Item 8

  

Segment revenue, cost of revenue, operating expenses, and operating income were as follows during the periods presented:

> **(In millions)**
>
> Year Ended June 30, ..................... 2025 / 2024 / 2023
> Productivity and Business Processes
> Revenue ................................. $ / 120,810 / $ / 106,820 / $ / 94,151
> Cost of revenue ......................... 22,422 / 19,611 / 17,202
> Operating expenses ...................... 28,615 / 27,548 / 26,875
> Operating Income ........................ $ / 69,773 / $ / 59,661 / $ / 50,074
> Intelligent Cloud
> Revenue ................................. $ / 106,265 / $ / 87,464 / $ / 72,944
> Cost of revenue ......................... 40,171 / 29,611 / 24,109
> Operating expenses ...................... 21,505 / 20,040 / 20,424
> Operating Income ........................ $ / 44,589 / $ / 37,813 / $ / 28,411
> More Personal Computing
> Revenue ................................. $ / 54,649 / $ / 50,838 / $ / 44,820
> Cost of revenue ......................... 25,238 / 24,892 / 24,552
> Operating expenses ...................... 15,245 / 13,987 / 10,230
> Operating Income ........................ $ / 14,166 / $ / 11,959 / $ / 10,038
> Total
> Revenue ................................. $ / 281,724 / $ / 245,122 / $ / 211,915
> Cost of revenue ......................... 87,831 / 74,114 / 65,863
> Operating expenses ...................... 65,365 / 61,575 / 57,529
> Operating Income ........................ $ / 128,528 / $ / 109,433 / $ / 88,523

No sales to an individual customer or country other than the United States accounted for more than 10% of revenue for fiscal years 2025, 2024, or 2023.     Revenue, classified by the major geographic areas in which our customers were located, was as follows:

  

> **(In millions)**
>
> Year Ended June 30, ..................... 2025 / 2025 / 2024 / 2024 / 2023 / 2023
> United States  (a) ...................... $ / 144,546 / $ / 124,704 / $ / 106,744
> Other countries ......................... 137,178 / 120,418 / 105,171
> Total ................................... $ / 281,724 / $ / 245,122 / $ / 211,915

  (a)  Includes billings to OEMs and certain multinational organizations because of the nature of these businesses and the impracticability of determining the geographic source of the revenue.  

  

84

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PART II