Fifty years after our founding, Microsoft is once again at the heart of a generational moment in technology as we find ourselves in the midst of the AI platform shift. Across the company, we are accelerating our pace of innovation and adapting to both a new tech stack and a new way of working. We are delivering our current platforms at scale while building the next generation, always striving to create more value for our customers, our partners, and the world. Striking this balance is hard work, and few companies over the years have been able to do it. To succeed, we must continue to think in decades but execute in quarters, approaching each day with the humility and curiosity required to continuously improve, while being guided by our bold vision for the future.
Resultados Financieros Destacados
Financially, it was a year of record performance. These results reflect the growing demand for our platform and the trust customers are placing in us. We take neither for granted. We must earn our permission to operate every day, in every country, every community, and every customer interaction.
| Métrica Financiera | Valor | Variación Interanual |
|---|---|---|
| Ingresos (Revenue) | $281.7 mil millones | +15% |
| Beneficio Operativo (Operating Income) | $128.5 mil millones | +17% |
| Ingresos de Azure | Más de $75 mil millones | +34% |
En paralelo, la inversión récord en infraestructura de 88.200 millones de dólares en gastos de capital (+66% interanual) presiona temporalmente el flujo de caja libre, que cayó un 3,3% hasta 71.600 millones, pero construye barreras de entrada que competidores difícilmente pueden replicar: Azure crece al 39% interanual, más del doble que AWS.
Prioridades Estratégicas y Liderazgo en IA
To deliver on our mission, we remain focused on three core business priorities as our North Star: security, quality, and AI innovation. Security and quality are non-negotiable. Our infrastructure and services are mission critical for the world. This year, we made significant progress across both our Secure Future Initiative (SFI) and Quality Excellence Initiative (QEI), but we recognize our work here is never done. We must continuously raise the bar for ourselves and our customers. Through SFI, we have dedicated the equivalent of 34,000 full-time engineers to our highest-priority security work. With QEI, we created frameworks that increase accountability and accelerate progress against our engineering objectives to ensure we deliver durable, high quality-experiences at global scale.
Infraestructura de IA
We continue to lead the AI infrastructure wave. We opened new datacenters across six continents and now operate more than 400 datacenters in 70 regions, more than any other cloud provider. This year alone, we added over two gigawatts of new capacity. Every Azure region is now AI-first and can support liquid cooling, increasing the fungibility and the flexibility of our fleet. We are also driving and benefiting from compounding improvements in silicon, systems, and models to improve performance and efficiency. We have made meaningful progress on the next frontier in cloud systems: quantum.
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Plataformas de Datos e IA
In data and analytics, Microsoft Fabric is becoming the unified platform for the AI era. It is now our fastest-growing analytics product ever, with 25,000 paid customers. We also introduced Azure AI Foundry, a platform to design, customize, and run powerful AI apps and agents. Foundry includes access to more than 11,000 models from partners like OpenAI, Cohere, DeepSeek, Meta, Mistral, xAI, and others, ensuring our customers can choose from the best frontier and open models in one place. Already, 80 percent of the Fortune 500 use Foundry for their AI workloads.
El Impacto de Copilot y sus Desafíos
Our Copilot family of products is helping people thrive at home, at school, and at work. Imagine a world where every person can get help from a researcher, a coder, or an analyst on demand. Not just information, but deep, contextual expertise paired with action. Or where every organization, no matter its size or sector, can reinvent employee experiences, reimagine customer engagement, reshape business processes, and bend the curve on innovation for their people, businesses, and industries. This is the new frontier and how we will unlock the next level of productivity and growth for the world. But it is not some far off vision-we are already seeing what’s possible when AI reaches the frontlines of human potential, helping small businesses become more productive, multinationals more competitive, nonprofits more effective, governments more efficient, and improving healthcare and education outcomes. To share just a few examples across industries: Mercy, one of the largest health systems in the US, has saved caregivers over 100,000 hours by automatically documenting physician-patient encounters. Barclays Bank is putting AI in the hands of 100,000 employees, transforming the employee experience by simplifying how they access information and get things done. Ralph Lauren is helping customers find the perfect look for any occasion, thanks to a new conversational shopping experience. Carvana has reduced inbound calls per sale by 45 percent, freeing its staff to focus on complex, high-value support. In software development, GitHub Copilot now has more than 20 million users and has evolved into a peer programmer, capable of executing tasks on our behalf asynchronously. On the consumer front, Copilot is now integrated across Bing, Edge, GroupMe, MSN, Windows, and Xbox. One highlight is Copilot Mode in Edge, which lets you chat directly with your open tabs.
La tesis central gira en torno a tres dinámicas interconectadas. El informe identifica una brecha de monetización en Copilot: pese a los 150 millones de usuarios declarados y el 90% del Fortune 500 como adoptante, la mayoría de empresas permanece en fase piloto y el propio consejero delegado admitió públicamente que algunas integraciones "no funcionan realmente bien", lo que llevó a recortar objetivos de ventas de agentes de inteligencia artificial hasta un 50%. El insight central sobre la brecha de monetización de Copilot -adopción amplia pero superficial- se mantiene plenamente vigente y explica buena parte de la presión: el mercado continúa penalizando la distancia entre los usuarios declarados y la conversión efectiva a despliegues de pago.
Riesgos y Desafíos
Los riesgos no son menores. La investigación del Acta de Mercados Digitales sobre Azure, abierta en noviembre de 2025, podría derivar en multas de hasta el 10% de los ingresos globales (unos 28.000 millones de dólares) si la Comisión Europea designa a Azure como guardián de acceso. Las interrupciones de servicio de octubre de 2025, con más de siete horas de caída y pérdidas estimadas de 16.000 millones para clientes, expusieron vulnerabilidades sistémicas en la gestión de cambios que contradicen los compromisos de fiabilidad de una empresa con ese nivel de inversión en infraestructura. En el frente de riesgos, la resiliencia operativa ya se había materializado con las caídas de Azure, mientras la investigación del Acta de Mercados Digitales sobre Azure (severidad 9) permanece latente a la espera de su resolución prevista para noviembre de 2026.
Evolución del Precio de la Acción
El escenario base sitúa el precio objetivo a seis meses en $480,00 (+8,1%) y a doce meses en $510,00 (+14,9%) desde los $444,00 actuales, con una probabilidad asignada del 55%. Han transcurrido algo más de cinco meses desde la publicación del informe y la evolución del precio ha sido claramente desfavorable: desde los $444,00 de partida, la cotización ha cedido un 14,5% hasta los $379,40, perforando incluso el suelo del escenario pesimista a seis meses ($410,00) y situándose ya en torno al objetivo pesimista a doce meses ($380,00). La tesis original conserva su validez: el escenario pesimista que el informe identificaba como posible se está cumpliendo, sin invalidar los fundamentos de calidad de la compañía. El objetivo medio del consenso ($561,39) sigue muy por encima de cualquier escenario del informe, lo que abre una brecha notable entre la narrativa de los analistas y el comportamiento del precio.
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Compromiso Social y Sostenibilidad
At Microsoft, we have always believed that we do well when the world around us does well. These examples, and so many others like them, are made possible by our clear focus on our priorities, our responsibility, and our culture. This means that as we drive the AI economy, we are also providing the skills and opportunities for everyone to participate in it. That’s why we launched Microsoft Elevate this year, an initiative that unites our technology, skills, research, and philanthropic investments, so AI can benefit every classroom, community, and cause. Over the next five years, we will invest $4 billion in cash and AI cloud technology to schools, community and technical colleges, and nonprofit organizations. Our skilling initiatives will help 20 million people earn AI credentials over the next two years, from foundational fluency to advanced technical training. Our second annual Responsible AI Transparency Report highlighted our work to build and deploy AI responsibly. This includes developing new AI tools and resources to help our customers innovate within evolving regulatory requirements. We continue to take new steps to advance safety, especially for children, while balancing our commitments to free expression and privacy. Over the past year, we’ve focused on addressing risks related to abusive AI-generated content and partnered with StopNCII.org to detect victim-reported imagery in Bing.
Objetivos Ambientales
2025 also marked the midpoint in our journey to become a carbon negative, water positive, zero waste company, and to protect more land than we use. Our renewable energy procurement increased from 1.8 gigawatts in 2020 to 34 gigawatts in 2024, and we contracted nearly 30 million metric tons of carbon removal-playing a pivotal role in scaling the carbon removal market. We provided more than 1.5 million people with clean water and sanitation and plan to replenish more than 100 million cubic meters of water around the world. We are getting closer to zero waste through new Circular Centers, which contribute to the reuse and recycling of nearly 91 percent of servers and components decommissioned from our datacenters. We are learning how to make AI more sustainable by design and improve AI-powered solutions. Making progress on these commitments takes time. But here, too-we are guided by a bold vision, thinking in decades and executing in quarters. Microsoft has an immense opportunity and responsibility-not just in building these futures, but in helping shape the world’s future.
Programas de Recompra de Acciones
Our common stock is traded on the NASDAQ Stock Market under the symbol MSFT. On September 16, 2024, our Board of Directors approved a share repurchase program authorizing up to $60.0 billion in share repurchases. This share repurchase program commenced in April 2025, following completion of the program approved on September 14, 2021, has no expiration date, and may be terminated at any time. All repurchases were made using cash resources. Shares repurchased during the fourth quarter of fiscal year 2025 were under the share repurchase programs approved on September 14, 2021 and September 16, 2024.
Declaraciones Prospectivas
This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including the following sections: “Business”, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made...
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