2026년 2월 9일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Microsoft's expanding AI and cloud backlog now sits at the center of its long-term growth story, even as heavy investment weighs on near-term cash flow. Microsoft Corporation (NASDAQ:MSFT) reported commercial remaining performance obligations of $625 billion, more than double from a year earlier. Around $156 billion of that backlog should convert into revenue over the next 12 months, giving the company strong visibility into future sales.
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Azure and other cloud services continued to drive momentum. That segment grew 39% year over year, lifting Microsoft Cloud revenue to $51.5 billion, up 26%. Commercial bookings jumped 230%, while performance obligations beyond the next year rose 156%, reinforcing Microsoft's long runway for growth.
Enterprise adoption of Microsoft 365 Copilot also accelerated. Paid seats reached 15 million, with seat growth climbing 160% quarter over quarter. Large enterprise deployments expanded quickly, helping Microsoft increase revenue per user without relying on new customer acquisition. Copilot now layers high-margin software revenue on top of existing Office subscriptions.
Microsoft's AI platform strategy adds another growth lever. Through Azure Foundry, customers access models from OpenAI, Anthropic, Mistral, and Cohere, keeping AI workloads anchored on Microsoft's infrastructure. Fabric also gained traction, surpassing a $2 billion annual run rate with more than 31,000 customers.
The tradeoff remains capital spending. Q2 capital expenditures reached $37.5 billion, pressuring free cash flow and pushing Microsoft Cloud gross margins down to 67%. Management continues to scale data center capacity and invest in custom silicon to manage long-term costs.
While these investments weigh on short-term margins, they aim to secure Microsoft's position as a core provider of AI infrastructure across industries.
Is MSFT Stock a Buy?Microsoft's $625B AI Bet Is Too Big To Ignore
Based on the one year price targets offered by 53 analysts, the average target price for Microsoft Corp is $596.93 with a high estimate of $730.00 and a low estimate of $392.00. The average target implies a upside of +48.81% from the current price of $401.14.
Based on GuruFocus estimates, the estimated GF Value for Microsoft Corp in one year is $614.26, suggesting a upside of +53.13% from the current price of $401.14. gf value is gurufocus' estimate of the fair value that the stock should be traded at. it is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. For deeper insights, visit the forecast page.
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