Microsoft Records $3.2 Billion Anthropic Gain as OpenAI Investment Slips

Microsoft reported a $3.2 billion gain from its investment in Anthropic in the fiscal 2026 fourth quarter, while its larger position in rival AI company OpenAI resulted in an estimated $600 million loss over the same period.

The results were disclosed alongside Microsoft’s fourth-quarter earnings for the fiscal year ended June 30, providing a rare look at how its stakes in two leading artificial intelligence firms are impacting its financial performance.

The company said the $3.2 billion Anthropic gain added $0.33 to diluted earnings per share in the quarter. Microsoft reported total diluted EPS of $4.81.

Microsoft invested $5 billion in Anthropic in November 2025 as part of a broader agreement that also requires Anthropic to spend $30 billion on Microsoft’s Azure cloud infrastructure.

Unlike its OpenAI position, Microsoft does not regularly update the valuation of its Anthropic investment each quarter.

OpenAI stake saw quarterly decline

Microsoft’s OpenAI investment moved lower during the fourth quarter, with the company recording a roughly $600 million decrease in value. This reduced diluted earnings per share by about $0.07.

Microsoft holds approximately 27% of OpenAI and also participates in revenue-sharing arrangements tied to the partnership. However, the company does not disclose the specific revenue received from OpenAI, instead reporting only changes in the investment’s valuation.

Although the quarterly loss was notable, it was relatively small compared with Microsoft’s overall financial scale.

The company reported $90 billion in quarterly revenue and $35.8 billion in net income. For the full fiscal year, Microsoft posted $331.8 billion in revenue and $133.7 billion in net income.

Full-year OpenAI results remain strong

Despite the quarterly decline, Microsoft’s OpenAI investment performed strongly over the full fiscal year.

For fiscal 2026, Microsoft reported a $5 billion gain from its OpenAI stake, which contributed $0.67 to diluted earnings per share.

Total diluted EPS for the year came in at $17.95.

Even so, the comparison underscores the rapid growth of Microsoft’s newer Anthropic investment. The $3.2 billion quarterly gain from Anthropic nearly matched the $5 billion annual gain Microsoft recorded from OpenAI.

This contrast led Microsoft to separately highlight the Anthropic gain in its earnings disclosure, giving investors clearer insight into how its expanding portfolio of AI investments is shaping financial results.