Microsoft reports fourth-quarter fiscal year 2026 results on July 30. Wall Street expects $87.7 billion in revenue and $4.24 in earnings per share. The focus is whether Azure can maintain the 39-40% growth rate; Azure grew 40% last quarter. Third-quarter capex hit $31.9 billion, up 49% year over year, while free cash flow fell 22% to $15.8 billion. Management guides for FY2027 capex around $220 billion, roughly 20-30% growth from this year. Copilot has 20 million paid seats. The earnings report marks the end of the fiscal year, requiring Microsoft to guide for FY2027.