Cloud Operating Margin
Cloud Operating Margin#
Cloud operating margins sit between 35% and 40% at all three even as chip spending surges. Google Cloud went from losses to 36%.Draft, pending review
How to read this chart
Microsoft has two lines. The solid line is Intelligent Cloud operating margin; the segment is discontinued from FY27 Q1, so it stops at 2Q26. The dashed line is Microsoft Cloud gross margin, which Microsoft keeps reporting quarterly, but it is a gross margin rather than an operating margin, so read the trend only and do not rank it against AWS or Google Cloud.
Source: Company filings and earnings calls; FinSight compilation · Updated 2026-09-03
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