Microsoft Corp. disclosed a striking contrast between its two flagship artificial‑intelligence investments in its fiscal 2026 fourth‑quarter earnings release. The tech giant recorded a $3.2 billion gain on its $5 billion stake in Anthropic, a move that lifted diluted earnings per share by 33 cents to $4.81 for the quarter that ended June 30. At the same time, the company wrote down the value of its roughly 27 percent ownership in OpenAI by about $600 million, trimming EPS by roughly seven cents.
Anthropic’s surge came under a “circular agreement” struck in November 2025, in which Microsoft committed $5 billion to the AI lab and secured a pledge from Anthropic to purchase $30 billion of Azure cloud services. While Microsoft does not routinely revalue its Anthropic holding each quarter, the firm chose to disclose the sizable appreciation, noting that the gain nearly matched the total increase it logged on its OpenAI investment over the entire fiscal year.
OpenAI, by contrast, delivered a less favorable outcome for the quarter. Microsoft’s accounting for the stake reflects the market‑driven decline, resulting in a $600 million write‑down. The company does not break out the revenue‑share payments it receives from OpenAI, so the write‑down is the only visible impact on its financial statements. Despite the hit, the adjustment represents a modest dent in Microsoft’s overall profitability.
The earnings release highlighted the broader financial picture. Microsoft posted $90 billion in quarterly revenue, propelling annual revenue to $331.8 billion. Net income for the quarter stood at $35.8 billion, contributing to a full‑year net profit of $133.7 billion. On a per‑share basis, the company reported $17.95 EPS for the fiscal year, with the Anthropic gain accounting for a notable portion of the quarterly boost.
Analysts noted that the Anthropic gain, while impressive, is a one‑time accounting event rather than a recurring revenue stream. Still, the figure underscores Microsoft’s strategic bet on diversifying its AI portfolio. By holding stakes in both Anthropic and OpenAI, the company positions itself to benefit from competing advances in generative AI while locking in significant Azure cloud commitments.
Microsoft’s partnership with Anthropic also reflects a broader trend of cloud providers securing long‑term contracts with AI developers. The $30 billion Azure commitment ties Anthropic’s compute needs directly to Microsoft’s cloud platform, potentially driving future revenue growth beyond the current reporting period.
Overall, the quarter’s results paint a picture of a company that can absorb short‑term valuation swings while maintaining a robust earnings trajectory. The mixed performance of its AI investments did not derail the broader financial outlook, and the firm’s cash‑rich balance sheet remains well‑positioned to fund further AI initiatives.
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