Microsoft recorded $3.2 billion in Anthropic investment, but OpenAI has been a mixed bag

When Microsoft reported the killer Fourth quarter earnings For fiscal year 2026 (which ended June 30), it provided an interesting tidbit of information about how its investments in the two largest competing AI labs will perform.

During the quarter, it recorded its investments in Anthropic A gain of $3.2 billionWhich increased diluted earnings per share by 33 cents. (Microsoft reported diluted earnings per share of $4.81 for the quarter.) Microsoft invested $5 billion in Anthropic In November 2025 As part of a circular agreement under which the AI ​​Lab also agreed to purchase $30 billion worth of Azure services.

Microsoft does not routinely update the value of its humanitarian investment every quarter. However, it discusses its investment in OpenAI every quarter. Microsoft said investment wasn’t nearly as good this quarter, which led to a decline About 600 million dollarsThis reduced diluted earnings per share by approximately 7 cents per share.

Owned by Microsoft About 27% from OpenAI. While Microsoft also receives revenue share payments, it does not report how much OpenAI pays under the arrangement. Instead, Microsoft is calculating the value of its investment. While this quarter saw a very significant decline in the value of this investment, the $600 million write-down was still mostly a rounding error for Microsoft. The company had a very profitable quarter, reporting revenue of $90 billion and net income of $35.8 billion for the quarter. Microsoft’s revenue was $331.8 billion with net income of $133.7 billion for the year.

Microsoft OpenAI’s investment looks much better when viewed on a full-year basis.

Over the course of the year, Microsoft’s OpenAI investment generated $5 billion in gains and added $0.67 to EPS, respectively. The company stated. (Microsoft reported earnings of $17.95 per share in its fiscal year.) However, it’s worth noting that Microsoft reported nearly as much gain at Anthropic in one quarter as it did during the year at OpenAI. In fact, it is worth noting that Microsoft revealed it.