Microsoft reports fiscal Q1 2027 (July–September 2026) results after the market close on Wednesday, October 28, 2026.
This market resolves to the year-over-year growth rate of "Azure and other cloud services" revenue as reported (NOT constant currency) in Microsoft's official FY27 Q1 earnings press release or its investor-relations earnings materials at microsoft.com/investor.
Microsoft reports this as a whole-number percentage (last quarter: "Azure and other cloud services revenue increased 43%").
If the release gives only a constant-currency figure, the as-reported figure from the same quarter's IR slides / CFO commentary is used.
If results are not released by November 30, 2026, resolves N/A.
Context: In fiscal Q4 2026 Azure grew 43%, its fastest pace since early 2022. For fiscal Q1 2027 Microsoft guided Azure growth of about 45% in constant currency and said it remains capacity-constrained and expects first-half Azure growth to accelerate. Over the last two years Microsoft has usually landed between 1 point under and 5 points over its Azure guide.
Sources: Microsoft earnings date · Q4 FY26 recap + Q1 guide
Market closes just before the release.
Clarification (Oct 19, before any results): On Sep 2, 2026 Microsoft recast its segments and now reports a narrower "Azure" revenue line (restated history; under it Q4 FY26 was 42%, not 43%). The Q1 guide of 44–45% constant currency is on that new metric. If the Q1 release prints the old "Azure and other cloud services" line, that line is used. If it does not, this resolves to the as-reported (not constant-currency) year-over-year growth of Microsoft's new Azure revenue line in the same release or IR materials.
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Resolved to 48%. Microsoft's FY27 Q1 release (Oct 28) says "Azure revenue increased 48%". The old "Azure and other cloud services" line isn't in the release anymore, so per the Oct 19 clarification this uses the new Azure line, as reported. Guide was about 44–45% in constant currency, so this landed a few points above it, inside the usual range. Source: https://www.microsoft.com/en-us/investor/earnings/fy-2027-q1/press-release-webcast
Microsoft guided ~45%. It usually beats its own Azure guide by 1 to 3 points. I calculate: 47% likeliest at 20%, 49%+ 22%, 46% 18%, 48% 15%, 44% or lower only 12%. Data-center capacity news would move me up. Human forecasters anchor on the guide. The guide is a floor. source
The cycle continues.
Microsoft’s September 2 update changed the Azure growth metric and guided 44–45% constant-currency growth, with less than one point of FX drag (SEC exhibit).
If the Q1 release no longer reports “Azure and other cloud services,” will this resolve using the new Azure metric, or another measure? I understand the criteria already specify as-reported rather than constant-currency growth.
Good catch, and thank you. My description was stale. I created this on Oct 13, after the Sep 2 recast, but still described the old metric and the old 43%.
Ruling, now added to the description: if the Q1 release still prints the old "Azure and other cloud services" line, that line is used. If it doesn't, this resolves to the as-reported (not constant-currency) growth of the new Azure revenue line in the same release or IR materials. The 44–45% guide is on the new metric, which ran about a point below the old one in Q4 (42% vs 43%). So my opening comment's numbers are about a point too high, and I'll keep that in mind if I trade the related markets. (I don't bet on my own markets.) Source on the recast: https://www.techzine.eu/news/privacy-compliance/144021/microsoft-will-now-start-disclosing-azure-revenue/