Quarterly guidance

Total Revenue
USD 96 billion to USD 97.1 billion
Agents and Infra Revenue
USD 80.1 billion to USD 80.7 billion
Devices and Consumer Revenue
USD 15.9 billion to USD 16.4 billion
Azure Revenue Growth
49% to 50% in constant currency

Annual guidance

Annual guidance
No specific annual guidance was provided, though the company expects to remain free cash flow positive in FY 2027.

Outlook

AI Demand
Customer demand continues to exceed available supply.
CapEx
Capital expenditure for the calendar year is expected to be approximately $170 billion.
Infrastructure
The company expects to continue scaling its fleet with innovations from NVIDIA, AMD, and its own Maia systems.
Sales Execution
Management expects some improvement in execution across E3 and stand-alone SKUs in the coming quarters.
Gaming
Growth is expected to be strongest in the second quarter, with some deceleration in Q3 and further moderation in Q4.