.00 |
Sep 30, 2024 | $10.50B | $16.52B | $3.53B | $0.00 |
Jun 30, 2024 | $12.86B | $10.14B | $4.92B | $0.00 |
Mar 31, 2024 | $12.51B | $10.14B | $4.92B | $0.00 |