From FY27, Microsoft will disclose Azure revenue separately. It also recast the previous eight quarters.

Satya Nadella explained the change:

From FY27, Microsoft will disclose Azure revenue separately. It also recast the previous eight quarters.

Satya Nadella explained the change:​

“Under this reporting structure, Azure becomes more purely our consumption-based platform and infrastructure business.”

Cloud race head-to-head: the first look

Latest annualized run rate (June 2026 quarter x4):

• AWS: $169B

• Azure: $118B

• Google Cloud: $99B

All three grew substantially.​

The growth rates diverge. The dollars do not.

YoY growth in last quarter:

• Google Cloud: 82%

• Azure: 42%

• AWS: 37%

​Yet, the quarterly revenue gaps barely changed from September 2024 to June 2026:

• AWS–Azure: $11.4B → $12.8B

The AWS–Azure quarterly gap actually widened slightly, while Azure grew faster the whole way.

• Azure–Google Cloud: $4.7B → $4.6B

The Azure–Google Cloud gap barely moved.​

Faster growth has not reordered the market

But both challengers added revenue at almost AWS’s dollar pace when comparing the twelve months ended June 2026 with the preceding twelve months.

​Although it is the smallest of the three, Google Cloud added in the last 12 months almost as much revenue as Azure (+$28.4B vs +$29.3B Azure).

Microsoft Azure added only $2.7B less than AWS in the last 12 months, while starting from a much smaller base.

AI concentration also sits underneath the curves

CNBC cited a Stifel estimate that roughly half of Azure’s FY26 growth came from OpenAI.

Amazon Web Services (AWS) is Anthropic’s primary cloud and training partner, while Claude is also available through Vertex AI and Anthropic works closely with Google. None discloses Anthropic's exact revenue contribution.

The comparison still has scope differences.

Azure’s reporting definition now excludes GitHub cloud, other developer cloud services, Security Copilot, and healthcare and life sciences cloud products.

Meanwhile Google Cloud includes Google Workspace and began recognizing TPU-system sales in Q2 2026.​

What does this mean for alliance leaders?

The opportunity does not depend on picking one cloud winner. All three ecosystems are expanding fast, and each added roughly $30B of revenue over the latest twelve months.

​For SaaS companies, this is one of the largest distribution opportunities in the market.

Three global sales organizations. Three Marketplaces. Three platforms competing to attract more workloads.

The question is whether your alliance, co-sell, and Marketplace motions can convert that growth into revenue.

Source (Azure): Microsoft