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Microsoft CEO Satya Nadella (George Chan/Getty Images)

What to look for in Microsoft’s Q3 earnings report today

Like its peers, the company’s cloud business and capital expenditure will be scrutinized.

Jon Keegan

Today Microsoft will report its Q3 earnings after the bell. All eyes will be on its Azure cloud business revenue growth, and on the lookout for any clues about what a revised partnership with OpenAI might mean for Microsoft’s finances.

Last quarter, after the company reported its second-quarter earnings, its stock dropped to its lowest point since 2020 on fears that the company had too many of its cloud computing eggs in one basket — its partner OpenAI. Microsoft shares are down about 12% in 2026.

But this week, things have changed. Microsoft and OpenAI announced that they revised the terms of their $13 billion partnership. Microsoft will no longer have exclusive access to OpenAI’s models, and it will also no longer have to make revenue-sharing payments. OpenAI will still share revenue with Microsoft until 2030, or when they reach a cap.

Investors will be looking to see how the company plans to invigorate its Copilot AI offerings. Microsoft is reportedly working to remake Copilot in the image of the popular OpenClaw open-source AI agent. Microsoft is also turning to Anthropic’s Claude to power its Copilot Cowork AI agent tool. Reports say that rebooting Copilot with advanced AI capabilities is a top priority.

Here’s what a consensus of FactSet analysts are expecting for some key figures:

  • Overall revenue: ⬆️ to $81.4 billion.

  • Intelligent cloud (Azure, server products): ⬆️ to $34.27 billion.

  • Capital expenditure: ⬇️ to $27.5 billion.

  • Earnings per share: ⬇️ to $4.05.

  • Azure revenue growth: ⬆️ to 39.7%.

Microsoft will report earnings after the bell.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

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