HomeDemandPublic Cloud Earnings Check
Story vs Numbers: What the Market Focused On
Three Public Clouds: Revenue YoY (Highlight = Selected Quarter)#
All three public clouds' YoY growth in one frame: in the latest quarter all three sit around 40%.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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four hyperscalers Quarterly CapEx (Highlight = Selected Quarter)#
four hyperscalers quarterly CapEx in one frame; the latest quarter's total is a record.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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Cloud Operating Margin (Highlight = Selected Quarter)#
Cloud operating margins in one frame: AWS and Microsoft Intelligent Cloud at 35% to 40%, Google Cloud up to 36%.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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FCF = OCF − CapEx (Highlight = Selected Quarter, $B)#
Free cash flow in one frame: after the CapEx surge, Amazon and Google both turned negative in 2Q26, Meta is near zero, and only Microsoft is still clearly positive.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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