The year (2016) refers to the calendar year in which Microsoft's fiscal year ends (Jun 2016). Many, but not all, companies use a standard fiscal year of Jul-Jun rather than a calendar year of Jan-Dec for financial reporting and tax purposes.
Thus, Q1 2016 means the quarter ending Sep 30, 2015, for Microsoft's fiscal year ending Jun 30, 2016 (which began Jul 1, 2015).
Thus, Q1 2016 means the quarter ending Sep 30, 2015, for Microsoft's fiscal year ending Jun 30, 2016 (which began Jul 1, 2015).