Microsoft recorded about $10 billion in revenue from its commercial arrangements with OpenAI in the quarter ended September 30, 2026, according to its latest quarterly filing with regulators. The figure includes revenue-sharing payments and works out to roughly 11% of the $92.3 billion Microsoft reported for its fiscal first quarter of 2027.
For all of fiscal 2026, Microsoft took in $24.1 billion from OpenAI. At the pace of the latest quarter, the relationship would be worth about $40 billion a year to Microsoft, though that is an extrapolation from a single quarter, not company guidance.
Microsoft did not break out how much of the $10 billion came from OpenAI's revenue share versus OpenAI's spending on Azure cloud services. OpenAI has been reported to send Microsoft 20% of its revenue, a figure neither company has confirmed.
Key facts
- 01Microsoft recorded about $10B from commercial arrangements with OpenAI in the quarter ended Sept. 30, 2026.
- 02That is roughly 11% of the $92.3B Microsoft reported for fiscal Q1 2027.
- 03Microsoft took in $24.1B from OpenAI across all of fiscal 2026.
- 04Receivables from OpenAI rose to $7.2B at the end of September from $6B at the end of June.
- 05Microsoft's OpenAI stake slipped to about 24% in September from about 25% in June.
The filing also shows OpenAI owed Microsoft $7.2 billion at the end of September, up from $6 billion at the end of June. Those receivables are amounts due for past transactions rather than new revenue.
The quarter is a sharp step up from earlier glimpses of the relationship. Leaked documents reported in November 2025 showed $865.8 million in net revenue-sharing payments from OpenAI over the first nine months of 2025.
The commercial terms have shifted over the past year. In October 2025, Microsoft gave up its exclusive hold on OpenAI, and OpenAI committed to buy an additional $250 billion of Azure services. An April 2026 agreement extended revenue sharing through 2030, subject to a cap, and lets OpenAI work with competing cloud providers.
Microsoft's ownership has been edging down. Its stake in OpenAI fell to about 24% in September from about 25% in June, continuing a decline from roughly 27% after OpenAI's October 2025 recapitalization. Microsoft did not say what caused the dilution.
The two companies increasingly compete for the same customers, but the filing shows how large their financial ties remain: OpenAI now accounts for about one of every nine dollars Microsoft brings in.
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