Microsoft has finally put a dollar figure on Azure.
For the quarter ended June 30, 2026, Microsoft’s newly restated Azure revenue was $29.4 billion. AWS reported $42.2 billion for the same three-month period, while Google Cloud came in at $24.8 billion.
That gives us a much cleaner ranking than before. AWS is still the largest by reported quarterly revenue. Azure is second. Google Cloud is third.
But it does not give us a clean cloud market-share table.
The three companies still draw the boundaries of their cloud businesses differently. Microsoft’s disclosure solves one old problem — we no longer have to guess Azure’s size from growth rates alone — while leaving another intact: the numbers are easier to compare, but they are not perfectly equivalent.
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AWS Is Still Larger, but the Growth Picture Is More Complicated
All three figures cover quarters ending June 30, 2026, so at least the time period lines up.
| Cloud business | June-quarter revenue | YoY growth | What the reported figure broadly includes |
|---|---|---|---|
| AWS | $42.2B | 37% | Compute, storage, databases and other AWS services |
| Azure | $29.4B | 42% | Azure cloud and AI consumption services plus virtual desktop offerings under Microsoft’s new definition |
| Google Cloud | $24.8B | 82% | Google Cloud Platform, Workspace, TPU system sales and other enterprise services |
On revenue alone, AWS is comfortably ahead.
Its quarterly revenue was about $12.8 billion above Azure. Azure, meanwhile, was roughly $4.6 billion ahead of Google Cloud.
The growth rates make the race look very different.
AWS rose from about $30.9 billion to $42.2 billion year over year, adding roughly $11.4 billion of quarterly revenue.
Azure moved from $20.7 billion to $29.4 billion under Microsoft’s restated definition, an increase of about $8.7 billion.
Google Cloud jumped from $13.6 billion to $24.8 billion, adding about $11.1 billion.
That is the number I would not skip over.
Google Cloud grew 82%, more than twice AWS’s 37% rate. Yet in absolute dollars, the two businesses added almost the same amount of quarterly revenue.
Percentage growth tells you momentum. It does not tell you scale.
AWS is the clearest example. A business starting from a much larger base does not need an 80% growth rate to add an enormous amount of new revenue.
Microsoft Did More Than Put a Dollar Sign on the Old Azure Metric
The $29.4 billion figure is not simply the old “Azure and other cloud services” growth metric converted into dollars.
Microsoft changed the definition.
Under its fiscal 2027 reporting structure, GitHub cloud and other developer cloud services are moving out of Azure and into Microsoft 365 commercial cloud. Security Copilot is moving there as well. Healthcare and Life Sciences cloud revenue is being reassigned to the new Industry solutions cloud metric.
What remains is a narrower Azure business centered more directly on cloud and AI consumption services, along with virtual desktop offerings.
You can see the effect in the growth rate.
Microsoft originally reported 43% growth for “Azure and other cloud services” in fiscal Q4 2026. Under the new Azure definition, the same quarter is restated at 42%, with revenue of $29.417 billion.
The company also provided a historical Azure revenue series under that new definition:
- Q1 FY2026: $22.384 billion
- Q2 FY2026: $24.129 billion
- Q3 FY2026: $26.008 billion
- Q4 FY2026: $29.417 billion
- Full-year FY2026: $101.938 billion
The comparable fiscal 2025 quarters were $16.021 billion, $17.337 billion, $18.540 billion and $20.712 billion.
That historical series matters more than the headline.
Until now, anyone trying to judge Azure’s actual size had to work backward from percentage growth or lean on Microsoft’s broader cloud segment figures.
Now there is an Azure revenue line that can be followed quarter by quarter.
The guesswork did not disappear entirely. But a large part of it did.
These Numbers Still Do Not Measure the Same Thing
This is where a simple ranking can become misleading.
Put $42.2 billion, $29.4 billion and $24.8 billion on a chart and they look like three directly comparable cloud businesses.
They are not.
AWS is probably the cleanest of the three for this purpose. Amazon describes the segment around compute, storage, databases and other AWS services sold to businesses, governments, startups and academic institutions.
Microsoft’s revised Azure definition has also become more tightly focused now that several adjacent businesses have been moved elsewhere.
Google Cloud remains broader.
Its segment includes Google Cloud Platform infrastructure and platform services, but also Google Workspace subscriptions, other enterprise services and, beginning in the second quarter of 2026, sales of TPU systems.
That last point matters when looking at Google Cloud’s 82% growth.
It would be wrong to dismiss that growth as a TPU accounting story. Alphabet says the increase was driven primarily by Google Cloud Platform, especially infrastructure and platform services.
Still, $24.8 billion is not a pure infrastructure-cloud number.
So there is a line we should not cross.
We can say AWS reported the largest cloud-segment revenue in the June 2026 quarter, followed by Azure and then Google Cloud.
We cannot take those three figures and call them precise IaaS or PaaS market shares.
The disclosure got better. The accounting boundaries did not suddenly become identical.
Google Cloud Has the Fastest Growth. AWS Still Has the Bigger Engine.
Scale and momentum are pointing in different directions.
AWS generated $42.232 billion in quarterly revenue and $16.621 billion in operating income. That works out to an operating margin of roughly 39%.
Amazon also said AWS’s 37% revenue growth was its fastest in 18 quarters.
Google Cloud generated $24.768 billion in revenue, up from $13.624 billion a year earlier.
Its operating income rose from $2.826 billion to $8.814 billion, implying a reported segment operating margin of roughly 36%.
That gives us a useful AWS-versus-Google comparison.
It does not give us a three-way profitability comparison.
Microsoft does not disclose standalone Azure operating income, so there is no clean Azure margin to put beside AWS and Google Cloud. Filling that blank with estimates would make the comparison look more precise than the underlying disclosures allow.
Revenue is different.
Microsoft has now given us enough history to see Azure’s progression from $22.4 billion in fiscal Q1 to $29.4 billion in Q4 under the new definition.
That changes how the business can be tracked.
Before, Azure’s growth rate told us direction without giving us the full scale. Now we can see both.
And once scale becomes visible, some of the headline growth-rate gap looks different.
Google Cloud’s 82% is still the fastest growth rate of the three.
But AWS still added about $11.4 billion of quarterly revenue year over year.
Google Cloud added about $11.1 billion.
One has the faster percentage. The other still has the larger revenue machine.
Both facts matter.
The Next Cloud Question Is Not Just Who Is Growing Faster
Microsoft’s new disclosure gives investors a better scoreboard.
It does not settle the competition.
The bigger issue from here is whether these companies can keep turning infrastructure spending into usable capacity and, eventually, revenue.
Microsoft has already acknowledged periods in which demand across Azure workloads exceeded available capacity. At the same time, AI infrastructure spending has weighed on Microsoft Cloud gross margins.
Google is dealing with the same equation from another direction.
Google Cloud ended June with $513.9 billion of revenue backlog. Alphabet has also said supply availability can affect revenue growth, while the addition of direct TPU system sales expands Google’s cloud economics beyond conventional rented compute.
AWS enters the same race with the largest reported quarterly revenue base and still grew 37%.
That is why the more useful comparison is no longer just:
Who has the highest cloud growth rate?
The better questions are:
- How many dollars of new revenue is each platform actually adding?
- What businesses sit inside those reported numbers?
- How much infrastructure is required to support the next leg of growth?
- And what happens to the economics when that infrastructure bill keeps rising?
Microsoft’s $29.4 billion Azure disclosure does not produce a perfect AWS-versus-Azure-versus-Google Cloud market-share table.
It does something more useful.
Azure’s scale no longer has to be inferred.
Now we can measure it.