Microsoft Corporation (MSFT) Q1 2026 Earnings Call October 29, 2025 5:30 PM EDT
Company Participants
Jonathan Neilson - Vice President of Investor Relations
Satya Nadella - Chairman & CEO
Amy Hood - Executive VP & CFO
Conference Call Participants
Keith Weiss - Morgan Stanley, Research Division
Brent Thill - Jefferies LLC, Research Division
Mark Moerdler - Sanford C. Bernstein & Co., LLC., Research Division
Karl Keirstead - UBS Investment Bank, Research Division
Mark Murphy - JPMorgan Chase & Co, Research Division
Brad Zelnick - Deutsche Bank AG, Research Division
Kasthuri Rangan - Goldman Sachs Group, Inc., Research Division
Presentation
Operator
Greetings, and welcome to the Microsoft Fiscal Year 2026 First Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
大家好，欢迎参加 Microsoft 2026 财年第一季度业绩电话会议。[Operator Instructions] 提醒一下，本次会议将全程录音。
It is now my pleasure to introduce Jonathan Neilson, Vice President of Investor Relations. Please go ahead.
现在很高兴为大家介绍投资者关系副总裁 Jonathan Neilson。请开始。
Jonathan Neilson
Vice President of Investor Relations
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.
各位下午好，感谢今天参加电话会。与我一同参加电话会的有 Satya Nadella（董事长兼首席执行官）、Amy Hood（首席财务官）、Alice Jolla（首席会计官）以及 Keith Dolliver（公司秘书兼副总法律顾问）。
On the Microsoft Investor Relations website, we will provide our earnings press release and financial summary slide deck, which is intended to supplement our prepared remarks and provides the reconciliation of differences between GAAP and non-GAAP financial measures. More detailed outlook slides will be available on the Microsoft Investor Relations website.
我们将在 Microsoft 投资者关系网站提供业绩新闻稿和财务摘要幻灯片，用以补充我们的预备发言稿，并提供 GAAP 与 non-GAAP 财务指标差异的调节。更为详细的展望幻灯片也将发布在 Microsoft 投资者关系网站。
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 first quarter performance in addition to the impact these items and events have on the financial results.
在本次电话会上，我们将讨论若干 non-GAAP 项目。所提供的 non-GAAP 财务指标不应被视为可替代或优于按照 GAAP 编制的财务业绩指标。纳入这些指标旨在作为补充，帮助投资者进一步理解公司第一季度的业绩表现，以及这些项目和事项对财务结果的影响。
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 business 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，今天电话会上我们提及的所有增长对比均以去年同期为基准。我们也将在可行时提供按不变汇率计算的增长率，作为评估在剔除外汇汇率波动影响后公司基础业务表现的框架。若按不变汇率计算的增长率与报告口径相同，我们将仅引用增长率本身。
We will post our prepared remarks to our website. Today’s call is being 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.
我们会将预备发言稿发布在我们的网站上。今天的电话会正在录音。如果您提出问题，该问题将包含在我们的现场直播、书面实录以及未来对录音的任何使用中。您可以在 Microsoft 投资者关系网站上重放本次电话会并查看文字实录。
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, in 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 statements.
在本次电话会上，我们将发表前瞻性声明，即对未来事件的预测、展望或其他陈述。这些声明基于当前的预期和假设，且存在风险与不确定性。由于今天的业绩新闻稿、此次电话会中的评论以及我们提交给证券交易委员会的 Form 10-K、Form 10-Q 及其他报告和文件中 “Risk Factors” 部分所讨论的因素，实际结果可能与这些前瞻性声明存在重大差异。我们没有义务更新任何前瞻性声明。
And with that, I’ll turn the call over to Satya.
接下来，我把电话交给 Satya。
Satya Nadella
Chairman & CEO
Thank you, Jonathan. It was a very strong start to our fiscal year. Microsoft Cloud revenue surpassed $49 billion, up 26% year-over-year. And our commercial RPO increased over 50% to nearly $400 billion with a weighted average duration of only 2 years. We are seeing increasing demand and diffusion of our AI platform and family of Copilots, which is fueling our investments across both capital and talent.
谢谢你，Jonathan。我们在新财年的开局非常强劲。Microsoft Cloud 收入突破 $49 billion，同比增长 26%。我们的商业 RPO 增长逾 50% 至接近 $400 billion，加权平均期限仅 2 年。我们正看到对我们的 AI 平台与 Copilots 家族的需求不断提升与扩散，这正在为我们在资本与人才两端的投入提供动力。
When it comes to infrastructure, we’re building a planet-scale cloud and an AI factory, maximizing tokens per dollar per watt while supporting the sovereignty needs of customers and countries. We are innovating rapidly across the family of Copilots spanning the high-value domains of information work, coding, security, science, health and consumer.
在基础设施方面，我们正在打造行星级云与 AI 工厂，致力于在满足客户与国家主权需求的同时，最大化每美元、每瓦所产出的 tokens。我们在覆盖信息工作、编码、安全、科学、健康与消费等高价值领域的 Copilots 家族上快速迭代创新。
And as you saw yesterday, we closed a new definitive agreement with OpenAI, marking the next chapter in what is one of the most successful partnerships and investments our industry has ever seen. This is a great milestone for both companies, and we continue to benefit mutually from each other’s growth across multiple dimensions. Already, we have roughly 10x-ed our investment. OpenAI has contracted an incremental $250 billion of Azure services. Our rev share, exclusive IP rights and API exclusivity for Azure continue until AGI or through 2030. And we have extended the model and product IP rights through 2032. And we are also energized to innovate and pursue AI advancements with both talent and compute investments that have real-world impact.
正如各位昨天所见，我们与 OpenAI 签署了新的最终协议，这为我们行业有史以来最成功的合作与投资之一开启了新篇章。这对两家公司都是重要的里程碑，我们也在多个维度继续从彼此的成长中互惠受益。到目前为止，我们对该投资已大约实现 10 倍增值。OpenAI 额外签约了 $250 billion 的 Azure 服务。我们在 Azure 上的营收分成、独家 IP 权利以及 API 独占性将持续到 AGI 或至 2030 年。我们也已将模型与产品的 IP 权利延长至 2032 年。同时，我们将以人才与算力的投入为引擎，持续推进具备现实世界影响的 AI 创新与突破。
With that, let’s turn to our momentum across our AI platform and Copilots as well as with agents. We have the most expansive data center fleet for the AI era, and we are adding capacity at an unprecedented scale. We will increase our total AI capacity by over 80% this year and roughly double our total data center footprint over the next 2 years, reflecting the demand signals we see. Just this quarter, we announced the world’s most powerful AI data center, Fairwater in Wisconsin, which will go online next year and scale to 2 gigawatts alone.
接下来，让我们转向我们在 AI 平台、Copilots 以及智能体方面的动能。我们拥有 AI 时代最为庞大的数据中心机群，并正以前所未有的规模扩充产能。今年我们的 AI 总产能将提升逾 80%，并计划在未来 2 年内大致把整体数据中心占地规模扩大一倍，以回应我们观察到的需求信号。就在本季度，我们宣布了全球最强大的 AI 数据中心——位于 Wisconsin 的 Fairwater——该中心将于明年上线，单体可扩展至 2 gigawatts。
And we have deployed the world’s first large-scale cluster of NVIDIA GB300s. We are building a fungible fleet that’s been continuously modernized and spans all stages of the AI life cycle, from pretraining to post training, to synthetic data generation and inference. And it also goes beyond GenAI workloads to recommendation engines, databases and streaming. We’re optimizing this fleet across silicon systems and software to maximize performance and efficiency.
同时，我们已部署了全球首个大规模的 NVIDIA GB300 集群。我们正在打造一个可互换、持续现代化的机群，覆盖 AI 全生命周期的各个阶段，从 pretraining 到 post training，再到合成数据生成与推理。它也不仅服务于 GenAI 工作负载，还覆盖推荐引擎、数据库与流媒体等场景。我们在芯片、系统与软件全栈对该机群进行优化，以最大化性能与效率。
It’s this combination of fungibility and continuous optimization that allows us to deliver the best ROI and TCO for us and our customers. For example, during the quarter, we increased the token throughput for GPT-4.1 and GPT-5, two of the most widely used models, by over 30% per GPU. We also have the most comprehensive digital sovereignty platform. Azure customers in 33 countries are now developing their own cloud and AI capabilities within their borders to meet local data residency requirements.
正是这种可互换性与持续优化的结合，使我们能够为公司与客户提供最佳的 ROI 与 TCO。举例来说，在本季度，我们将两款使用最广泛的模型——GPT-4.1 与 GPT-5——的每 GPU token 吞吐量提升了逾 30%。我们同时拥有最全面的数字主权平台。来自 33 个国家的 Azure 客户，正在其境内构建自身的云与 AI 能力，以满足本地数据驻留要求。
In Germany, for example, OpenAI and SAP will rely on Azure to deliver new AI solutions to the public sector. On top of this infrastructure, we are building Azure AI Foundry to help customers build their own AI apps and agents. We have 80,000 customers, including 80% of the Fortune 500. We offer developers and enterprise access to over 11,000 models more than any other vendor, including as of this quarter, OpenAI’s GPT-5 as well as xAI’s Grok 4. For example, Ralph Lauren used Foundry to build conversational shopping experience in its app, enabling customers to describe what they’re looking for and get personalized recommendations. And OpenEvidence used Foundry to create its AI-powered clinical assistant, which surfaces relevant medical information to physicians and help streamline charting.
以德国为例，OpenAI 与 SAP 将依托 Azure 向公共部门提供全新的 AI 解决方案。在这一基础设施之上，我们构建了 Azure AI Foundry，帮助客户打造自有的 AI 应用与智能体。我们拥有 80,000 家客户，其中包括 80% 的 Fortune 500。我们为开发者与企业提供超过 11,000 个模型的访问——多于任何其他厂商——其中包括本季度新增的 OpenAI 的 GPT-5 以及 xAI 的 Grok 4。比如，Ralph Lauren 使用 Foundry 在其应用中构建了对话式购物体验，让顾客用自然语言描述需求并获得个性化推荐。再如，OpenEvidence 利用 Foundry 打造了其 AI 驱动的临床助手，面向医生提取相关医学信息并帮助简化病历记录流程。
When it comes to our first-party models, we are excited by the performance of our new MAI models for text, voice and image generation, which debuted among the top in the industry leader boards. And we continue to make great progress with our Phi family of SLMs, which now have been downloaded over 60 million times, up 3x year-over-year.
在自研模型方面，我们对新一代用于文本、语音与图像生成的 MAI 模型表现感到振奋——它们在行业榜单中初登场即名列前茅。同时，我们的 Phi 系列 SLMs 也在持续取得重大进展，累计下载量已超过 60 million 次，同比提升 3 倍。
Beyond models in Foundry, we are providing everything developers need to design, customize and manage AI applications and agents at scale. Our new Microsoft Agent Framework helps developers orchestrate multi-agent systems with compliance, observability and deep integration out of the box. For example, KPMG used the framework to modernize the audit process, connecting agents to internal data with enterprise-grade governance and observability. These kinds of real production scale AI deployments are driving Azure’s overall growth. And once again, this quarter, Azure took share.
除 Foundry 中的模型之外，我们还提供了开发者在规模化设计、定制与管理 AI 应用与智能体所需的一切。我们全新的 Microsoft Agent Framework 可实现对多智能体系统的开箱即用式编排，并内置合规性、可观测性与深度集成能力。比如，KPMG 使用该框架对审计流程进行现代化改造，把智能体与内部数据连接起来，并提供企业级治理与可观测性。这类真实的生产级 AI 部署正在推动 Azure 的整体增长。本季度，Azure 再次提升了市场份额。
Now let’s turn to applications and agents we ourselves are building on this platform. We now have 900 million monthly active users of our AI features across our products. And our first-party family of Copilots now has surpassed 150 million monthly active users across the information work, coding, security, science, health and consumer.
现在，让我们看看我们基于该平台自研的应用与智能体。我们的各类产品中，AI 功能的月活用户已达 900 million。我们的自研 Copilots 家族在信息工作、编码、安全、科学、健康与消费等领域的月活用户也已突破 150 million。
When it comes to information work, we continue to innovate with Microsoft 365 Copilot. Copilot is becoming the UI for the agentic AI experience. We have integrated chat and agentic workflows into everyday tools like Outlook, Word, Excel, PowerPoint and Teams. Just 9 months since release, tens of millions of users across Microsoft 365 customer base are already using Chat. Adoption is accelerating rapidly, growing 50% quarter-over-quarter, and we continue to see usage intensity increased.
在信息工作方面，我们持续以 Microsoft 365 Copilot 推进创新。Copilot 正在成为智能体式 AI 体验的 UI（用户界面）。我们已将聊天与智能体式工作流集成进 Outlook、Word、Excel、PowerPoint 和 Teams 等日常工具。自发布仅 9 个月以来，Microsoft 365 客户群中已有数千万用户在使用 Chat。采用速度正在迅速加快，环比增长 50%，且我们持续看到使用强度提升。
This quarter, we also introduced Agent Mode, which turns single prompts into export quality Word documents, Excel spreadsheets, PowerPoint presentation and then iterate to deliver the final product much like agent mode in coding tools today. We’re thrilled by the early response, including third-party benchmarks that rank it best-in-class.
本季度，我们还推出了 Agent Mode，它可以把单条提示转换为可导出的高质量 Word 文档、Excel 电子表格、PowerPoint 演示文稿，并像当今编码工具中的 agent mode 一样迭代直至交付最终成品。早期反馈令人振奋，第三方基准测试也将其评为同类最佳。
Beyond individual productivity, Copilot is multiplayer. With Teams mode announced this week, you can now invite colleagues into a Copilot conversation. And our collaborative agents like Facilitator and Project Manager prep meeting agendas, take notes, capture decision, kick off group tasks.
除了个人效率外，Copilot 还是“多人模式”。随着本周发布的 Teams mode，您现在可以邀请同事加入一场 Copilot 对话。而我们的协作型智能体（如 Facilitator 与 Project Manager）可以预备会议议程、做笔记、记录决策并启动团队任务。
We are seeing a growing Copilot agent ecosystem with top ISVs like Adobe, Asana, Jira, LexisNexis, SAP, ServiceNow, Snowflake and Workday, all building their own agents that connect to Copilot. And customers are also building agents for their mission-critical business processes and workflows, using tools like Copilot Studio and integrating them into Copilot. The overall number of agent users doubled quarter-over-quarter. And just yesterday, we announced App Builder, a new Copilot agent that lets anyone create and deploy task-specific apps and agents in minutes grounded in Microsoft 365 context.
我们看到 Copilot 智能体生态快速壮大，顶级 ISVs（如 Adobe、Asana、Jira、LexisNexis、SAP、ServiceNow、Snowflake、Workday）都在构建可连接到 Copilot 的自有智能体。客户也在用 Copilot Studio 等工具为关键业务流程与工作流构建智能体，并把它们集成进 Copilot。智能体用户总数环比实现翻倍。就在昨天，我们宣布了 App Builder，这是一款新的 Copilot 智能体，使任何人都能在以 Microsoft 365 语境为基础的前提下，用几分钟创建并部署特定任务的应用和智能体。
All this innovation is driving our momentum. Customers continue to adopt Microsoft 365 Copilot at a faster rate than any other new Microsoft 365 suite. All up, more than 90% of the Fortune 500 now use Microsoft 365 Copilot. Accenture, Bristol-Myers Squibb, EY Global and the U.K.’s Tax and Payments and Customs Authority, all purchased over 15,000 seats this quarter. Lloyds Banking Group has deployed 30,000 seats, saving each employee an average of 46 minutes daily.
所有这些创新正在推动我们的动能。客户采用 Microsoft 365 Copilot 的速度快于任何其他新的 Microsoft 365 套件。总体而言，超过 90% 的 Fortune 500 现已使用 Microsoft 365 Copilot。Accenture、Bristol-Myers Squibb、EY Global 与 U.K.’s Tax and Payments and Customs Authority 本季度均采购了超过 15,000 个席位。Lloyds Banking Group 已部署 30,000 个席位，使每位员工平均每日节省 46 分钟。
And a large majority of our enterprise customers continue to come back to purchase more seats. Our partner, PwC, alone added 155,000 seats this quarter and now has over 200,000 deployed across its global operations. In just 6 months, PwC employees interacted with Microsoft 365 Copilot over 30 million times, and they credit this agentic transformation with saving millions of hours an employee productivity.
而且绝大多数企业客户持续回购更多席位。仅我们的合作伙伴 PwC 在本季度就新增 155,000 个席位，目前其全球已部署超过 200,000 个。仅在 6 个月内，PwC 员工与 Microsoft 365 Copilot 的互动次数就超过 30 million 次，他们将这一智能体式转型归功于为员工生产力节省了数百万小时。
When it comes to coding, GitHub Copilot is the most popular AI pair programmer now with over 26 million users. For example, tens of thousands of developers at AMD use GitHub Copilot, accepting hundreds of thousands of lines of code suggestions each month and crediting it with saving months of development time. All up, GitHub is now home to over 180 million developers and the platform is growing at the fastest rate in its history, adding a developer every second. 80% of new developers on GitHub start with Copilot within the first week.
在编码方面，GitHub Copilot 现已成为最受欢迎的 AI 结对程序员，拥有超过 26 million 名用户。比如，AMD 的数万名开发者在使用 GitHub Copilot，每月采纳数十万行代码建议，并认为它节省了数月的开发时间。总体上，GitHub 现已汇聚超过 180 million 名开发者，平台以史上最快速度增长，平均每秒新增一名开发者。80% 的 GitHub 新开发者会在第一周内开始使用 Copilot。
Overall, the rise of AI coding agents is driving record usage with over 500 million pull requests merged over the past year. And just yesterday, at GitHub Universe, we introduced Agent HQ. GitHub Copilot and Agent HQ is the organizing layer for all coding agents, extending GitHub primitives like PRs, issues, actions to coding agents from OpenAI, Anthropic, Google, Cognition, xAI as well as OSS and in-house models. GitHub now provides a single mission control to launch, manage and review these agents, each operating from its own branch with built-in controls, observability and governance.
总体而言，AI 编码智能体的兴起正推动使用量创下新高，过去一年合并了超过 500 million 个 pull requests。就在昨天，在 GitHub Universe 上，我们发布了 Agent HQ。GitHub Copilot 与 Agent HQ 构成了所有编码智能体的组织层，把 PRs、issues、actions 等 GitHub 原语扩展到来自 OpenAI、Anthropic、Google、Cognition、xAI 以及 OSS 与自研模型的编码智能体。GitHub 现已提供一个统一的“任务控制中心”，用于启动、管理与审查这些智能体；每个智能体都在其独立分支上运行，并内置控制、可观测性与治理。
We are building a similar system in security with over 3 dozen agents in Copilot integrated across Entra, Defender, Purview and Intune. For example, with our Phishing Triage Agent in Defender, studies show that analysts can be up to 6.5x more efficient in detecting malicious mails.
我们也在安全领域构建类似体系，在 Copilot 中集成了跨 Entra、Defender、Purview 与 Intune 的 3 打多（30 多个）智能体。比如，借助 Defender 中的 Phishing Triage Agent，研究显示分析人员在检测恶意邮件方面的效率最高可提升 6.5 倍。
In health, Dragon Copilot helps providers automate critical workflows. This quarter alone, we helped document over 17 million patient encounters, up nearly 5x year-over-year. More than 650 health care organizations have purchased our Ambient listening tech to date, including University of Michigan Health where over 1,000 physicians are actively using it.
在医疗领域，Dragon Copilot 帮助服务提供方自动化关键工作流程。仅本季度，我们就帮助记录了超过 17 million 次就诊，较上年同期增长近 5 倍。迄今已有超过 650 家医疗机构采购了我们的 Ambient 听录技术，其中包括 University of Michigan Health，且有超过 1,000 名医师在积极使用。
Finally, when it comes to AI consumer experiences, we are excited about all the progress Copilot is making, starting with Windows. Every Windows 11 PC now is an AI PC. Just 2 weeks ago, we introduced new ways to speak naturally to your computer, including a Copilot wake word. With vision, Copilot sees what you see on your screen and you can have a real-time conversation about it. And with Actions, it takes real action on your behalf, interacting with both web and desktop apps.
最后，在面向消费者的 AI 体验方面，我们对 Copilot 的一切进展感到兴奋，从 Windows 开始。每台 Windows 11 PC 现在都是 AI PC。就在 2 周前，我们引入了用自然语言与电脑交流的新方式，包括 Copilot 唤醒词。借助视觉功能，Copilot 能看到你屏幕上所见，并与之进行实时对话。通过 Actions，它还能代表你执行实际操作，与网页和桌面应用进行交互。
In Edge, we are introducing first-of-its-kind AI features to automate multistep workflows within the browser and help you pick up right where you left off. Edge now has taken share for 18 consecutive quarters. In Bing, our overview pages now include embedded conversational capabilities. We took share again in search. And daily users of our Copilot consumer app increased nearly 50% quarter-over-quarter. Among many updates we made last week is Groups, which turns Copilot for the first time into a shared experience.
在 Edge 中，我们引入了首创的 AI 功能，以在浏览器内自动化多步骤工作流，并帮助你从上次中断处无缝续作。Edge 现已连续 18 个季度提升了份额。在 Bing 中，我们的概览页面现已内嵌对话功能。我们在搜索中再次提升了份额。而且我们的 Copilot 消费者应用的日活用户环比增长近 50%。在我们上周发布的众多更新中，Groups 首次将 Copilot 变为共享体验。
We also are creating a great consumer subscription offer with Microsoft 365 premium. It brings together our Office applications and advanced Copilot features with high usage limits, giving individuals the flexibility to bring their own AI to work in a secure way. Finally, in gaming, Copilot provides a voice-first immersive experience across PC, mobile and our new Xbox Ally.
我们还通过 Microsoft 365 premium 打造出色的消费者订阅方案。它把我们的 Office 应用与具备高使用上限的高级 Copilot 功能整合在一起，使个人可以在安全的前提下灵活地将自己的 AI 带到工作中。最后，在游戏方面，Copilot 在 PC、移动端以及全新的 Xbox Ally 上提供“语音优先”的沉浸式体验。
Beyond our family of Copilots and AI platform, we are seeing strong momentum across the portfolio. Cloud migrations are accelerating. In data and analytics, Fabric revenue grew 60%, which is faster than any other data and analytics platform in the industry. We now have 28,000 paid Fabric customers. In databases, SQL DB hyperscale revenue was up nearly 75%, 50% in Cosmos DB. In Business Applications, Dynamics 365 gained share. In security, our end-to-end stack is now informed by 100 trillion daily signals, 1 billion monthly active users of Entra, 16 billion Copilot interactions audited by Purview, up 72% quarter-over-quarter, 40,000 Sentinel customers, and we took share across all categories we serve in security. In LinkedIn, nearly 1.3 billion members.
在 Copilots 家族与 AI 平台之外，我们在整个产品组合上看到强劲动能。云迁移正在加速。在数据与分析方面，Fabric 收入增长 60%，快于业内任何其他数据与分析平台。我们现在拥有 28,000 家 Fabric 付费客户。在数据库方面，SQL DB hyperscale 收入增长近 75%，Cosmos DB 增长 50%。在业务应用方面，Dynamics 365 提升了份额。在安全方面，我们的端到端技术栈现已由每日 100 trillion 条信号、Entra 的 1 billion 月活用户以及 Purview 审计的 16 billion 次 Copilot 交互（环比增长 72%）提供情报支撑，Sentinel 客户数达 40,000 家；我们在所服务的所有安全品类中均提升了份额。LinkedIn 的会员数接近 1.3 billion。
And finally, in gaming, we expanded our reach across every endpoint focused on our high-margin content and services. We launched critically acclaimed games like Keeper, Ninja Gaiden 4 and The Outer Worlds 2, reaching 155 million monthly active users of Minecraft, an all-time high, and set new record for overall content and services revenue for the quarter. We also saw a great response to Xbox Ally launch 2 weeks ago and set new records for players on PC.
最后，在游戏方面，我们在各类终端上扩大了触达，聚焦高毛利的内容与服务。我们发布了如 Keeper、Ninja Gaiden 4 和 The Outer Worlds 2 等广受好评的游戏；Minecraft 的月活用户达到 155 million，创历史新高，并创下本季度整体内容与服务收入的新纪录。对于 2 周前推出的 Xbox Ally，我们也收获了极佳反响，并在 PC 玩家数上创下新纪录。
In closing, our planet-scale Cloud and AI factory together with Copilots across high-value domains is driving broad diffusion and real-world impact. And we continue to increase our investments in AI across both capital and talent to meet the massive opportunity ahead.
总而言之，我们的行星级 Cloud 与 AI 工厂，叠加覆盖高价值领域的 Copilots，正在推动广泛扩散并产生现实世界影响。我们将继续在资本与人才两端加大对 AI 的投入，以把握前方巨大的机遇。
With that, let me turn it over to Amy to walk through our financial results and outlook, and I look forward to rejoining for your questions.
接下来，我把时间交给 Amy 介绍财务结果与展望，随后我会回来回答大家的提问。
Amy Hood
Executive VP & CFO
Thank you, Satya, and good afternoon, everyone. First, as you heard from Satya, we were pleased to announce the next phase of our partnership with OpenAI yesterday. They continue to choose Microsoft to power their workloads. And together, we remain committed to driving innovation that meet real-world needs. Our Q1 results were not impacted by the deal signed this week.
谢谢你，Satya，大家下午好。首先，正如你们从 Satya 那里听到的，我们很高兴于昨日宣布与 OpenAI 合作的下一阶段。他们继续选择 Microsoft 来承载其工作负载。我们双方将继续致力于推动满足现实需求的创新。本周签署的这笔交易未对我们第一财季的结果产生影响。
Now, on to the quarter. We delivered a strong start to our fiscal year, exceeding expectations across revenue, operating income and earnings per share. We also saw continued share gains across many of our businesses, demonstrating our leadership position in key markets.
现在回到本季度。我们为新财年实现了强劲开局，在收入、营业利润和每股收益等方面均超出预期。我们还在多项业务中持续提升份额，体现了我们在关键市场中的领导地位。
This quarter, revenue was $77.7 billion, up 18% and 17% in constant currency. Gross margin dollars increased 18% and 16% in constant currency, while operating income increased 24% and 22% in constant currency. And earnings per share was $4.13, an increase of 23% and 21% in constant currency, when adjusted for the impact of our investments in OpenAI. FX impact was roughly in line with guidance.
本季度，收入为 $77.7 billion，同比增长 18%，按不变汇率计算为 17%。毛利额增长 18%，按不变汇率为 16%；营业利润增长 24%，按不变汇率为 22%。在调整我们对 OpenAI 投资的影响后，每股收益为 $4.13，同比增长 23%，按不变汇率为 21%。汇率影响与指引大致一致。
Company gross margin percentage was 69%, down slightly year-over-year, driven by investments in AI, including the impact of scaling our AI infrastructure and the growing usage of our AI product features. This was partially offset by ongoing efficiency gains, particularly in Azure and M365 Commercial cloud.
公司毛利率为 69%，同比小幅下降，主要由于在 AI 方面的投入，包括我们 AI 基础设施扩容的影响以及 AI 产品功能使用增长的影响。部分影响被持续的效率提升所对冲，尤其是在 Azure 和 M365 Commercial cloud。
Operating expenses increased 5% and 4% in constant currency, driven by investments in Cloud and AI engineering, including compute capacity and AI talent to support product development across the portfolio. Operating margins increased year-over-year to 49% and were ahead of expectations with stronger-than-anticipated results and high-margin businesses this quarter.
运营费用增长 5%，按不变汇率为 4%，主要由 Cloud 与 AI 工程方面的投入所驱动，包括计算能力与 AI 人才，以支持整个产品组合的开发。运营利润率同比提升至 49%，本季度强于预期的结果与高毛利业务推动下也好于预期。
When adjusted for the impact from our investments in OpenAI, other income and expense was $401 million as interest income more than offset interest expense, which includes the interest of payments related to data center finance leases.
在调整我们对 OpenAI 投资的影响后，其他收益和费用为 $401 million，因为利息收入超过了利息支出；利息支出包括与数据中心融资租赁相关的利息支付。
Capital expenditures were $34.9 billion, driven by growing demand for our Cloud and AI offerings. This quarter, roughly half of our spend was on short-lived assets, primarily GPUs and CPUs, to support increasing Azure platform demand, growing first-party apps at AI solutions, accelerating R&D by our product teams as well as continued replacement for end-of-life server and networking equipment.
资本性支出为 $34.9 billion，受我们 Cloud 与 AI 产品/服务不断增长的需求驱动。本季度，我们约一半支出用于短寿命资产，主要为 GPUs 与 CPUs，以支撑不断增长的 Azure 平台需求、壮大的自研应用与 AI 解决方案、加速我们产品团队的研发，以及持续替换达到寿命终点的服务器与网络设备。
The remaining spend was for long-lived assets that will support monetization for the next 15 years and beyond, including $11.1 billion of finance leases that are primarily for large data center sites. And cash paid for PP&E was $19.4 billion. As a reminder, the difference between total CapEx and cash paid for PP&E is primarily due to finance leases as well as the normal timing of goods received, but not yet paid.
其余支出用于长寿命资产，将在未来 15 年及更长时间支持变现，其中包括 $11.1 billion 的融资租赁，主要用于大型数据中心园区。用于 PP&E 的现金支付为 $19.4 billion。提醒一下，总 CapEx 与 PP&E 现金支付的差额，主要源自融资租赁以及正常的货到未付的时间差。
Cash flow from operations was $45.1 billion, up 32%, driven by strong Cloud billings and collections, partially offset by higher supplier payments. And free cash flow increased 33% to $25.7 billion with minimal impact from a sequential increase in CapEx, given the higher mix of finance leases. And finally, we returned $10.7 billion to shareholders through dividends and share repurchases.
经营活动现金流为 $45.1 billion，同比增长 32%，主要受强劲的 Cloud 开票与回款驱动，部分被更高的供应商付款所抵消。自由现金流增长 33% 至 $25.7 billion；鉴于融资租赁占比更高，来自 CapEx 环比上升的影响较小。最后，我们通过分红与回购向股东返还了 $10.7 billion。
Now to our commercial results. Commercial bookings increased 112% and 111% in constant currency and were significantly ahead of expectations, driven by Azure commitments from OpenAI as well as continued growth in the number of $100 million-plus contracts for both Azure and M365. These results do not include any impact from the incremental $250 billion Azure commitments from OpenAI announced yesterday.
接下来是我们的商用业绩。Commercial bookings 增长 112%，按不变汇率为 111%，显著超出预期，受到来自 OpenAI 的 Azure 承诺以及 Azure 与 M365 的 $100 million 以上合同数量持续增长的推动。上述结果未包含昨日宣布的 OpenAI 额外 $250 billion 的 Azure 承诺所带来的任何影响。
Commercial remaining performance obligation increased to $392 billion and was up 51% year-over-year. The balance has nearly doubled over the past 2 years. And even with this growth, our weighted average duration has been relatively stable at approximately 2 years.
Commercial remaining performance obligation 增至 $392 billion，同比上升 51%。该余额在过去 2 年几乎翻倍。即便增长如此强劲，我们的加权平均期限仍相对稳定，约为 2 年。
Microsoft Cloud revenue was $49.1 billion, ahead of expectations, and grew 26% and 25% in constant currency. Microsoft Cloud gross margin percentage was slightly better than expected at 68% and down year-over-year due to the investments in AI that were partially offset by ongoing efficiency gains as noted earlier.
Microsoft Cloud 收入为 $49.1 billion，超出预期，同比增长 26%，按不变汇率为 25%。Microsoft Cloud 的毛利率为 68%，略好于预期；由于 AI 投入，毛利率同比下降，部分影响如前所述被持续的效率提升所对冲。
Now to segment results. Revenue from Productivity and Business Processes was $33 billion and grew 17% and 14% in constant currency. M365 Commercial Cloud revenue increased 17% and 15% in constant currency with 1 point of benefit from in-period revenue recognition. Year-over-year growth was driven by both ARPU and seats with ARPU growth again led 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 businesses and frontline worker offerings.
现在进入分部业绩。Productivity and Business Processes 分部收入为 $33 billion，增长 17%，按不变汇率为 14%。M365 Commercial Cloud 收入增长 17%，按不变汇率为 15%，其中当期收入确认带来 1 个百分点的正面影响。同比增长由 ARPU 与席位数共同驱动，其中 ARPU 增长再次由 E5 与 M365 Copilot 领跑。付费 M365 Commercial 席位同比增长 6%，各客户细分均实现装机基数扩张，但主要来自中小企业与一线员工产品。
M365 Commercial Products revenue increased 17% and 14% in constant currency, ahead of expectations due to higher-than-expected Office 2024 transactional purchasing. M365 Consumer Cloud revenue increased 26% and 25% in constant currency, again driven by ARPU growth. M365 consumer subscriptions grew 7% to over 90 million.
M365 Commercial Products 收入增长 17%，按不变汇率为 14%，超出预期，原因是 Office 2024 一次性采购高于预期。M365 Consumer Cloud 收入增长 26%，按不变汇率为 25%，同样由 ARPU 增长驱动。M365 消费者订阅增长 7% 至超过 90 million。
LinkedIn revenue increased 10% and 9% in constant currency driven by Marketing Solutions. The Talent Solutions business was impacted by continued weakness in the hiring market. Dynamics 365 revenue increased 18% and 16% in constant currency with continued growth across all workloads.
LinkedIn 收入增长 10%，按不变汇率为 9%，由 Marketing Solutions 推动。Talent Solutions 业务受招聘市场持续疲弱的影响。Dynamics 365 收入增长 18%，按不变汇率为 16%，各项工作负载均保持增长。
Segment gross margin dollars increased 19% and 16% in constant currency, and gross margin percentage increased, driven by efficiency gains in M365 Commercial Cloud that were partially offset by investments in AI including the impact of growing usage in M365 Copilot chat.
该分部毛利额增长 19%，按不变汇率为 16%；毛利率上升，主要由 M365 Commercial Cloud 的效率提升驱动，部分被 AI 投入所抵消（包括 M365 Copilot chat 使用增长的影响）。
Operating expenses increased 6% and 5% in constant currency, and operating income increased 24% and 20% in constant currency. Operating margins increased 3 points year-over-year to 62%, driven by the higher gross margin noted earlier as well as improved operating leverage.
运营费用增长 6%，按不变汇率为 5%；运营利润增长 24%，按不变汇率为 20%。运营利润率同比提升 3 个百分点至 62%，受前述更高毛利与经营杠杆改善推动。
Next, the Intelligent Cloud segment. Revenue was $30.9 billion and grew 28% and 27% in constant currency. In Azure and other Cloud services, where we continue to see accelerating demand, revenue grew 40% and 39% in constant currency. Results were ahead of expectations, driven by better-than-expected growth in our core infrastructure business, primarily from our largest customers. Azure AI services revenue was generally in line with expectations, and this quarter, demand again exceeded supply across workloads, even as we brought more capacity online.
接下来是 Intelligent Cloud 分部。收入为 $30.9 billion，增长 28%，按不变汇率为 27%。在 Azure 及其他 Cloud services（需求持续加速）中，收入增长 40%，按不变汇率为 39%。结果好于预期，主要由核心基础设施业务增长超预期所驱动，且主要来自我们最大客户。Azure AI services 收入总体符合预期；本季度在我们不断上线更多产能的同时，各类工作负载的需求再次超过供给。
In our on-premise server business, revenue increased 1% and was relatively unchanged in constant currency. Results were ahead of expectations, driven by transactional purchasing of Windows Server 2025. Segment gross margin dollars increased 20% and 19% in constant currency, and gross margin percentage decreased year-over-year, driven by investments in AI that were partially offset by efficiency gains in Azure. Operating expenses increased 4% and operating income grew 27%. Operating margins were 43%, down only slightly year-over-year as increased investments in AI were mostly offset by improved operating leverage.
在本地服务器业务中，收入增长 1%，按不变汇率则基本持平。结果好于预期，受 Windows Server 2025 的一次性采购拉动。该分部毛利额增长 20%，按不变汇率为 19%；毛利率同比下滑，主要由于 AI 投入，部分被 Azure 的效率提升所对冲。运营费用增长 4%，运营利润增长 27%。运营利润率为 43%，同比仅小幅下降，因为 AI 投入增加大体上被经营杠杆改善所抵消。
Now to More Personal Computing. Revenue was $13.8 billion and grew 4%. Windows OEM and Devices revenue increased 6% year-over-year, significantly ahead of expectations, driven by strong demand ahead of Windows 10 end of support as well as a benefit from inventory levels that remain elevated.
接下来是 More Personal Computing 分部。收入为 $13.8 billion，增长 4%。Windows OEM 与 Devices 收入同比增长 6%，显著好于预期，受 Windows 10 结束支持前的强劲需求以及偏高库存水平带来的利好所推动。
Search and news advertising revenue ex TAC increased 16% and 15% in constant currency, driven by growth in volume as well as the continued benefit from third-party partnerships that was better than expected. And in gaming, revenue decreased 2% and 3% in constant currency. Against a strong prior year comparable, Xbox content and services revenue increased 1% and was relatively unchanged in constant currency, driven by better-than-expected performance from third-party content.
Search and news advertising revenue ex TAC 增长 16%，按不变汇率为 15%，受量的增长以及第三方合作带来的持续利好（好于预期）推动。在游戏方面，收入下降 2%，按不变汇率为 3%。在去年同期高基数的背景下，Xbox content and services 收入增长 1%，按不变汇率基本持平，受第三方内容表现好于预期推动。
Segment gross margin dollars increased 11% and 10% in constant currency, and gross margin percentage increased year-over-year driven by sales mix shift to higher-margin businesses. Operating expenses increased 4% and 3% in constant currency, and operating income increased 18% and 16% in constant currency. Operating margins increased 3 points year-over-year to 30% driven by the higher gross margin noted earlier.
该分部毛利额增长 11%，按不变汇率为 10%；毛利率同比上升，受销售结构向高毛利业务迁移推动。运营费用增长 4%，按不变汇率为 3%；运营利润增长 18%，按不变汇率为 16%。运营利润率同比提升 3 个百分点至 30%，受前述更高毛利推动。
Now moving to our Q2 outlook, which unless specifically noted otherwise, is on a U.S. dollar basis. 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 2 points in Productivity and Business Processes and Intelligent Cloud and 1 point in More Personal Computing. We expect FX to increase COGS and operating expense growth by 1 point.
接下来是我们对第二财季的展望，除非特别说明，均以美元口径表述。基于当前汇率，我们预计外汇将使总收入增速提高 2 个百分点。在各分部中，我们预计外汇将使 Productivity and Business Processes 与 Intelligent Cloud 的收入增速各提升 2 个百分点，使 More Personal Computing 提升 1 个百分点。我们预计外汇将使 COGS 与运营费用的增速各提高 1 个百分点。
Starting with the total company, we expect revenue of USD 79.5 billion to USD 80.6 billion or growth of 14% to 16%. We expect COGS of USD 26.35 billion to USD 26.55 billion or growth of 21% to 22%. And operating expense of USD 17.3 billion to USD 17.4 billion, growth of 7% to 8%. Operating margins should be relatively flat year-over-year and down sequentially, aligned with historic seasonality.
先从公司整体看，我们预计收入为 USD 79.5 billion 至 USD 80.6 billion，即增长 14% 至 16%。我们预计 COGS 为 USD 26.35 billion 至 USD 26.55 billion，即增长 21% 至 22%。运营费用为 USD 17.3 billion 至 USD 17.4 billion，增幅 7% 至 8%。运营利润率预计同比基本持平、环比下降，与历史季节性一致。
Now other income and expense. The combination of OpenAI’s conversion to a public benefit corp and the ongoing nature of our partnership will result in increased volatility. Therefore, going forward, we’ll provide our outlook, excluding any impact from our investments in OpenAI. On that basis, in Q2, other income and expense is estimated to be roughly $100 million as interest income will more than offset interest expense. And we expect our Q2 effective tax rate to be approximately 19%.
现在谈其他收益和费用。OpenAI 转制为 public benefit corp（公益性公司）与我们合作关系的持续性相叠加，将导致波动性上升。因此，未来我们将提供剔除我们对 OpenAI 投资影响的展望。在此基础上，第二财季其他收益和费用预计约为 $100 million，因为利息收入将超过利息支出。我们预计第二财季的有效税率约为 19%。
Next, capital expenditures. With accelerating demand and a growing RPO balance, we’re increasing our spend on GPUs and CPUs. Therefore, total spend will increase sequentially, and we now expect the FY ’26 growth rate to be higher than FY ’25. As a reminder, there can be quarterly spend variability from cloud infrastructure build-outs and the timing of delivery of finance leases.
接下来是资本性支出。随着需求加速与 RPO 余额扩大，我们将增加在 GPUs 与 CPUs 上的投入。因此，总支出将环比增加，我们目前预计 FY ’26 的增长率将高于 FY ’25。提醒一下，由于云基础设施建设以及融资租赁交付时点的影响，季度支出可能存在波动。
Next, our commercial business. In commercial bookings, we expect healthy growth in the core business on a low expiry base when adjusted for the OpenAI contracts in the prior year. And we expect commercial bookings will be positively impacted by the significant OpenAI commitments announced yesterday. As a reminder, larger long-term Azure contracts, which are more unpredictable in their timing, drive increased quarterly volatility in our bookings growth rate. Microsoft Cloud gross margin percentage should be roughly 66%, down year-over-year, driven by the continued investments in AI as well as the mix shift to Azure.
接下来是商用业务。就 commercial bookings 而言，在调整去年 OpenAI 合同的影响后，基于较低到期基数（low expiry base），我们预计核心业务将实现健康增长；我们也预计昨日宣布的大额 OpenAI 承诺将对 commercial bookings 产生正面影响。提醒一下，更大规模且期限更长的 Azure 合同在签订时点上更不可预测，从而加剧我们预订额增速的季度波动。Microsoft Cloud 毛利率应约为 66%，同比下降，主要受持续的 AI 投资以及向 Azure 的业务结构转移影响。
Now to segment guidance. In Productivity and Business Processes, we expect revenue of USD 33.3 billion to USD 33.6 billion or growth of 13% to 14%. In M365 Commercial Cloud, we expect revenue growth to be between 13% and 14% in constant currency, with business trends that remain relatively stable quarter-over-quarter. ARPU growth will again be driven by E5 and M365 Copilot. M365 Commercial products revenue growth should be in the low to mid-single digits. As a reminder, M365 Commercial products includes components that can be variable due to the in-period revenue recognition dynamics.
现在进入分部指引。对于 Productivity and Business Processes，我们预计收入为 USD 33.3 billion 至 USD 33.6 billion，即增长 13% 至 14%。在 M365 Commercial Cloud，我们预计按不变汇率计算的收入增速在 13% 至 14% 之间，业务趋势环比相对稳定。ARPU 增长将再次由 E5 与 M365 Copilot 推动。M365 Commercial products 的收入增速应处于低至中单位数百分比。提醒一下，M365 Commercial products 包含一些因当期收入确认机制而具有变动性的组件。
M365 Consumer cloud revenue growth should be in the mid-20s driven by growth in ARPU. For LinkedIn, we expect revenue growth of approximately 10%. And in Dynamics 365, we expect revenue growth to be in the mid- to high teens with continued growth across all workloads.
M365 Consumer cloud 的收入增速应在 20% 中段（约 25%），由 ARPU 增长驱动。对于 LinkedIn，我们预计收入增速约 10%。在 Dynamics 365 中，我们预计收入增速处于十几的中高段（约 15%–19%），各项工作负载将持续增长。
For Intelligent Cloud, we expect revenue of USD 32.25 billion to USD 32.55 billion or growth of 26% to 27%. In Azure, we expect Q2 revenue growth of approximately 37% in constant currency as demand remains significantly ahead of the capacity we have available. And while we’re accelerating the amount of capacity we’re bringing online, we will continue to balance Azure revenue growth with the growing needs across our first-party apps and AI solutions, our own R&D efforts and the end-of-life server replacements. Therefore, we now expect to be capacity constrained through at least the end of our fiscal year.
对于 Intelligent Cloud，我们预计收入为 USD 32.25 billion 至 USD 32.55 billion，即增长 26% 至 27%。在 Azure，我们预计第二财季按不变汇率的收入增速约为 37%，因为需求显著超出我们现有可用产能。尽管我们在加速上线更多产能，我们仍将平衡 Azure 的收入增长与自研应用与 AI 解决方案、内部研发以及寿命终点服务器替换等方面日益增长的需求。因此，我们目前预计至少到本财年末仍将受到产能约束。
As a reminder, there can be quarterly variability in the 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.
提醒一下，由于产能交付与上线时点，以及取决于合同结构而产生的当期收入确认影响，同比增速可能存在季度波动。
In our on-premises server business, we expect revenue to decline in the low to mid-single digits with ongoing customer shift to cloud offerings. In More Personal Computing, we expect revenue to be in the USD 13.95 billion to USD 14.45 billion. Windows OEM and Devices revenue should decline in the mid-single digits.
在本地服务器业务中，随着客户持续向云产品迁移，我们预计收入将低至中单位数百分比下滑。在 More Personal Computing，我们预计收入为 USD 13.95 billion 至 USD 14.45 billion。Windows OEM 与 Devices 收入应在中单位数百分比下滑。
We expect continued momentum from Windows 10 end of support, although growth rates will be impacted by elevated inventory levels at the end of Q1 that we expect to come down through the quarter. Therefore, Windows OEM revenue should decline low to mid-single digits. The range of potential outcomes remains wider than normal. Devices revenue should decline year-over-year. Search and news advertising ex TAC revenue growth should be in the low double digits, down sequentially as growth rates normalize following the benefit from third-party partnerships noted earlier.
我们预计 Windows 10 结束支持将继续带来动能，但增长率将受第一财季末较高库存水平的影响（我们预计库存将在本季度逐步回落）。因此，Windows OEM 收入应低至中单位数百分比下降。潜在结果区间仍较常规更宽。Devices 收入应同比下滑。剔除 TAC 的搜索与新闻广告收入增速应处于低双位数，但随着前述第三方合作带来的红利回归常态，环比将回落。
Growth will continue to be driven by volume and revenue per search across Edge and Bing. And in Xbox content and services, we expect revenue to decline in the low to mid-single digits against the prior year comparable that benefited from strong first-party performance, partially offset by growth in subscriptions. And hardware revenue should decline year-over-year.
增长仍将由 Edge 与 Bing 的搜索量与每次搜索收入驱动。在 Xbox content and services 中，对比去年受强势第一方表现提振的高基数，我们预计收入将低至中单位数百分比下滑，订阅增长将带来部分对冲。硬件收入预计同比下降。
And in closing, demand signals across bookings, RPO and product usage are accelerating faster than we expected. We’re investing in infrastructure, AI talent and product innovation to capture that momentum and expand our leadership position. And we remain focused on delivering real value to our customers that results in durable revenue growth for the long term.
最后总结，来自 bookings、RPO 与产品使用的需求信号正在以快于我们预期的速度加速。我们正投入基础设施、AI 人才与产品创新，以捕捉这一势头并扩展我们的领先地位。我们仍专注于为客户创造真实价值，从而在长期实现可持续的收入增长。
With that, let’s go to Q&A, Jonathan.
接下来进入问答，Jonathan。
Question-and-Answer Session
Jonathan Neilson
Vice President of Investor Relations
Thanks, Amy. We’ll now move over to Q&A. [Operator Instructions]. Operator, can you please repeat your instructions?
谢谢你，Amy。我们现在进入问答环节。[Operator Instructions]。主持人，请重复一下提问说明好吗？
Operator
[Operator Instructions] Our first question comes from the line of Keith Weiss with Morgan Stanley.
[Operator Instructions] 我们的第一个问题来自 Morgan Stanley 的 Keith Weiss。
Keith Weiss
Morgan Stanley, Research Division
Congratulations on another outstanding quarter. And if I’m looking at Microsoft, this is 2 quarters in a row, we’re really seeing results that are well ahead of anybody’s expectations when we were thinking about this company a year ago or 5 years ago. 111% commercial bookings growth was not on anybody’s bingo card, if you will, yet the stock is underperforming in the broader market. And the question I have is kind of getting at the zeitgeist that I think is weighing on the stock. And is something about to change? And I think AGI is kind of a nomenclature or a shorthand for that. And it’s something that still included in your guys’ OpenAI agreement.
恭喜又一个出色的季度。就 Microsoft 而言，这已经是连续两个季度，我们看到的结果显著超出我们在一年前或五年前对这家公司的任何预期。如果可以这么说，commercial bookings 111% 的增长并不在任何人的“bingo 卡”上，但股票在更广泛的市场中却相对跑输。我的问题与当前可能压制股价的整体情绪有关。是否有什么即将发生的变化？我认为 AGI 在某种程度上是这种担忧的名词或缩写。而且它仍被纳入你们与 OpenAI 的协议之中。
So Satya, when we think about AGI or we think about how application and computing architectures are changing, is there anything that you see on the horizon, whether it’s AGI or something else, that could potentially change what appears to be a really strong positioning for Microsoft in the marketplace today where that strength will perhaps weaken on a go-forward basis. Is there anything that you’re worrying about in that evolution and particularly the evolution of these generative AI models.
所以 Satya，当我们思考 AGI，或者应用与计算架构正在如何变化时，你是否看到地平线上有什么（无论是 AGI 还是其他事物）可能会改变 Microsoft 当前在市场上看似非常强势的定位，从而在未来导致这种优势减弱？在这种演进中，尤其是在这些生成式 AI 模型的演进方面，有什么是你担心的？
Satya Nadella
Chairman & CEO
Thank you, Keith, for the question. So here’s how I would say that. I think there are 2 parts. We feel very, very good about even this, I’d say, the new agreement that we now have with OpenAI because I think even, it just creates more certainty to all of the IP relationship we have as it relates to even this definition of AGI. But beyond that, I think your question touches on something that’s pretty important, which is how are these AI systems going to truly be deployed in the real world and make a real difference and make a return for both the customers who are deploying them and then obviously, the providers of these systems.
谢谢你的提问，Keith。我的看法有两部分。我们对与 OpenAI 新达成的这份协议感到非常放心，因为它为我们所有与 IP 相关的关系带来了更高的确定性，甚至包括与 AGI 定义相关的部分。除此之外，你的问题还触及一个非常重要的点：这些 AI 系统要如何真正部署到现实世界中，既为部署它们的客户带来实质性的改变与回报，也为这些系统的提供方带来回报。
And I think the best way to characterize the situation is that even as the intelligence capability increases, let’s even say, exponentially like model version over model version, the problem is it’s always going to still be jagged, right? I think the term people use is the jagged intelligence, even – or spiky intelligence, right? So you may even have a capability that’s fantastic at a particular task, but it may not uniformly grow. So what is required is in fact, these systems, whether it is GitHub Agent HQ or the M365 Copilot system. Don’t think of this as a product. Think of it as a system that in some sense smooths out those jagged edges, and really helps the capability.
我认为最贴切的描述是：即便智能能力在模型版本迭代中呈指数级提升，问题在于它仍然会是“参差/锯齿状”的（jagged intelligence，或称 spiky intelligence）。也就是说，某项能力可能在特定任务上表现卓越，但并不会在所有维度上均匀增长。因此，所需要的是一种系统——不论是 GitHub Agent HQ 还是 M365 Copilot 体系。不要把它当作一个产品，而要把它视为一种在某种意义上能抚平这些“锯齿边缘”、真正增强整体能力的系统。
I mean just to give you a flavor for it, right? So if I am in M365 Copilot, I can generate an Excel spreadsheet. The good news is now an Excel spreadsheet does understand Office JS, has the formulas in it. It feels like, wow, it is a great spreadsheet created by a good model. The more interesting thing is I can go into agent mode in Excel and iterate on that model. And yet, it will stay on rail. It won’t go off rail, it will be able to do the iteration. Then I can even give it to the analyst agent, and then it will even make sense of it like a data analyst would of our Excel model.
举个例子：在 M365 Copilot 中，我可以生成一张 Excel 表。好消息是，如今的 Excel 表格能理解 Office JS，内含公式，让人感觉“哇，这是一个由优质模型创建的出色表格”。更有意思的是，我还能在 Excel 的 agent mode 中对该模型进行迭代，而且它会保持在轨，不会跑偏，能够完成迭代。随后我甚至可以把它交给 analyst agent，它会像数据分析师那样理解我们的 Excel 模型。
The reason I say all of that is because that’s the type of construction that will be needed even when the model is magical, all powerful. I think we will be in this jagged intelligence phase for a long time. So one of the fundamental things that these – whether it’s GitHub, whether it’s security, whether it’s M365, the 3 main domains we’re in, we feel very, very good about building these as organizing layers for agents to help customers.
我之所以这样说，是因为即便模型再“神奇”、再强大，也仍然需要这种系统化的构造。我认为我们会在这种“参差式智能”阶段停留很长时间。因此，在我们所处的三大领域——GitHub、安全、M365——我们非常有信心把它们打造成智能体的组织层，以更好地帮助客户。
And by the way, that’s the same thing that we want to put into Foundry for our third-party customers. So that’s kind of how people will build these multi-agent systems. So I feel actually pretty good about both the progress in AI. I don’t think AGI as defined at least by us in our contract is ever going to be achieved anytime soon. But I do believe we can drive a lot of value for customers with advances in AI models by building these systems. So it’s kind of the real question that needs to be well understood. And I feel very, very confident about our ability to make progress.
顺便说一句，我们也会把同样的做法放进 Foundry，供第三方客户使用——这基本上就是大家构建多智能体系统的方式。所以我对 AI 的进展实际上感到相当乐观。我不认为（至少按我们在合同中的定义）AGI 会在短期内实现。但我坚信，通过构建这些系统并利用 AI 模型的进步，我们可以为客户创造巨大价值。这才是需要被充分理解的关键问题。我对我们持续取得进展的能力非常有信心。
Operator
The next question comes from the line of Brent Thill with Jefferies.
下一个问题来自 Jefferies 的 Brent Thill。
Brent Thill
Jefferies LLC, Research Division
Amy, on the bookings blowout. I guess many are somewhat concerned about concentration risk, and I think you noted a number of $100 million contracts. Not to go into a lot of detail, but can you just give us a sense of what you’re seeing in that 51% RPO and 110-plus percent bookings growth that gives you confidence about what you’re seeing in terms of the breadth and extent of some of these deals on a global basis.
Amy，关于本次 bookings 大幅超预期。我想许多人对集中度风险有所担忧，而且我记得你提到过若干 $100 million 级别的合同。不展开太多细节，你能否概述一下，在 51% 的 RPO 与超过 110% 的 bookings 增长中，你们看到了什么，使你们对这些交易在全球范围的广度与规模充满信心？
Amy Hood
Executive VP & CFO
Thanks, Brent. A couple of things to maybe take a step back on RPO. With a nearly $400 billion balance, we’ve been trying to help people understand sort of how to think about really the breadth of that. It covers numerous products. It covers customers of all sizes. That’s been a balance that we’ve been growing obviously at a good clip. But what people need to realize is it sits across multiple products because of the things Satya is talking about around creating systems and where we’re investing.
谢谢你，Brent。关于 RPO，我想先退一步说明几点。接近 $400 billion 的余额，我们一直在帮助大家理解如何看待它的广度。它覆盖众多产品，也覆盖各类规模的客户。这项余额显然一直在较快增长。但大家需要意识到，由于我们在构建系统与投资方向上（正如 Satya 所说）的布局，它分布在多种产品之中。
And if you’re going to have that type of balance and then more importantly, have the weighted average duration be 2 years, it means that most of that is being consumed in relatively short order. People are not consuming, and I say this broadly, unless there’s value. And I think this is why we keep coming back to, are we creating real-world value in our AI platforms, in our AI solutions and apps and systems.
而当你拥有这种规模的余额，更重要的是其加权平均期限仅 2 年，这意味着其中大部分会在相对较短时间内被消耗（履约）。如果没有价值——我这是从广义上讲——客户是不会消费（使用）这些承诺的。这也是我们不断回到的核心：我们的 AI 平台、AI 解决方案、应用与系统是否在创造真实世界的价值。
And so I think the sort of the way to think about RPO is it’s been building across a number of customers. We’re thrilled to have OpenAI be a piece of that. We’re learning a ton and building leading systems because of it that are being used at scale that benefits every other customer. And so it’s why we’ve tried to give a little bit more color to that RPO balance because I do understand that there have been a lot of concerns or questions about is it long dated, is it coming over a long period of time. And hopefully, this is helpful for people to realize that these are contracts being signed by customers who intend to use it in relatively short order. And at that type of scale, I think that’s a pretty remarkable execution.
因此，我认为看待 RPO 的方式是：它在众多客户中不断累积。我们很高兴 OpenAI 也是其中的一部分。借由这点，我们学到了很多，也在构建被大规模使用的领先系统，从而惠及其他所有客户。这也是我们试图对 RPO 余额提供更多信息披露的原因，因为我理解大家有很多担忧或疑问：它是否期限很长、是否将在很长时间里逐步确认。希望这些说明能帮助大家认识到：这些合同是由打算在相对较短时间内使用（履约）的客户所签署的。在那样的规模下，这是一种相当出色的执行。
Operator
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。
Mark Moerdler
Sanford C. Bernstein & Co., LLC., Research Division
Congratulations on the quarter. It’s pretty amazing what you guys are doing. Satya and Amy, I’d like to ask you the #1 question I receive, whether from investors or at AI conferences I attend. How much confidence do you have that the software, even the consumer internet business can monetize all the investments we’re seeing globally? Or frankly, are we in a bubble? In fact, Amy, what would be the factors you’d be watching for to assure that you’re not overbuilding for current demand and the demand will sustain?
祝贺本季度的业绩。你们的表现相当惊人。Satya 和 Amy，我想请教一个我从投资者以及我参加的 AI 会议上最常被问到的问题：你们对软件行业，乃至消费互联网业务，有多大把握能够实现对全球范围内这些投资的变现？或者直白一点，我们是否正处在泡沫之中？另外，Amy，你会关注哪些因素来确保你们没有为当前需求过度建设，并且这些需求能够持续？
Amy Hood
Executive VP & CFO
Maybe I’ll start, Satya and then you could add. Let me talk a little bit about maybe connecting a couple of the dots because with $400 billion of RPO, that’s sort of short-dated as we talked about, our needs to continue to build out the infrastructure is very high. And that’s for booked business today. That is not any new booked business we started trying to accomplish on October 1, right?
也许我先说，Satya 你再补充。让我把几个点串起来：我们有 $400 billion 的 RPO，正如我们所说，这属于相对短期限，因此我们继续扩建基础设施的需求非常高。而且这些需求对应的是当下已经签下的业务，并不包含我们自 10 月 1 日开始尝试争取的任何新预订业务，对吧？
And so the way to think about that, and you saw it this quarter in particular, and as we talked about ‘26, the remainder, number one, we’re pivoting toward, increasingly, we talked about this short-lived assets, both GPUs and CPUs, Again, we talk about all these workloads are burning both in terms of app building. Now when that happens, short-lived assets generally are done to match sort of the duration of the contracts or the duration of your expectation of those contracts. And so I sometimes think when people think about risk, they’re not realizing that most of the lifetimes of these and the lifetimes of the contracts are very similar.
因此看待这件事，你在本季度尤为明显地看到了，而且展望 ’26 年剩余时间，首先，我们正越来越多地转向短寿命资产，也就是 GPUs 与 CPUs。再强调一下，这些工作负载在应用构建等方面都在持续“燃烧”算力。当这种情况发生时，短寿命资产通常用于匹配合同期限，或你对合同期限的预期。所以我有时会认为，人们在考虑风险时没有意识到：这些资产的寿命与这些合同的期限大多非常相近。
And so when you think about having revenue and the bookings and coming on the balance sheet, the depreciation of short-lived assets, they’re actually quite matched, Mark. And as you know, we’ve spent the past few years not actually being short GPUs and CPUs per se, we were short the space or the power, is the language we used, to put them in. So we spent a lot of time building out that infrastructure. Now we’re continuing to do that also using leases. Those are very long-lived assets, as we’ve talked about, 15 to 20 years. And over that period of time, do I have confidence that we’ll need to use all of that, it is very high.
因此，当你把收入、bookings 与资产负债表对应起来看，短寿命资产的折旧与之实际上相当匹配，Mark。正如你所知，过去几年我们并非严格意义上“缺 GPU 和 CPU”，我们缺的是把它们装进去的“空间或电力”，用我们的说法就是 power/space。因此我们花了大量时间建设那类基础设施。现在我们仍在持续推进，并通过 leases 来做。那些是寿命很长的资产，正如我们提到的，15 到 20 年。在这段期间内，我对我们需要用到这些产能的信心非常高。
And so when I think about sort of balancing those things, seeing the pivot to GPU, CPU short-lived, seeing the pivot in terms of how those are being utilized, we are – and I said this now, we’ve been short now for many quarters. I thought we were going to catch up, we are not. Demand is increasing. It is not increasing in just one place. It is increasing across many places. We’re seeing usage increases in products. We are seeing new products launch that are getting increasing usage, and increasing usage very quickly. When people see real value, they actually commit real usage.
因此，当我考虑如何平衡这些因素、看到我们向 GPU、CPU 等短寿命资产转向、以及它们的使用方式在转变时，我得说——我们已经连续多个季度处于短缺状态。我原以为我们会赶上，但事实并非如此。需求在上升，而且并非只在一个地方上升，而是在多个领域同时上升。我们看到产品的使用量在增长，我们也看到新产品上线后使用量不断攀升，且增长非常快。当人们看到了真实价值，他们就会投入真实用量。
And I sometimes think this is where this cycle needs to be thought through completely is that when you see these kind of demand signals and we know we’re behind, we do need to spend. But we’re spending with a different amount of confidence in usage patterns and in bookings, and I feel very good about that. I have said we are now likely to be short capacity to serve the most important things we need to do, which is Azure, our first-party applications. We need to invest in product R&D and we’re doing end-of-life replacements in the fleet.
我也认为，这正是必须把这个周期想清楚的地方：当你看到这样的需求信号，而我们又知道自己落后于需求时，我们确实需要投入。但我们的投入对于使用模式与 bookings 的信心程度，与以往不同，我对此感觉很好。我也说过，我们现在可能会在服务我们最重要的事项上出现产能短缺，这些最重要的事项包括 Azure 与我们的第一方应用。我们需要投资于产品 R&D，并且正在对机群进行寿命终点替换。
So we’re going to spend to make sure that happens, it’s about modernization, it’s about high quality, it’s about service delivery, and it’s about meeting demand. And so I feel good about doing that, and I feel good that we’ve been able to do it so efficiently and with a growing book of business behind it.
因此我们会投入，以确保这一切得以实现；这关乎现代化、关乎高质量、关乎服务交付，也关乎满足需求。我对这样的投入感到放心，也为我们能够在不断增长的业务储备支持下高效完成这些工作而感到满意。
Satya Nadella
Chairman & CEO
The only thing I would add to what Amy captured was, if you sort of look out, there are 2 things that matter, I think, and that are critical in terms of how we think about our allocation of capital, also our R&D. One is how efficient is our planet-scale token factory, right? I mean that’s at the end of the day, what you have to do. And in order to do that, you have to start with building out a very fungible fleet. It’s not like we’re building one data center in one region in the world that’s mega scale. We are building it out across the globe for inference, for pre-training, for post-training, for RL, for data centers, what have you. So therefore, the fungibility is super important.
我想在 Amy 的基础上补充一点：往前看，有两件事至关重要，这也决定了我们如何思考资本配置与研发。第一，我们的“行星级 token 工厂”效率如何？归根结底，这就是你必须做到的。为此，你必须先打造一支高度可互换的机群（fungible fleet）。我们并不是在全球某一个地区建一个超级规模的数据中心，而是面向推理、pre-training、post-training、RL 等各类场景在全球范围铺开数据中心。因此，“可互换性”（fungibility）至关重要。
The second thing that we’re also doing is continually modernizing the fleet. It’s not like we buy one version of, say, NVIDIA and load up for all the gigawatts we have. Each year, you buy, you write the Moore’s Law, you continuously modernize and depreciate it. And that means you also use software to grow efficiency. I talked about, I think, 30% improvement on both serving up GPT-4.1 and 5.0, right? That’s software. That’s sort of – and by the way, it’s helpful on A100s, it’s helpful on GB200s, and it will be helpful on GB300s. That’s the beauty of having the efficiency of the fleet. So keep improving utilization, keep improving the efficiency. So that’s what you do in the token factory.
第二，我们在持续使机群现代化。并不是说买一代（比如 NVIDIA）的产品就把所有“千兆瓦”都装满了。我们每年都会新增采购，顺应 Moore’s Law，不断现代化并进行折旧。这也意味着要通过软件来提升效率。我提到过，为 GPT-4.1 与 5.0 提供服务的效率提高了大约 30%，对吧？这是软件带来的增益。而且它在 A100s 上有用，在 GB200s 上有用，在 GB300s 上同样会有用。这就是高效机群的妙处：不断提升利用率、不断提升效率——这就是在“token 工厂”里要做的事。
The other aspect, which Amy spoke to is we have some of the best agent systems that matter in the high-value domains, right? It’s in information work. That’s the Copilot system. Coding, I mean, I should also say one of the things I like about Copilot is, I mean, Copilot ARPU is compared to M365 ARPUs, right? It’s expansive. The same thing that happened between server and cloud, like we used to always say, well, is it zero-sum, it turned out that the cloud was so much more expansive to the server market.
另一面，正如 Amy 所说，我们在高价值领域拥有业内最优秀的一些智能体系统：信息工作领域——那就是 Copilot 体系；编码领域——我也想强调一点，我喜欢 Copilot 的原因之一在于，Copilot 的 ARPU 与 M365 的 ARPU 相比更具扩展性。就像当年“服务器 vs. 云”那样，我们曾经讨论是否零和，结果证明云把服务器市场大幅做大了。
The same thing is happening in AI because first, you could say, hey, our ARPUs are too low when it comes to M365 or you could say, we have the opportunity with AI to be much more expansive. Same thing with tools, right? I mean, the tools business was not like a leading business, whereas coding business is going to be one of the most expansive AI systems. And so we feel very good about being in that category. Same thing with security, same thing with health.
AI 领域正在发生同样的事：你可以说 M365 的 ARPU 偏低，但也可以说借助 AI，我们有机会把盘子做得更大。工具亦然——传统的开发者工具业务并非引擎型业务，而“编码业务”将成为最具扩展性的 AI 系统之一。我们对身处这一赛道感到非常乐观；安全领域、医疗领域同理。
So we have – and in consumer, one of the things is it’s not just about ads, it’s ads plus subscriptions that also opens up opportunity for us. So when I look at the entirety of these high-value agent systems and when we look at the efficiency of and fungibility of our fleet, that’s what gives us the confidence to invest, both the capital and the R&D talent to go after this opportunity.
至于消费端，这不仅仅是广告，而是“广告 + 订阅”的组合也为我们打开了机遇之窗。综合来看，这些高价值的智能体系统，加上我们机群的效率与可互换性，是我们持续投入资本与研发人才、把握这一机遇的信心所在。
Operator
The next question comes from the line of Karl Keirstead with UBS.
下一个问题来自 UBS 的 Karl Keirstead。
Karl Keirstead
UBS Investment Bank, Research Division
This one is for Amy. Amy, I certainly don’t want to take you down too complex an accounting path with this question, but the investment in OpenAI that sits in other income at $4.1 billion is so large that I think the audience listening in could benefit from a little bit more color about what that is. It feels like it’s so much larger than you were running through other income in prior quarters that it mustn’t just be your share of the OpenAI losses. So could you just describe that? And what we can expect in subsequent quarters? And whether this signals any kind of accounting change?
这个问题是问 Amy 的。Amy，我当然不想把这个问题引向过于复杂的会计讨论，但列在 other income 中、与 OpenAI 相关的 $4.1 billion 投资数额实在太大了，我认为听众会受益于你对其构成的进一步说明。感觉它远大于你们此前几个季度在 other income 中反映的项目，因此它不太可能仅仅是你们分担的 OpenAI 亏损份额。你能否解释一下这项科目？以及我们在后续季度应当预期什么？此外，这是否意味着任何会计处理方面的变化？
Amy Hood
Executive VP & CFO
The Q1 number was not impacted at all by the new agreement that was put in place. Let me first say that. Secondly, that increased loss was all due to our percentage of losses in OpenAI due to the equity method, just to be very clear. So there is not anything there that is not the increased losses from OpenAI.
首先说明，Q1 的数据完全未受到新达成协议的影响。其次，需要非常明确的是，该项亏损的扩大完全来自我们按照权益法确认的在 OpenAI 的亏损份额。因此，其中不存在除 OpenAI 亏损扩大之外的其他成分。
Operator
The next question comes from the line of Mark Murphy with JPMorgan.
下一个问题来自 JPMorgan 的 Mark Murphy。
Mark Murphy
JPMorgan Chase & Co, Research Division
So we seem to be entering into a new era where the contractual commitments from a small number of AI natives are just incredibly large, not only in absolute terms, but sometimes relative to the size of the companies themselves. For instance, contracts worth hundreds of billions of dollars that are 20x their current revenue scale. Philosophically, how do you evaluate the ability of those companies to follow through on these commitments? And how do you think about placing guardrails on customer concentration for any single entity?
我们似乎正在进入一个新的时代，少数 AI 原生公司的合同承诺在绝对金额上极其庞大，有时相对于它们自身的公司规模也极其庞大。例如，价值数千亿美元、相当于其当前营收规模 20 倍的合同。从理念上讲，你们如何评估这些公司履行这些承诺的能力？你们又如何看待为任何单一实体的客户集中度设置“护栏”？
Satya Nadella
Chairman & CEO
Maybe I’ll start and then Amy, you can add. I mean it goes back a little bit, Mark, to what I said about building first the asset itself such that it’s most fungible, and then to recognize the strength of even sort of our portfolio. We have a third-party business, we have a first-party business, we have third-party also spread between enterprise, digital natives. I always felt that we need a balance there because it may start with digital natives. They’re always going to be the early adopters. You always have the hit app of the generation. And essentially then it spreads throughout. The enterprise adoption cycle is just starting and so therefore, having the – over the arc of time, I think that third-party balance of customers will only increase.
也许我先回答，随后请 Amy 补充。Mark，这在一定程度上呼应了我之前所说：首先要把资产本身建设成高度可互换（fungible）的形态；其次要认识到我们产品组合的韧性。我们的业务既有第三方，也有第一方；第三方客户既包括企业，也包括数字原生公司。我始终认为要在其中保持平衡，因为往往是从数字原生公司开始——他们总是最早的采用者，总会出现某一代的爆款应用，然后采用才向更广范围扩散。企业级的采用周期才刚刚开始，因此从更长时间维度看，我认为第三方客户的平衡只会进一步提升。
But it’s great to have the hit first-party apps in the beginning because you can build scale that then if it’s a fungible and that’s where the key is. You don’t want to build for a digital native as if you’re just doing hosting for them. You want to build. That’s where, I think, some of the decision-making of ours is probably getting better understood. What do we say yes to, what do we say no to. I think there was a lot of confusion. Hopefully, by now, anyone who switched on would figure this out. And so that’s, I think, one thing we’re doing on the third party.
当然，在一开始拥有第一方的爆款应用也非常重要，因为你可以先把规模做起来——关键在于这些规模必须是可互换的（fungible）。你不应该把为数字原生公司的建设等同于只是替他们做托管；你要建设的是可复用的能力。我想，我们在“哪些该答应、哪些该拒绝”上的一些决策，现在可能逐渐被外界更好地理解。过去存在不少困惑；希望到目前为止，关注这一领域的人已经明白了这一点。这就是我们在第三方业务上所采取的做法之一。
But the one – first party is probably where a lot of our leverage comes and it’s not even about one hit app on our first-party even. Our portfolio of stuff, which I just walked through in the earlier answer, gives us, again, the confidence that between that mix, we will be able to use our fleet to the maximum.
不过，第一方业务可能是我们杠杆来源最多的地方，而且不仅仅依赖某一个第一方爆款应用。正如我稍早回答中所梳理的，我们的第一方产品组合再次让我们有信心：在这种组合之下，我们能够最大化地利用我们的机群产能。
And remember, these assets, especially the data centers and so on are long assets, right? There will be many refresh cycles for any one of these when it comes to the gear. So I feel that once you think about all those dimensions, the concentration risk gets mitigated by being thoughtful about how you really ensure the build is for the broad customer base.
同时别忘了，这些资产——尤其是数据中心等——都是长寿命资产。就硬件而言，每一种都会经历多次更新换代周期。因此，当你从这些维度来思考，并通过周密规划确保建设面向广泛的客户基础时，客户集中度风险会得到缓释。
Amy Hood
Executive VP & CFO
And maybe just to help with another angle that I think, Satya helped a lot is that when you think about concentration risk or delivering to any customer, you have to remember that because we’re talking about this very large flexible fleet that can be used for anyone and for any purpose, 1P, 3P, and including our commercial cloud, by the way, which I should be quite clear on, it is pretty flexible in every regard, you have to remember that the CPU and GPU and the storage gear, doesn’t come into play until the contracts start happening.
再补充一个我认为 Satya 已经大有帮助的角度：当你考虑客户集中度风险或向任何客户交付时，要记得我们谈的是一支非常庞大且灵活的机群，能被任何人、用于任何目的——1P、3P，包括我们的 commercial cloud（这一点我要说清楚）——各方面都相当灵活。你还要记得，CPU、GPU 与存储设备只有在合同开始履约时才会真正“上场”。
And so you’re right, some of these large contracts have delivery dates over time. So you get a lot of lead time in being able to say, “Oh, what’s the status?” And so I think we’re pretty thoughtful around what’s always gone in our RPO balance, and then considerate of that. There’s always been that taken into account when we publish that bookings on brand, publish the RPO balance.
所以你说得对，其中一些大型合同有分阶段的交付日期。因此，你会有相当多的提前期去判断“现在状态如何？”所以我认为我们对进入 RPO 余额的内容一直思考周到，并据此行事。当我们公布 bookings 指标、公布 RPO 余额时，这些因素始终被纳入考量。
Operator
The next question comes from the line of Brad Zelnick with Deutsche Bank.
下一个问题来自 Deutsche Bank 的 Brad Zelnick。
Brad Zelnick
Deutsche Bank AG, Research Division
And I’ll echo my congrats on an amazing start to the year. Amy, is there any way to quantify or frame the revenue impact of Azure being short on capacity? And while I appreciate the constraints you face are broad across the industry, is there risk of workloads going elsewhere? And how do you mitigate that?
我也要祝贺你们今年的强劲开局。Amy，是否有办法量化或刻画 Azure 产能短缺对收入的影响？此外，我理解你们面临的约束在整个行业都很普遍，但是否存在工作负载流向其他地方的风险？你们如何缓解这一点？
Amy Hood
Executive VP & CFO
Brad, it’s a great question. It’s always hard to quantify precisely what would have been the revenue impact in quarter. But I would offer a way to think about it is Azure probably does bear most of the revenue impact. Because when you think about real priorities that you have to fill first, it’s obviously the increasing usage and adoption and sales we’ve seen of M365 Copilot and the usage of Copilot chat, which we’ve seen very different patterns, which we’re encouraged by. It’s the adoption of security features. It’s the GitHub momentum.
Brad，这是个好问题。要精确量化单季的收入影响一直很难。但我可以提供一种思考方式：Azure 大概率承担了大部分的收入影响。因为当你考虑我们必须优先满足的真实优先级时，显然包括我们在 M365 Copilot 的使用、采用与销售上看到的增长，以及 Copilot chat 的使用（其呈现出非常不同的使用模式，这一点让我们备受鼓舞）、安全特性的采用，以及 GitHub 的动能。
And so when you’re thinking about it, that is where and it is a priority for us to allocate resourcing there first. And so you are right to ask how do I think about that. We’ve worked very hard to try to mitigate it as best we can, but we have been short in Azure, and we’ve been clear on it. And I would say the other 2 priorities that I haven’t mentioned maybe as much before is also just making sure our product teams and the AI talent that we’ve been able to hire into the company really over the past 1.5 years have access also to significant capacity because we’re seeing it make the product better in a loop that is adding great benefit today into products people are using today for real-world work.
因此，在分配资源时，我们会优先保障这些方向。所以你问我如何看待这个问题是对的。我们已尽最大努力去缓解，但 Azure 确实一直处于短缺状态，这一点我们已说得很清楚。我还要补充两个此前提得少的优先级：确保我们的产品团队，以及过去 1.5 年我们招募到公司的 AI 人才，同样能获得充足的产能，因为我们看到这形成了一个改进产品的正向循环，正在为用户在真实工作场景中使用的产品带来显著收益。
And so we are making that a priority to make sure our research teams have that as well as our product engineering teams. And yes, it does impact Azure directly. That is the place where you see that prioritization. But I think it’s probably hard for me to give an exact number, but it is safe to say that the number could be higher.
因此，我们把确保研究团队与产品工程团队获得产能作为优先事项。是的，这会直接影响 Azure，这正是你能看到优先级排序之处。但我想很难给出一个精确数字，不过可以肯定的是，那个数字本可以更高。
Operator
The last question will come from the line of Kash Rangan with Goldman Sachs.
最后一个问题来自 Goldman Sachs 的 Kash Rangan。
Kasthuri Rangan
Goldman Sachs Group, Inc., Research Division
Amy, I just wanted to congratulate you, I think you said before that it is possible to accelerate Azure growth while getting efficient with margins and you’ve done it. Congrats on that.
Amy，我想先恭喜你。你之前说过可以在提升 Azure 增速的同时提高利润效率，而你们确实做到了。恭喜。
I have one for you, Satya. With respect to the elephant in the room, just being a little more direct, following up on Keith Weiss’ question. There’s talk that another hyperscaler came in and took away the business that was rightfully Microsoft’s. I’m sure that there is a different point of view here.
Satya，我有一个问题。直截了当、承接一下 Keith Weiss 的提问。外界有传言称，另一家 hyperscaler 介入并拿走了原本属于 Microsoft 的业务。我相信你们对此会有不同的看法。
I’m wondering if you could offer some perspective on your criteria to, is it about a certain volume of business that you wish to execute on the Microsoft paper? Or is it something broader than that, that I don’t think maybe people fully appreciate the terminal value that Microsoft will have on its balance sheet at the end of these contracts, which I think is probably being underestimated as you have a full stack and you’ve got the multiple vectors to monetize, be it databases, Foundry.
你能否谈谈你们的评估标准？是说必须达到某个业务量级，才愿意在 Microsoft 的合同（paper）上执行？还是说标准更宽：外界可能并未充分认识到这些合同期末时 Microsoft 在资产负债表上的“终值”（terminal value），而我认为这点可能被低估了，因为你们拥有全栈（full stack）能力，并在数据库、Foundry 等方面有多条变现路径。
And to your point that you are a platform company, not just a hyperscaler. Maybe that’s what it is all about, or maybe there’s another story about you letting the other hyperscaler company coming from nowhere and claiming a big piece of that 4- to 5-year puzzle. And congratulations.
再结合你强调的“你们是一家平台公司，而不仅是 hyperscaler”这一点。也许核心就在这里；也或许外界另有一种说法——你们让另一家 hyperscaler 杀出重围，在未来 4–5 年的拼图中拿下了很大一块。无论如何，恭喜你们。
Satya Nadella
Chairman & CEO
Well, thanks, Kash. I mean for us, again, just always goes back to, I think, the core principle, which is build a fleet that is fungible across the planet and works for third-party and first-party and research. So that’s essentially what we have done.
谢谢你，Kash。对我们而言，一切始终回到一个核心原则：打造一支在全球范围内具备可互换性（fungible）、同时能服务第三方、第一方以及科研的机群。这基本上就是我们所做的事。
And so when some demand comes in shape, that don’t fit that goal, where it’s too concentrated, not just by customer, by location, by type of skewing, right? I think Amy mentioned some very key things. When you think about the margin profile of a hyperscaler, you’ve got to remember this, the AI accelerator piece, but there’s compute, there’s storage. And so if all of the demand just comes for just one meter, that’s really not a long-term business we want to be in. That’s even from a third party. We have to balance it with all of our first-party stuff because that’s after all a different margin stack for us. And then we have to fund our own R&D and model capability because in the long run, that’s what’s going to differentiate us.
因此，当某些需求的形态与这一目标不匹配——过度集中（不仅是按客户、也包括按地域、按类型的倾斜）时，我们会谨慎处理。Amy 提到了几个关键点：谈 hyperscaler 的利润结构，不能只盯着 AI 加速器这一块，还要看到通用计算与存储。如果所有需求都只落在单一维度，那并不是我们希望长期参与的生意，即便来自第三方也是如此。我们必须与我们的第一方业务进行平衡，因为那对应着不同的利润结构。此外，我们还需要自筹研发与模型能力的投入，因为从长期看，这才是我们的差异化所在。
And so I look at all of those. We sort of use all of that to make sure we are saying yes to all the demand that we want, we say no to some of the demand that may be something that we could serve, but it’s not in our long-term interest. And so that’s sort of the decision-making we have done, and we feel very, very good about the decisions. In some sense, I feel even each time we say no to, the day after, I feel better.
基于以上这些考量，我们力求对那些符合战略意图的需求说“是”，而对那些我们虽能服务、但不符合长期利益的需求说“不”。我们的决策大致如此，我们对此感觉非常好。从某种意义上讲，每当我们拒绝了一些需求，第二天回头看，我会感觉更好。
Amy Hood
Executive VP & CFO
And just Kash, I think this is our last call with you. And I just want to say thanks and congratulations. It’s been a privilege to work with you and best of luck.
Kash，我想这是我们与您最后一次电话会了。我想对您表示感谢并致以祝贺。能与您共事是我们的荣幸，祝您一切顺利。
Satya Nadella
Chairman & CEO
Let me add to that, Best of luck, Kash.
我也补充一句：祝你好运，Kash。
Jonathan Neilson
Vice President of Investor Relations
Thanks, Kash. 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 all of you soon.
谢谢你，Kash。今天业绩电话会的问答环节到此结束。感谢各位今天的参与，我们期待很快再次与各位交流。
Satya Nadella
Chairman & CEO
Thank you all.
谢谢大家。
Operator
Thank you. This concludes today’s conference. You may disconnect your lines at this time, and thank you for your participation.
谢谢。本次会议到此结束。您现在可以挂断线路，感谢您的参与。