MSFT · 10-K · 2026A · Full report

Search Advertising Demand

MICROSOFT CORP · 2026-07-29 · Importance 30 · Surprise 40

Search advertising revenue excluding traffic acquisition costs increased 12% in fiscal 2026. Growth reflected higher search volume, increased revenue per search, and benefits from third-party partnerships. Total search advertising revenue increased 9%, partially offsetting weakness in Xbox and devices within More Personal Computing.

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