Microsoft's fiscal Q1 2027 report due October 28 with Azure and capex in focus

Microsoft is scheduled to report fiscal first-quarter 2027 results after the close on October 28, 2026. Management's guidance points to quarterly revenue between about $89.85 billion and $90.95 billion, and Azure growth of roughly 45% in constant currency, with first-quarter capital spending expected above $50 billion. The company kept its calendar 2026 capex outlook near $175 billion, lower than the roughly $190 billion it cited in April. Free cash flow fell 23% in the fourth quarter, and management expects it to remain positive in fiscal 2027. Commercial remaining performance obligation reached $678 billion, up 84%, and Microsoft 365 Copilot passed 30 million paid seats.

1. Fiscal Q1 2027 earnings are scheduled for October 28, 2026 after the market close.
2. Guided quarterly revenue is $89.85 billion to $90.95 billion, up 16% to 17%.
3. Azure grew 43% in the fourth quarter; guidance calls for about 45% in constant currency in Q1.
4. First-quarter capex is expected to exceed $50 billion; calendar 2026 capex outlook is about $175 billion, down from about $190 billion in April.
5. Free cash flow fell 23% in the fourth quarter; management expects it to stay positive in fiscal 2027.
6. Commercial remaining performance obligation rose 84% to $678 billion; Microsoft 365 Copilot passed 30 million paid seats.