Quick Read
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OpenAI generated $10 billion, which is roughly 11% of Microsoft’s $92 billion quarterly revenue, making a company Microsoft partly owns one of its largest customers.
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Alphabet dropped 10% after hours to about $293, lifting Microsoft’s implied market cap of roughly $4 trillion above Alphabet’s implied $3.6 trillion.
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Microsoft (NASDAQ:MSFT) filed its quarterly report for the three months ended September 30 with the SEC on October 28, 2026. It shows $10.0 billion of revenue from OpenAI, out of total revenue of $92.279 billion at Microsoft. That is about 10.8%, which means Microsoft partly owns one of its largest customers.
The stock closed at $531.01, down 0.06%. After hours, it rose 2.90% to $546.39 as of about 7:59 p.m. ET. OpenAI revenue helps justify Microsoft’s data center expansion, but it also links more of the payback to one private customer that needs a lot of cash.
What Microsoft’s Filing Actually Discloses
The filing calls the figure “revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments,” so it covers more than Azure cloud purchases. Microsoft reports it because OpenAI is an equity-method investee, meaning Microsoft owns enough of it to count its share of OpenAI’s results, and that makes OpenAI a related party.
Goldman Sachs analyst Gabriela Borges rounded the share to 11% on the earnings call, telling CEO Satya Nadella, “you have OpenAI at 11% of revenue in the quarter.” Microsoft itself did not give that number.
In fiscal 2026, OpenAI was about 7.3% of revenue: $24.1 billion out of $331.839 billion. The September quarter alone produced roughly 41% of that full-year total.
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Supplier, Investor and Creditor at Once
OpenAI owed Microsoft $7.2 billion at September 30, up from $6.0 billion at June 30. That is a 20% rise in three months. Receivables are bills sent but not yet paid, so this rise means Microsoft is giving more trade credit to a company it partly owns.
