4Q26 Results – Growth Thesis Taking Shape

研报英文原文证据摘录

4Q26 Results – Growth Thesis Taking Shape

IdeaMgrowth YoY in FY27. We had been nervous about MSFT’s ability to “thread

the needle” on this – but given no dramatic increase, investors can focus on

the topline strength.

Areas to Monitor:

• More Capex Complexity. Given the raging debate on capex, more complexity

here is not welcome, even if we understand it’s not 100% by MSFT’s choice.

The extension of useful lives around DCs means more operating leases and

fewer finance leases going forward. This translates into lower overall capex –

but the cash costs flow through to COGS, which comes under some

incremental pressure – albeit partly offset by longer depreciation cycles.

Bottom line, the capex commitment hasn’t changed and optically falls to

$175bn in CY26 from $190bn – but those costs mainly reappear in COGS. So,

this dollar change reflects the accounting classification—not lower

economic investment. Microsoft said its underlying calendar 2026

investment expectations are unchanged, but the lease-classification change

adjusts the reported capex expectation to approximately $175B. The figure

therefore should not be characterized as a reduction in Microsoft’s economic

infrastructure investment - same demand signals, same capacity coming

online.

• F1Q27 MPC Guidance Is Materially Below Consensus, with a Difficult

Windows Setup for FY27. MPC guidance of $12.2B-$12.7B came in ~

$700MM, or >5%, below consensus at the midpoint, and the entire guidance

range is below the Street. Microsoft expects Windows OEM and Devices

revenue to decline in the low 20s in F1Q27 and in the high teens for FY27,

reflecting lower PC demand, higher component costs, device pricing,

elevated channel inventory and a difficult comparison against the Windows

10 end-of-support benefit.