Management remarks
Call period: 2026 Q4 · 2026-07-29
Guidance: Amy Hood: With the premium SKU momentum and the increased monetization opportunity from adding usage-based billing products alongside per seat licensing in July, we expect to see acceleration in M365 Commercial cloud revenue growth through this fiscal year.Demand and orders: Satya Nadella: The number of customers with more than 50,000 seats increased over 7x year-over-year, and the number of enterprise customers deploying Copilot to the majority of their information workers grew nearly 75% quarter-over-quarter, a signal of how central Copilot has become to their operations.Margins: Amy Hood: Microsoft Cloud gross margin percentage was better than expected at 65% and down year-over-year, driven by sales mix shift to Azure as well as continued investments in AI infrastructure and increased product usage, partially offset by ongoing efficiency gains noted earlier.Analyst Q&A
Analyst Adam Wood asked: Also congrats on a very strong end of the year. I wanted to maybe just ask about M365 Copilot. Obviously, very strong quarter there with over 30 million paid seats and a strong acceleration. Could you just talk a little bit about how you're seeing customers move from pilots to broader deployments there? Management Satya Nadella answered: That increases usage. So it all compounds. And then the other one is the business model. So we now have this per seat business model, and so we also now have the usage business model, so it's seat plus usage. So we're already seeing the ARPU growth that comes from things like E7. But really, as we deliver more value to customer and customer outcomes at the enterprise level, in fact, if I think about historically Office compared to what Copilot is, is much more narrow.管理层陈述
电话会期间：2026 Q4 · 2026-07-29
指引：艾米·胡德称：凭借高端SKU的增长势头，以及7月份新增按使用量计费产品并与按席位许可相结合带来的变现机会增加，我们预计本财年M365商业版云收入增长将提速。需求与订单：萨蒂亚·纳德拉表示：拥有5万以上席位的客户数量同比增长超7倍，将Copilot部署到大多数信息工作者中的企业客户数量环比增长近75%，这表明Copilot已成为其业务运营的核心所在。利润率：艾米·胡德称：微软云毛利率好于预期，达到65%，但同比有所下降，原因是销售结构向Azure倾斜，同时持续投资AI基础设施并增加产品使用量，此前提及的持续效率提升部分抵消了这一影响。分析师问答
分析师亚当·伍德：祝贺贵公司年末表现强劲，想咨询Microsoft 365 Copilot相关问题。本季度该产品表现亮眼，付费座位数超3000万，增长强劲，能否谈谈客户从试点转向大规模部署的情况？ 管理团队萨提亚·纳德拉：这会提升使用率形成良性循环，商业模式采用座位加使用量组合收费模式，已看到E7带来的每用户平均收入增长，Copilot比历史Office产品覆盖范围更广。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
