Microsoft disclosed this week that it generated $10 billion in revenue tied to its commercial relationship with OpenAI during the three months ending September 30, according to a regulatory filing submitted Wednesday. The figure includes revenue-sharing payments and other arrangements between the two organizations, and it accounts for nearly 11% of Microsoft's total quarterly revenue of $92.3 billion. The scale of that contribution underscores how deeply intertwined the two companies remain financially, even as they increasingly find themselves competing for the same pool of enterprise customers.

It is worth noting that Microsoft's fiscal calendar begins in July, which means the quarter ending September 30, 2026 marks the opening quarter of the company's fiscal year 2027.

Looking at a longer timeframe, Microsoft reported that revenue attributable to OpenAI reached $24.1 billion across the full fiscal year 2026. If the current quarterly rate holds steady, the company would be on track to bring in roughly $40 billion per year from OpenAI-related commercial arrangements.

Outstanding Receivables and Revenue Breakdown

Beyond revenue, Microsoft also reported $7.2 billion in outstanding receivables owed by OpenAI as of the end of September, up from $6 billion at the close of June. These receivables reflect amounts OpenAI owes from prior transactions and do not represent new revenue recognized in the quarter.

The filing does not break down how much of the $10 billion figure came from revenue-sharing payments specifically versus charges for Microsoft Azure cloud computing services. The distinction matters because the two revenue streams operate under different contractual terms. Earlier reporting, based on leaked internal documents, indicated that Microsoft received approximately $865.8 million in net revenue-sharing payments from OpenAI during the first nine months of 2025 alone.

Under a previously established deal, OpenAI is understood to share around 20% of its revenue with Microsoft, a figure that reflects the software company's investment of more than $13 billion in the AI startup over multiple funding rounds. Neither Microsoft nor OpenAI has publicly confirmed that specific percentage.

The April 2026 Agreement and Shifting Partnership Terms

An agreement reached in April 2026 set the terms under which OpenAI will continue making revenue-sharing payments to Microsoft through at least 2030, subject to a defined cap. Importantly, that deal also gave OpenAI the ability to work with competing cloud infrastructure providers, marking a significant departure from the exclusive arrangement the two companies had previously maintained.

The shift away from exclusivity had actually begun several months earlier, in October 2025, when Microsoft stepped back from its position as OpenAI's sole cloud partner. That decision gave OpenAI greater flexibility to pursue relationships with other providers. In return, OpenAI agreed to purchase an additional $250 billion worth of Azure cloud services as part of the same October 2025 agreement, ensuring Microsoft would continue to benefit from OpenAI's rapid infrastructure expansion.

Microsoft's Ownership Stake Continues to Decline

Microsoft's equity position in OpenAI has also continued to shrink modestly. The company's ownership stake stood at approximately 24% at the end of September, down from around 25% at the end of June. That figure represents a continued decline from a peak of roughly 27% following the recapitalization that took place in October 2025. Microsoft did not provide a specific explanation for the dilution in its filing.

The trajectory of the Microsoft-OpenAI relationship reflects a broader pattern in the AI industry, where early exclusive partnerships are giving way to more complex, multi-vendor arrangements as the leading AI developers scale their operations and seek greater independence. For Microsoft, the financial returns from its early and substantial bet on OpenAI continue to be significant, even as the terms of that relationship evolve.