Microsoft books Anthropic gain as OpenAI stake marks mixed fiscal 2026 results

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Microsoft AI fiscal results

Highlights

Microsoft reports a $3.2 billion gain from its Anthropic investment, boosting Q4 fiscal 2026 diluted EPS by 33 cents to $4.81.
Microsoft marks down its OpenAI stake by about $600 million in Q4, reducing diluted EPS by roughly 7 cents per share.
Fiscal 2026 revenue totals $331.8 billion with net income of $133.7 billion; OpenAI investment adds $5 billion in annual gains and $0.67 to EPS.

Quarterly investment gains and write-downs

As reported by TechCrunch, Microsoft includes the investment updates in its fourth-quarter fiscal 2026 earnings, with Anthropic contributing a $3.2 billion gain that boosts diluted earnings per share by 33 cents. The company says diluted earnings per share totals $4.81 for the quarter.

Microsoft invests $5 billion in Anthropic in November 2025 through an arrangement in which the AI lab also agrees to buy $30 billion of Azure services. The company does not routinely revalue its Anthropic investment every quarter, but it does provide regular updates on its OpenAI stake.

That OpenAI investment performs less strongly in the quarter. Microsoft marks it down by about $600 million, reducing diluted EPS by roughly 7 cents per share.

Annual context and earnings impact

Microsoft owns about 27% of OpenAI and also receives revenue-share payments, although it does not disclose how much OpenAI pays under that arrangement. Instead, the company reports the carrying value of its investment, making the quarterly write-down notable but limited in the context of its overall earnings.

For the quarter, Microsoft reports revenue of $90 billion and net income of $35.8 billion. For the full fiscal year, revenue reaches $331.8 billion and net income totals $133.7 billion.

On a full-year basis, Microsoft says its OpenAI investment generates a $5 billion gain and adds $0.67 to earnings per share. That leaves Anthropic’s single-quarter gain close to the annual contribution from OpenAI, underscoring how differently the two AI investments are affecting Microsoft’s reported results.

Our earlier coverage of Microsoft’s fiscal Q4 earnings outlined the company’s revenue beat and accelerating Azure growth, alongside a rising commercial backlog that was driven largely by commitments beyond major AI model developers. We also noted that results included a $3.2 billion gain tied to Microsoft’s Anthropic investment, while investors continued to watch generative AI competition and concentration risk linked to Microsoft’s OpenAI relationship.

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