Microsoft Reports $3.2B Anthropic Gain as OpenAI Investment Falls
Microsoft recorded a $3.2 billion gain from its investment in Anthropic during its fiscal fourth quarter, giving a significant boost to its financial results. As a result, diluted earnings per share (EPS) increased by $0.33, helping the company exceed analyst expectations across key metrics.
The gain came from a $5 billion investment made in Anthropic in November 2025. As part of that agreement, Anthropic committed to purchasing $30 billion in Azure cloud services. Moreover, Microsoft does not regularly revalue its Anthropic stake every quarter, making this disclosure a notable part of its latest earnings report.
The investment gain supported quarterly diluted EPS of $4.81 on revenue of $90 billion and net income of $35.8 billion. Meanwhile, revenue increased 18% compared with the same period last year.
OpenAI stake posts quarterly decline despite annual gain
In contrast, Microsoft’s investment in OpenAI delivered a weaker quarterly performance. The company reduced the value of its stake by approximately $600 million, which lowered diluted EPS by about $0.07 per share. Microsoft currently owns around 27% of OpenAI and also receives revenue-sharing payments, although it has not disclosed those figures.
However, the full-year performance painted a different picture. Over the fiscal year, the OpenAI investment generated a $5 billion gain and contributed $0.67 to EPS. Even so, Anthropic’s single-quarter gain nearly matched OpenAI’s gain for the entire year, making the comparison particularly significant.
AI investments continue to reshape Microsoft’s strategy
Meanwhile, competition in AI infrastructure continues to accelerate across the technology industry. Microsoft has expanded its AI ecosystem through its partnership with Anthropic, while additional investment commitments from Nvidia further strengthen the collaboration. Consequently, the company is diversifying its AI strategy beyond its long-established relationship with OpenAI.
For the fiscal year ending June 30, Microsoft reported revenue of $331.8 billion and net income of $133.7 billion. The latest results highlight how strategic AI investments are becoming an increasingly important contributor to the company’s financial performance.
