微软2027财年第一季度营收923亿美元增长19%：净利润366亿增32%，Azure收入大涨48%
美国华盛顿州雷德蒙德消息：微软10月28日公布2027财年第一季度（2026年7月至9月，截至9月30日）业绩——营收923亿美元，同比增长19%；营业利润459亿美元，增长21%；按通用会计准则计算的净利润366亿美元，增长32%，摊薄后每股收益4.92美元，增长32%。
按非通用会计准则口径，净利润364亿美元、增长18%，每股收益4.89美元、增长18%。两种口径的差异来自微软对 OpenAI 的投资：本季度该投资带来2.07亿美元净收益（每股收益+0.03美元），而去年同期为31亿美元净亏损（每股收益−0.41美元）。
分业务看，「智能体与基础设施」（Agents and Infra）板块营收768亿美元，增长25%。其中微软云营收639亿美元，增长30%；Azure 收入大涨48%；商业剩余履约义务金额增长73%，达6,770亿美元。Microsoft 365 商业云收入增长17%（按固定汇率调整后为18%），Microsoft 365 消费者云收入增长17%，行业解决方案云收入增长10%，LinkedIn 收入增长10%。
「设备与消费者」板块营收155亿美元，下降3%：搜索与新闻广告收入（不含流量获取成本）增长12%，Xbox 内容与服务收入下降2%，Windows OEM 与设备收入下降22%。
微软本季度以股息与股票回购形式向股东返还102亿美元。董事长兼首席执行官 Satya Nadella 表示，公司正「在整个技术栈上为客户提供更强的能力、选择、控制与成本效率」；执行副总裁兼首席财务官 Amy Hood 表示，微软云增长加速至30%，营收、营业利润与每股收益均超出预期，显示客户需求强劲。
Microsoft Fiscal Q1 2027 Revenue Rises 19% to $92.3B as Azure Jumps 48%
REDMOND, Wash. — Microsoft on October 28 reported results for the first quarter of fiscal 2027 (the three months ended September 30, 2026): revenue of $92.3 billion, up 19%; operating income of $45.9 billion, up 21%; and GAAP net income of $36.6 billion, up 32%, with diluted earnings per share of $4.92, also up 32%.
On a non-GAAP basis, net income was $36.4 billion, up 18%, and diluted EPS was $4.89, up 18%. The difference stems from Microsoft's investment in OpenAI, which contributed net gains of $207 million this quarter (+$0.03 per share) versus net losses of $3.1 billion (−$0.41 per share) in the prior-year quarter.
By segment, Agents and Infra revenue rose 25% to $76.8 billion. Microsoft Cloud revenue grew 30% to $63.9 billion, with Azure revenue up 48%; commercial remaining performance obligation climbed 73% to $677 billion. Microsoft 365 Commercial cloud revenue grew 17% (18% in constant currency), Microsoft 365 Consumer cloud revenue grew 17%, Industry Solutions cloud revenue grew 10%, and LinkedIn revenue grew 10%.
Devices and Consumer revenue fell 3% to $15.5 billion: search and news advertising revenue excluding traffic acquisition costs rose 12%, Xbox content and services revenue declined 2%, and Windows OEM and Devices revenue declined 22%.
Microsoft returned $10.2 billion to shareholders through dividends and share repurchases in the quarter. "We are doubling down to deliver greater capability, choice, control, and cost efficiency for customers across the full stack," said Satya Nadella, chairman and chief executive officer. Amy Hood, executive vice president and chief financial officer, said Microsoft Cloud growth accelerated to 30% and that revenue, operating income and EPS all exceeded expectations on strong customer demand.
来源：GSM·美国（原文链接）
图片来源：图：微软位于华盛顿州雷德蒙德总部的92号楼。照片：Coolcaesar，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: Building 92 at Microsoft's headquarters in Redmond, Washington. Photo: Coolcaesar, CC BY-SA 4.0, via Wikimedia Commons.
