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Microsoft — Q4 FY25 Earnings Explained simply: where the money came from, and where it went

Q4 FY25 · Quarter ended 2025-06-30
Reported 2025-07-30

Microsoft closed its fiscal year with revenue up 18% to $76.4B as Azure grew 39%, and it kept $27.2B as profit.

Revenue growth+18%EPS (GAAP)$3.65Azure growth+39%Microsoft Cloud$46.7B

Follow the money, left → right. Hover or tap any block or band to trace where that money comes from and where it goes. Tap a block to pin it and read what it means below. Tap the background to reset.

Revenue

In plain English

This quarter

Follow $100 of revenue

Charts in billions are hard to feel. Here is the same quarter, shrunk down: for every $100 Microsoft took in, this is where it went.

Productivity and Business Processes
$43.32
Intelligent Cloud
$39.09
More Personal Computing
$17.60
Cost of revenue
−$31.42
R&D
−$11.55
Sales & marketing
−$9.53
General & administrative
−$2.60
Other expense
−$2.23
Tax
−$7.04
Kept as profit
$35.63

The rows may not add exactly due to rounding.

Three things to take away

If you only remember three numbers from this quarter, make it these.

+39%

Azure growth stayed hot

Azure revenue grew 39% and Microsoft Cloud reached $46.7B, up 27%. Intelligent Cloud overall grew 26% to $29.9B.

$281.7B

A record fiscal year

Fiscal 2025 revenue was $281.7B, up 15%, and net income was $101.8B, up 16% — Microsoft's first year past $100B of profit.

$9.4B

Cash returns continued

Microsoft returned $9.4B to shareholders in dividends and share repurchases during the quarter.

Other quarters

The same chart, for every quarter we've covered.