I was reading this report on the Microsoft financial report here.
Most of their revenue now comes from cloud-based products like Office 365.
Still, they are doing well out of Windows 10 updates. I am not surprised as its an excellent product and as a result, we have upgraded almost all our clients to Windows 10, but Microsoft has only about a year and a bit, of these upgrade left as Windows 7's free support which is very limited now will end on the 14 January 2020.
The article does state that Microsoft "has no intention of leaving money on the table, even if there never will be an explicit Windows X-to-Windows Y transition" but what does that mean for Windows, we still do not know?