Subtext

Microsoft Corporation MSFT

SectorInformation Technology
Transcripts78
Date range2006-01-27 – 2025-04-30
Calls charted78

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222006 Q22008 Q42011 Q22013 Q42016 Q22018 Q42021 Q22023 Q42006 Q2 · Overall: +8.82006 Q3 · Overall: +8.22006 Q4 · Overall: +9.12007 Q1 · Overall: +7.02007 Q2 · Overall: +5.32007 Q3 · Overall: +7.92007 Q4 · Overall: +8.82008 Q1 · Overall: +9.32008 Q2 · Overall: +8.92008 Q3 · Overall: +1.32008 Q4 · Overall: +1.82009 Q1 · Overall: +0.12009 Q2 · Overall: -3.52009 Q3 · Overall: -2.42009 Q4 · Overall: -0.12010 Q1 · Overall: +9.72010 Q2 · Overall: +7.32010 Q3 · Overall: +8.72010 Q4 · Overall: +15.02011 Q1 · Overall: +13.12011 Q2 · Overall: +19.12011 Q3 · Overall: +16.02011 Q4 · Overall: +11.22012 Q1 · Overall: +9.82012 Q2 · Overall: +8.82012 Q3 · Overall: +10.02012 Q4 · Overall: +12.52013 Q1 · Overall: +1.92013 Q2 · Overall: +5.52013 Q3 · Overall: +12.02013 Q4 · Overall: -0.32014 Q1 · Overall: +12.02014 Q2 · Overall: +9.82014 Q3 · Overall: +8.22014 Q4 · Overall: +6.22015 Q1 · Overall: +10.22015 Q2 · Overall: +7.82015 Q3 · Overall: +9.72015 Q4 · Overall: +9.52016 Q1 · Overall: +7.92016 Q2 · Overall: +9.42016 Q3 · Overall: +2.42016 Q4 · Overall: +6.32017 Q1 · Overall: +9.22017 Q2 · Overall: +9.02017 Q3 · Overall: +7.52017 Q4 · Overall: +10.32018 Q1 · Overall: +11.52018 Q2 · Overall: +10.82018 Q3 · Overall: +12.02018 Q4 · Overall: +14.22019 Q1 · Overall: +15.32019 Q2 · Overall: +11.92019 Q3 · Overall: +11.92019 Q4 · Overall: +13.42020 Q1 · Overall: +13.52020 Q2 · Overall: +13.62020 Q3 · Overall: +6.32020 Q4 · Overall: +7.92021 Q1 · Overall: +11.52021 Q2 · Overall: +13.62021 Q3 · Overall: +8.52021 Q4 · Overall: +10.32022 Q1 · Overall: +10.22022 Q2 · Overall: +12.52022 Q3 · Overall: +6.12022 Q4 · Overall: +3.72023 Q1 · Overall: +3.72023 Q2 · Overall: +2.12023 Q3 · Overall: +10.32023 Q4 · Overall: +8.32024 Q1 · Overall: +12.02024 Q2 · Overall: +8.02024 Q3 · Overall: +8.72024 Q4 · Overall: +5.02025 Q1 · Overall: +9.22025 Q2 · Overall: +9.62025 Q3 · Overall: +9.8
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-32-16+0+16+322006 Q22008 Q42011 Q22013 Q42016 Q22018 Q42021 Q22023 Q42009 Q2 · CEO: +9.12014 Q3 · CEO: +14.02014 Q4 · CEO: +11.82015 Q1 · CEO: +20.92015 Q2 · CEO: +16.72015 Q3 · CEO: +13.12015 Q4 · CEO: +17.42016 Q1 · CEO: +18.92016 Q2 · CEO: +12.32016 Q3 · CEO: +9.72017 Q1 · CEO: +14.92017 Q2 · CEO: +20.52017 Q3 · CEO: +17.22017 Q4 · CEO: +18.52018 Q1 · CEO: +21.22018 Q2 · CEO: +13.02018 Q3 · CEO: +20.32018 Q4 · CEO: +20.82019 Q1 · CEO: +24.92019 Q2 · CEO: +22.42019 Q3 · CEO: +16.52019 Q4 · CEO: +19.12020 Q1 · CEO: +19.02020 Q2 · CEO: +15.22020 Q3 · CEO: +10.12020 Q4 · CEO: +10.52021 Q1 · CEO: +14.62021 Q2 · CEO: +12.42021 Q3 · CEO: +9.82021 Q4 · CEO: +15.22022 Q1 · CEO: +10.52022 Q2 · CEO: +11.32022 Q3 · CEO: +11.62022 Q4 · CEO: +10.72023 Q1 · CEO: +13.82023 Q2 · CEO: +11.02023 Q3 · CEO: +15.32023 Q4 · CEO: +10.42024 Q1 · CEO: +14.72024 Q2 · CEO: +8.12024 Q3 · CEO: +12.12024 Q4 · CEO: +9.32025 Q1 · CEO: +16.52025 Q2 · CEO: +15.62025 Q3 · CEO: +14.82006 Q3 · CFO: +12.72006 Q4 · CFO: +11.62007 Q1 · CFO: +11.12007 Q2 · CFO: +9.62007 Q3 · CFO: +13.12007 Q4 · CFO: +12.42008 Q1 · CFO: +15.62008 Q2 · CFO: +14.02008 Q3 · CFO: +5.82008 Q4 · CFO: +7.62009 Q1 · CFO: +4.32009 Q2 · CFO: -4.72009 Q3 · CFO: +1.92009 Q4 · CFO: +6.42010 Q1 · CFO: +19.82010 Q2 · CFO: +19.72010 Q3 · CFO: +15.92010 Q4 · CFO: +25.72011 Q1 · CFO: +20.32011 Q2 · CFO: +27.62011 Q3 · CFO: +24.92011 Q4 · CFO: +20.12012 Q1 · CFO: +19.42012 Q2 · CFO: +20.42012 Q3 · CFO: +16.22012 Q4 · CFO: +18.12013 Q1 · CFO: +12.82013 Q2 · CFO: +13.12013 Q3 · CFO: +19.02014 Q3 · CFO: +16.22014 Q4 · CFO: +13.02015 Q1 · CFO: +9.52015 Q2 · CFO: +7.42015 Q3 · CFO: +13.72015 Q4 · CFO: +10.22016 Q1 · CFO: +5.32016 Q2 · CFO: +16.12016 Q3 · CFO: +3.72017 Q1 · CFO: +7.32017 Q2 · CFO: +5.42017 Q3 · CFO: +5.72017 Q4 · CFO: +11.62018 Q1 · CFO: +16.22018 Q2 · CFO: +20.52018 Q3 · CFO: +14.52018 Q4 · CFO: +19.12019 Q1 · CFO: +17.02019 Q2 · CFO: +11.32019 Q3 · CFO: +17.02019 Q4 · CFO: +18.12020 Q1 · CFO: +17.72020 Q2 · CFO: +20.72020 Q3 · CFO: +6.82020 Q4 · CFO: +11.32021 Q1 · CFO: +15.22021 Q2 · CFO: +26.62021 Q3 · CFO: +16.42021 Q4 · CFO: +12.82022 Q1 · CFO: +19.62022 Q2 · CFO: +20.42022 Q3 · CFO: +5.82022 Q4 · CFO: +2.52023 Q1 · CFO: +3.72023 Q2 · CFO: -3.42023 Q3 · CFO: +13.72023 Q4 · CFO: +8.32024 Q1 · CFO: +13.92024 Q2 · CFO: +11.52024 Q3 · CFO: +11.92024 Q4 · CFO: +5.92025 Q1 · CFO: +7.72025 Q2 · CFO: +10.02025 Q3 · CFO: +10.6
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-27-14+0+14+272006 Q22008 Q42011 Q22013 Q42016 Q22018 Q42021 Q22023 Q42006 Q3 · Prepared remarks: +12.02006 Q4 · Prepared remarks: +9.82007 Q1 · Prepared remarks: +9.42007 Q2 · Prepared remarks: +8.62007 Q3 · Prepared remarks: +7.42007 Q4 · Prepared remarks: +11.12008 Q1 · Prepared remarks: +10.12008 Q2 · Prepared remarks: +7.42008 Q3 · Prepared remarks: +4.02008 Q4 · Prepared remarks: +5.32009 Q1 · Prepared remarks: +5.22009 Q2 · Prepared remarks: -2.62009 Q3 · Prepared remarks: -3.52009 Q4 · Prepared remarks: +0.02010 Q1 · Prepared remarks: +12.92010 Q2 · Prepared remarks: +11.42010 Q3 · Prepared remarks: +12.22010 Q4 · Prepared remarks: +16.12011 Q1 · Prepared remarks: +16.22011 Q2 · Prepared remarks: +23.12011 Q3 · Prepared remarks: +23.82011 Q4 · Prepared remarks: +15.02012 Q1 · Prepared remarks: +16.82012 Q2 · Prepared remarks: +15.12012 Q3 · Prepared remarks: +17.82012 Q4 · Prepared remarks: +14.12013 Q1 · Prepared remarks: +5.02013 Q2 · Prepared remarks: +16.42013 Q3 · Prepared remarks: +17.22013 Q4 · Prepared remarks: +8.02014 Q1 · Prepared remarks: +18.32014 Q2 · Prepared remarks: +20.82014 Q3 · Prepared remarks: +18.52014 Q4 · Prepared remarks: +13.42015 Q1 · Prepared remarks: +16.92015 Q2 · Prepared remarks: +9.92015 Q3 · Prepared remarks: +12.12015 Q4 · Prepared remarks: +13.32016 Q1 · Prepared remarks: +13.32016 Q2 · Prepared remarks: +17.02016 Q3 · Prepared remarks: +23.02016 Q4 · Prepared remarks: +21.22017 Q1 · Prepared remarks: +12.02017 Q2 · Prepared remarks: +12.22017 Q3 · Prepared remarks: +13.32017 Q4 · Prepared remarks: +11.22018 Q1 · Prepared remarks: +15.32018 Q2 · Prepared remarks: +15.92018 Q3 · Prepared remarks: +21.82018 Q4 · Prepared remarks: +21.52019 Q1 · Prepared remarks: +19.02019 Q2 · Prepared remarks: +19.52019 Q3 · Prepared remarks: +20.22019 Q4 · Prepared remarks: +16.52020 Q1 · Prepared remarks: +16.72020 Q2 · Prepared remarks: +19.12020 Q3 · Prepared remarks: +7.42020 Q4 · Prepared remarks: +12.02021 Q1 · Prepared remarks: +14.02021 Q2 · Prepared remarks: +17.12021 Q3 · Prepared remarks: +13.62021 Q4 · Prepared remarks: +14.02022 Q1 · Prepared remarks: +16.22022 Q2 · Prepared remarks: +15.92022 Q3 · Prepared remarks: +8.52022 Q4 · Prepared remarks: +4.92023 Q1 · Prepared remarks: +5.42023 Q2 · Prepared remarks: +2.82023 Q3 · Prepared remarks: +11.12023 Q4 · Prepared remarks: +10.62024 Q1 · Prepared remarks: +13.02024 Q2 · Prepared remarks: +10.02024 Q3 · Prepared remarks: +11.12024 Q4 · Prepared remarks: +6.22025 Q1 · Prepared remarks: +11.52025 Q2 · Prepared remarks: +10.92025 Q3 · Prepared remarks: +9.82006 Q3 · Q&A responses: +5.92006 Q4 · Q&A responses: +10.32007 Q1 · Q&A responses: +8.22007 Q2 · Q&A responses: +5.32007 Q3 · Q&A responses: +14.42007 Q4 · Q&A responses: +7.62008 Q1 · Q&A responses: +14.02008 Q2 · Q&A responses: +14.02008 Q3 · Q&A responses: +1.72008 Q4 · Q&A responses: +2.72009 Q1 · Q&A responses: -1.92009 Q2 · Q&A responses: -3.02009 Q3 · Q&A responses: -1.12009 Q4 · Q&A responses: +3.12010 Q1 · Q&A responses: +16.02010 Q2 · Q&A responses: +13.42010 Q3 · Q&A responses: +4.42010 Q4 · Q&A responses: +18.92011 Q1 · Q&A responses: +12.72011 Q2 · Q&A responses: +16.82011 Q3 · Q&A responses: +18.52011 Q4 · Q&A responses: +15.72012 Q1 · Q&A responses: +7.12012 Q2 · Q&A responses: +17.72012 Q3 · Q&A responses: +14.12012 Q4 · Q&A responses: +13.42013 Q1 · Q&A responses: +12.32013 Q2 · Q&A responses: -0.42013 Q3 · Q&A responses: +8.42013 Q4 · Q&A responses: -4.72014 Q1 · Q&A responses: +18.02014 Q2 · Q&A responses: +10.22014 Q3 · Q&A responses: +9.82014 Q4 · Q&A responses: +5.42015 Q1 · Q&A responses: +8.82015 Q2 · Q&A responses: +8.62015 Q3 · Q&A responses: +10.82015 Q4 · Q&A responses: +10.12016 Q1 · Q&A responses: +5.12016 Q2 · Q&A responses: +12.92016 Q3 · Q&A responses: +6.02016 Q4 · Q&A responses: +9.42017 Q1 · Q&A responses: +11.62017 Q2 · Q&A responses: +7.52017 Q3 · Q&A responses: +6.42017 Q4 · Q&A responses: +13.32018 Q1 · Q&A responses: +14.52018 Q2 · Q&A responses: +12.92018 Q3 · Q&A responses: +8.92018 Q4 · Q&A responses: +15.62019 Q1 · Q&A responses: +18.32019 Q2 · Q&A responses: +11.92019 Q3 · Q&A responses: +9.62019 Q4 · Q&A responses: +15.22020 Q1 · Q&A responses: +14.52020 Q2 · Q&A responses: +12.22020 Q3 · Q&A responses: +9.82020 Q4 · Q&A responses: +4.62021 Q1 · Q&A responses: +14.02021 Q2 · Q&A responses: +14.42021 Q3 · Q&A responses: +5.02021 Q4 · Q&A responses: +10.72022 Q1 · Q&A responses: +7.52022 Q2 · Q&A responses: +10.92022 Q3 · Q&A responses: +5.32022 Q4 · Q&A responses: +6.72023 Q1 · Q&A responses: +8.42023 Q2 · Q&A responses: +3.92023 Q3 · Q&A responses: +15.72023 Q4 · Q&A responses: +6.52024 Q1 · Q&A responses: +11.02024 Q2 · Q&A responses: +5.42024 Q3 · Q&A responses: +8.92024 Q4 · Q&A responses: +5.92025 Q1 · Q&A responses: +11.22025 Q2 · Q&A responses: +10.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.87$8.39$14.902006 Q22008 Q42011 Q22013 Q42016 Q22018 Q42021 Q22023 Q42014 Q1: $2.852014 Q2: $2.872014 Q3: $2.832014 Q4: $2.912015 Q1: $2.772015 Q2: $2.782015 Q3: $2.792015 Q4: $2.942016 Q1: $2.982016 Q2: $2.892016 Q3: $2.982016 Q4: $3.102017 Q1: $3.212017 Q2: $3.332017 Q3: $3.252017 Q4: $3.592018 Q1: $3.852018 Q2: $4.012018 Q3: $4.442018 Q4: $4.742019 Q1: $4.852019 Q2: $5.112019 Q3: $5.422019 Q4: $5.722020 Q1: $6.122020 Q2: $6.222020 Q3: $6.682020 Q4: $7.112021 Q1: $7.892021 Q2: $8.362021 Q3: $9.122021 Q4: $9.872022 Q1: $10.402022 Q2: $10.742022 Q3: $10.592022 Q4: $10.372023 Q1: $10.402023 Q2: $10.972023 Q3: $11.382023 Q4: $12.102024 Q1: $12.942024 Q2: $13.272024 Q3: $13.622024 Q4: $14.00

Forward P/E

12.1723.8535.532006 Q22008 Q42011 Q22013 Q42016 Q22018 Q42021 Q22023 Q42014 Q1: 13.782014 Q2: 14.512014 Q3: 16.422014 Q4: 15.722015 Q1: 15.332015 Q2: 16.542015 Q3: 15.912015 Q4: 19.092016 Q1: 18.212016 Q2: 17.192016 Q3: 18.882016 Q4: 20.192017 Q1: 20.202017 Q2: 21.102017 Q3: 23.162017 Q4: 23.772018 Q1: 24.362018 Q2: 25.152018 Q3: 25.162018 Q4: 21.902019 Q1: 23.612019 Q2: 26.552019 Q3: 25.582019 Q4: 26.962020 Q1: 22.952020 Q2: 31.232020 Q3: 30.682020 Q4: 30.842021 Q1: 30.052021 Q2: 30.792021 Q3: 33.402021 Q4: 33.922022 Q1: 28.312022 Q2: 23.442022 Q3: 23.832022 Q4: 24.822023 Q1: 25.522023 Q2: 30.752023 Q3: 29.522023 Q4: 30.952024 Q1: 32.082024 Q2: 33.642024 Q3: 31.642024 Q4: 31.24

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↑ +3.9 fwd EPS ↓ -0.14 Tone rose while the forward EPS estimate was cut.
  • 2016 Q3 tone ↓ -7.0 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -3.4 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↓ -7.3 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -5.1 fwd EPS ↑ +0.77 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↓ -2.1 fwd EPS ↑ +0.71 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -4.0 fwd EPS ↑ +0.33 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↓ -3.7 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q32025-04-30+9.8——View →
2025 Q22025-01-29+9.6——View →
2025 Q12024-10-30+9.2——View →
2024 Q42024-07-30+5.0$14.0031.2View →
2024 Q32024-04-25+8.7$13.6231.6View →
2024 Q22024-01-30+8.0$13.2733.6View →
2024 Q12023-10-24+12.0$12.9432.1View →
2023 Q42023-07-25+8.3$12.1030.9View →