Microsoft · MSFT

[1] Microsoft FY26 Q4业绩

发布日期：2026-07-29

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_01.txt

Revenue was $90.0 billion and increased 18% (up 17% in constant currency) · Operating income was $40.6 billion and increased 18% · Net income was $35.8 billion and increased 31% on a GAAP basis, and was $35.3 billion and increased 22% on a non-GAAP basis · Diluted earnings per share was $4.81 and increased 32% on a GAAP basis, and was $4.74 and increased 23% on a non-GAAP basis · Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below Several discrete items impacted our financial results in the quarter when compared to our forward-looking guidance provided on April 29, 2026, resu

[2] Microsoft FY26 Q3业绩

发布日期：2026-04-29

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_02.txt

Revenue was $82.9 billion and increased 18% (up 15% in constant currency) · Operating income was $38.4 billion and increased 20% (up 16% in constant currency) · Net income was $31.8 billion and increased 23% on a GAAP basis, and increased 20% (up 18% in constant currency) on a non-GAAP basis · Diluted earnings per share was $4.27 and increased 23% on a GAAP basis, and increased 21% (up 18% in constant currency) on a non-GAAP basis · Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below “We are focused on delivering cloud and AI infrastructure and solutions that empower every busines

[3] Microsoft FY26 Q2业绩

发布日期：2026-01-28

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_03.txt

Diluted earnings per share on a GAAP basis was $5.16 and increased 60%, and on a non-GAAP basis was $4.14 and increased 24% (up 21% in constant currency) · Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below “We are only at the beginning phases of AI diffusion and already Microsoft has built an AI business that is larger than some of our biggest franchises," said Satya Nadella, chairman and chief executive officer of Microsoft. “We are pushing the frontier across our entire AI stack to drive new value for our customers and partners.” “Microsoft Cloud revenue crossed $50 billion

[4] Microsoft FY26 Q1业绩

发布日期：2025-10-29

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_04.txt

Revenue was $77.7 billion and increased 18% (up 17% in constant currency) · Operating income was $38.0 billion and increased 24% (up 22% in constant currency) · Net income, on a GAAP basis, was $27.7 billion and increased 12%, and on a non-GAAP basis was $30.8 billion and increased 22% (up 21% in constant currency) · Diluted earnings per share, on a GAAP basis, was $3.72 and increased 13%, and on a non-GAAP basis was $4.13 and increased 23% (up 21% in constant currency) · Non-GAAP results exclude the impact from investments in OpenAI, explained in the Non-GAAP Definition section below “Our planet-scale cloud and AI factory, together with Copi

[5] Microsoft FY26 Q4电话会与FY27指引

发布日期：2026-07-29

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_05.txt

Therefore, at the total company level, revenue should be between $89.85 and $90.95 billion or growth of 16% to 17% with accelerating commercial growth partially offset by the impact from the PC market dynamics noted earlier. We expect COGS of $29.6 to $29.8 billion, or growth of 23% to 24%. And operating expense of $16.8 to $16.9 billion or growth of 7% to 8% driven by continued investment in R&D compute capacity and talent. Operating margins should be relatively flat year-over-year. Excluding any impact from our investments in OpenAI, other income and expense is expected to be roughly negative $100 million as interest income will be more tha

[6] Microsoft FY2025年报

发布日期：日期未确认

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_06.txt

Total revenue 281,724 245,122 211,915 Cost of revenue: Product 13,501 15,272 17,804 Service and other 74,330 58,842 48,059 Total cost of revenue 87,831 74,114 65,863 Gross margin 193,893 171,008 146,052 Research and development 32,488 29,510 27,195 Sales and marketing 25,654 24,456 22,759 General and administrative 7,223 7,609 7,575 Operating income 128,528 109,433 88,523 Other income (expense), net (4,901) (1,646) 788 Income before income taxes 123,627 107,787 89,311 Provision for income taxes 21,795 19,651 16,950 Net income $ 101,832 $ 88,136 $ 72,361 Earnings per share: Basic $ 13.70 $ 11.86 $ 9.72 Diluted $ 13.64 $ 11.80 $ 9.68 Weighted a

[7] 欧委会接受Microsoft Teams承诺

发布日期：2025-09-12

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_07.txt

The European Commission has accepted commitments from Microsoft to address EU competition concerns relating to its popular team collaboration platform Teams. These commitments will henceforth be legally binding under EU antitrust rules. The commitments address the Commission's concerns related to the tying of Microsoft Teams to the company's popular productivity applications Word, Excel, PowerPoint, Outlook, included in its Office 365 and Microsoft 365 suites for business customers. Under the commitments, Microsoft will (i) make available versions of these suites without Teams and at a reduced price; (ii) allow customers with long-term lice

[9] Yahoo MSFT分析师估计快照

发布日期：日期未确认

证据文件：/mnt/q/private/stock_site/data/batches/20260908/003_Microsoft/source_10.txt

| Avg. Estimate | 4.71 | 4.82 | 19.7 | 23.55 | | Low Estimate | 4.43 | 4.66 | 18.93 | 20.93 | | High Estimate | 4.83 | 5.02 | 20.7 | 26 | | Year Ago EPS | 4.13 | 4.14 | 17.28 | 19.7 | ### Earnings History | Currency in USD | 9/30/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | |---|---|---|---|---| | EPS Est. | 3.66 | 3.92 | 4.07 | 4.24 | | EPS Actual | 4.13 | 4.14 | 4.27 | 4.74 | | Difference | 0.47 | 0.22 | 0.2 | 0.5 | | Surprise % | 12.73% | 5.69% | 4.90% | 11.81% | ### EPS Trend | Currency in USD | Current Qtr. (Sep 2026) | Next Qtr. (Dec 2026) | Current Year (2027) | Next Year (2028) | |---|---|---|---|---| | Current Estimate | 4.71 | 4.

[11] Microsoft FY2026 10-K：租赁现金流及长期义务

发布日期：2026-07-29

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/latest_10k.txt

Supplemental cash flow information related to leases was as follows: (In millions) Year Ended June 30, 2026 2025 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,443 $ 4,931 $ 3,550 Operating cash flows from finance leases 2,547 1,372 734 Financing cash flows from finance leases 3,101 2,283 1,286 Right-of-use assets obtained in exchange for lease obligations: Operating leases 4,555 7,826 6,703 Finance leases 24,608 20,511 11,633 Supplemental balance sheet information related to leases was as follows: (In millions, except lease term and discount rate) June 30, 2026 2025 Operating Leases Operating lease right-of-use assets $ 24,177 $ 24,823 Other current liabilities $ 5,393 $ 5,424 Operating lease liabilities 16,532 17,437 Total operating lease liabilities $ 21,925 $ 22,861 Finance Leases Property and equipment, at cost $ 82,712 $ 53,876 Accumulated depreciation ( 15,431 ) ( 9,861 ) Property and equipment, net $ 67,281 $ 44,015 Other current liabilities $ 4,290 $ 3,172 Other long-term liabilities 62,304 43,000 Total finance lease liabilities $ 66,594 $ 46,172 Weighted Average Remaining Lease Term Operating leases 6 years 6 years Finance leases 13 years 13 years Weighted Average Discount Rate Operating leases 3.7 % 3.5 % Finance leases 4.5 % 4.2 % The following table outlines maturities of our lease liabilities as of June 30, 2026: (In millions) Year Ending June 30, Operating Leases Finance Leases 2027 $ 6,082 $ 7,121 2028 4,334 7,294 2029 3,146 6,668 2030 2,612 6,570 2031 2,316 6,543 Thereafter 6,216 55,490 Total lease payments 24,706 89,686 Less imputed interest ( 2,781 ) ( 23,092 ) Total $ 21,925 $

[12] Microsoft 9月2日8-K：FY27报告分部变更

发布日期：2026-09-02

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/recent_8k.txt

On September 2, 2026, Microsoft Corporation (the “Company”) posted presentation materials to its Investor Relations website titled “FY27 Segments and Investor Metrics” announcing a change in reportable segments and investor metrics. Beginning in fiscal year 2027, the Company will manage its operations under this updated reporting structure and report its financial performance based on two reportable segments: (1) Agents and Infra and (2) Devices and Consumer. A copy of the presentation materials is furnished as Exhibit 99.1 to this report. The exhibit furnished on this report under Regulation FD provides a description of our updated reporting structure and presents summary financial information and historical data on a basis consistent with the updated reporting structure. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, includin

[13] Microsoft FY27分部、指标重列及机械调整后的Q1指引

发布日期：2026-09-02

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/segments_exhibit.txt

FY27 Q1 Outlook We will report our FY27 Q1 results in the structure discussed on the prior slides. Therefore, we have provided mechanical adjustments only to our outlook as provided on July 29, 2026, for the changes discussed in this presentation. As provided on July 29, 2026 Foreign currency impact Decrease to total revenue growth by less than 1 point, with roughly 1 point in Productivity and Business Processes, less than 1 point in Intelligent Cloud, and no meaningful impact in More Personal Computing No meaningful impact to COGS or operating expense growth Total Company Revenue of $89.85 to $90.95 billion Productivity and Business Processes Revenue of $36.7 to $37.0 billion Intelligent Cloud Revenue of $40.95 to $41.25 billion More Personal Computing Revenue of $12.2 to $12.7 billion Cost of revenue COGS of $29.6 to $29.8 billion Operating expenses Expenses of $16.8 to $16.9 billion Other income and expense Expected to be roughly $(100) million excluding any impact from our investments in OpenAI Operating margin Expected to remain relatively flat year-over-year Effective tax rate Approximately 20% Capital expenditures Expected to be over $50 billion including the impact of the useful life update Adjusted Outlook Foreign currency impact Decrease to total revenue growth by less than 1 point, with roughly 1 point in Agents and Infra, and no meaningful impact in Devices and Consumer No meaningful impact to COGS or operating expense growth Total Company No change to outlook Agents and Infra Revenue of $75.15 to $75.75 billion Devices and Consumer Revenue of $14.7 to $15.2 billion Cost of revenue No change to outlook Operating expenses No change to outlook Other income and expense No change to outlook Operating margin No change to outlook Effective tax rate No change to outlook Capital expenditures No change to outlook  FY27 Q1 Outlook Detail As provided July 29, 2026 Commercial Business Commercial bookings Healthy growth on a growing expiry base when adjusted for OpenAI contracts in the prior year Microsoft Cloud gross margin percentage Relatively stable quarter-over-quarter Productivity and Business Processes Microsoft 365 Commercial cloud revenue Growth of approximately 15% in constant currency Growth of approximately 16% in constant currency when adjusting for prior-year in-period revenue recognition Microsoft 365 Commercial products revenue Growth in mid-single digits Microsoft 365 Consumer cloud revenue Growth in the mid-teens LinkedIn revenue Growth in high-single digits Dynamics 365 revenue Growth in low-teens Intelligent Cloud Azure and other cloud services revenue Growth of approximately 45% in constant curr

[14] Microsoft Foundry上线GPT-6 Astra（产品公告，非收入指引）

发布日期：2026-09-03

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/astra_full.txt

The next era of enterprise AI will not be defined by chat experiences. It will be defined by how well a model can work for and with you. GPT-6 Astra , OpenAI’s newest frontier model, is now generally available for all customers in Microsoft Foundry . It is designed to help organizations make decisions for complex work and execute across the applications and systems where your business operates. We are investing to make it easier for customers to use advanced technology like Astra. AI initiatives often slow down on identity, networking, governance, data handling, evaluation, and compliance. Microsoft Foundry brings these fundamentals together in Azure, helping teams move from experimentation to production with speed and trust. Turn open-ended goals into action Astra is built to take an open

[15] Reuters经Kitco转载：软件竞争担忧与9月8日市场

发布日期：2026-09-08

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/reuters_kitco_excerpt.txt

Salesforce (CRM.N), and Intuit (INTU.O), ‌fell about 4%, while ServiceNow (NOW.N), lost 5%. OpenAI's launch last week of its newest model, GPT-6 Astra, reignited speculation that AI could compete with services now offered by specialized software companies. The S&P 500 software and services index (.SPLRCIS), fell 1.4%, down for a second straight day. "Astra has kind of reignited the software disruption fears and it's resumed that old ​trend that we got used to for a while, where semiconductor stocks and data center capex beneficiaries do well, while software ​stocks do poorly," said Jed Ellerbroek, portfolio man

[16] SEC submissions索引：本次检查范围与最新披露时点

发布日期：2026-09-09（检索日，非每项申报日）

证据文件：/mnt/q/private/stock_site/data/batches/20260909/evidence/003_Microsoft/direct_submissions.txt

"filings": { "recent": { "accessionNumber": [ "0000789019-26-000186", "0000789019-26-000185", "0000789019-26-000184", "0000789019-26-000183", "0000789019-26-000182", "0000789019-26-000181", "0000789019-26-000180", "0000789019-26-000179", "0000789019-26-000178", "0000789019-26-000177", "0000789019-26-000176", "0000789019-26-000175", "0000789019-26-000161", "0001193125-26-380280", "0000789019-26-000159", "0000789019-26-000158", "0000789019-26-000157",

[18] SEC最新申报索引（检索范围，不是不存在更多披露的证明）

发布日期：2026-09-11

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/submissions.txt

"filings":{"recent":{"accessionNumber":["0000789019-26-000188","0001214659-26-011511","0000789019-26-000186","0000789019-26-000185","0000789019-26-000184","0000789019-26-000183","0000789019-26-000182","0000789019-26-000181","0000789019-26-000180","0000789019-26-000179","0000789019-26-000178","0000789019-26-000177","0000789019-26-000176","0000789019-26-000175","0000789019-26-000161","0001193125-26-380280","0000789019-26-000159","0000789019-26-000158","0000789019-26-000157","0000789019-26-000156","0000789019-26-000155","0000789019-26-000154","0000789019-26-000153","0001950047-26-008927","0000789019-26-000145","0000789019-26-000143","0000789019-26-000141","0001959173-26-005674","0001959173-26-005608","0001193125-26-323660","0001193125-26-323632","0001214659-26-008806","0000789019-26-000139","0001214659-26-008121","0000789019-26-000137","0001193125-26-282817","0001193125-26-282773","0000789019-26-000135","0000789019-26-000133","0000789019-26-000131","0000789019-26-000130","0000789019-26-000129","0000789019-26-000128","0000789019-26-000127","0000789019-26-000126","0000789019-26-000125","0

[19] Microsoft FY2026 10-K重新核验

发布日期：2026-07-29

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/latest_10k.txt

Supplemental cash flow information related to leases was as follows: (In millions) Year Ended June 30, 2026 2025 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,443 $ 4,931 $ 3,550 Operating cash flows from finance leases 2,547 1,372 734 Financing cash flows from finance leases 3,101 2,283 1,286 Right-of-use assets obtained in exchange for lease obligations: Operating leases 4,555 7,826 6,703 Finance leases 24,608 20,511 11,633 Supplemental balance sheet information related to leases was as follows: (In millions, except lease term and discount rate) June 30, 2026 2025 Operating Leases Operating lease right-of-use assets $ 24,177 $ 24,823 Other current liabilities $ 5,393 $ 5,424 Operating lease liabilities 16,532 17,437 Total operating lease liabilities $ 21,925 $ 22,861 Finance Leases Property and equipment, at cost $ 82,712 $ 53,876 Accumulated depreciation (15,431 ) (9,861 ) Property and equipment, net $ 67,281 $ 44,015 Other current liabilities $ 4,290 $ 3,172 Other long-term liabilities 62,304 43,000 Total finance lease liabilities $ 66,594 $ 46,172 Weighted Average Remaining Lease Term Operating leases 6 years 6 years Finance leases 13 years 13 years Weighted Average Discount Rate Operating leases 3.7% 3.5% Finance leases 4.5% 4.2% The following table outlines maturities of our lease liabilities as of June 30, 2026: (In millions) Year Ending June 30, Operating  Leases Finance  Leases 2027 $ 6,082 $ 7,121 2028 4,334 7,294 2029 3,146 6,668 2030 2,612 6,570 2031 2,316 6,543 Thereafter 6,216 55,490 Total lease payments 24,706 89,686 Less imputed interest (2,781 ) (23,092 ) Total $ 21,925 $ 66,594 As of June 30, 2026, we had additional leases, primarily for datacenters, that had not yet commenced of $329.1 billion, with some arrangements subject to certain contractual conditions being met. These leases will commence between fiscal year 2027 and fiscal year 2033 with lease terms of 1 year to 20 years. 78 PART II Item 8 NOTE 14 — CONTINGENCIES Irish Data Protection Commission Matter In 2018

[20] Microsoft FY27分部重列完整金额表及机械指引

发布日期：2026-09-02

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/segments_exhibit.txt

Restated Historical Financials FY27 Q1 Adjusted Outlook Our updated segment reporting Satya Nadella, Chairman and Chief Executive Officer of Microsoft There’s no question AI represents a profound shift in both technology and business. It is changing what we build and how we operate, and it is blurring the boundaries between our products and reshaping our business models. To reflect this and provide increased transparency to investors, we are updating our financial reporting to mirror how the business is operating, how we allocate resources, and where we are headed. Beginning with FY27, we will transition from our current three reporting segments, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing, to two segments: Agents and Infra and Devices and Consumer. Within each of these segments, you will have full transparency of quarterly revenue across each of our key businesses, including Azure, M365 Cloud, Industry solutions, and ads. We will continue to focus on security, quality, and innovation in everything we do. We want every organization to own its own continuous learning loop so it retains its core IP, and to ensure AI empowers every person, amplifying their agency and ambition. That is what we mean by a frontier ecosystem, ensuring value flows and accrues across people, companies, industries, and countries, thereby leading to broad-based economic growth. As we build this ecosystem, the layers of our stack are not separate opportunities but reinforce each other. Investing in one strengthens the others and allows us to deliver customer value in a differentiated way. Our updated segment reporting Satya Nadella, Chairman and Chief Executive Officer of Microsoft Our Agents and Infra segment brings together our high-value apps and agents, including Microsoft 365 and GitHub, our multi-model system grounded in rich-enterprise context, and global-scale Azure infrastructure. Under this reporting structure, Azure becomes more purely our consumption-based platform and infrastructure business. Microsoft 365 Cloud brings together our high-value apps and agents across knowledge work, code, and security (Security has largely been part of this business already; the new structure makes that alignment clearer). We are also bringing together the reporting of all our business process solutions as part of the new Industry solutions metric. This integrated architecture across agents and infra is how we think about engaging with customers and driving their outcomes, building products, and monetization. It’s no longer about building or selling one app or service, but about connecting the entire trajectory of a “job to be done.” This expands our opportunity across every layer of the stack, from apps and agents that compress and complete tasks, workflows, and processes; to model systems that power agent reasoning and actions; to infrastructure that trains and serves those models and agent loops in the most efficient way. Our Devices and Consumer segment is where we bring ubiquitous intelligence to billions of people every day, with expansive TAMs across search and advertising, XBOX, and Windows. This reporting structure brings our advertising businesses together better reflecting their shared economics and the increasingly connected experiences across search, browsing, content discovery, and transactions. Across our tech stack, business models, and go-to-market, we are well positioned to generate high returns on invested capital because of the built-in diversification of our businesses, architectural coherence of our stack, and operational synergies. I have never been more confident in the opportunity ahead. Thank you for your continued investment in Microsoft. Satya Segment Structure We will transition to two reporting segments for FY27. Agents and Infra will include the Microsoft Cloud, productivity and server licensing, and our consulting and support businesses. Devices and Consumer will include our Windows, XBOX, and advertising businesses. With these segment changes and to provide transparency to investors, we are updating our product and services reporting definitions to better represent the businesses as we manage them today, which will be used in our SEC filings going forward.    Agents and Infra Azure has been updated to reflect the move of GitHub cloud and other developer cloud services as well as Security Copilot to Microsoft 365 cloud. Healthcare and Life Sciences cloud will move to the new Industry solutions cloud metric. Microsoft 365 cloud now brings together our productivity, developer, and security app offerings across commercial and consumer including: Microsoft 365 commercial cloud will now include GitHub cloud and other developer cloud services as well as Security Copilot which were previously reported in Azure Microsoft 365 consumer cloud is unchanged Productivity and server licensing brings together licensing offerings across our products including: Server products now excludes the on-premises portion of GitHub and other developer services which has moved to Microsoft 365 commercial products as well as the on-premises portion of the Healthcare and Life Sciences business which has moved to Industry Solutions Microsoft 365 commercial products will now include the on-premises portion of GitHub and other developer services which were previously reported in Server products Microsoft 365 consumer products was previously reported as Office consumer products, but is otherwise unchanged Industry solutions brings together our vertical commercial offerings across Dynamics, LinkedIn, and Healthcare including: Industry solutions cloud, which is formed from Dynamics 365, LinkedIn Talent Solutions and Sales Solutions, previously reported in LinkedIn, and Healthcare and Life Sciences cloud, previously reported in Azure Industry solutions products, which is the on-premises portion of these businesses Frontier and support services was previously reported as Enterprise and Partner services, but is otherwise unchanged FY27 Segment changes and resulting new product and service reporting updates The product and service offerings referenced above will be reported in our SEC filings Devices and Consumer Search and advertising brings together our advertising businesses by adding LinkedIn Marketing Solutions, along with LinkedIn Premium Subscriptions, to the prior S

[21] Bradford Smith 9月10日Form 4：赠与而非市场卖出

发布日期：2026-09-10

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/form4_sep10.txt

X0609 4 2026-09-09 0000789019 MICROSOFT CORP MSFT 0001193119 SMITH BRADFORD L false C/O MICROSOFT CORPORATION ONE MICROSOFT WAY REDMOND WA 98052-6399 0 1 0 0 Vice Chair and President 0 Common Stock 2026-09-09 4 G 0 14000 0 D 444716.2944 D Julia Stark, Attorney-in-Fact for Bradford L. Smith 2026-09-10

[22] IASJ 9月9日豁免征集材料：股东人权尽调提案

发布日期：2026-09-09

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/proxy_advocacy.txt

United States Securities and Exchange Commission Washington, D.C. 20549 Notice of Exempt Solicitation Pursuant to Rule Rule 14a-6(g) Name of the Registrant: Microsoft Corporation Name of persons relying on exemption: Investor Advocates for Social Justice Address of persons relying on exemption: Investor Advocates for Social Justice, 40 S Fullerton Ave. Montclair, NJ 07042 Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. In accordance with Rule 14a-6(g)(1)m, submission is required of this filer under the terms of the Rule because the co-filers of the related shareholder proposal own beneficially securities of the class which is the subject of the solicitation with a market value of over $5 million. This is not a solicitation of authority to vote your proxy, nor does the information contained within constitute investment advice. Please DO NOT send your proxy card; the filer is not able to vote your proxies, nor does this communication contemplate such an event. Attachment (below): Investor Briefing: Too Little, Too Late – Microsoft has a due diligence problem. Here’s why investors should be concerned. TOO LITTLE,TOO LATE.Microsoft has a due diligence problem.Here's why investors should be concerned. 11Microsoft recognizes that certain products, customers, andjurisdictions carry elevated risk, but journalistic investigations suggestineffective HRDD.A pattern of allegations about Microsoft's complicity in human rightsviolations in Israel, China, Saudi Arabia, and the US suggests systemicissues with the Company's HRDD practices.Microsoft's investigations are reactive, narrow, and non-transparent. Its recent decision to suspend cloud services related to Israelisurveillance confirms the inadequacy of existing processes.The same HRDD proposal, filed last year, received over 26%shareholder support, and Microsoft has not adequately addressed it. Last year, 59 filers representing just over $80 million in MSFT stock filed the shareholder proposal for the first time.1On July 1, 2026, 56 Microsoft shareholders, collectively representing more than $300 millionin MSFT shares, refiled a shareholder proposal for the 2026 shareholder meeting. Theproposal calls on Microsoft to publish a report assessing the effectiveness of its humanrights due diligence (HRDD) processes. It requests that Microsoft evaluate whether itsArtificial Intelligence (AI) and cloud technologies are being misused by customers, such asmilitary entities, to commit human rights abuses or violations of international humanitarianlaw. The proposal was filed for the first time last year, and at the 2025 Annual GeneralMeeting (AGM), it received over 26% support, highlighting significant investor concern.This briefing outlines various allegations and a finding of human rights violations related to Microsoft. It raises questions about the Company's HRDD practices and the adequacy ofexisting external reviews and demonstrates why supporting the resolution is necessary toprotect shareholder value. SUMMARYKEY ISSUES11 Financial Risk: Potential loss of revenue or increased cost of capital;potential portfolio impacts for investors due to S&P 500 weighting.Legal and Regulatory Risk: Potential financial liability for the Companyunder EU laws; GDPR complaint filed against Microsoft; potentialcriminal liability for the Company and its executives for complicity inhuman rights violations.Operational Risk: Controversy impacts key talent recruitment andretention; distracts senior management from core business.Reputational Risk: Microsoft named by UN Special Rapporteur asprofiting from, and therefore complicit in, war crimes and genocide inGaza ; risk of eroding public and customer trust. 2In June 2026, Microsoft confirmed that the Israeli military had used its cloud to store masssurveillance data on Palestinians. This followed Microsoft's September 2025 decision tosuspend a specific Israeli military unit's use of certain technol

[23] Reuters经WIMZ转载：38GW扩容媒体报道，微软未立即回应

发布日期：2026-09-10

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/capacity_full.txt

Sept 10 (Reuters) – Microsoft plans to build out its data-center capacity to about 38 gigawatts by 2032, more than ​triple its current footprint, Bloomberg News ‌reported on Thursday, citing people familiar with the matter. Here are some details: • According to the report only about 2 gigawatts of the company’s current 12-gigawatt ‌capacity ​is centered on AI-specific ⁠chips, a share expected ⁠to grow to about a third of the 38 gigawatts it plans to have online. • Microsoft did not immediately respond ​to a Reuters request for comment. • Technology companies have been pouring billions of ⁠dollars into data centers ⁠to power generative AI services such ​as ChatGPT and Copilot, which require huge amounts ​of computing power. • In July, Microsoft ‌forecast stronger-than-expected cloud growth offering fresh evidence that Microsoft’s massive AI investments are beginning to pay off, helping ease investor concerns ⁠that heavy spending on data centers and computing infrastructure could outpace demand. • Microsoft expects capital expenditures of $50 ⁠billion for ‌the fiscal first quarter of ⁠2027 and $175 billion for the ​2026 ‌calendar year. • The company is planning ​to spread ⁠long-term leases on data centers over 25 years rather than 15, which has the effect of lowering its annual rep

[24] Yahoo MSFT提取的分析师表：估计更新时间未独立确认

发布日期：2026-09-11（检索日）

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/consensus_yahoo.txt

| Currency in USD | Current Qtr. (Sep 2026) | Next Qtr. (Dec 2026) | Current Year (2027) | Next Year (2028) | | --- | --- | --- | --- | --- | | No. of Analysts | 38 | 37 | 49 | 51 | | Avg. Estimate | 90.67B | 95.53B | 391.08B | 467.33B | | Low Estimate | 89.64B | 93.53B | 380B | 433.18B | | High Estimate | 92.66B | 98.41B | 402.72B | 503B | | Year Ago Sales | 77.67B | 81.27B | 331.84B | 391.08B | | Sales Growth (year/est) | 16.73% | 17.55% | 17.85% | 19.50% | gaap GAAP nongaap Normalized | Currency in USD | Current Qtr. (Sep 2026) | Next Qtr. (Dec 2026) | Current Year (2027) | Next Year (2028) | | --- | --- | --- | --- | --- | | No. of Analysts | 25 | 25 | 33 | 33 | | Avg. Estimate | 4.72 | 4.83 | 19.75 | 23.57 | | Low Estimate | 4.43 | 4.72 | 19.21 | 20.93 | | High Estimate | 4.83 | 5.02 | 20.7 | 26 | | Year Ago EPS | 4.13 | 4.14 | 17.28 | 19.75 | gaap GAAP nongaap Normalized | Currency in USD | 9/30/2025 | 12/31/2025 | 3/31/2026 | 6/30/2026 | | --- | --- | --- | --- | --- | | EPS Est. | 3.66 | 3.92 | 4.07 | 4.24 | | EPS Actual | 4.13 | 4.14 | 4.27 | 4.74 | | Difference | 0.47 | 0.22 | 0.2 | 0.5 | | Surprise % | 12.73% | 5.69% | 4.90% | 11.81% | gaap GAAP nongaap Normalized | Currency in USD | Current Qtr. (Sep 2026) | Next Qtr. (Dec 2026) | Current Year (2027) | Next Year (2028) | | --- | --- | --- | --- | --- | | Cur

[25] MSFT 2026-09-10常规收盘原始日线

发布日期：2026-09-10

证据文件：/mnt/q/private/stock_site/data/batches/20260911/market/MSFT-raw.json

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[26] 9月9日Microsoft Goldman会议二级报道：部署效率、按席位/消费混合定价

发布日期：2026-09-09

证据文件：/mnt/q/private/stock_site/data/batches/20260911/evidence/003_Microsoft/goldman_recovered.txt

Azure Capacity and Infrastructure Efficiency On Azure, Hood said the company remains focused on bringing capacity online and making hardware “revenue ready” more quickly. She said the company has reduced “dock-to-live” times by more than 50% over the course of a year, referring to the time needed to move hardware from delivery to revenue-generating deployment. Efficiency work extends from physical infrastructure through software and application layers, Hood said. Improving throughput and reducing deployment times enables Microsoft to convert capital spending into revenue faster, with the impact generally reflected in Azure results during the quarter. Hood distinguished between long-lived investments, such as construction and leases, and shorter-term capital expenditures driven by demand. She said the short-term priority is less about adjusting spending by a particular dollar amount and more about getting available supply into the system faster. For longer-term capacity, Microsoft has entered long-term agreements across its supply chain to secure what Hood called “full sets” of required equipment and components. She also said companies need to focus on positive local community impacts as they pursue data-center projects. On internal semiconductors, Hood said Microsoft’s strategy is to maintain competitive price-performance through a mix of internally designed and third-party components. She noted that the company’s Cobalt CPU will be deployed in roughly 25 data centers over the year and said Microsoft was encouraged by benchmarks released for its Maia chips. Pricing, Copilot and AI Monetization Hood said Microsoft is moving toward a mix of user-based and consumption-based pricing across parts of its software portfolio. User licenses remain important because customers value budget predictability, she said, while consumption pricing is better suited for AI services tied to units of work or measurable outcomes. The company recently made changes to GitHub pricing, and Hood said the experience reinforced that users are willing to pay more when a high-quality product meaningfully improves productivity. At the same time, she said customers need controls, measurement and observability to manage consumption-based spending. Regarding Copilot, Hood said higher usage can raise costs within fixed-price user licenses, but Microsoft has historically managed rising service costs through efficiency and productivity improvements. The company also aims to use the right model for each task, she said. Hood said broader Copilot adoption could support demand for usage-based offerings such as Copilot Cowork. She described the combination of predictable user licensing and consumption-based tools as a way to create growth beyond a simple replacement of existing software budgets.