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Even as we invest to meet growing demand, full fiscal year operating margins should be down less than a point. In addition, we expect to remain free cash flow positive in FY27.
Forward guidance from a company officer, resolvable against Microsoft's filed fiscal-2027 cash-flow statements. It starts from a wide margin: free cash flow was $19.64 billion in the quarter just reported, against Alphabet's negative $5.855 billion and Meta's $784 million. The test is not whether it stays positive but by how much, given guided capital expenditure of around $175 billion for the year.