Microsoft recorded $10 billion in revenue from OpenAI in the quarter ended September 30, nearly 11% of its total quarterly revenue. The figure comes from the company’s filing. Because Microsoft’s financial year starts in July, that quarter is the first of its fiscal 2027.
The numbers in context
For the full 2026 fiscal year, revenue from OpenAI reached $24.1 billion. At the current quarterly pace, Microsoft would pull in $40 billion a year.
Then there is a line that is easy to mistake for revenue: $7.2 billion in outstanding receivables from OpenAI at the end of September, up from $6 billion at the end of June. That is money owed for previous transactions, not income on top.
The split stays unclear. How much came from revenue sharing and how much from Azure compute isn’t in the filing, and TechCrunch says it has asked. Back in November 2025 the same outlet reported, citing leaked documents, that Microsoft had received $865.8 million in net revenue-sharing payments over the first nine months of that year.
What the arrangement says
OpenAI reportedly shares 20% of its revenue with Microsoft, part of a deal in which the software giant invested more than $13 billion. Neither side has publicly confirmed that percentage. An April 2026 agreement keeps OpenAI paying through 2030, subject to a cap, even now that it is free to work with competing providers.
The tie loosened in October 2025. Microsoft gave up its hold on OpenAI, and OpenAI committed in return to buying an additional $250 billion in Azure services.
The stake shrinks while the revenue grows
Microsoft’s ownership in OpenAI slipped from about 25% in June to 24% in September, continuing a gradual decline from roughly 27% after the October 2025 recapitalization. Microsoft didn’t say what caused the dilution.
That is the actual movement here: Microsoft owns less of OpenAI and earns more from it. As a yardstick for reading Anthropic’s own S-1, it is a useful one. Anthropic finances compute through special purpose vehicles and partnerships; OpenAI rents it from a shareholder that books the invoice as revenue at the same time. Two routes, one dependency, and in both cases the cloud provider sits inside the balance sheet.