Microsoft logs $3.2B gain from Anthropic investment, OpenAI a mixed bag
Microsoft reported a $3.2 billion gain on its Anthropic investment in Q4 fiscal 2026, while its OpenAI investment saw a $600 million write-down for the quarter.
Microsoft's fiscal fourth-quarter earnings for 2026 (ending June 30) included a notable update on its investments in two leading AI labs. The company recorded a $3.2 billion gain on its Anthropic investment, boosting diluted earnings per share by 33 cents. Microsoft invested $5 billion in Anthropic in November 2025 as part of a circular agreement where Anthropic also committed to purchasing $30 billion in Azure services. Microsoft does not routinely revalue its Anthropic stake each quarter.
In contrast, Microsoft's OpenAI investment—in which it holds about a 27% stake—was marked down by approximately $600 million, reducing diluted EPS by 7 cents. However, on a full-year basis, the OpenAI investment generated a $5 billion gain, adding $0.67 to EPS.
For the quarter, Microsoft reported revenue of $90 billion and net income of $35.8 billion, with diluted EPS of $4.81. For the full fiscal year, revenue was $331.8 billion, net income $133.7 billion, and EPS $17.95. Notably, the Anthropic gain in a single quarter nearly matched the full-year gain from OpenAI, a detail Microsoft highlighted.
