Microsoft Slashes Buybacks as AI Capex Doubles

Microsoft cut share repurchases to $4.38 billion in the quarter ended September 30, 2026, down from $5.65 billion a year earlier. In the same quarter, spending on property and equipment more than doubled to $39.4 billion from $19.4 billion. The numbers, from Microsoft's own quarterly filing, show $MSFT redirecting cash that once went to buybacks into AI infrastructure build-out instead.