---
title: "Google Cloud revenue doubled in a year; Azure grew 48%, AWS 39%"
summary: "Year-on-year revenue growth of AWS, Azure and Google Cloud, five quarters to September 2026, from each company’s results, with backlog and what is not like for like."
url: https://www.thetechbag.com/blog/cloud-growth-azure-aws-google-by-quarter
format: Trend
desk: "Markets & the AI economy"
region: Global
published: 2026-11-02
facts_checked: 2026-11-02
author: TechBag (The TechBag Journal)
tags: ["AWS","Microsoft Azure","Google Cloud","cloud revenue","earnings","backlog","remaining performance obligations","Wiz","TPU","AI capacity"]
cover: https://www.thetechbag.com/blog/covers/cloud-growth-azure-aws-google-by-quarter.png
---

# Google Cloud revenue doubled in a year; Azure grew 48%, AWS 39%

*Year-on-year revenue growth of AWS, Azure and Google Cloud, five quarters to September 2026, from each company’s results, with backlog and what is not like for like.*

Trend · Markets & the AI economy · By TechBag · Published 2026-11-02 · Facts checked 2026-11-02 · Canonical: https://www.thetechbag.com/blog/cloud-growth-azure-aws-google-by-quarter

The short version

1. In the quarter to 30 September, Google Cloud’s revenue rose 103% to US$30.71bn, Microsoft’s Azure 48% to US$33.17bn and Amazon Web Services 39% to US$45.98bn. AWS and Google Cloud have grown faster in each of the last four quarters, Azure in each of the last three.[13][1][4]
2. Not all of it is like for like. Wiz, bought for US$29.5bn and closed on 11 March, sits inside Google Cloud, and Alphabet called sales of its TPU systems, AI hardware it sells outright, “a meaningful contributor”. It gave a figure for neither. Microsoft redefined Azure in September and now publishes its revenue in dollars for the first time.[14][15][2]
3. Contracted revenue not yet delivered reached US$578bn at Amazon and US$561bn at Google Cloud; Microsoft’s commercial figure, which also covers Microsoft 365, is US$677bn. Microsoft and Alphabet both say demand is ahead of the capacity they have.[9][15][1][3]

Google Cloud grew 103%, Azure 48% and AWS 39% in the quarter to 30 September, each faster than three months earlier.[13][1][4] The smallest of the three added the most revenue in a year. Below is the line by quarter, from each company’s own results, with what is and is not comparable.

## Five quarters: all three faster, Google fastest

AWS grew 20.2% in the September quarter of 2025, then 23.6%, 28.4%, 36.8% and 39.3%. Amazon calls the latest its fastest growth in nearly five years and puts AWS at a US$184bn annual run rate.[4][5][6][7][8] Google Cloud went from 33.5% to 47.8%, 63.4%, 81.8% and 102.6%.[10][11][12][13] Azure, on Microsoft’s restated basis, grew 39.7%, 39.2%, 40.3%, 42.0% and then 48.2%.[2][1]

**Figure: Google Cloud's growth rate tripled in five quarters, AWS's nearly doubled, and Azure's rose from about 40% to 48%**

*Year-on-year revenue growth, %, calendar quarters Q3 2025 to Q3 2026*

|  | Google Cloud | Azure | AWS |
| --- | --- | --- | --- |
| Q3 25 | 33.5 | 39.7 | 20.2 |
| Q4 25 | 47.8 | 39.2 | 23.6 |
| Q1 26 | 63.4 | 40.3 | 28.4 |
| Q2 26 | 81.8 | 42 | 36.8 |
| Q3 26 | 102.6 | 48.2 | 39.3 |

Source: Amazon and Alphabet quarterly releases; Microsoft 8-K of 2 September 2026 (restated) and FY27 Q1 release; TechBag arithmetic · as of 30 October 2026 · Microsoft's fiscal quarters shown as calendar quarters; Azure on the definition Microsoft adopted in September 2026

Azure’s 48% was above the 44–45% in constant currency that Microsoft had guided for the quarter.[2] Amy Hood, its finance chief, said Azure revenue “was ahead of expectations and increased 48%, even with the 3P capacity delays”, meaning third-party data-centre capacity that arrived late.[3] The shares read the quarter differently: on the session after each company’s results, Microsoft closed 0.16% lower, Amazon 1.41% lower and Alphabet 12.64% lower.[16] Why the market sold companies that beat is the subject of [our piece on the reporting week](https://www.thetechbag.com/blog/revenue-up-shares-down-q3-results); Alphabet’s fall is in [the Note on its Search share](https://www.thetechbag.com/blog/alphabet-search-below-half-worst-day).

TechBag countHow we computed the growth rates

Each quarter’s segment revenue divided by the same quarter a year earlier, as each company published it, to one decimal. The rounded results match the companies’ own rates (Microsoft’s restated 40, 39, 40, 42 and 48%; Amazon’s 20, 24, 28, 37 and 39%; Alphabet’s 34, 48, 63, 82 and 103%).

## What is inside each number

**Azure has a new definition.** Until June, Microsoft gave only a growth rate for “Azure and other cloud services”. On 2 September it moved to two segments and began to publish Azure revenue in dollars, restated back to July 2024. The new Azure leaves out GitHub cloud and developer services and Security Copilot, now in Microsoft 365 commercial cloud, and Healthcare and Life Sciences cloud, now in Industry solutions. Satya Nadella wrote that Azure “becomes more purely our consumption-based platform and infrastructure business”.[2] The change is small in the rate: for the June quarter, 43% on the old basis and 42% on the new. Azure’s fiscal year to June came to US$101.9bn.[2]

**Google Cloud includes an acquisition and hardware.** Alphabet closed its US$29.5bn purchase of Wiz, the cloud-security company, on 11 March, and its results are in the Google Cloud segment from that date; a year earlier they were not.[14] Thomas Kurian, Google Cloud’s chief executive, said sales of TPU systems, Google’s AI chips sold with the servers, networking and software around them, “were also a meaningful contributor”. Anat Ashkenazi, the finance chief, said growth excluding TPU systems “was again incredibly strong”, and gave no number.[15] The 10-Q puts the growth down to Google Cloud Platform, “largely from infrastructure and platform services, and TPU system sales”.[14]

ReportedWhat Alphabet has not disclosed

Neither Wiz’s revenue nor TPU-system revenue is published, so Google Cloud’s growth without them is not known. The 103% is the reported, all-in figure.

**AWS is the plain segment.** Its growth excluding currency moves was also 39%, and its definition is the same in all five releases we read.[4]

**Figure: Google Cloud added US$15.6bn of quarterly revenue in a year, AWS US$13.0bn and Azure US$10.8bn**

*Quarterly revenue, US$bn, quarter to 30 September 2025 vs quarter to 30 September 2026*

|  | Q3 2025 | Q3 2026 | Change |
| --- | --- | --- | --- |
| AWS | 33 | 46 | 39% |
| Azure | 22.4 | 33.2 | 48% |
| Google Cloud | 15.2 | 30.7 | 103% |

Source: Amazon and Alphabet Q3 2026 releases; Microsoft FY27 Q1 release (Azure, restated prior year) · as of 30 October 2026 · Google Cloud includes Wiz from 11 March 2026 and TPU-system sales

## The backlog, and what it means for a buyer

**Contracts signed and not yet delivered.** Amazon’s performance obligations, “primarily related to AWS”, were US$364bn at 31 March, US$496bn at 30 June and US$578bn at 30 September, with a weighted-average remaining life of 6.1 years.[9] Google Cloud’s backlog was US$155bn a year ago, over US$460bn at the end of March and US$561bn now; Alphabet expects just over 55% of it to become revenue within 24 months.[10][12][15] Microsoft does not split Azure out: its commercial remaining performance obligation, across all its business software and cloud, rose 73% to US$677bn, with a weighted average duration of 2.3 years and “a large Azure commitment this quarter”.[1][3]

**Who signs them.** Amazon named new AWS agreements with Meta, NVIDIA, OpenAI, Salesforce and Oracle among others.[4] Kurian named Anthropic and Apple among TPU customers.[15] **And capacity is short.** Hood: “Customer demand continues to exceed available supply.”[3] Alphabet began renting third-party compute at the end of the quarter “given the supply-constraint environment”.[15]

Our viewOur view: size the commitment to your forecast, not theirs

The fastest growth is coming from very large, multi-year commitments by AI companies, and the providers say they cannot yet build enough to serve everyone. For an enterprise buyer that is a reason to commit for the capacity you can forecast, with the region and instance types named in the order, rather than to sign a longer or larger commitment for a discount. We take no view on whether the growth lasts. Capacity terms are in [our piece on the spending behind it](https://www.thetechbag.com/blog/big-tech-ai-capex-quarterly-line).

India: no country line in these numbers

None of the three publishes cloud revenue by country, so there is no Indian figure in these growth rates. The capacity constraint they describe is global. If you plan AI or GPU workloads in an Indian region, ask the provider to confirm in writing which services and instance types run there today, and the date for any capacity that is not yet live.

**What to watch.** Microsoft guided Azure growth of 49–50% in constant currency for the December quarter.[3] Alphabet expects TPU-system sales “to continue to scale in Q4, followed by a meaningful revenue ramp in 2027”, which will make Google Cloud’s rate harder to compare.[15] Andy Jassy projects AWS growth “of over 40% both in 2027 and in 2028”.[4] The three report the December quarter from late January.

How we did this

Figures as of 2 November 2026

Revenue is segment revenue as each company reported it: AWS from Amazon’s releases, Google Cloud from Alphabet’s, and Azure from Microsoft’s restated product table (8-K of 2 September 2026) and its FY27 first-quarter release. Microsoft’s fiscal quarters are shown as calendar quarters (its FY27 Q1 is July to September 2026). Growth is our arithmetic on the published revenue, to one decimal. The restated Azure series starts in July 2024, so five quarters of Azure growth exist on the new basis; we did not join it to the old “Azure and other cloud services” rates. Backlog is each company’s own measure and they are not the same measure: Amazon’s covers contracts over a year, Microsoft’s all commercial business. Share moves are Nasdaq closing prices, close to close. Not used: one trade report whose share moves for Microsoft and the Nasdaq contradict Nasdaq’s closing data.

Spotted an error? Write to us; corrections are published at the foot of the piece.

Sources

1. [Microsoft, FY27 first-quarter results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/789019/000119312526436122/msft-ex99_1.htm) — 28 October 2026
2. [Microsoft, FY27 Segments and Investor Metrics (8-K, Exhibit 99.1), with restated history and adjusted FY27 Q1 outlook](https://www.sec.gov/Archives/edgar/data/789019/000119312526380280/d291965dex991.htm) — 2 September 2026
3. [Microsoft, FY27 first-quarter earnings call transcript](https://www.microsoft.com/en-us/investor/events/fy-2027/earnings-fy-2027-q1) — 28 October 2026
4. [Amazon, Q3 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm) — 29 October 2026
5. [Amazon, Q3 2025 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1018724/000101872425000121/amzn-20250930xex991.htm) — 30 October 2025
6. [Amazon, Q4 2025 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000002/amzn-20251231xex991.htm) — 5 February 2026
7. [Amazon, Q1 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000012/amzn-20260331xex991.htm) — 29 April 2026
8. [Amazon, Q2 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260630xex991.htm) — 30 July 2026
9. [Amazon, Form 10-Q for the quarters to 31 March, 30 June and 30 September 2026 (revenue note: performance obligations)](https://www.sec.gov/Archives/edgar/data/1018724/000101872426000040/amzn-20260930.htm) — 30 April, 31 July and 30 October 2026
10. [Alphabet, Q3 2025 earnings release](https://s206.q4cdn.com/479360582/files/doc_financials/2025/q3/2025q3-alphabet-earnings-release.pdf) — 29 October 2025
11. [Alphabet, Q4 and fiscal year 2025 earnings release](https://s206.q4cdn.com/479360582/files/doc_financials/2025/q4/2025q4-alphabet-earnings-release.pdf) — 4 February 2026
12. [Alphabet, Q1 and Q2 2026 earnings releases](https://s206.q4cdn.com/479360582/files/doc_financials/2026/q1/2026q1-alphabet-earnings-release.pdf) — 29 April and 22 July 2026 Q2: https://s206.q4cdn.com/479360582/files/doc_financials/2026/q2/2026q2-alphabet-earnings-release.pdf
13. [Alphabet, Q3 2026 earnings release](https://s206.q4cdn.com/479360582/files/doc_financials/2026/q3/2026q3-alphabet-earnings-release.pdf) — 28 October 2026
14. [Alphabet, Form 10-Q for the quarter to 30 September 2026 (Note 8, Acquisitions; MD&A, Google Cloud)](https://www.sec.gov/Archives/edgar/data/1652044/000165204426000084/goog-20260930.htm) — 29 October 2026
15. [Alphabet, Q3 2026 earnings call transcript](https://s206.q4cdn.com/479360582/files/doc_events/2026/Oct/28/2026_Q3_Earnings_Transcript.pdf) — 28 October 2026
16. [Nasdaq, historical closing prices for MSFT, AMZN and GOOGL](https://www.nasdaq.com/market-activity/stocks/msft/historical) — sessions of 28, 29 and 30 October 2026

Related on TechBag: [Microsoft Azure](https://www.thetechbag.com/microsoft/microsoft-azure), [Google Cloud](https://www.thetechbag.com/google/google-cloud) and the [AWS hub](https://www.thetechbag.com/aws).

**Disclosure.** TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.

Go deeper on TechBag

- [The AWS hub](https://www.thetechbag.com/aws) — the AWS services TechBag covers, with dated claims
- [Microsoft Azure](https://www.thetechbag.com/microsoft/microsoft-azure) — the cloud now reported in dollars, on a narrower definition
- [Google Cloud](https://www.thetechbag.com/google/google-cloud) — the segment that grew 103%, Wiz and TPU-system sales included