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Microsoft

The company discussed in the cash-flow and lease study. Microsoft consolidated results, Microsoft Cloud and Azure are distinct reporting scopes.

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Market research

AI capital spending and cash flow: Alphabet, Microsoft and the rate backdrop

Comparing capital investment, operating cash flow and lease commitments for the quarter ended September 2026, and examining how the rate backdrop affects the valuation of growth.

Updated edition
UA-MS-2026-02 · v1.0
Observations
Financial quarter ended 30 September 2026; events dated 28 October (US Eastern time)

KeywordsOperating cash flow, Free cash flow, Capital expenditure, Finance leases, Trailing twelve months, Working capital, Alphabet, Microsoft

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