Two profits for one quarter — one includes the effect of investments in OpenAI, the other does not
Microsoft results for the quarter ended September 30, 2025, released under Item 2.02 of Form 8-K. Revenue was \$77.7 billion, up 18 percent; net income was \$27.7 billion on a GAAP basis, up 12 percent, and \$30.8 billion on a non-GAAP basis, up 22 percent. The non-GAAP figures exclude the impact from investments in OpenAI.
Filing key facts
- CompanyMICROSOFT CORP (MSFT)
- FormCurrent report (8-K)
- ExchangeNasdaq
- Industry (SIC)Services-Prepackaged Software
- Filing date2025-10-29
- Period2025-10-28
- 8-K events2.02 Results of operations and financial condition, 7.01 Regulation FD disclosure, 9.01 Financial statements and exhibits
- Accession no.0001193125-25-256310
Key points
- Microsoft results for the quarter ended September 30, 2025, with revenue of \$77.7 billion up 18 percent and operating income of \$38.0 billion up 24 percent.
- Net income was \$27.7 billion on a GAAP basis (up 12 percent) and \$30.8 billion on a non-GAAP basis (up 22 percent), a difference of about \$3.1 billion.
- The non-GAAP figures are stated to exclude the impact from investments in OpenAI.
- A disclosure under Item 2.02 is furnished rather than filed and is not subject to Section 18 liability.
- Of the 644 SEC filings and 442 8-K family filings this site holds as of 2026-09-02, 162 include Item 2.02.
1The most common disclosure, and the most read
Results releases are among the most frequently filed of all 8-K types. Each company issues one every quarter, so the count builds naturally. Yet the 8-K itself carries almost none of the figures. They sit in the press release attached as Exhibit 99.1, and the body of the filing does no more than point there.
2Furnished, not filed
A disclosure under Item 2.02 is furnished rather than filed for purposes of Section 18 of the Exchange Act, and the release says so explicitly. A results release is an unaudited preliminary account; the formal financial statements follow later in a quarterly or annual report. The regime grades legal responsibility in stages, and this is where that grading shows.
3Why two profits stand side by side
| Measure | GAAP basis | Non-GAAP basis |
|---|---|---|
| Net income | $27.7 billion, up 12 percent | $30.8 billion, up 22 percent |
| Diluted earnings per share | $3.72, up 13 percent | $4.13, up 23 percent |
| Revenue | $77.7 billion, up 18 percent (17 percent in constant currency) | — |
| Operating income | $38.0 billion, up 24 percent (22 percent in constant currency) | — |
For one quarter, net income is stated both as $27.7 billion and as $30.8 billion, a difference of about $3.1 billion. GAAP figures follow the accounting standards; non-GAAP figures are what the company presents after excluding particular elements. Here the non-GAAP results are stated to exclude the impact from investments in OpenAI.
4Which to read
Neither is the correct one. GAAP is the common measure that makes companies comparable; non-GAAP is the measure a company offers to say how it wants the underlying trend seen. Checking what was excluded reveals what the company treats as transitory. It is precisely because the exclusions are disclosed that a reader can judge.
This site also covers a case where adjusted guidance was held steady while GAAP guidance alone was cut, showing how far apart the two measures can lead.
Why it matters
When one quarter carries two profit figures, what was excluded is a better guide than the size of the gap. Because the exclusions are disclosed, a reader can reach their own judgment.
FAQ
Should GAAP or non-GAAP be read?
Why is a results release furnished rather than filed?
Sources (primary)
This article is an independent organization based on the U.S. SEC official disclosures below. Always verify the exact, latest details with the original filing.
- SEC EDGAR (filing index)
- Primary document (original)
- Accession no.：0001193125-25-256310