Microsoft‘s fiscal Q4 2026 earnings report revealed contrasting fortunes for its two major AI investments. The company recorded a $3.

2 billion gain from its Anthropic investment (boosted diluted EPS by $0.33), while marking down its OpenAI investment by about $600 million (reducing EPS by $0.07).

Microsoft invested $5 billion in Anthropic in November 2025 under an agreement that also included a $30 billion Azure services commitment from the AI lab.

For the full fiscal year, Microsoft‘s OpenAI investment generated a $5 billion gain and added $0.67 to EPS.

The quarterly disparity is notable: the Anthropic gain in one quarter nearly matched the entire year’s OpenAI gain. Microsoft‘s overall quarterly revenue was $90 billion with net income of $35.

8 billion, and full-year revenue reached $331.8 billion with net income of $133.7 billion.