Hyperscaler capex

Microsoft capex, FY2026 Q2

Microsoft reported $37.5B of capex for FY2026 Q2, the quarter covering October to December 2025. That is +66% on the $22.6B of the same quarter a year earlier (FY2025 Q2).

Microsoft sells Azure cloud infrastructure, business software and AI services to enterprises and developers. These figures cover Microsoft as a whole.

Capex, FY2026 Q2$37.5B
Year on year+66%
Announced28 Jan 2026

Open the source Compare this quarter

Verified

Every field, with its source

Source per value
Reported quarter
FY2026 Q2 1
Calendar quarter
2025 Q4 1
Announced
2026-01-28 1
“January 28, 2026”
Capex (USD million)
37,500 1
“$37.5 billion”
Cash capex (USD million)
29,900 1
“$29.9 billion”
Guidance detail
FY2026 Q3 capex expected to decrease sequentially because of buildout and finance-lease timing. 1
Capex definition
Company-wide capital expenditures include the full principal value of finance leases at commencement; cash PP&E payments are reported separately. 1

Sources

  1. Microsoft investor relations: Microsoft FY2026 Q2 accessed 2026-11-11

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