# OpenAI Reports Rapid Revenue Growth, Larger Losses > Source: > Published: 2026-06-16 21:19:50.405856+00:00 # OpenAI Reports Rapid Revenue Growth, Larger Losses Leaked audited financial statements, first published by blogger Ed Zitron (Where's Your Ed At) and independently verified by the Financial Times, show **OpenAI** growing revenue from **$3.7 billion** in 2024 to **$13.07 billion** in 2025 while incurring steep losses. Zitron reports a **GAAP net loss attributable to OpenAI of $38.53 billion** in 2025 - up from **$5.09 billion** in 2024 - which includes approximately **$41.55 billion** in non-cash charges from OpenAI's nonprofit-to-for-profit conversion, including changes in fair value of convertible interests and warrant liability (Benzinga). Fortune reports an **operating loss of roughly $21 billion** - revenue minus ~$34B in total costs - while the Financial Times estimates an adjusted loss of roughly **$8 billion** after stripping those one-time items (Gizmodo, Ars Technica). Key 2025 expense drivers include **R&D of $19.18 billion** (up from $7.81B in 2024) and **$10.59 billion** in payments to Microsoft, per Ars Technica. ### Revenue and Costs Leaked audited financial statements, first published by blogger Ed Zitron on Where's Your Ed At and independently verified by the Financial Times, show **OpenAI** reporting **$13.07 billion** in 2025 revenue - more than tripling from **$3.7 billion** in 2024. Total costs and expenses reached approximately **$34 billion** in 2025, driven by **$19.18 billion** in research and development and **$5.73 billion** in sales and marketing (Where's Your Ed At, Ars Technica). Revenue came in ahead of OpenAI's internally forecast target of $10 billion. ### Three Loss Figures - Why They Differ Coverage of these statements references three distinct loss measures that should not be conflated. Fortune reports an **operating loss of roughly $21 billion** - what you get by subtracting ~$34B in operating costs from $13B in revenue. Ed Zitron's Where's Your Ed At, confirmed by Benzinga and QZ, reports a **GAAP net loss attributable to OpenAI of $38.53 billion**; the ~$17.5B gap between the two figures reflects approximately **$41.55 billion** in non-cash charges tied to OpenAI's conversion from nonprofit to for-profit status, including changes in the fair value of convertible interests and warrant liability. A Financial Times source, cited by Ars Technica and Gizmodo, estimates that after stripping out those one-time, non-cash items, the adjusted 2025 loss is closer to **$8 billion**. ### Key Expense Drivers Ars Technica's line-item reporting identifies **R&D** as the dominant cost center, growing from **$7.81 billion** in 2024 to **$19.18 billion** in 2025. Ars Technica also reports **$10.59 billion** in R&D-related payments made to **Microsoft** in 2025 - a significant intercompany item that materially affects how the R&D and cost-of-revenue figures read on the income statement. Cost of revenue rose to **$7.5 billion**, consistent with expanded model inference and cloud hosting activity. ### Prior Forecasts and Context Internal management documents previously reported by The Information and summarized by Yahoo Finance projected a **$14 billion** loss for 2026 and a path to very large revenues by 2029. Those figures predated the leaked 2025 audited statements and were forward-looking estimates, not audited results. The revenue trajectory - $3.7B to $13B in one year - is the clearest signal of rapid commercial scaling, even as operating and cash losses remain large relative to revenue. ### What to Watch Formal commentary from OpenAI and any regulatory filings tied to a potential IPO will be the authoritative reference points for reconciling these figures. Observers should track disclosures around the nonprofit-to-for-profit conversion charges, which are the primary driver separating the $38.5B GAAP headline loss from the ~$21B operating loss and the ~$8B adjusted loss. Microsoft-related intercompany payments are also worth watching as a key variable in reported R&D expenditure. ## Scoring Rationale Leaked audited financials for the world's most prominent AI company, corroborated by multiple major outlets, materially affect investor, partner, and practitioner assessments of AI sector economics. The three distinct loss measures ($21B operating, $38.5B GAAP, ~$8B adjusted) require careful interpretation and the story warrants a major rating, just below a frontier model release or landmark regulation. Practice interview problems based on real data 1,500+ SQL & Python problems across 15 industry datasets — the exact type of data you work with. [Try 250 free problems](/problems)