Microsoft Corp.
(NASDAQ:MSFT) ended fiscal 2026 with a record $678 billion commercial remaining performance obligation (RPO), an 84% jump from a year earlier.
But one comment from CFO Amy Hood during the earnings call suggests Microsoft's biggest AI customer may account for a surprisingly large share of that order book.
The company never disclosed OpenAI's backlog outright.
Instead, Hood told analysts that commercial RPO "increased 25% when excluding OpenAI." Combined with Microsoft's prior-year disclosures, that comment offers investors a way to estimate just how significant the ChatGPT maker has become to Microsoft's future revenue pipeline.
