Microsoft 3QFY26 Results: Strong AI Demand, Changing Monetization Model
Microsoft’s 3QFY26 report is not only about strong cloud growth.
The more interesting point is the pricing shift:
from a per-user model
to a user-plus-usage model.
That could matter for how AI products are monetized over time.
Key numbers:
Revenue: US$82.9bn, +18.3% YoY
Operating income: US$38.4bn, +20% YoY
Azure growth: +40% YoY
Microsoft 365 Copilot paid seats: 20mn
At the same time, AI capex remains heavy.
3QFY26 capex reached US$31.9bn, with around two-thirds spent on GPUs and CPUs.
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