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Three Public Clouds: Revenue and YoY Growth
Three Public Clouds: Quarterly Revenue ($B)#
All three public clouds are still accelerating: AWS tops $40B a quarter, and restated Azure is closing in on $30B.Draft, pending review
How to read this chart
Azure from 3Q24 to 2Q26 is Microsoft's restated actual figure on the new definition (excluding GitHub, developer services, Security Copilot and healthcare cloud). Earlier quarters are estimates, back-cast from the 3Q24 anchor using the growth rates the company disclosed at the time, and drawn dashed.
Source: Company filings and earnings calls; FinSight compilation and estimates · Updated 2026-09-03
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AWS Revenue and YoY Growth#
AWS growth climbed from 12% in 2023 to 37% in 2Q26, still accelerating even with compute in short supply.Draft, pending review
How to read this chart
Left axis: quarterly revenue in $B. Right axis: year-over-year growth. The latest quarter is highlighted in orange-red.
Source: Company filings and earnings calls; FinSight compilation · Updated 2026-09-03
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Azure Revenue and Disclosed YoY Growth#
Azure grew 42% in 2Q26 on the new definition. Dark bars are Microsoft's restated actuals, light bars are back-cast estimates.Draft, pending review
How to read this chart
Dark bars are Microsoft's restated actuals from 3Q24 on the new definition; light bars are estimates back-cast from those actuals. The YoY line is the growth rate the company disclosed each quarter: 2Q26 uses the new definition (42%, versus 43% on the old one), and other quarters round to the same number either way.
Source: Company filings and earnings calls; FinSight compilation and estimates · Updated 2026-09-03
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Google Cloud Revenue and YoY Growth#
Google Cloud growth is back above 40%. From 2Q26 the figure includes TPU system sales, so it is not fully comparable with earlier quarters.Draft, pending review
How to read this chart
From 2Q26, revenue includes TPU system sales, so it is not fully comparable with earlier quarters.
Source: Company filings and earnings calls; FinSight compilation · Updated 2026-09-03
Standalone page ↗d4-cloud-rev-csp-04