Number includes preinstalls and upgrades, but not volume licenses.    



From ArsTechnica:

This number includes only OEM and retail copies of the operating system and excludes volume licenses. The company previously announced that Windows 8 had reached 100 million copies sold in May of last year, a rate of sales that matched Windows 7. That operating system, however, reached 240 million sales within the first 12 months, demonstrating that Windows 8 is clearly not selling as fast.

Still, in a PC market that's shrinking—and which started shrinking even before the release of Windows 8—200 million copies is perhaps not too shabby. PCs as a whole are not selling as fast as they were during Windows 7's heyday, and both Windows and Office are suffering as a result.

  Windows 8.x reaches 200 million licenses sold