Microsoft’s cloud growth accelerated in the September quarter, but a sharp rise in capital spending squeezed free cash flow. Revenue rose 19% year over year to $92.3 billion, while operating income increased 21% to $45.9 billion. Microsoft Cloud revenue grew 30% to $63.9 billion, led by 48% growth in Azure. Cash spending on property and equipment more than doubled to $39.4 billion. Subtracting that from $58.0 billion in operating cash flow leaves about $18.6 billion in free cash flow, down 27% from a year earlier. The cash-spending figure excludes finance leases. The 32% increase in reported EPS also needs context. OpenAI investment losses weighed on last year’s earnings, while gains helped this quarter. Excluding those effects in both periods, EPS rose 18% to $4.89, compared with reported EPS of $4.92. Commercial remaining performance obligations climbed 73% to $677 billion, representing contracted revenue still to be recognized. Consumer businesses were weaker: Windows OEM and Devices revenue fell 22%, while Xbox content and services declined 2%. Microsoft also changed its segment structure and reporting definitions this quarter, so historical comparisons should use recast figures.