As of Q2'26 (2025-12-31), Microsoft's latest operating expenses show R&D Expenses at USD 8.5B and SG&A Expenses at USD 8.52B. Both categories have reached their highest levels in the observed period, indicating a continued commitment to investment and operational activity. From Q3'23 to Q2'26, both R&D and SG&A expenses have generally trended upward, with some quarter-to-quarter volatility. Notably, both expense categories saw significant increases in Q4'24 and Q4'25, followed by slight pullbacks before reaching new highs in the most recent quarter. This pattern suggests a strategic ramp-up in spending, possibly aligned with product cycles or business initiatives, and highlights a consistent growth in operating expenditures over the nearly three-year period.