微软FY26 Q4财报：利润增31%，Azure云破千亿美元

Microsoft just published FY26 Q4.

Profits increased 31%, robust cloud growth, Azure cloud sales moved past $100 billion, grew 43% in the quarter.

Microsoft currently has the strongest financial cover with operating free cashflow, for its capex-spending.

Microsoft used roughly 65% of quarterly operating cash flow for cash capex and still produced $19.6B of free cash flow.

Comparing with Google Capex for the quarter

• Alphabet: $44.9B in cash capex - Microsoft: $35.8B in cash capex

(Microsoft reported $41B of total capex, including lease-financed infrastructure)

So the top 3 AI infrastructure builders (Google, Microsoft, Meta) deployed ~$111B of cash capex in 1 quarter alone.