Microsoft recorded $10 billion in revenue from OpenAI
Microsoft generated $10 billion in revenue from commercial arrangements with OpenAI, including revenue-sharing payments, in the quarter ended September 30, the company said in a regulatory filing on Wednesday. That represents nearly 11% of Microsoft’s total quarterly revenue of $92.3 billion, highlighting the enormous financial ties that remain between the two companies even as they increasingly compete for the same customers. (Microsoft’s financial year begins in July, making the quarter ended September 30, 2026 the first quarter of its fiscal 2027.)
微软在周三提交的一份监管文件中表示，在截至9月30日的季度中，该公司通过与OpenAI的商业安排（包括收入分成款项）获得了100亿美元的收入。这占微软923亿美元季度总收入的近11%，凸显了两家公司之间依然存在的巨大财务联系，尽管它们正日益争夺相同的客户。（微软的财年从7月开始，因此截至2026年9月30日的季度是其2027财年的第一季度。）
For the full 2026 fiscal year, revenue from OpenAI hit $24.1 billion. At its latest quarterly pace, Microsoft would pull in $40 billion annually from OpenAI-related arrangements. Microsoft also reported $7.2 billion in outstanding receivables from OpenAI at the end of September, up from $6 billion at the end of June. That money represents amounts OpenAI owes for previous transactions, not additional revenue.
在整个2026财年，来自OpenAI的收入达到了241亿美元。按照最近的季度增速计算，微软每年将从与OpenAI相关的安排中获得400亿美元的收入。微软还报告称，截至9月底，来自OpenAI的应收账款为72亿美元，高于6月底的60亿美元。这笔钱代表了OpenAI因之前的交易而欠下的款项，而非额外收入。
It’s not clear how much of Microsoft’s revenue from OpenAI came from revenue-sharing payments or Azure cloud computing services. TechCrunch has reached out for more information. In November 2025, TechCrunch reported, citing leaked documents, that Microsoft had received $865.8 million in net revenue-sharing payments from OpenAI during the first nine months of that year. OpenAI reportedly shares 20% of its revenue with Microsoft as part of a previous deal in which the software giant invested more than $13 billion in the AI startup. (Neither the AI lab nor Microsoft have publicly confirmed this percentage.)
目前尚不清楚微软从OpenAI获得的收入中有多少来自收入分成款项，又有多少来自Azure云计算服务。TechCrunch已联系相关方以获取更多信息。2025年11月，TechCrunch援引泄露文件报道称，微软在当年头九个月收到了来自OpenAI的8.658亿美元净收入分成款项。据报道，作为此前该软件巨头向这家人工智能初创公司投资超过130亿美元协议的一部分，OpenAI将其收入的20%与微软分享。（该人工智能实验室和微软均未公开确认这一比例。）
As part of an April 2026 agreement, OpenAI is on the hook to continue sharing revenue with Microsoft through 2030, subject to a cap, even as OpenAI is allowed to work with competing cloud providers. The companies began loosening the ties of their once-exclusive partnership in October 2025, when Microsoft relinquished its hold on OpenAI to give the startup more freedom to partner with other cloud providers. In exchange, OpenAI committed to buying an additional $250 billion in Azure services as part of an October 2025 agreement.
作为2026年4月协议的一部分，OpenAI有义务在2030年前继续与微软分享收入（受限于上限），即使OpenAI获准与竞争对手云服务提供商合作。这两家公司在2025年10月开始放松其曾经排他性的合作伙伴关系，当时微软放弃了对OpenAI的控制权，以给予该初创公司更多与其他云服务提供商合作的自由。作为交换，OpenAI在2025年10月的协议中承诺额外购买价值2500亿美元的Azure服务。
Microsoft’s ownership stake in OpenAI has also declined slightly from about 25% in June to 24% in September. That continues a gradual decline from roughly 27% following the October 2025 recapitalization. Microsoft did not specify what caused the dilution.
微软在OpenAI的持股比例也从6月份的约25%小幅下降至9月份的24%。这延续了自2025年10月资本重组后约27%持股比例以来的逐渐下降趋势。微软并未说明导致股权稀释的原因。