Microsoft Corporation (MSFT) - Rapport boursier

Microsoft Corporation sells software and cloud computing that organizations run their operations on. Companies pay recurring subscriptions for Microsoft 365, the productivity tools such as Word, Outlook and Teams, and they pay for Azure, Microsoft's cloud platform, based on how much computing power they use. Around these two engines sit security, developer tools, LinkedIn, advertising, Windows and Xbox gaming. The pattern is that once a company standardizes on Microsoft for identity, security, productivity and cloud, switching would mean several coordinated migrations at once rather than one product change, so revenue tends to return year after year.

In the quarter ended June 30, 2026, Azure and other cloud services grew 43%, and Microsoft 365 Copilot passed 30 million paid seats. Demand exceeded the computing capacity Microsoft could supply, and Microsoft said additional available capacity was quickly absorbed by customer demand. This matters because customers are paying for AI features now, not merely trialing them.

Microsoft spent $115.9 billion on infrastructure in fiscal 2026 to build data centers ahead of full use. That spending raises depreciation, energy and networking costs before the new capacity is fully earning, so the open question is whether this investment produces enough profit and cash to justify its size.