Microsoft Corporation (MSFT  ) beat analyst estimates for revenue and earnings per share in the third quarter. That was only part of the growth story. The technology giant is also updating its commercial remaining performance obligation, which was up a staggering 99% year-over-year. Microsoft's Remaining Performance Obligation

Although Microsoft shares have dipped since its third-quarter results, the company has already locked in a significant portion of future revenue and earnings.

Microsoft closed the quarter with $627 billion in commercial remaining performance obligations-money owed on already-booked deals-which exceeds the combined market capitalization of several major companies:

Together, those four companies are worth $604 billion, or $23 billion less than the remaining order book for Microsoft.

Microsoft's Future Growth

Like many of the largest technology companies, Microsoft has invested heavily in CapEx to drive future growth. That spending is starting to pay off for the company.

Microsoft announced its AI revenue was up 123% year-over-year in the third quarter, hitting an annual run rate of $37 billion.

Microsoft's Cloud revenue was also up 29% year-over-year to $54.5 billion

Heavy spending on growth for AI and Cloud appears to be paying off for Microsoft with the revenue growth and growing order book.

Microsoft's overall third-quarter revenue was $82.9 billion, up 18% year-over-year. Microsoft's current order book could cover over seven quarters more of that quarterly total.

The technology giant is likely to continue to add to its order book. That, along with growing its AI and Cloud revenue, could see investors get on board with the company's future growth plans once again.

Price Action

Microsoft stock trades at $409.92 on Tuesday versus a 52-week trading range of $356.28 to $555.45. The company's stock is down 13.3% year-to-date in 2026.