What happened
Microsoft (MSFT) sells Azure cloud, Office and Windows, and is OpenAI's largest investor.
MSFTMicrosoft·FY26 10-KPaidFiling score 64 · Moderate
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Microsoft booked $24.1bn of revenue from OpenAI alone
FY2026 10-K (June year-end): revenue $331.8bn (+18%), net income $133.7bn. OpenAI is now disclosed as a related party, with its revenue and receivables shown separately, and a $6.5bn dilution gain on the OpenAI stake sits in other income. Capex and commercial RPO both grew sharply
Microsoft (MSFT) reported revenue of $331,839m for fiscal 2026 (July 2025–June 2026), up 18%, and net income of $133,749m. The annual report (10-K) filed on July 29 classifies OpenAI as a related party under ASC 850 and discloses the revenue and receivables arising from transactions with it. The lease note also records $329.1bn of leases that have not yet commenced.
In plain terms
About 7% of Microsoft's revenue for the year comes from a single customer, OpenAI. What that customer has not yet paid, though, makes up a large share of all money owed to Microsoft. Both the sales and the unpaid bills sit with one counterparty.
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64 Filing score · Moderate
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FAQ
What is the $24.1bn of OpenAI revenue?
Note 1 of the 10-K says revenue from commercial arrangements with OpenAI, inclusive of revenue-sharing payments, was $24.1bn in FY2026, and accounts receivable from OpenAI at June 30 was $6.0bn.
Is the $6.5bn dilution gain cash?
No.
Are the $329.1bn of leases not yet commenced a liability?
Not yet on the balance sheet. When each lease starts, a lease asset and liability are recorded. The company says some arrangements are subject to contractual conditions and that the leases commence between FY2027 and FY2033 with terms of 1 to 20 years.
Where can I verify these numbers?
On SEC EDGAR: Microsoft's FY2026 Form 10-K (accession 0001193125-26-323660), Note 1 (investments, OpenAI), Note 3 (other income), Note 13 (RPO), Note 14 (leases) and the cash-flow statement.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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Microsoft Form 10-K for fiscal 2026 (year ended June 30, 2026): income statement, balance sheet, cash-flow statement, Note 1 'Investments — OpenAI (related party, ASC 850)', Note 3 'Other Income (Expense), Net', Note 13 'Remaining performance obligation', Note 14 'Leases (leases not yet commenced)', MD&A highlights and cash flows · SEC EDGAR · This article is not investment advice. Disclaimer