Microsoft Reports April 29: Azure AI Growth Is the Only Number That Matters — Here's What Wall Street Expects

# Microsoft Reports April 29: Azure AI Growth Is the Only Number That Matters — Here's What Wall Street Expects

> **Quick answer:** Microsoft reports Q3 FY2026 earnings after close on April 29, the same evening as Google, Amazon, and Meta. Wall Street expects Azure cloud growth of 37-38% in constant currency, with AI services now driving roughly 13 percentage points of that figure. Total quarterly revenue is expected to exceed $65 billion. The central question is not whether Microsoft is growing — it is whether $71.9 billion in annual capex is generating revenue fast enough to justify it.

Microsoft's April 29 earnings report is the most anticipated single company disclosure of this earnings season, and the reason is narrow: Azure AI growth is the one number that will either validate or call into question the entire hyperscaler AI investment thesis. Everything else — Office revenue, LinkedIn ads, gaming — is noise on April 29. Analysts, institutions, and retail investors alike will be watching one line of one segment for one answer: is the AI spending paying off?

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

## What Wall Street Expects: The Consensus Numbers for Q3 FY2026

The headline consensus heading into April 29 is quarterly revenue of approximately $65 billion or more, representing around 15% year-over-year growth. That is respectable but not what will move the stock.