MSFT / Q1 FY2027 (FQ1 2027 - Sep 2026; quarter ended 2026-09-30)

Microsoft Corporation

Reported: Oct 28, 2026

Forecast published

Oct 26, 2026 at 4:29 PM PDT

Opus 5.5 High in Shortcut

Shortcut

4.81

Normalized diluted EPS

+1.9% vs Street

Off by $0.08 per share

Street

4.72

Normalized diluted EPS

October 25 consensus snapshot

Off by $0.17 per share

Real

4.89

Issuer non-GAAP diluted EPS

Shortcut win

Reported result · Oct 28 ↗ · Microsoft reports fiscal Q1 2027 non-GAAP diluted EPS $4.89 and GAAP diluted EPS $4.92 for September 30,2026.

USD per diluted common share. Comparisons use unrounded estimates.

Model download

Explore the assumptions and calculations behind the forecast.

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Shortcut’s reasoning.

Guidance midpoint (rev $90.40bn, COGS $29.70bn, opex $16.85bn, OI&E -$0.1bn, ETR 20%) implies ~$4.70 non-GAAP EPS; consensus $4.72 sits only ~$0.02 above it.

Microsoft beat its own guidance-implied operating income by $1.8-2.9bn in each FY26 quarter and guidance-implied EPS by $0.19-0.30 (ex-discrete items); we assume roughly half of that (+$1.0bn OI).

Azure modelled at 46.5% cc (guide 44-45% restated) after +1 to +3.5 pt cc beats in FY26 and 46-47% sell-side/buy-side previews; total revenue $91.44bn (+1.1% vs guide mid, +0.8% vs consensus).

On the record.

Reporting period: Q1 FY2027 (FQ1 2027 - Sep 2026; quarter ended 2026-09-30)
Reporting basis: Normalized Microsoft non-GAAP diluted EPS excluding OpenAI investment impact, USD per common share
Consensus snapshot: October 25, 2026
Model / effort: Opus 5.5 · High effort
Workbook: Reviewed workbook

Record history

Forecast generated: Oct 26, 2026 at 3:38 PM PDT
Reviewed revision completed: Oct 26, 2026 at 3:38 PM PDT
First published: Oct 26, 2026 at 4:29 PM PDT

Result basis

Microsoft reports fiscal Q1 2027 non-GAAP diluted EPS $4.89 and GAAP diluted EPS $4.92 for September 30,2026. The issuer explicitly excludes net gains from investments in OpenAI of $207m, or $0.03/share, from non-GAAP results. This matches the published Microsoft non-GAAP diluted common-share convention excluding OpenAI investment impact. The later 8-K concerns retrospective annual financial statements and is separate from this current-quarter earnings release.