Microsoft Corporation
MSFTpublicCloud & Enterprise Software
Primary investor in OpenAI with $13B+ committed. Azure AI is the fastest-growing Microsoft segment. Spent ~$88B on infrastructure in calendar 2025 — one of the largest single-year CAPEX commitments in corporate history. Guiding $85–90B for FY2026.
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2025 CAPEX
$88.1B
YoY 2025 vs 2024
+58.2%
Latest Quarter
$24.5B
Q4'25
FY2026 Guidance
$85.0B–$90.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $24.5B | $74.0B | 33.1% | 10-Q Q2 FY2026 (calendar Q4 2025, est.) |
| Q3'25 | $22.0B | $72.0B | 30.6% | 10-Q Q1 FY2026 (calendar Q3 2025, est.) |
| Q2'25 | $19.0B | $73.4B | 25.9% | 10-K FY2025 Q4 (calendar Q2 2025) |
| Q1'25 | $22.6B | $70.1B | 32.2% | 10-Q Q3 FY2025 (calendar Q1 2025) |
| Q4'24 | $16.3B | $69.4B | 23.5% | 10-K FY2024 |
| Q3'24 | $14.0B | $64.7B | 21.6% | 10-Q Q3 FY2024 |
| Q2'24 | $13.9B | $69.6B | 20.0% | 10-Q Q2 FY2025 |
| Q1'24 | $11.5B | $65.6B | 17.5% | 10-Q Q1 FY2025 |
| Q4'23 | $11.2B | $62.0B | 18.1% | 10-K FY2023 |
| Q3'23 | $8.9B | $61.9B | 14.4% | 10-Q Q3 FY2023 |
| Q2'23 | $7.0B | $56.5B | 12.4% | 10-Q Q2 FY2023 |
| Q1'23 | $6.6B | $52.7B | 12.5% | 10-Q Q1 FY2023 |
| Q4'22 | $8.4B | $52.7B | 15.9% | 10-Q Q2 FY2023 (calendar Q4 2022) |
Q4'22 — Microsoft FY ends June 30. Calendar Q4 2022 = FY2023 Q2.
Q1'24 — Microsoft FY starts July
Q4'24 — Full FY2024: ~$55.7B
Q1'25 — Microsoft FY ends June 30
Q3'25 — Estimated
Q4'25 — Estimated. FY2025 calendar total est. ~$88B
Guidance Tracker
FY2025
Completed
“We are planning to invest approximately $80 billion to build out AI-enabled data centers to train AI models and deploy AI and cloud-based applications around the world.”
Guided: $80.0B
Actual to date: $88.0B
110%
FY2026
On Track
“We continue to see strong demand for our AI and cloud services. Capital expenditure investment for FY2026 will remain elevated as we scale Azure AI capacity globally.”
Guided: $85.0B–$90.0B
FY2027
Pending
“Our multi-year infrastructure roadmap supports continued investment through FY2027 and beyond.”
Guided: $90.0B–$100.0B
Key Quotes
Amy Hood·CFO·2025-01-29
“We expect capital expenditures to increase on a sequential basis as we continue to invest in our cloud and AI infrastructure.”
Q2 FY2025 Earnings Call
Partnerships & Investments
OpenAI
Microsoft has committed $13B+ to OpenAI. Azure is OpenAI's exclusive cloud provider.
$13.0B
investment
G42
$1.5B investment in UAE-based G42; Azure partnership for Middle East AI expansion.
$1.5B
investment
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