Microsoft MSFT changed how it reports its business in September 2026, and the change puts its AI investment case in sharper focus. Starting with fiscal 2027, the company has merged its three reporting segments into two: Agents and Infra, and Devices and Consumer. The new Agents and Infra segment groups Azure, Microsoft 365 cloud and industry solutions together. Restated figures show the segment generated $268.1 billion in revenues and $136.4 billion in operating income in fiscal 2026, which works out to an operating margin above 50% even at the peak of the buildout. Management expects first-quarter fiscal 2027 Agents and Infra revenues of $75.15-$75.75 billion. The spending is enormous.
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