Digital Transformation of the Financial Model of a Global Technology Corporation: The Case of Microsoft

The article is devoted to the analysis of the digital transformation of Microsoft's financial model under the company shifting from a licence- and product-centred logic towards a cloud-platform and AI-oriented architecture. The purpose of the study is to identify the mechanisms, through which cloud services, subscription monetisation, ecosystem integration, and artificial intelligence reshape the company’s revenue structure, operating leverage, capital intensity, and cash flows. The methodological basis is formed of the case method, systemic and comparative analysis, content analysis of corporate reporting and dynamic analysis of indicators for the fiscal years 2024–2026. It is established that revenue and operating income growth is accompanied by a sharp increase in capital inclusion of data processing and computing infrastructure. The research substantiates that the financial effect of Microsoft's digital transformation is awash with duplicity: recurring revenues and AI monetisation strengthen revenue resilience, while they increase capital intensity of the model. The practical significance of the research results may be used to assess digital strategies of large technology companies.