Going into the quarter, Microsoft was one of our most discounted names and also one of our highest quality businesses. The stock was up after reporting fiscal fourth quarter results. Most notably, Azure growth accelerated to 43%, its highest growth rate in four years. Management noted that demand for Azure services continues to exceed supply, and annual Azure revenue now exceeds $100 billion. Microsoft's commercial remaining performance obligation grew 84% year-over-year, or 25% excluding its contracts with OpenAI. Also, after an initial lukewarm response to Microsoft's Copilot, paid Copilot subscribers now exceed 30 million, demonstrating broad enterprise adoption. Microsoft also introduced autonomous agent features within Copilot that make the product more useful and stickier for its users. Lastly, while free cash flow is down as Microsoft invests in additional compute capacity, it was still quite substantial. Microsoft generated $20 billion in free cash flow in fiscal fourth quarter and $67 billion in fiscal year 2026. Microsoft's value has grown meaningfully, its competitive advantages are intact, and shares remain significantly discounted.
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