Microsoft's quarter ending March 2026 (its fiscal Q3): total revenue of $82.9 billion, up 18% year‑over‑year and 15% in constant currency. We reported operating income of $38.4 billion, up 20%, and net income of $31.8 billion, up 23%. Cloud revenue reached $54.5 billion, up 29% at a 66% gross margin – down from 69% and guided to roughly 64% next quarter as AI‑infrastructure scaling compresses margins. Azure grew 40% (39% constant) and demand still exceeds capacity; the margin path under inference load is falling and we guide it lower again next quarter.