Microsoft is set to report earnings after the bell, and all eyes are on its spending plans

Microsoft is set to report fiscal fourth-quarter results after Wednesday's closing bell.

Here's what analysts are looking for, according to LSEG consensus:

Earnings per share: $4.24 adjusted

$4.24 adjusted Revenue: $87.62 billion

At that level, analysts are looking for 14.6% growth year over year in the quarter, which ended on June 30. They see growth speeding up a bit to 15.4% in the September quarter.

As of Tuesday's close, the software maker's shares have given up about 19% so far in 2026, while the S&P 500 index has gained 8.5%. Investors have squeezed longstanding software stocks this year, acting on fears of disruption from generative artificial intelligence models.

Meanwhile, Microsoft is confronting "some concentration risk" with its OpenAI relationship, especially with the ascent of open-source models, Deutsche Bank analysts, who recommend buying Microsoft stock, said in a note last week. Microsoft said in January that around 45% of its $625 billion in commercial remaining performance obligations were tied to OpenAI.