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Microsoft booked $10.0B of revenue from OpenAI in the September quarter, 10.84% of the company total, up from 7.26% across fiscal 2026. Cash capex doubled to $39.37B and free cash flow fell 27%. The superintelligence buildout is real, and a growing share of it is sold to a related party.
In the twelve months to Sep 30, 2026, Microsoft put $135.92B of capex against $195.88B of operating cash. Owner free cash flow was $47.40B and has fallen three years running, Azure grew 48% to $33.17B, and one 24%-owned affiliate now pays more than a tenth of revenue.
