Microsoft Corporation (NASDAQ:MSFT) Q4 2025 Earnings Conference Call July 30, 2025 5:30 PM ET
Amy E. Hood - Executive VP & CFO
Mark L. Moerdler - Sanford C. Bernstein & Co., LLC., Research Division
Operator 接线员
Greetings, and welcome to the Microsoft Fiscal Year 2025 Fourth Quarter Earnings Conference Call.
各位好，欢迎参加微软 2025 财年第四季度财报电话会议。
[Operator Instructions] As a reminder, this conference is being recorded.
【接线员提示】提醒一下，本次会议正在录音。
It is now my pleasure to introduce Jonathan Neilson, Vice President of Investor Relations.
现在很高兴为大家介绍投资者关系副总裁 Jonathan Neilson。
Jonathan Neilson
Good afternoon, and thank you for joining us today. On the call with me are Satya Nadella, Chairman and Chief Executive Officer; Amy Hood, Chief Financial Officer; Alice Jolla, Chief Accounting Officer; and Keith Dolliver, Corporate Secretary and Deputy General Counsel.
下午好，感谢大家今天加入我们的电话会议。与我一同参加本次电话会议的有董事长兼首席执行官萨蒂亚·纳德拉（Satya Nadella）；首席财务官艾米·胡德（Amy Hood）；首席会计官爱丽丝·乔拉（Alice Jolla）；以及公司秘书兼副总法律顾问基思·多利弗（Keith Dolliver）。
On the Microsoft Investor Relations website, you can find our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks during today's call and provides a reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website when we provide outlook commentary on today's call.
在微软投资者关系网站上，您可以找到我们的收益新闻稿和财务摘要幻灯片，该幻灯片旨在补充我们在今日电话会议中的准备发言，并提供 GAAP 与非 GAAP 财务指标差异的调节表。当我们在今天的电话会议中提供业绩展望说明时，更详细的展望幻灯片也会在微软投资者关系网站上发布。
On this call, we will discuss certain non-GAAP items. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. They are included as additional clarifying items to aid investors in further understanding the company's fourth quarter performance in addition to the impact these items and events have on the financial results.
在本次电话会议上，我们将讨论某些非 GAAP 项目。提供的非 GAAP 财务指标不应被视为替代或优于根据 GAAP 编制的财务业绩衡量标准。它们作为补充说明项目被包含在内，以帮助投资者在理解公司第四季度业绩时进一步了解这些项目和事件对财务业绩的影响。
All growth comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. We will also provide growth rates in constant currency when available as a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. Where growth rates are the same in constant currency, we will refer to the growth rate only.
除非另有说明，我们今天在电话会议中进行的所有增长比较均与去年同期相比。我们在可用时还将以不变汇率提供增长率，作为评估我们基础业务表现的框架，排除外汇汇率波动的影响。若在不变汇率下的增长率与报告增长率相同，我们将仅引用该增长率。
We will post our prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and in any future use of the recording. You can replay the call and view the transcript on the Microsoft Investor Relations website.
我们将在电话会议结束后立即把准备好的发言稿发布到我们的网站，直到完整文字记录可用为止。今天的电话会议正在进行网络直播并录音。如果您提出问题，该问题将被纳入我们的直播、文字记录以及录音的任何未来使用。您可以在微软投资者关系网站上重听电话会议并查看文字记录。
During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Forms 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
在本次电话会议中，我们将发表前瞻性声明，即关于未来事件的预测、推测或其他声明。这些声明基于当前的预期和假设，但受风险和不确定因素影响。由于今日财报新闻稿、本次电话会议中的评论以及我们在 Form 10-K、Form 10-Q 和提交给美国证券交易委员会的其他报告与文件的“风险因素”一节中所讨论的因素，实际结果可能发生重大差异。我们不承担更新任何前瞻性声明的义务。
And with that, I'll turn the call over to Satya.
接下来，我把电话交给 Satya。
Satya Nadella
Thank you, Jonathan. It was a very strong close to what was a record fiscal year for us. All up, Microsoft Cloud surpassed \$168 billion in annual revenue, up 23%.
谢谢你，Jonathan。这是我们创纪录财年的一个非常强劲的收尾。总体而言，Microsoft Cloud的年度收入超过1680亿美元，同比增长23%。
The rate of innovation and the speed of diffusion is unlike anything we have seen. To that end, we are building the most comprehensive suite of AI products and tech stack at massive scale. And to provide more context, I want to walk up the stack, starting with Azure.
创新的速度和扩散的速度前所未有。为此，我们正在大规模构建最全面的AI产品组合和技术栈。为了提供更多背景信息，我想从Azure开始逐层展开。
Azure surpassed \$75 billion in annual revenue, up 34%, driven by growth across all workloads. We continue to lead the AI infrastructure wave and took share every quarter this year. We opened new DCs across 6 continents and now have over 400 data centers across 70 regions, more than any other cloud provider.
Azure的年度收入超过750亿美元，同比增长34%，增长动力来自所有工作负载。我们继续引领AI基础设施浪潮，并在今年每个季度都提升了市场份额。我们在六大洲开设了新的数据中心，目前在70个区域拥有超过400个数据中心，数量超过任何其他云服务商。
There is a lot of talk in the industry about building the first gigawatt and multi-gigawatt data centers. We stood up more than 2 gigawatts of new capacity over the past 12 months alone. And we continue to scale our own data center capacity faster than any other competitor.
业界有很多关于建设首个吉瓦级和多吉瓦级数据中心的讨论。而仅在过去12个月里，我们就新增了超过2吉瓦的容量。而且我们扩展自身数据中心容量的速度快于任何竞争对手。
Every Azure region is now AI-first. All of our regions can now support liquid cooling, increasing the fungibility and the flexibility of our fleet. And we are driving and riding a set of compounding S curves across silicon, systems and models to continuously improve efficiency and performance for our customers.
现在每个Azure区域都是AI优先的。我们所有区域都已支持液冷技术，从而提升我们集群的可替代性和灵活性。我们正在推动并利用跨越芯片、系统和模型的一系列复合S曲线，不断为客户提升效率和性能。
Take, for example, GPT4o family of models, which have the highest volume of inference tokens. Through software optimizations alone, we are delivering 90% more tokens for the same GPU compared to a year ago.
以GPT4o系列模型为例，它们的推理tokens量最高。仅通过软件优化，我们就能在相同GPU上比一年前多交付90%的tokens。
Beyond the AI fleet, we continue to build our commercial cloud to address customers' unique data residency and sovereignty requirements. This quarter, we introduced the Microsoft Sovereign Cloud, the industry's most comprehensive solution spanning both public and private cloud deployments.
除了AI集群之外，我们还在持续构建商用云，以满足客户独特的数据驻留和数据主权需求。本季度，我们推出了Microsoft Sovereign Cloud，这是业界最全面的解决方案，涵盖公有云和私有云的部署。
All of this innovation is driving our strong results. We saw accelerating growth from migrations again this quarter. Nestle, for example, migrated more than 200 SAP instances, 10,000-plus servers, 1.2 petabytes of data to Azure with near 0 business disruption. That makes it one of the largest and most successful migrations in business history.
所有这些创新正在推动我们取得强劲的业绩。本季度我们再次看到迁移带来的加速增长。例如，Nestle将超过200个SAP实例、1万多台服务器和1.2 PB的数据迁移到Azure，几乎没有造成任何业务中断。这使其成为商业历史上规模最大、最成功的迁移之一。
有一种分析是微软更能吸引传统的大型企业，比如，SAP，这些企业早已经习惯了微软的软件系统。
The next big accelerator in the cloud will be Quantum, and I'm excited about our progress. In fact, earlier this month, we announced the world's first operational deployment of a Level 2 Quantum computer in partnership with Atom Computing. This is how we will continue to think and make investments, with decade-long arcs, while making progress every quarter.
云计算的下一个重大加速器将是量子计算，我对我们的进展感到非常兴奋。事实上，本月早些时候，我们与Atom Computing合作，宣布了全球首个二级量子计算机的实际部署。这就是我们继续思考和投资的方式——以十年为周期，同时每个季度都取得进展。
The next layer is data, which is foundational to every AI application. Microsoft Fabric is becoming the complete data and analytics platform for the AI era, spanning everything from SQL to no-SQL, to analytics workloads. It continues to gain momentum with revenue up 55% year-over-year and over 25,000 customers. It's the fastest-growing database product in our history.
下一层是数据，它是所有AI应用的基础。Microsoft Fabric正在成为AI时代完整的数据与分析平台，涵盖从SQL到no-SQL再到分析型工作负载的一切。它持续快速发展，收入同比增长55%，客户数超过25,000家。这是我们历史上增长最快的数据库产品。
Fabric OneLake spans all databases and clouds, including semantic models from Power BI, and therefore, it is the best source of knowledge and grounding for AI applications and context engineering.
Fabric OneLake覆盖所有数据库和云环境，包括Power BI的语义模型，因此，它是AI应用和上下文工程的最佳知识来源与基石。
Azure Databricks and Snowflake on Azure both accelerated as well. Cosmos DB and Azure PostgreSQL are both powering mission- critical workloads at scale. OpenAI, for example, uses Cosmos DB in the hot path of every ChatGPT interaction, storing chat history, user profiles and conversational state. And Azure PostgreSQL stores metadata critical to the operation of ChatGPT as well as OpenAI's developer APIs.
Azure Databricks和在Azure上的Snowflake也加速发展。Cosmos DB和Azure PostgreSQL为大规模的关键任务型工作负载提供支持。例如，OpenAI在每一次ChatGPT交互的热路径中使用Cosmos DB，用于存储聊天记录、用户画像和对话状态。而Azure PostgreSQL则存储运行ChatGPT以及OpenAI开发者API所需的重要元数据。
This year, we launched Azure AI Foundry to help customers design, customize and manage AI applications and agents at scale. Foundry features best-in-class tooling, management, observability and built-in controls for trustworthy AI. Customers increasingly want to use multiple AI models to meet their specific performance, cost and use case requirements. And with Foundry, they can provision inferencing throughput once and apply it across more models than any other hyperscaler, including models from OpenAI, DeepSeek, Meta, xAI's Grok and, very soon, Black Forest Labs and Mistral AI.
今年，我们推出了Azure AI Foundry，帮助客户在大规模下设计、定制和管理AI应用与智能体。Foundry提供业界领先的工具、管理、可观测性，以及可信AI的内建控制。客户越来越希望使用多个AI模型来满足其特定的性能、成本和应用场景需求。借助Foundry，他们只需一次性配置推理吞吐量，就能在比任何其他超大规模服务商更多的模型上应用，包括来自OpenAI、DeepSeek、Meta、xAI的Grok，以及即将加入的Black Forest Labs和Mistral AI的模型。
We sim-shipped 15 models from OpenAI alone on Foundry this year, providing same-day access to state-of-the-art models deeply integrated with our infrastructure and tools. And we are seeing accelerated adoption of our new Foundry Agent Service, which is now being used by 14,000 customers to build agents that automate complex tasks.
今年，我们仅在Foundry上就同步上线了15个来自OpenAI的模型，客户可以在同一天内获取与我们基础设施和工具深度集成的最先进模型。我们还看到新的Foundry Agent Service正在加速普及，目前已有14,000家客户使用它来构建能够自动化复杂任务的智能体。
For example, Nasdaq is using foundry to build agents that help customers prepare for Board meetings, cutting prep time by up to 25%. All up, 80% of Fortune 500 already use Foundry. And when we look narrowly at just the number of tokens served by Foundry APIs, we processed over 500 trillion this year, up over 7x. This is a good indicator of true platform diffusion beyond a few head apps and services.
例如，Nasdaq正在使用Foundry构建智能体，帮助客户准备董事会会议，将准备时间缩短多达25%。总体来看，已有80%的《财富》500强企业在使用Foundry。而如果仅从Foundry API处理的tokens数量来看，今年我们处理了超过500万亿，增长超过7倍。这是平台真正扩散的良好指标，表明其已远远超越少数头部应用和服务。
Talking about the app layer, these applications are becoming embedded in our daily work and life. Our family of Copilot apps has surpassed 100 million monthly active users across commercial and consumer. And when you take a broader look at the engagement of AI features across our products, we have over 800 million monthly active users.
谈到应用层，这些应用正逐步融入我们的日常工作和生活。我们的Copilot系列应用在商业与消费者端的月活跃用户已超过1亿。如果从更广的维度看我们产品中AI功能的使用情况，月活跃用户已超过8亿。
Microsoft 365 Copilot is becoming the new way to organize work and workflow and work artifacts. We rolled out our biggest update to Microsoft 365 Copilot to date this quarter, bringing together chat, search, create, notebooks as well as agents into one intuitive scaffolding.
Microsoft 365 Copilot正在成为组织工作、工作流程以及工作成果的新方式。本季度我们为Microsoft 365 Copilot推出了迄今为止最大的一次更新，把聊天、搜索、创作、笔记本以及智能体整合到一个直观的框架中。
With this innovation and continued product improvements, we are seeing real momentum. Customers continue to adopt Copilot at a faster rate than any other new Microsoft 365 suite, with strong usage intensity as shown by our week-over-week retention. And we saw the largest quarter of seat adds since launch with a record number of customers returning to buy more seats.
随着这些创新和持续的产品改进，我们正在看到真正的增长势头。客户采用Copilot的速度超过以往任何一款新的Microsoft 365套件，并且从我们的逐周留存率可以看出其使用强度非常高。本季度的新增席位数创下了自推出以来的最大规模，回购更多席位的客户数量也创下纪录。
Barclays, for example, will roll out Microsoft 365 Copilot to 100,000 employees globally following a successful initial deployment of 15,000. UBS is expanding its deployment to all of its employees after initially rolling it out to 55,000 of them. And Adobe, KPMG, Pfizer, Wells Fargo all purchased over 25,000 seats this quarter.
例如，Barclays在成功完成15,000席位的初始部署后，将在全球范围内为10万名员工部署Microsoft 365 Copilot。UBS在最初向55,000名员工部署后，正在将其扩展至全体员工。而Adobe、KPMG、Pfizer和Wells Fargo本季度都各自购买了超过25,000个席位。
Tens of thousands of organizations have already used our Researcher and Analyst deep reasoning agents in the first weeks of availability. And we have introduced group-level agents in Teams like Facilitator and Interpreter, which generate real-time translation and notes in meetings. Hundreds of partners like Adobe, SAP, ServiceNow and Workday have built their own third-party agents that integrate with Copilot and Teams.
在推出的最初几周，就已有数万家组织使用了我们的Researcher和Analyst深度推理智能体。我们还在Teams中推出了小组级别的智能体，例如Facilitator和Interpreter，它们能够在会议中实时生成翻译和笔记。包括Adobe、SAP、ServiceNow和Workday在内的数百家合作伙伴，已经构建了与Copilot和Teams集成的第三方智能体。
We are also seeing more customers use Copilot Studio to extend Microsoft 365 Copilot and build their own agents. This year, customers created 3 million agents using SharePoint and Copilot Studio. And with Copilot Tuning, they can easily create agents fine- tuned on their company's data, workflow and style that reflect their unique tone, language and expertise.
我们还看到越来越多的客户使用Copilot Studio来扩展Microsoft 365 Copilot并构建自己的智能体。今年，客户通过SharePoint和Copilot Studio创建了300万个智能体。借助Copilot Tuning，他们可以轻松创建基于公司数据、工作流程和风格进行微调的智能体，从而体现其独特的语气、语言和专业知识。
We're also seeing great traction among specific roles and functions, starting with developers. GitHub Copilot continues to have great momentum in IDE with Agent Mode and new form factors like Coding Agent which is capable of asynchronously executing developer tasks. We have 20 million GitHub Copilot users. GitHub Copilot enterprise customers increased 75% quarter-over-quarter as companies tailor Copilot to their own codebases, and 90% of the Fortune 100 now use GitHub Copilot.
我们在特定角色和职能上也看到强劲的发展势头，首先是开发者。GitHub Copilot在IDE中凭借Agent Mode和Coding Agent等新形态持续保持强劲势头，Coding Agent能够异步执行开发者任务。我们目前拥有2000万GitHub Copilot用户。企业客户环比增长75%，因为公司正在将Copilot定制到自己的代码库中。而《财富》100强企业中已有90%在使用GitHub Copilot。
More broadly, GitHub usage and repos are seeing explosive growth because of AI. AI projects on GitHub more than doubled over the last year. The surge in vibe coding projects and AI coding agents, whether it is Claude Code, Codex, Cursor or GitHub Copilot, are generating more pull requests and more repos on GitHub. And our Code Review Agent is being used heavily across the platform, performing millions of code reviews each month.
更广泛来看，由于AI的推动，GitHub的使用量和代码仓库正在爆发式增长。过去一年，GitHub上的AI项目数量增加了一倍多。Claude Code、Codex、Cursor或GitHub Copilot等AI编程代理的兴起，正在产生更多的Pull Request和代码仓库。而我们的Code Review Agent在整个平台上被广泛使用，每月执行数百万次代码审查。
In health care, we had a breakout year for Dragon Copilot. Customers used our ambient AI solutions to document over 13 million physician-patient encounters this quarter, up nearly 7x year-over-year.
在医疗保健领域，Dragon Copilot迎来了爆发式的一年。本季度客户使用我们的环境AI解决方案记录了超过1300万次医患交流，同比增长近7倍。
For example, at Mercyhealth system, more than 1,000 physicians are already using Copilot to reduce administrative burden, so that they can focus on providing better care. They have saved more than 100,000 hours to date and plan to expand to all 5,000 providers. As one physician put it, "The best thing to happen to my practice in 10 years."
例如，在Mercyhealth系统中，已有超过1000名医生使用Copilot来减少行政负担，从而能够专注于提供更好的护理服务。截至目前，他们已经节省了超过10万小时，并计划扩展至全部5000名医务人员。正如一位医生所说：“这是我过去10年执业中发生的最好的事情。”
And in security, we were the first in the industry to introduce agents to help defenders autonomously handle high-volume security and IT tasks. More broadly, AI is driving a fundamental change in the biz apps market as customers shift from legacy systems to agentic business applications.
在安全领域，我们是业界首家引入智能体来帮助防御者自主处理高频安全和IT任务的公司。更广泛而言，随着客户从传统系统向基于智能体的业务应用转移，AI正在推动商业应用市场的根本性变革。
Dynamics 365 took share this year. And we are winning customers in every industry, like Verizon with Sales, Domino's Pizza Group with ERP, 1-800-Flowers with Contact Center.
今年，Dynamics 365扩大了市场份额。我们在各行各业赢得了客户，例如Verizon使用Sales，Domino's Pizza Group使用ERP，1-800-Flowers使用Contact Center。
When it comes to consumer apps, we are innovating across all surfaces. In fact, on Monday, we introduced Copilot Mode in Edge. It's especially exciting to see the innovation coming back to browsers. Copilot Mode brings together Copilot composer, chat, discover, search and actions to build the next generation of browser for the AI age.
在消费类应用方面，我们正在所有界面上进行创新。事实上，本周一我们在Edge中推出了Copilot Mode。看到创新重新回归浏览器领域尤其令人振奋。Copilot Mode将Copilot composer、聊天、发现、搜索和操作集于一体，打造AI时代的下一代浏览器。
Our Copilot consumer app also continued to see strong growth in engagement and successful sessions. And we are bringing Copilot to every Windows 11 PC. With Copilot Vision, you can share your screen with Copilot and get real-time insights and assistance on anything.
我们的Copilot消费者应用也持续保持强劲的用户互动和成功使用率。我们正在将Copilot带到每一台Windows 11 PC。通过Copilot Vision，你可以与Copilot共享屏幕，并实时获得洞察和帮助。
And we are well positioned as we approach Windows 10 end of support in October, thanks to Windows 11 and Copilot+ PCs, which offer customers compelling security as well as AI value.
随着Windows 10将在10月结束支持，凭借Windows 11和Copilot+ PC，我们在市场上处于有利地位，它们为客户提供了极具吸引力的安全性以及AI价值。
Talking about security, it underlies our cloud and AI infrastructure as well as our Copilots and agents. We have launched over 100 new capabilities over the past year. Just last week, we added a modern data lake to our SIEM Microsoft Sentinel, bringing together customer data across our first-party tools as well as third-party ecosystem over 350 connectors.
谈到安全，它支撑着我们的云和AI基础设施，以及我们的Copilot和智能体。在过去的一年里，我们推出了超过100项新功能。就在上周，我们为SIEM Microsoft Sentinel新增了现代数据湖，将来自我们第一方工具以及第三方生态系统的数据（超过350个连接器）汇集到一起。
We are also extending the systems customers already use for governance, identity, security and management to protect every AI agent. Entra now extends identity permissions, policies and access controls to agents. Defender secures nearly 2 million general AI apps. Purview is used by 3/4 of the Microsoft 365 Copilot customers to protect their data. And all up, we now have nearly 1.5 million security customers and continue to take share across all major categories we serve.
我们还在扩展客户已使用的治理、身份、安全和管理系统，以保护每一个AI智能体。Entra现在将身份权限、策略和访问控制扩展到智能体。Defender为近200万个通用AI应用提供安全保障。Purview被3/4的Microsoft 365 Copilot客户用于保护其数据。总体而言，我们目前拥有近150万安全客户，并且在我们服务的所有主要类别中持续扩大市场份额。
Before I wrap, I want to talk about 2 consumer businesses of ours with massive end-user reach: LinkedIn and Xbox. LinkedIn is home to 1.2 billion members with 4 consecutive years of double-digit member growth. All up, comments on LinkedIn rose over 30% and video uploads increased over 20% this year. We continue to bring AI to every part of LinkedIn experience, introducing agents across hiring as well as sales.
在结束之前，我想谈谈我们两项拥有海量终端用户的消费类业务：LinkedIn和Xbox。LinkedIn拥有12亿会员，会员数量已连续四年实现两位数增长。今年，LinkedIn上的评论量增长超过30%，视频上传量增长超过20%。我们继续将AI引入LinkedIn的各个环节，包括招聘和销售领域的智能体。
When it comes to Gaming, we have 500 million monthly active users across platforms and devices. We are now the top publisher on both Xbox and PlayStation this quarter with successful launches of Forza Horizon 5 and Oblivion Remastered. The Call of Duty franchise has never been stronger. 50 million people have played Black Ops 6; total hours surpassed \$2 billion. Minecraft saw record monthly active usage in revenue this quarter, thanks in large part to the success of the Minecraft Movie.
在游戏方面，我们在各个平台和设备上的月活跃用户达5亿。本季度，我们在Xbox和PlayStation平台上均成为头号发行商，成功推出了《Forza Horizon 5》和《Oblivion Remastered》。 《Call of Duty》系列比以往更强大，已有5000万人玩过《Black Ops 6》，总游戏时长超过20亿小时。Minecraft本季度的月活跃用户数和收入均创下新纪录，很大程度上得益于《Minecraft Movie》的成功。
And we have nearly 40 games in development, so much, much more to come. We surpassed over 500 million hours of gameplay stream via the cloud this year. And Game Pass annual revenue was nearly \$5 billion for the first time.
我们还有近40款游戏正在开发中，未来将有更多内容推出。今年我们通过云端串流的游戏时长超过5亿小时。而Game Pass的年度收入首次接近50亿美元。
In closing, we are going through a generational tech shift with AI, and I have never been more confident in Microsoft's opportunity to drive long-term growth and define what the future looks like.
最后，我要说的是，我们正经历一场由AI推动的代际技术转型，而我从未如此坚定地相信Microsoft在推动长期增长并定义未来方面的机遇。
With that, let me turn it over to Amy to walk through our financial results as well as the outlook.
接下来，我将把话筒交给Amy，由她为大家介绍我们的财务业绩及展望。
Amy E. Hood 艾米·E·胡德
Thank you, Satya, and good afternoon, everyone. This year, we delivered over \$281 billion in revenue, up 15% year-over-year, which reflects the broad strength of our products and services. Operating income was over \$128 billion, up 17% year-over-year as we invested against the expansive opportunity ahead.
谢谢你，Satya，大家下午好。今年，我们实现了超过2810亿美元的收入，同比增长15%，这反映了我们产品和服务的全面实力。营业收入超过1280亿美元，同比增长17%，这得益于我们在面向未来广阔机遇上的投资。
And in our largest quarter of the year, we significantly exceeded expectations with strong execution by our sales and partner teams. As Satya shared, we're innovating faster than ever to deliver new value to our customers.
在本年度最大的一个季度中，我们凭借销售和合作伙伴团队的强劲执行力，显著超出市场预期。正如Satya所分享的那样，我们正在以史无前例的速度创新，为客户创造新的价值。
This quarter, revenue was \$76.4 billion, up 18%, and 17% in constant currency. Gross margin dollars increased 16%, and 15% in constant currency, while operating income increased 23%, and 22% in constant currency. And earnings per share was \$3.65, an increase of 24%, and 22% in constant currency.
本季度收入为764亿美元，同比增长18%，按固定汇率计算增长17%。毛利额增长16%，按固定汇率计算增长15%；营业收入增长23%，按固定汇率计算增长22%。每股收益为3.65美元，同比增长24%，按固定汇率计算增长22%。
For the first time, commercial bookings were over \$100 billion, increasing 37%, and 30% in constant currency, on a strong prior year comparable. Strong execution across our core annuity sales motions, including healthy renewals, as well as an increase in the number of \$10 million and \$100 million-plus contracts for both Azure and Microsoft 365 helped drive these results.
商业预订额首次突破1000亿美元，同比增长37%，按固定汇率计算增长30%，且在去年同期的高基数下依然实现了强劲增长。我们在核心年金销售动作上的强力执行，包括健康的续约表现，以及Azure和Microsoft 365中1000万美元和1亿美元以上合同数量的增加，都推动了这一成绩。
Commercial remaining performance obligation increased to \$368 billion, up 37% and 35% in constant currency. Roughly 35% will be recognized in revenue in the next 12 months, up 21% year-over-year. The remaining portion, recognized beyond the next 12 months, increased 49%. And this quarter, our annuity mix was again 98%.
商业剩余履约义务增加至3680亿美元，同比增长37%，按固定汇率计算增长35%。约35%的履约义务将在未来12个月内确认为收入，同比增长21%；其余部分将在12个月后确认为收入，同比增长49%。本季度，我们的年金业务占比再次达到98%。
FX was roughly in line with expectations on total company revenue, segment level revenue, COGS and operating expense growth.
在公司总收入、各部门收入、销售成本以及运营费用增长方面，汇率影响大致符合预期。
Microsoft Cloud revenue was \$46.7 billion, ahead of expectations, and grew 27%, and 25% in constant currency. Microsoft Cloud gross margin percentage was slightly better than expected at 68%, down 2 points year-over-year from the impact of scaling our AI infrastructure, partially offset by continued efficiency gains in Azure and M365 Commercial Cloud.
Microsoft Cloud收入为467亿美元，超出预期，同比增长27%，按固定汇率计算增长25%。Microsoft Cloud毛利率为68%，略高于预期，同比下降2个百分点，主要由于我们扩大AI基础设施所带来的影响，但部分被Azure和M365商用云持续的效率提升所抵消。
Company gross margin percentage was 69%, down 1 point year-over-year, driven by sales mix shift to Azure and the lower Microsoft Cloud gross margin noted earlier. Operating expenses increased 6% and 5% in constant currency, and operating margins increased 2 points year-over-year to 45%. Better-than-expected revenue growth coupled with a focus on operating efficiently drove the margin expansion.
公司整体毛利率为69%，同比下降1个百分点，主要原因是销售结构向Azure转移，以及前文提到的Microsoft Cloud毛利率下降。运营费用增长6%，按固定汇率计算增长5%；营业利润率同比上升2个百分点，达到45%。优于预期的收入增长，加上对高效运营的专注，推动了利润率的扩张。
At a total company level, head count at the end of June was relatively unchanged year-over-year.
在公司整体层面，截至6月底的员工总数与去年同期基本持平。
Now to our segment results. Revenue from Productivity and Business Processes was \$33.1 billion and grew 16%, and 14% in constant currency, better than expected, driven by M365 Commercial products in cloud services and M365 Consumer products in cloud services. M365 Commercial Cloud revenue was ahead of expectations and increased 18%, and 16% in constant currency, with 2 points of benefit from in-period revenue recognition.
下面来看我们的分部门业绩。生产力和业务流程部门收入为331亿美元，同比增长16%，按固定汇率计算增长14%，好于预期，主要受M365商用云服务产品和M365消费云服务产品的推动。M365商用云收入超出预期，同比增长18%，按固定汇率计算增长16%，其中有2个百分点的增长来自当期收入确认的收益。
Business trends remained relatively stable to the prior quarter when excluding the in-period revenue recognition, with ARPU growth again driven by E5 and M365 Copilot. Paid M365 commercial seats grew 6% year-over-year with installed base expansion across all customer segments, though primarily in our small and medium business and frontline worker offerings.
剔除当期收入确认的影响后，业务趋势与上季度保持相对稳定，ARPU增长仍由E5和M365 Copilot驱动。M365付费商用席位同比增长6%，覆盖所有客户群体的装机基数扩展，主要集中在中小企业和一线员工产品。
M365 Commercial Products revenue increased 9% and 7% in constant currency, ahead of expectations due higher-than-expected Office 2024 transactional purchasing. M365 Consumer cloud revenue was better than expected, increasing 20% driven by ARPU growth following the January price increase and subscriber growth of 8%.
M365商用产品收入增长9%，按固定汇率计算增长7%，超出预期，主要由于Office 2024一次性采购量高于预期。M365消费云收入也好于预期，同比增长20%，得益于1月提价后的ARPU增长以及8%的订户增长。
LinkedIn revenue increased 9%, and 8% in constant currency, with growth across all businesses, though Talent Solutions continues to be impacted by weakness in the hiring market. Dynamics 365 revenue increased 23%, and 21% in constant currency, with strong execution in our core annuity sales motions leading to growth across all workloads.
LinkedIn收入增长9%，按固定汇率计算增长8%，所有业务均有增长，但Talent Solutions仍受招聘市场疲软的影响。Dynamics 365收入增长23%，按固定汇率计算增长21%，核心年金销售动作的强劲执行推动了所有工作负载的增长。
Segment gross margin dollars increased 16% and 15% in constant currency, and gross margin percentage increased slightly, driven by the efficiency gains noted earlier, even as we deliver more AI features across our products and scale our AI infrastructure.
该部门毛利额增长16%，按固定汇率计算增长15%，毛利率小幅上升，主要受前文提到的效率提升推动，尽管我们在产品中引入了更多AI功能并扩大了AI基础设施。
Operating expenses increased 7%, and 6% in constant currency. And operating income increased 21%, and 19% in constant currency.
运营费用增长7%，按固定汇率计算增长6%；营业收入增长21%，按固定汇率计算增长19%。
Next, the Intelligent Cloud segment. Revenue was \$29.9 billion and grew 26%, and 25% in constant currency, ahead of expectations, driven by Azure and our on-premises server business. In Azure and other cloud services, revenue grew 39%, significantly ahead of expectations, driven by accelerated growth in our core infrastructure business, primarily from our largest customers. As a reminder, new cloud and AI workloads are built and scaled using the breadth of our services.
接下来是智能云部门。收入为299亿美元，同比增长26%，按固定汇率计算增长25%，超出预期，主要受Azure和本地服务器业务推动。在Azure及其他云服务中，收入增长39%，显著超出预期，主要得益于核心基础设施业务的加速增长，尤其是来自最大客户的需求。需要提醒的是，新的云和AI工作负载都是基于我们广泛的服务进行构建和扩展的。
Revenue from Azure AI services was generally in line with expectations. And while we brought additional data center capacity online this quarter, demand remains higher than supply.
Azure AI服务收入基本符合预期。虽然本季度我们上线了更多数据中心容量，但需求仍高于供给。
In our on-premises server business, revenue decreased 2%, and 3% in constant currency, ahead of expectations, primarily driven by transactional purchasing which also has higher in-period revenue recognition. Enterprise and Partner Services revenue increased 7%, and 6% in constant currency, with growth in Enterprise Support Services partially offset by a decline in Industry Solutions.
在本地服务器业务中，收入下降2%，按固定汇率计算下降3%，好于预期，主要受一次性采购推动，而这种采购具有更高的当期收入确认。企业与合作伙伴服务收入增长7%，按固定汇率计算增长6%，企业支持服务的增长部分抵消了行业解决方案的下滑。
Segment gross margin dollars increased 17%, and 16% in constant currency, and gross margin percentage decreased 4 points year- over-year driven by scaling our AI infrastructure, partially offset by Azure efficiency gains noted earlier. Operating expenses increased 6%, and 4% in constant currency. And operating income grew 23%.
该部门毛利额增长17%，按固定汇率计算增长16%；毛利率同比下降4个百分点，主要由于AI基础设施扩展，部分被前文提到的Azure效率提升所抵消。运营费用增长6%，按固定汇率计算增长4%；营业收入增长23%。
Now to More Personal Computing. Revenue was \$13.5 billion and grew 9%, exceeding expectations, primarily due to Windows OEM as well as Xbox content and services. Windows OEM and Devices revenue increased 3% year-over-year, ahead of expectations, as inventory levels remained elevated.
接下来是更多个人计算部门。收入为135亿美元，同比增长9%，超出预期，主要得益于Windows OEM以及Xbox内容和服务。Windows OEM和设备收入同比增长3%，好于预期，因为库存水平仍然偏高。
Search and news advertising revenue ex TAC increased 21% and 20% in constant currency, driven by continued growth in both volume and revenue per search, as well as roughly 8 points of favorable impact from third-party partnerships, including the benefit of a low prior-year comparable.
搜索和新闻广告（不含流量获取成本TAC）收入增长21%，按固定汇率计算增长20%，主要受搜索量和每次搜索收入的持续增长推动，同时来自第三方合作伙伴的正面影响约贡献8个百分点，其中包括去年同期较低基数的利好效应。
And in Gaming, revenue increased 10%. Xbox content and services revenue increased 13%, and 12% in constant currency, driven by better-than-expected performance from first-party content and Xbox Game Pass.
在游戏业务中，收入增长10%。Xbox内容和服务收入增长13%，按固定汇率计算增长12%，主要得益于第一方内容和Xbox Game Pass好于预期的表现。
Segment gross margin dollars increased 15%. Gross margin percentage increased 3 points year-over-year with improvement across all businesses. Operating expenses increased 4%, and 3% in constant currency. Operating income increased 34%, and 33% in constant currency, driven by continued prioritization of higher margin opportunities.
该部门毛利额增长15%。毛利率同比提升3个百分点，所有业务均有所改善。运营费用增长4%，按固定汇率计算增长3%；营业收入增长34%，按固定汇率计算增长33%，主要得益于持续优先发展高利润率机会。
Now back to total company results. Capital expenditures were \$24.2 billion, including \$6.5 billion of finance leases where we recognize the full value at the time of lease commencement. Cash paid for PP\&E was \$17.1 billion. The difference is primarily due to finance leases. More than half our spend was on long-lived assets that will support monetization over the next 15 years and beyond. The remaining spend was primarily for servers, both CPUs and GPUs, and driven by strong demand signals.
回到公司整体业绩。资本支出为242亿美元，其中包括65亿美元的融资租赁，在租赁开始时即确认全部价值。用于购置物业、厂房及设备（PP\&E）的现金支出为171亿美元，差异主要来自融资租赁。超过一半的支出用于长期资产，这些资产将在未来15年及更长时间内支持货币化。其余支出主要用于服务器（包括CPU和GPU），受强劲需求驱动。
Cash flow from operations was \$42.6 billion, up 15%, driven by strong cloud billings and collections, partially offset by higher supplier payments. And this quarter, free cash flow was \$25.6 billion.
经营现金流为426亿美元，同比增长15%，主要受强劲的云业务开票与回款推动，部分被供应商付款增加所抵消。本季度自由现金流为256亿美元。
Other income and expense was negative \$1.7 billion, primarily due to losses on investments accounted for under the equity method. Our effective tax rate was approximately 17%.
其他收益和费用为-17亿美元，主要由于按权益法核算的投资亏损。我们的有效税率约为17%。
And finally, we returned \$9.4 billion to shareholders through dividends and share repurchases, bringing our total cash return to shareholders to over \$37 billion for the full fiscal year.
最后，我们通过分红和股票回购向股东返还94亿美元，使得整个财年的股东现金回报总额超过370亿美元。
Now moving to our outlook. My commentary for both the full year and next quarter is on a U.S. dollar basis, unless specifically noted otherwise. Let me start with some full year commentary for FY '26.
接下来是我们的展望。除非特别说明，否则我对全年和下一季度的评论均基于美元口径。让我先从2026财年的全年展望开始。
First, FX. Assuming current rates remain stable, we expect FX to increase full year revenue growth and COGS growth by approximately 2 points and to increase operating expense growth by 1 point.
首先是汇率。如果当前汇率保持稳定，我们预计汇率将使全年收入增长和销售成本增长各增加约2个百分点，并使运营费用增长增加约1个百分点。
Next, building on the strong momentum we saw this past year, we expect to deliver another year of double-digit revenue and operating income growth in FY '26. We will continue to invest against the expansive opportunity ahead across both capital expenditures and operating expenses given our leadership position in commercial cloud, strong demand signals for our cloud and AI offerings, and significant contracted backlog.
其次，基于过去一年我们看到的强劲势头，我们预计在2026财年将再次实现收入和营业收入的双位数增长。鉴于我们在商用云领域的领先地位、对云和AI产品的强劲需求信号以及大量的合同积压，我们将继续在资本支出和运营费用上投资，以把握广阔的未来机遇。
Capital expenditure growth, as we shared last quarter, will moderate compared to FY '25 with a greater mix of short-lived assets. Due to the timing of delivery of additional capacity in H1, including large finance lease sites, we expect growth rates in H1 will be higher than in H2.
正如我们上季度所分享的，与2025财年相比，资本支出增长将有所放缓，且短期资产的占比会更大。由于上半年新增产能交付（包括大型融资租赁场地）的时间安排，我们预计上半年的增长率将高于下半年。
We remain focused on delivering revenue growth and increasing our operational agility. And as a result, we expect operating margins to be relatively unchanged year-over-year. And finally, we expect our FY '26 effective tax rate to be between 19% and 20%.
我们将继续专注于推动收入增长并提升运营灵活性。因此，我们预计营业利润率将与去年基本持平。最后，我们预计2026财年的有效税率将在19%至20%之间。
Now to our outlook for the first quarter. Based on current rates, we expect FX to increase total revenue growth by 2 points. Within the segments, we expect FX to increase revenue growth by roughly 3 points in Productivity and Business Processes and roughly 1 point in Intelligent Cloud and More Personal Computing. We expect FX to increase COGS and operating expense growth by roughly 1 point.
现在来看第一季度的展望。基于当前汇率，我们预计汇率将使总收入增长增加2个百分点。在各部门中，我们预计汇率将使生产力与业务流程部门的收入增长增加约3个百分点，使智能云和更多个人计算部门的收入增长各增加约1个百分点。我们预计汇率还将使销售成本和运营费用增长各增加约1个百分点。
In Commercial bookings, we expect healthy growth on a growing expiry base. Bookings growth will again be driven by strong execution across our core annuity sales motions and long-term commitments to our platform. As a reminder, larger long-term Azure contracts, which are more unpredictable on their timing, drive increased quarterly volatility in our bookings growth rate.
在商业预订方面，我们预计在到期基数不断扩大的背景下实现健康增长。预订增长将再次由我们核心年金销售模式的强劲执行力和客户对我们平台的长期承诺所推动。需要提醒的是，较大的长期 Azure 合同由于确认时间更难预测，会导致我们季度预订增长率的波动性增加。
Microsoft Cloud gross margin percentage should be roughly 67%, down year-over-year, driven by the impact of continuing to scale our AI infrastructure.
Microsoft Cloud 的毛利率预计约为 67%，同比下降，主要由于我们持续扩大 AI 基础设施规模的影响。
We expect Q1 capital expenditures to be over \$30 billion, driven by the continued strong demand signals we see. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.
我们预计第一季度资本支出将超过 300 亿美元，受持续强劲的需求信号推动。需要提醒的是，由于云基础设施建设和融资租赁交付时间的不同，季度支出可能会有波动。
Next, to segment guidance. In Productivity and Business Processes, we expect revenue of USD 32.2 billion to USD 32.5 billion, or growth of 14% to 15%, with roughly 3 points of benefit from FX as noted earlier. In M365 Commercial Cloud, we expect revenue growth to be between 13% and 14% in constant currency, with business trends that remain relatively stable compared to the prior quarter. ARPU growth will again be driven by E5 and M365 Copilot.
接下来是分部指引。在生产力和业务流程方面，我们预计收入为 322 亿至 325 亿美元，同比增长 14% 至 15%，其中约有 3 个百分点的增长受益于外汇因素（如前所述）。在 M365 商业云方面，我们预计按不变汇率计算的收入增长在 13% 至 14% 之间，业务趋势与上季度相比保持相对稳定。ARPU 增长将继续由 E5 和 M365 Copilot 推动。
M365 Commercial Products revenue growth should be in the mid- to high single digits. As a reminder, M365 Commercial Products includes both the Windows Commercial on-premises components of M365 suites and Office transactional purchasing, both of which can be variable due to in-period revenue recognition dynamics.
M365 商业产品的收入增长预计在中至高个位数区间。需要提醒的是，M365 商业产品包括 M365 套件中的 Windows 商业本地组件和 Office 交易型采购，这两部分的收入由于期间内收入确认的动态性可能会存在波动。
M365 Consumer Cloud revenue growth should be in the low 20s, driven by the January price increase. For LinkedIn, we expect revenue growth in the high single digits. And in Dynamics 365, we expect revenue growth to be in the high teens with continued growth across all workloads.
M365 消费者云的收入增长预计将在低 20% 区间，受 1 月份提价的推动。对于 LinkedIn，我们预计收入增长在高个位数区间。而在 Dynamics 365 中，我们预计收入增长在青少年百分比高段，所有工作负载将继续实现增长。
For Intelligent Cloud, we expect revenue of USD 30.1 billion to USD 30.4 billion, or growth of 25% to 26%, with roughly 1 point of benefit from FX as noted earlier. Revenue will continue to be driven by Azure, which can have quarterly variability in year-on-year growth rates depending on the timing of capacity delivery and when it comes online, as well as from in-period revenue recognition depending on the mix of contracts.
在智能云方面，我们预计收入为 301 亿至 304 亿美元，同比增长 25% 至 26%，其中约有 1 个百分点的增长受益于外汇因素（如前所述）。收入仍将由 Azure 推动，但其同比增长率在季度间可能存在波动，取决于新增产能的交付和上线时间，以及合同组合下的期间收入确认。
In Azure, we expect Q1 revenue growth of approximately 37% in constant currency, driven by strong demand for our portfolio of services on a significant base. Even as we continue bringing more data center capacity online, we currently expect to remain capacity-constrained through the first half of our fiscal year.
在 Azure 方面，我们预计第一季度按不变汇率计算的收入增长约为 37%，在庞大基数之上仍由我们服务组合的强劲需求推动。尽管我们继续将更多数据中心产能上线，但预计在本财年的上半年仍将面临产能受限的情况。
In our on-premises server business, we expect revenue to decline in the low to mid-single digits with the ongoing customer shift to cloud offerings. In More Personal Computing, we expect revenue to be USD 12.4 billion to USD 12.9 billion.
在我们的本地服务器业务中，预计收入将下降至低至中个位数区间，原因是客户持续向云产品迁移。在更多个人计算业务中，我们预计收入将在 124 亿至 129 亿美元之间。
Windows OEM and Devices revenue should decline in the mid- to high single digits. We expect the elevated inventory levels at the end of Q4 to come down through the quarter in Windows OEM, although the range of potential outcomes remains wider than normal. Devices revenue should decline.
Windows OEM 和设备收入预计将在中至高个位数区间下降。我们预计 Windows OEM 的高库存水平将在第一季度逐步下降，尽管潜在结果的范围比正常情况更广。设备收入预计将下降。
Search and news advertising ex TAC revenue growth should be in the low to mid-teens, down sequentially as growth rates normalize following the benefit from third-party partnerships noted earlier. Growth will continue to be driven by volume and revenue per search across Edge and Bing. Overall search and news advertising revenue growth should be in the low double digits.
搜索和新闻广告（不含 TAC）收入增长预计将在低至中十位百分比区间，环比下降，原因是此前来自第三方合作的利好因素消退后，增长率正在回归正常。增长仍将由 Edge 和 Bing 上的搜索量及每次搜索的收入驱动。整体搜索和新闻广告收入增长预计将在低双位数百分比区间。
And in Gaming, we expect revenue to decline in the mid to high single digits. Against a strong prior year comparable, we expect Xbox content and services revenue to decline in the mid-single digits.
在游戏业务方面，我们预计收入将在中至高个位数区间下降。由于去年同期基数较高，我们预计 Xbox 内容和服务收入将在中个位数区间下降。
Now back to company guidance. We expect COGS of USD 24.3 billion to USD 24.5 billion, or growth of 21% to 22%, and operating expense of USD 15.7 billion to USD 15.8 billion, or growth of 5% to 6%. Other income and expense is estimated to be negative \$1.3 billion, primarily due to investments accounted for under the equity method. As a reminder, we do not recognize mark-to-market gains or losses on equity method investments.
回到公司整体指引。我们预计销售成本（COGS）将在 243 亿至 245 亿美元之间，同比增长 21% 至 22%；预计运营费用将在 157 亿至 158 亿美元之间，同比增长 5% 至 6%。其他收入和费用预计为负 13 亿美元，主要由于采用权益法核算的投资。需要提醒的是，我们不会确认权益法投资的市值波动带来的损益。
And lastly, we expect our Q1 effective tax rate to be between 19% and 20%.
最后，我们预计第一季度的有效税率将在 19% 至 20% 之间。
In closing, we finished the year with double-digit revenue and operating income growth and exceeded the FY '25 operating margin commitment we shared a year ago. Our focus remains on investing in security, quality and AI platform and product innovation that delivers value and opportunity to our customers. We are excited for FY '26.
最后总结，我们以双位数的收入和营业利润增长结束了这一财年，并超出了我们一年前对 FY’25 营业利润率的承诺。我们的重点仍然是投资于安全、质量以及能够为客户创造价值和机会的 AI 平台和产品创新。我们对 FY’26 充满期待。
With that, let's go to Q\&A, Jonathan.
接下来进入问答环节，Jonathan。
Jonathan Neilson
Thanks, Amy. We'll now move over to Q&A. [Operator Instructions] Operator, can you please repeat your instructions?
谢谢，Amy。我们现在进入问答环节。[接线员提示] 接线员，请你重复一下你的指示好吗？
Question-and-Answer Session
问答环节
Operator 接线员
[Operator Instructions] And our first question comes from the line of Keith Weiss with Morgan Stanley.
[接线员提示] 我们的第一个问题来自摩根士丹利的 Keith Weiss。
Keith Weiss
Congratulations on a fantastic end to FY '25. I've been covering Microsoft for a while, I don't think I've ever seen a quarter where like everything came together this well. So congratulations on that execution.
恭喜你们在 FY’25 取得了一个极其出色的收官。我长期跟踪 Microsoft，我想我从未见过一个季度像这样所有环节都表现得如此完美。所以恭喜你们的卓越执行力。
Maybe a little bit longer-term focused question to start out. You guys have always had software start-ups as customers and potentially emerging competitors. But the AI labs now feel different. Investors are ascribing valuations which assume these companies become major players in software. They're underwriting revenue forecasts measured in the tens of billions, if not hundreds of billions. And these start-ups have also grown to be some of your biggest customers, so they're contributing significantly to Microsoft today.
也许我先问一个更长期的问题。你们一直以来都有软件初创公司既是客户、又可能成为潜在竞争对手。但如今的 AI 实验室感觉不一样。投资者正在给予它们估值，假设这些公司会成为软件领域的重要玩家，他们的收入预测以数百亿美元，甚至上千亿美元来衡量。而且这些初创公司已经成长为你们的一些最大客户，因此如今也在为 Microsoft 带来显著贡献。
So it seems like there's a lot of potential opportunity in supporting those businesses, but also it's not certain that they're going to stay your customers as they scale. They could in-source some of that infrastructure. And they very likely emerge as potential competitors. So as managers of Microsoft, as managers of the capital, how do you guys manage that risk versus reward with these quickly emerging AI labs and these AI start-ups?
因此，支持这些企业似乎蕴含巨大潜在机会，但同时并不能确定它们在扩张后仍会继续是你们的客户。它们可能会将部分基础设施转向自建，而且很有可能成为潜在竞争对手。那么，作为 Microsoft 的管理者、作为资本的管理者，你们如何平衡这些快速崛起的 AI 实验室和 AI 初创公司带来的风险与回报？
Satya Nadella
Thanks, Keith, for the question. I don't think it's that different from even sort of the previous era. There's always been, I'll call it, head apps or head -- new companies that emerge, that in fact are very needed in order to birth a new platform.
谢谢你的问题，Keith。我认为这并没有和以前的时代有太大不同。总是会有一些所谓的“头部应用”或“头部公司”涌现出来，而事实上，这些公司对于孕育一个新的平台是非常必要的。
Back in the day when I was getting started on Azure, I used to look over the lake and sort of see Netflix and Amazon, and I say, "I wish Netflix ran on Azure." And in some sense, that's kind of what we now have, which is the largest AI workloads run on Azure.
当年我刚开始做 Azure 时，我常常会望向湖对岸，看到 Netflix 和 Amazon，就会说：“我希望 Netflix 能跑在 Azure 上。”从某种意义上讲，这正是我们如今所拥有的——最大规模的 AI 工作负载运行在 Azure 上。
And when that happens, you learn the workload faster, you optimize the entire platform faster, everything from what you're doing -- what we're doing with Cosmos DB for a chat interface like ChatGPT or Copilot, is, guess what, going to be the most relevant for any AI application going forward.
而当这种情况发生时，你能够更快地学习这些工作负载，更快地优化整个平台。从我们为 ChatGPT 或 Copilot 这样的聊天界面在 Cosmos DB 上所做的优化来看——这些成果今后都会对任何 AI 应用高度相关。
The entire data stack that we have now built is going to be optimized for what people describe as one of the hardest challenges of any AI application, called context engineering, right, which is how do you collect your data and then make sure that the context around the problems remain stable over a long period so that you get the intelligence to actually deliver the results you want. So these are workload results that are invaluable for us to learn to build both the products as well as the platform.
我们现在构建的整个数据栈将会针对人们所描述的 AI 应用中最困难的挑战之一——所谓的“上下文工程”进行优化。也就是说，如何收集数据，并确保问题的上下文在较长时间内保持稳定，从而能够获得所需的智能来交付你想要的结果。所以这些工作负载的成果对于我们学习如何构建产品和平台都极其宝贵。
And then broadly, they -- or rather over time, there will be broad diffusion. In fact, one of the things that Amy and I track is not just the head app usage, but also what's the sort of all the Tier 2 applications that are being built.
然后，从更广泛的角度来看，或者说随着时间推移，会有广泛的扩散。事实上，Amy 和我一直在追踪的不仅仅是头部应用的使用情况，还有所有二级应用正在被构建的情况。
So that sort of -- that speaks a little bit, Keith, to I think your question, is as long as we have head apps shaping the platform and then, after that, we have the broad diffusion happen, which in some sense both of those is what we are seeing. So I feel very good about our being in decent standing going forward.
所以，这多少回应了你的问题，Keith。我认为只要我们有头部应用来塑造平台，接下来又会出现广泛的扩散，而从某种意义上讲，这两点我们现在都正在看到。因此，我对我们未来能够保持良好的竞争地位感到非常有信心。
这个回答没什么说服力，专注于趋势不如专注于差异化，抓住趋势中的头部应用非常难。
Operator 接线员
The next question comes from the line of Mark Moerdler with Bernstein Research.
下一个问题来自 Bernstein Research 的 Mark Moerdler 的连线。
Mark L. Moerdler
I'd also give you my congratulations. Amazing. I didn't know how you were going to beat last quarter, and you did it. So congratulations.
我也要向你们表示祝贺。太惊人了。我本来不知道你们怎么能超越上个季度的成绩，但你们做到了。恭喜！
Satya and Amy, we're now 2-plus years into the GenAI revolution and adoption is still early and ramping. What do you think is the best way that software companies are going to be able to monetize AI for SaaS? Do you believe there are differences in monetization for horizontal, more general apps like M365 Copilot or Dynamics CRM Copilot versus very targeted capacities on the agentic side? And also, how should you think about the trajectory of SaaS AI margins over the long term?
Satya 和 Amy，我们已经进入生成式 AI 革命两年多了，采用率仍处在早期并持续加速。你们认为软件公司在 SaaS 中变现 AI 的最佳方式是什么？在变现方式上，你们是否认为像 M365 Copilot、Dynamics CRM Copilot 这种横向、通用型应用，与在 agentic 侧的高度定制化能力之间会存在差异？另外，从长期来看，SaaS AI 的利润率轨迹应该如何看待？
Satya Nadella
Yes. I'll start, and Amy, you should feel free to add. I mean if I just broaden out beyond just SaaS as a category, I think just like the server-to-cloud transition was an expansion of essentially usage of servers. That is essentially what happened with the cloud, right, which is we did a bunch of servers except that the expertise required, the capital required, the time required to bring up servers, build it out, scale it, was just all hard. And so therefore, the market was a certain size.
好的，我先回答，Amy 可以补充。如果我们把 SaaS 作为一个类别来看，我觉得这很像过去从服务器到云的转变，本质上就是服务器使用方式的扩展。云计算发生的事情就是如此：我们以前要配置一堆服务器，但所需的专业技能、资本投入、上线和扩展的时间都非常高昂，所以市场规模被限制在一定范围内。
Whereas with the cloud, you could sort of buy it with flexibility, you could burst and you could spin up and spin down, the expertise required came down, so it was just -- orders of magnitude.
而有了云之后，你可以按需购买，灵活扩展，可以随时启用或关闭，所需专业技能的门槛下降，因此市场规模实现了数量级的扩展。
That's what's happening. So if you sort of even subscribe to this point of view that intelligence is basically log of compute, that means compute is going to grow and you've got to use it as efficiently as possible to just keep creating intelligence.
现在的情况也是一样。如果你认同“智能本质上是计算能力的对数函数”这一观点，那么这意味着计算需求必然持续增长，而你必须尽可能高效地使用计算能力，以不断创造智能。
Now how does it manifest beyond just the infrastructure? I kind of, to Keith's earlier question, I talked a little bit about how the infrastructure is getting shaped, data layer is getting shaped, the app server is getting built. These are all classic categories of infrastructure that will continue, but there will be an order or 2 of magnitude more.
那么除了基础设施，这会如何体现？呼应 Keith 之前的问题，我谈到过基础设施正在成型：数据层在塑造，应用服务器层在构建。这些都是经典的基础设施类别，但未来会多出一到两个数量级。
So literally, like -- in fact, one of the other things we track is every GPU requires storage and compute. That ratio is another thing that is really exponential for infrastructure growth.
实际上，我们追踪的另一件事是：每一块 GPU 都需要存储和计算支持，而这种比例关系又是推动基础设施指数级增长的关键。
So when you go to the app layer, the SaaS apps themselves are now building in effectively agentic and chat interfaces with intelligence. And they're also building autonomous agents.
进入应用层时，SaaS 应用本身正在嵌入智能化的 agentic 和聊天界面，同时也在构建自主代理（autonomous agents）。
Agents are kind of like applications, like a database application perhaps, but they are being used increasingly inside of a user interaction. I think a good example is GitHub Copilot. It got started as code completions on an IDE. Then we added the chat interface to it. Then we added the Agent Mode to it. And now we have an autonomous agent, which in fact works completely asynchronously, right? So all those 4 things are now part of essentially GitHub.
代理有点像应用程序，比如数据库应用，但它们正越来越多地被用于用户交互中。一个很好的例子是 GitHub Copilot。它最初只是 IDE 里的代码补全；后来我们为它加入了聊天界面；接着是代理模式（Agent Mode）；现在则有了完全异步工作的自主代理。这四种形态如今都已经成为 GitHub 的一部分。
And by the way, it also turns out that every other tool that is also doing any form of coding is adding more and more GitHub repos. So if I have to think about GitHub monetization, we have an opportunity around just monetizing GitHub Enterprise and then we have the ability to think about GitHub Copilot, and GitHub Copilot as with all these form factors.
顺便说一句，事实证明，其他所有涉及编程的工具也在不断向 GitHub 添加更多代码库。所以如果从 GitHub 的变现角度来看，我们既有通过 GitHub Enterprise 的机会，也能通过 GitHub Copilot 以及它的各种形态来实现变现。
And so that's exactly the same thing that's happening with Microsoft 365. That's the same thing that's happening with Dynamics 365. So you have to be very open to taking your data tier, your business logic tier and your UI tier and sort of being more expansive in it. As long as you do that, it's just that usage goes up, and that's what I think shows up in the results.
这同样发生在 Microsoft 365 和 Dynamics 365 上。你必须对数据层、业务逻辑层和用户界面层采取更开放、更扩展的方式。只要这样做，使用量就会持续增长，而这正是我们在业绩中看到的结果。
Amy E. Hood 艾米·E·胡德
And I think, Mark, if you wanted to think about all the things and the layers that you talked about, is really we're seeing very similar monetization tools exist in this transition too, right? There's a per user logic, there's tiers of per user. Sometimes those tiers relate to consumption, sometimes there's pure consumption models.
我认为，Mark，如果你想把你提到的所有层次和因素都放在一起看，其实我们在这次转型中看到的变现工具非常相似。比如有“按用户计费”的逻辑，也有“分层的按用户计费”。有时候这些层级与使用量（consumption）相关，有时候则是纯粹的使用量计费模式。
I think you'll continue to see a blending of these. Especially as the AI model capability grows, you'll end up with ways that teams are going to want to throttle that usage, use the best models for the best job. And I think the blending of these models will continue to be something we see on a go-forward basis.
我认为未来你会继续看到这些模式的融合。特别是随着 AI 模型能力的提升，团队会希望能够调控使用方式——在最合适的任务上使用最优的模型。因此，这些定价与变现模式的融合将会是我们未来持续观察到的趋势。
Operator 接线员
The next question comes from the line of Karl Keirstead with UBS.
下一个问题来自瑞银的 Karl Keirstead。
Karl Emil Keirstead
Satya and Amy, this is the second quarter in a row of pretty material Azure upside from what sounds like an acceleration in on-prem to Azure migration activity. I'm just wondering if you can comment on the plethora of customer conversations you've had, whether there are a couple of 2 or 3 specific catalysts that are driving that migration. And how durable a trend do you think that is?
Satya 和 Amy，这是连续第二个季度 Azure 出现了相当显著的超预期表现，听起来主要是因为本地部署向 Azure 迁移的活动加速。我想请你们谈谈你们与客户的众多对话中，是否有两三个具体的催化因素正在推动这种迁移？你们认为这种趋势的持久性如何？
Satya Nadella
Yes. Just 3 things are really happening. One is the migrations. A good example would be what I referenced in my remarks with Nestle, with the SAP instances they moved, along with a lot of the data that's associated with it and a bunch of servers. So that's kind of a classic example. I think, whether it's VMware migrations or migrations of SAP, or even just our own server migrations, they're pretty healthy. And it turns out that we're still not anywhere close to the finish line, if at best, maybe in the middle innings of that.
是的，实际上有三件事正在发生。第一是迁移。我在发言中提到的 Nestle 就是一个很好的例子，他们把 SAP 实例迁移过来，同时迁移了大量相关数据和一批服务器。这是一个典型案例。我认为，不论是 VMware 的迁移，还是 SAP 的迁移，甚至是我们自己服务器的迁移，进展都相当健康。而且事实证明我们还远未到达终点，如果说乐观一些，现在大概也只是打到中场而已。
The second thing that's also happening is cloud-native applications that are scaling. This is even excluding all of the AI stuff, just the classic cloud native e-commerce company, let's say. These are scaling in a big way. And some of those customers were not on Azure previously, but now they're increasingly there, because they have come for AI perhaps but they now stay for more than AI. And so to me, that's another thing you see in overall, what's happening across the Azure number.
第二件事是云原生应用正在扩展。这甚至不包括所有的 AI 工作负载，仅仅是经典的云原生电商公司之类的应用，就在大规模扩展。其中一些客户以前并不在 Azure 上，但现在他们越来越多地选择 Azure，可能最初是为了 AI 而来，但现在留下来的理由不仅仅是 AI。所以在我看来，这是 Azure 整体表现中我们能看到的另一个重要因素。
And then, of course, there are the new AI workloads. So those are 3 things that are all, in some sense, building on each other, but that's kind of what's driving our growth.
然后，当然还有新的 AI 工作负载。这三件事情某种程度上是互相叠加的，但总体而言，这就是推动我们增长的关键动力。
Operator 接线员
The next question comes from the line of Brent Thill with Jefferies.
下一个问题来自 Jefferies 的 Brent Thill。
Brent John Thill
Satya, back to the strength across the board in the quarter, was there anything that jumped out at you or surprised you that you didn't think you were going to see but you did see in the quarter? Just the magnitude of upside, I think, had shocked many here.
Satya，这个季度整体的强劲表现，你有没有什么意料之外的发现，或者说有什么让你感到惊讶的事情，本来没想到会看到却真的出现了？我觉得这里很多人都对这种超预期的幅度感到震惊。
Satya Nadella
Yes. I don't know, Brent, if anything really surprised us. But I think what we are noticing in our own build-out of these AI applications and in general is the platform is becoming more than, "Here is the model and here is an API. Make some calls," right? I mean that, in some sense, was a bit of the state-of-the-art maybe even a year ago.
是的，我不确定，Brent，有没有什么真的让我们感到意外。但我认为我们在构建这些 AI 应用的过程中，以及在更广泛的趋势中注意到的一点是，平台正在变得不只是“这里有一个模型，这里有一个 API，你去调用一下”——在某种意义上，这也许在一年前还是前沿的状态。
Whereas now you have essentially these very stateful app patterns that are emerging that require quite a bit of rethinking of even the app stack. I mean take even the storage tier stuff, right, the degree of sophistication you have, and hey, how much of an index do you really want to build by preprocessing so that your prompt engineering, or context engineering as I call it, can be better and higher quality?
而现在，本质上正在涌现的是这些有状态的应用模式，它们要求对应用栈进行相当大的重新思考。比如，就拿存储层来说，你必须考虑其中的复杂度，以及你到底要通过预处理建立多少索引，才能让你的提示工程，或者我称之为上下文工程，变得更好、更高质量。
So I think all of that is emerging. So when I look at a product like Azure Search, Fabric and Cosmos DB, all of the things, the frameworks around it, are just becoming robust to build serious applications.
所以我认为这一切都在不断涌现。比如，当我看到 Azure Search、Fabric 和 Cosmos DB 这样的产品，以及围绕它们的各种框架时，它们正逐渐变得足够健壮，可以用来构建真正严肃的应用程序。
And so that's what I feel great about, is the learning curve inside the company, outside the company, the diffusion of the stack, the speed with which that's emerging, that you can build applications, is much faster.
因此，这也是让我感到非常振奋的地方：无论在公司内部还是外部，大家的学习曲线，以及技术栈的扩散速度，还有你能构建应用的速度，都比以前快得多。
I always go back and say, hey, when, I don't know, relational database came out, it took a while for people to build an ERP system, let's say. And this thing, we're kind of building pretty sophisticated applications at a very, very fast clip based on, I think, the degree of maturity that's emerging.
我总会回顾并说，比如，当关系型数据库问世时，人们花了相当长的时间才构建出一个 ERP 系统。而这一次，我认为由于正在快速成熟的程度，我们正以非常非常快的速度构建出相当复杂的应用程序。
Operator 接线员
The next question comes from the line of Raimo Lenschow with Barclays.
下一个问题来自巴克莱的 Raimo Lenschow。
Raimo Lenschow
Congrats from me as well. I had one question on Copilot, and I'm obviously a happy user here at Barclays. If you think about it, the one thing that we're all realizing is that Copilot is the AI part, but data is becoming more and more important. And then from there on, we can start thinking about agents.
我也要表示祝贺。我有一个关于 Copilot 的问题，我本人在 Barclays 使用得也很满意。如果你仔细想想，我们大家逐渐意识到的一点是，Copilot 是 AI 的部分，但数据变得越来越重要。而在这之后，我们就能开始考虑智能体（agents）。
Where is the -- what are you seeing in your customer conversations, Satya, about like that understanding that Copilot is actually just the starting point, and then, from there on, it's becoming like much, much broader?
那么在你与客户的对话中，Satya，你看到他们是如何理解 Copilot 其实只是一个起点，而在此之后，它会变得更广泛的？
Satya Nadella
Yes. I think that that's right. Even inside of Copilot, I'm sure you're seeing it, right? You now have Analyst and Researcher, to just talk about 2 examples, and of course, people, all the third-party agents. So yes, there is a lot more of it's just not request, respond. It's about spawning essentially applications that then go do work and come back.
是的，我认为你说得对。即便在 Copilot 内部，我相信你也已经看到了，对吧？比如现在已经有 Analyst 和 Researcher，这只是两个例子，当然还有所有的第三方智能体。所以，是的，它远不止是“请求-响应”的关系，而是生成一些本质上能去执行任务并返回结果的应用程序。
But the UI still remains very important, right, even for asynchronous work. To instruct the asynchronous work, you need UI. And to monitor asynchronous work, you need UI. Maybe different, it may not be a chat interface. And of course, you need a way to then inspect what the asynchronous work is, right?
但是，用户界面（UI）依然非常重要，即使是在异步工作场景下。要指令异步工作，你需要 UI；要监控异步工作，你也需要 UI。UI 可能会有所不同，不一定是聊天界面。当然，你还需要一种方式来检查异步工作的内容，对吧？
So even take the example I was giving on GitHub. Even if you're not using GitHub Copilot to create the core check-in or the pull request, interestingly enough, we're seeing massive increase to GitHub Copilot Code Review Agent even if you used maybe Claude Code or whatever else to write the code.
再比如我之前提到的 GitHub 例子。即便你没有使用 GitHub Copilot 来创建核心提交或拉取请求，但有趣的是，即使你可能用的是 Claude Code 或其他工具来写代码，我们依然看到 GitHub Copilot Code Review Agent 的使用量大幅增加。
So that's I think what's happening across all of these systems. So you're absolutely right that you need -- it starts with some kind of a UI that's more chat focused, but it quickly goes beyond it. And you see it in M365, you see it in Dynamics 365 and you see it in GitHub.
所以我认为这正是所有这些系统中正在发生的事情。所以你完全正确，它最初可能是从某种更偏向聊天的 UI 开始，但很快就会超越它。而你在 M365、Dynamics 365 以及 GitHub 中都能看到这种趋势。
Operator 接线员
The next question comes from the line of Kash Rangan with Goldman Sachs.
下一个问题来自高盛的 Kash Rangan 的电话连线。
Kasthuri Gopalan Rangan
Amy, I want to acknowledge that, I think a few quarters ago, you said that you'll reach a point in time where you can accelerate Azure while slowing down CapEx. So you did it. But what is the outlook? When I look at the CapEx guidance for the upcoming quarter, certainly, I would view that as a positive indicator of the book of business you have for your cloud services.
Amy，我想先肯定一下，我记得几个季度前你提到过，会有一个时间点你们能在放缓资本支出的同时加速 Azure，而你们确实做到了。但展望如何呢？当我看到下个季度的资本支出指引时，我肯定会把它视为你们云服务业务储备的一个积极信号。
But how should we think about the shape of the curve of CapEx vis-a-vis Azure growth rate in the years ahead, particularly as I listen to Satya's comments on the AI stack consuming more and more infrastructure? Are we at a point where we're going to have to continue to do this and we magically wait for inference and applications to kick in and, therefore, create a richer gross margin mix? Congrats on the quarter.
但我们应该如何看待未来几年资本支出曲线相对于 Azure 增长率的走势？特别是结合 Satya 提到的 AI 技术栈会消耗越来越多的基础设施。我们是不是已经到了这样一个阶段：必须继续投入，然后“神奇地”等待推理和应用真正落地，从而创造出更高的毛利率结构？祝贺你们这个季度的成绩。
Amy E. Hood
Thanks, Kash. Let me back up and first say, when you think about the full year comments I've made on CapEx as well as the Q1 guidance of over \$30 billion, you first have to ground yourself in the fact that we have \$368 billion of contracted backlog we need to deliver, not just across Azure but across the breadth of the Microsoft Cloud.
谢谢你，Kash。我先回顾一下，当你思考我之前对全年资本支出所作的评论，以及第一季度超过 300 亿美元的指引时，首先必须基于一个事实：我们有 3680 亿美元的合同积压需要交付，这不仅仅是 Azure，而是整个 Microsoft Cloud 的业务范围。
So in terms of feeling good about the ROI and the growth rates and the correlation, I feel very good that the spend that we're making is correlated to basically contracted on the books business that we need to deliver and we need the teams to execute at their very best to get the capacity in place as quickly and effectively as they can.
所以，就投资回报率、增长率以及它们之间的相关性而言，我对当前的投入非常有信心，因为我们的支出基本上是与已签合同的业务直接挂钩的，我们必须交付这些业务，并且需要团队尽最大努力，尽快且高效地将产能落地。
And so when you look, and we've talked about the growth rate will decline year-over-year, but at its core, our investments, particularly in short-lived assets like servers, GPUs, CPUs, networking storage, is just really correlated to the backlog we see and the curve of demand. And I talked about, my gosh, in January and said I thought we'd be in better supply demand shape by June. And now I'm saying I hope I'm in better shape by December.
所以，当你来看时，我们已经提到过增长率会逐年下降。但从核心来看，我们的投资，尤其是像服务器、GPU、CPU、网络存储等这类短期资产，其实完全是与我们看到的积压订单和需求曲线相关联的。今年一月时，我说过希望到六月供需状况能更好。而现在，我说的是希望到十二月能改善。
And that's not because we slowed CapEx. Even with accelerating the spend and trying to pull leases in and get CPUs and GPUs in the system as quickly as we can, we are still seeing demand improve.
这并不是因为我们放慢了资本支出。即便我们已经在加速投入，尽可能提前签租赁合同，把 CPU 和 GPU 尽快纳入系统，但我们仍然看到需求在增长。
And so I am not as focused, Kash, on trying to pick a date at which revenue growth and CapEx growth will meet and cross. I'm focused on building backlog, building business and delivering capacity, which we are seeing has a good ROI today in terms of our ability to get that done.
所以，Kash，我并不专注于去挑一个收入增长与资本支出增长相交的时间点。我更关注的是增加积压订单、扩展业务和交付产能。从今天的情况来看，我们确实在这些方面获得了不错的投资回报率。
So I don't want people to get overly focused on a pivot point. Because when you're in sort of these expansive moments, picking a data point usually means you're going to pick to be too conservative in terms of market share gain and in terms of winning. And so I tend to put my energy more there.
因此，我不希望大家过于关注某个拐点。因为在这种扩张时期，如果你去挑一个数据点，通常会意味着你在市场份额增长和竞争获胜上过于保守。所以我更倾向于把精力投入到这些方面。
Satya Nadella
Yes. I think one of the other things, Kash, is that -- I think I said this in the previous earnings as well, which is the difference between a hoster and a hyperscaler is software. And the same is going to be true here. That GPT4o example I gave is all software, right, the optimization even in the last year.
是的，Kash，我认为还有一点——我想我在上一次财报中也提到过——那就是托管商和超大规模云服务商之间的区别在于软件。而在这里同样如此。我提到的 GPT4o 例子完全是软件，对吧？即便在过去的一年里，优化全都是来自软件。
So we know how to use the software skills to take any piece of hardware and make it multiple x better. And so that's kind of where the yield will come. But as Amy said, while you're really going and building out the plant, you don't want to sort of serialize it. You just want to go in and paddle on all of these fronts, and that's sort of what will compound over time.
所以我们知道如何利用软件能力，把任何硬件的效能提升数倍。这正是产出效率会出现的地方。但就像 Amy 所说的，当你真正去扩展产能时，你不希望是线性推进的。你需要在所有方向上同时发力，这样才能随着时间推移形成复利效应。
Amy E. Hood
And I do think it's important, when Satya talks about the software layer, he is talking about, in his comments, to connect this back to the compounding S curves. And so I would remind people, that is something that we saw through the prior cloud transition, it's how we operated through that one. And the same sort of skills and logic done at an even faster pace is what will apply the same transition.
我确实认为这点很重要，当 Satya 谈到软件层时，他实际上是在把这个问题与复合的 S 曲线联系起来。我想提醒大家，这正是我们在上一轮云计算转型中所看到的，也是我们在那段时期的运作方式。而这一次，同样的能力和逻辑会被应用，但速度会更快，从而推动这场新的转型。
Operator 接线员
The next question comes from the line of Michael Turrin with Wells Fargo.
下一个问题来自富国银行的迈克尔·图林的电话线路。
Michael James Turrin
Congrats from me as well on the metrics working in concert here. Amy, maybe on margin. Impressive to hear expectations for flat operating margin in the upcoming year as you absorb some of the mix shift towards Azure and some of the more AI-focused offerings.
我也要祝贺你们，这些指标之间的协调表现令人印象深刻。Amy，我想问的是关于利润率的问题。在你们业务逐渐向 Azure 和更多 AI 相关产品转移的情况下，听到你们预计明年经营利润率能够保持稳定，确实令人印象深刻。
Can you speak in more detail just around your ability to manage those trade-offs and offset some of the mix shift? And I'm wondering specifically just on any productivity gains you're seeing from leveraging AI internally that you'd highlight, or anything else you'd just mention underpinning the full year expectation there?
你能否更详细地谈谈你们是如何管理这些权衡，并抵消部分业务组合转移带来的影响？我特别想知道，你们在内部利用 AI 时是否已经看到了一些效率提升？能否强调一下？或者还有没有其他因素支撑了你们对全年利润率的预期？
Amy E. Hood
Thanks, Michael. I think really the area to focus on is, when you think about margin, I think sometimes people get a lot of energy around cost control as a driver of margin. The other driver is to focus on making sure you deliver a great product that's competitive and innovative and can take share, because that drives revenue. And revenue itself, and revenue growth as you all know better, even perhaps than I do, is a durable way to see margin improvement. It builds on itself.
谢谢你，Michael。我认为真正需要关注的地方是，当你谈到利润率时，有时候人们往往把重点放在成本控制上，认为那是推动利润率的主要手段。但另一种方式是确保你交付出色的产品——具备竞争力和创新力，并能获取市场份额。因为那会推动收入。而收入本身及其增长，正如你们可能比我更清楚的，是一种更可持续的利润率改善方式。它具有自我增强效应。
That being said, the second thing I would point to is really what I talked to Kash a little bit about before, Satya and I both mentioned it, is applying all of our skill set here to deliver efficiencies, whether that's at whatever layer of the stack that exists, the S curves compound, and we are doing that work and we're focused on it at the same time we're doing the build out. So you'll see improvements there even as we continue to invest.
其次，我要指出的就是我之前和 Kash 谈到过的一点，Satya 和我都提到过：我们正在运用自身的所有能力，在各个技术栈层面提高效率。随着 S 曲线的复合效应发挥作用，我们一边扩展建设，一边专注于效率提升。因此，即使我们持续投入，你们依然会看到改进。
And then, of course, it's about continuing to have great talent here focused on products and opportunities where we have the biggest markets and the most likelihood of success. And so when we have those 3 things happen and the energy is right and the focus is there, it gives me confidence in terms of margin delivery.
此外，当然还要继续保持优秀的人才，聚焦在我们拥有最大市场、最有可能成功的产品和机会上。当这三方面都具备时，加上专注和精力投入，就让我对利润率的实现更有信心。
But make no mistake, it starts and ends really with product, which is what we're really focused on here, and delivering that to customers.
但不要误会，利润率的起点和终点其实都在于产品。这正是我们真正关注的重点——把好产品交付给客户。
Michael James Turrin
That all sounds pretty good.
这听起来都不错。
Jonathan Neilson
Thanks, Michael. That wraps up the Q&A portion of today's earnings call. Thank you for joining us today, and we look forward to speaking with you all soon.
谢谢，Michael。至此本次财报电话会议的问答环节结束。感谢大家今天的参与，我们期待很快再次与各位交流。
Satya Nadella
Thank you. 谢谢。
Amy E. Hood 艾米·E·胡德
Thank you. 谢谢。
Operator 接线员
This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
本次会议到此结束。您现在可以挂断电话。感谢您的参与。