Demand
Hyperscaler Cloud Segment Revenue Growth (YoY)
Year-over-year growth in reported cloud-related segment revenue for Amazon AWS, Alphabet Google Cloud, and Microsoft Intelligent Cloud. Segment definitions differ, so the chart compares trajectories rather than levels.
Hyperscaler Cloud Segment Revenue Growth (YoY)
- Amazon AWS segment
- Alphabet Google Cloud segment
- Microsoft Intelligent Cloud segment (not Azure)
Alphabet Google Cloud segment changed 81.8% year over year in 2026-06-30.
Methodology
The dataset transcribes GAAP segment revenue or net sales reported for each three-month period and converts millions of U.S. dollars to nominal USD billions by dividing by 1,000. No Azure revenue estimate, annualized run rate, AI ARR, interpolation, currency adjustment, or annual-minus-nine-month derivation is used. Quarter-end dates are represented as ISO 8601 UTC timestamps at 00:00:00Z.
The common window begins September 30, 2023, rather than January 2023, because Microsoft changed the composition of its reportable segments for fiscal 2025 and published recast quarterly Intelligent Cloud comparators only for the four quarters beginning September 2023. The September 2023 through June 2024 Microsoft observations use those recast comparators, preserving one segment basis across the full chart instead of silently joining the larger, originally reported FY2024 definition.
Amazon's series is AWS segment net sales. Alphabet's series is Google Cloud segment revenue, which includes Google Cloud Platform infrastructure and platform services, Google Workspace, and other enterprise services. In Q2 2026 Alphabet began recognizing product revenue from TPU systems delivered to customer data centers; that disclosed scope development is retained as reported and called out in the point note.
Microsoft does not disclose Azure revenue dollars. Its line therefore uses the reported Intelligent Cloud segment, clearly labeled as not Azure. Under the fiscal 2025 segment composition, Intelligent Cloud includes Azure and other cloud services as well as server products such as SQL Server, Windows Server, Visual Studio, System Center, related client access licenses, and other on-premises offerings. It is broader than Azure and is not directly equivalent to either AWS or Google Cloud.
A separate, unstacked line chart is the least misleading supported presentation. It shows each vendor-defined segment's direction and scale without implying that the three values can be summed or converted into market shares. The comparison is feasible only with the explicit labels and scope warnings used here; presenting the Microsoft series as Azure revenue would be unsupported and materially misleading.
Published values are year-over-year growth rates: the current reported level divided by the same series’ level four quarters earlier, minus one, multiplied by 100. The first available quarter for each series is omitted because no prior-year comparator exists; source levels remain in point notes.
Frequently asked questions
Does Microsoft report Azure revenue in dollars?
No. Microsoft reports Azure and other cloud services revenue growth rates, but not Azure revenue dollars. This chart uses the broader Intelligent Cloud segment and labels it accordingly.
Are these three segment revenue figures directly comparable?
Only directionally. AWS is Amazon's cloud segment, Google Cloud includes GCP, Workspace, other enterprise services, and newer TPU system sales, while Microsoft Intelligent Cloud includes Azure plus server software and related on-premises offerings. The chart is not a cloud market-share measure.
Why does the chart start in September 2023?
Microsoft changed its segment composition for fiscal 2025. September 2023 is the earliest quarter from which a complete common sequence of quarterly Intelligent Cloud values recast to that composition is directly available without estimation.
Why use a line chart instead of stacked bars?
The companies' segments are independent, overlap in scope, and do not form an additive total. Separate lines reveal trajectories without implying a meaningful combined market size.
Why do these segment revenues matter for AI industry demand?
AWS, Google Cloud, and Azure within Intelligent Cloud sell infrastructure used to train and serve AI models, so segment growth provides context for the commercial businesses funding and monetizing compute capacity. It is only a broad indicator because each segment also contains substantial non-AI revenue.
How are the quarterly values sourced and prepared?
The chart transcribes reported three-month GAAP segment revenue or net sales from company earnings releases and SEC filings, then converts USD millions to billions. It uses Microsoft's recast Intelligent Cloud comparators and does not estimate Azure dollars, annualize growth rates, or interpolate missing periods.