Cloud Computing Statistics 2026: Growth Speeds Up to 43%, and Capex Rises Twice as Fast
These cloud computing statistics come straight from SEC filings, and they show cloud growth reaccelerating. In the June 2026 quarter (May for Oracle), AWS, Microsoft Intelligent Cloud, Google Cloud and Oracle cloud services earned $116.2B, up 43% from a year earlier. Google Cloud grew fastest of the big three at 82%. Capital spending grew faster still: 87%.
Most cloud statistics pages recycle survey shares and market-size forecasts. We went to the source instead: the segment notes in every 10-Q and 10-K that Amazon, Alphabet, Microsoft and Oracle filed since 2017, their earnings-release exhibits, and the XBRL cash flow data for five companies. Below is the race in revenue, growth, margin and spending, quarter by quarter.
$116.2Bcloud revenue of the four providers, Q2 2026 (+43% y/y)
+43%big-three growth, Q2 2026, up from 16% in Q2 2023
$566Bcapex, 5 companies, 12 months to Q2 2026 (+81%)
$90.1BAWS property additions in H1 2026, vs $79.8B AWS revenue
The growth race, latest quarter
Year-over-year revenue growth in the most recent quarter each company has reported. Bars run on the same scale.
Oracle OCIcloud infrastructure, Jun to Aug 2026
+121%
$7.4B
Google Cloudsegment, Q2 2026
+82%
$24.8B
Microsoft Azureas disclosed, FY26 Q4
+43%
not disclosed
AWSsegment, Q2 2026
+37%
$42.2B
Microsoft ICIntelligent Cloud segment
+32%
$39.3B
Azure growth is the percentage Microsoft discloses for “Azure and other cloud services”; Microsoft does not report Azure revenue in dollars each quarter. Oracle’s quarter ended August 31, 2026; the others ended June 30, 2026.
Quarterly cloud revenue since 2018
AWS Microsoft Intelligent Cloud Google Cloud Oracle cloud services (IaaS plus SaaS)
Segment revenue as first reported in each filing. Microsoft redefined Intelligent Cloud starting with fiscal 2025 (the quarter ended September 2024); the dotted line shows fiscal 2024 restated on the new basis, which is about $4.7B a quarter smaller. Google Cloud quarterly revenue begins in Q4 2018, the earliest quarter Alphabet disclosed. Oracle cloud services revenue begins in its fiscal 2022 and is plotted at each fiscal quarter’s end (August, November, February, May).
AWS remains the largest dedicated cloud segment at $42.2B in Q2 2026, $148B over four quarters. Microsoft’s Intelligent Cloud, which also holds server licenses such as SQL Server and Windows Server, reached $39.3B. Microsoft’s broader “Microsoft Cloud” figure, which combines Azure and other cloud services with Microsoft 365 Commercial cloud, the commercial portion of LinkedIn and Dynamics 365, was $59.3 billion in the same quarter, up 27%, and $214.4 billion for fiscal 2026. Google Cloud, which includes Workspace, hit $24.8B, nearly double its $13.6B a year earlier.
Is cloud growth reaccelerating?
Yes. On a combined basis, the big three grew 16% in Q2 2023, the slowest quarter in our series. In Q2 2026 they grew 43%, the fastest in our combined series, which starts in Q1 2020. Each company’s turn is visible on its own: the shaded band marks 2025 and 2026.
Oracle OCIcloud infrastructure, from FY2023Google Cloudsegment revenue, from Q4 2019Azuregrowth as disclosed by MicrosoftAWSsegment net sales
Year-over-year growth computed inside each filing (current quarter against the prior-year comparative in the same document), so a restatement never mixes definitions. Shared 0% to 130% scale. Hollow dot: lowest quarter between mid-2022 and mid-2025. Oracle OCI growth before fiscal 2026 is the rate stated in Oracle’s earnings releases; from fiscal 2026 it matches the XBRL figures exactly.
AWS bottomed at 12% in Q2 2023 and grew 37% in Q2 2026, its fastest since Q4 2021. Azure growth troughed at 26% and reached 43% in Microsoft’s June quarter. Google Cloud went from 22% in Q3 2023 to 82%. Oracle’s infrastructure business went from 42% to 121%; its total cloud revenue, including applications, grew 62% to $11.6B.
Every quarter since mid-2024
Quarter
AWS
Microsoft Intelligent Cloud
Google Cloud
Oracle cloud services*
Azure growth
Four-provider total
Q2 2026
$42.2B+37%
$39.3B+32%
$24.8B+82%
$9.9B+47%
+43%
$116.2B
Q1 2026
$37.6B+28%
$34.7B+30%
$20.0B+63%
$8.9B+44%
+40%
$101.2B
Q4 2025
$35.6B+24%
$32.9B+29%
$17.7B+48%
$8.0B+34%
+39%
$94.1B
Q3 2025
$33.0B+20%
$30.9B+28%
$15.2B+34%
$7.2B+28%
+40%
$86.2B
Q2 2025
$30.9B+17%
$29.9B+26%
$13.6B+32%
$6.7B+27%
+39%
$81.1B
Q1 2025
$29.3B+17%
$26.8B+21%
$12.3B+28%
$6.2B+23%
+33%
$74.5B
Q4 2024
$28.8B+19%
$25.5B+19%
$12.0B+30%
$5.9B+24%
+31%
$72.2B
Q3 2024
$27.5B+19%
$24.1B+20%
$11.4B+35%
$5.6B+21%
+33%
$68.5B
Revenue with year-over-year growth below. *Oracle’s fiscal quarter ending two months into the calendar quarter shown (for Q2 2026, March to May 2026). All Microsoft rows are on the current Intelligent Cloud definition. Full series back to 2016 in the download.
Who makes the most money on cloud?
AWS and Google Cloud margins rose along with growth; Microsoft’s Intelligent Cloud margin peaked at 48.4% in Q3 2023 on its old definition and has run between 39.7% and 43.6% since the resegmentation. In Q2 2026, Microsoft’s Intelligent Cloud earned an operating margin of 40.6%, AWS 39.4% and Google Cloud 35.6%. Google Cloud lost $1.2B in Q4 2019, a margin of -46%, and reported its first operating profit in Q1 2023, under Alphabet’s revised cost allocation. In Q2 2026 it earned $8.8B, more than AWS earned in any quarter before 2024. Oracle does not report a profit figure for cloud on its own, so it is not in this comparison.
AWS Microsoft Intelligent Cloud Google Cloud
Segment operating income divided by segment revenue. Google Cloud: dashed line is 2019 to 2021 as originally reported; from 2022 the figures reflect Alphabet’s 2023 change in cost allocation, which moved some costs out of the segment and restated 2022. Microsoft: break at the fiscal 2025 resegmentation.
Provider
Period
Revenue
Growth y/y
Operating income
Margin
Last 4 quarters
AWS Amazon Web Services segment
Q2 2026
$42.2B
+37%
$16.6B
39.4%
$148.4B
Microsoft Intelligent Cloud segment (FY26 Q4)
Q2 2026
$39.3B
+32%
$16.0B
40.6%
$137.8B
Google Cloud Google Cloud segment
Q2 2026
$24.8B
+82%
$8.8B
35.6%
$77.6B
Oracle Cloud services, IaaS plus SaaS (FY27 Q1)
Jun to Aug 2026
$11.6B
+62%
not disclosed
n/a
$38.4B
Oracle of which cloud infrastructure (OCI)
Jun to Aug 2026
$7.4B
+121%
not disclosed
n/a
$22.1B
Capex is growing faster than cloud revenue
The AI and data center buildout shows up in the cash flow statements. Amazon, Microsoft, Alphabet, Oracle and Meta paid $181.5B for property and equipment in Q2 2026, up 87% from $97.3B. Over 12 months the total was $566B, up 81%, while the four cloud businesses grew revenue 34% to $398B. Oracle grew capex fastest, 162% over the same 12 months.
Amazon Microsoft Alphabet Oracle Meta AWS + Microsoft IC + Google Cloud revenue
Cash paid for property and equipment (XBRL PaymentsToAcquirePropertyPlantAndEquipment; Amazon PaymentsToAcquireProductiveAssets), quarterly values derived from year-to-date cash flow statements. Excludes assets acquired under finance leases. Oracle quarters (ending February, May, August, November) are placed in the calendar quarter they mostly overlap. Company-wide capex, not cloud only.
For the first time in our series, and in every quarter since Q4 2025, Amazon, Microsoft and Alphabet together have spent more on property and equipment each quarter than their three cloud segments brought in as revenue. In Q2 2026 the three spent $134.9B against $106.3B of cloud revenue. Meta sells no cloud services; it is shown for scale and left out of every revenue comparison.
Year
Amazon
Microsoft
Alphabet
Oracle
Meta
Total
Change
2018
$13.4B
$14.2B
$25.1B
$1.5B
$13.9B
$68.2B
2019
$16.9B
$13.5B
$23.5B
$1.6B
$15.1B
$70.6B
+4%
2020
$40.1B
$17.6B
$22.3B
$1.8B
$15.2B
$97.0B
+37%
2021
$61.1B
$23.2B
$24.6B
$3.1B
$18.7B
$130.7B
+35%
2022
$63.6B
$24.8B
$31.5B
$6.7B
$31.2B
$157.8B
+21%
2023
$52.7B
$35.2B
$32.3B
$6.9B
$27.0B
$154.2B
-2%
2024
$83.0B
$55.6B
$52.5B
$10.7B
$37.3B
$239.1B
+55%
2025
$131.8B
$83.1B
$91.4B
$35.5B
$69.7B
$411.5B
+72%
12 months to Q2 2026
$173.0B
$115.9B
$132.4B
$55.7B
$89.3B
$566.4B
+81%
Calendar years, summing quarters that end in the year (for Oracle, December to November).
AWS: spending more on new property than it earns
Company-wide capex mixes cloud with warehouses, search and social apps. Amazon reports net additions to property and equipment for the AWS segment itself, a measure that includes finance leases and equipment acquired but not yet paid for, so it runs ahead of cash capex. AWS added $96.5B of property and equipment in 2025, 75% of its revenue. In the first half of 2026 it added $90.1B, more than the $79.8B it earned, up from $36.5B against $60.1B a year earlier.
Year
AWS revenue
AWS operating income
Margin
AWS net property additions
Additions as % of revenue
2018
$25.7B
$7.3B
28.4%
$9.8B
38%
2019
$35.0B
$9.2B
26.3%
$13.1B
37%
2020
$45.4B
$13.5B
29.8%
$16.5B
36%
2021
$62.2B
$18.5B
29.8%
$22.0B
35%
2022
$80.1B
$22.8B
28.5%
$27.8B
35%
2023
$90.8B
$24.6B
27.1%
$24.8B
27%
2024
$107.6B
$39.8B
37.0%
$53.3B
50%
2025
$128.7B
$45.6B
35.4%
$96.5B
75%
H1 2026
$79.8B
$30.8B
38.6%
$90.1B
113%
Is cloud computing in high demand?
Contracted revenue not yet recognized, reported as remaining performance obligations (RPO), have grown much faster than revenue. Combined RPO at the four companies rose 109% in a year to $2.36 trillion. Alphabet’s rose from $108B to $520B, of which it attributes $513.9B to Google Cloud. Amazon’s rose from $195B to $496B, which it says relate primarily to AWS; its 10-Q also notes expanded multi-year commitments from OpenAI and Anthropic in 2026. Microsoft’s and Oracle’s totals are company-wide, so they include some non-cloud contracts.
Company
As of
RPO
A year earlier
Change
Amazon
Jun 2026
$496B
$195B
+154%
Microsoft
Jun 2026
$684B
$375B
+82%
Alphabet
Jun 2026
$520B
$108B
+380%
Oracle
Aug 2026
$664B
$455B
+46%
The public cloud is one slice of the market. For the wider hosting and data processing industry measured by the Census Bureau, see our report on IT services industry growth, which tracks NAICS 518 revenue alongside traditional IT services.
What this means for MSPs
Three numbers in these filings are worth carrying into client conversations. First, margins: the AWS and Microsoft cloud segments earned operating margins of 39% and 41% in the latest quarter, so a client’s cloud bill carries real margin, and commitment discounts, right-sizing and license reviews are worth a scheduled review rather than a one-off project. Second, where the money goes: AWS added $90.1B of property in six months, and Microsoft’s 10-K says its capital spending supports cloud and AI infrastructure. New regions, instance types and AI services will keep arriving, and a short quarterly summary of what changed for each client’s stack is a service clients can see. Third, concentration: Alphabet and Amazon both report backlogs several times their annual cloud revenue, much of it in large multi-year contracts, so keep exit costs, data egress and a second-provider option in client roadmaps. When you price that work, compare against our IT hourly rates data, and for the managed services side of the market see our MSP industry statistics.
Frequently asked questions
Is cloud computing still growing?
Yes, and faster than a year ago. Combined revenue of AWS, Microsoft Intelligent Cloud and Google Cloud grew 43% year over year in the quarter ended June 2026, up from a low of 16% in Q2 2023. Adding Oracle cloud services, the four providers booked $116.2B in the quarter.
Which cloud provider is growing the fastest?
Among the three largest, Google Cloud: revenue rose 82% to $24.8B in Q2 2026, against 43% for Azure and 37% for AWS. Oracle’s cloud infrastructure grew faster still, 121% in the quarter ended August 2026, from a smaller base of $7.4B.
Who is the biggest cloud provider?
AWS has the largest dedicated cloud segment: $148B of revenue over the four quarters to June 2026. Microsoft’s Intelligent Cloud segment earned $138B in fiscal 2026, and Microsoft says Azure alone passed $100 billion. Google Cloud earned $78B, including Workspace.
How much are cloud companies spending on data centers?
Amazon, Microsoft, Alphabet, Oracle and Meta paid $566B for property and equipment in the 12 months to Q2 2026 (Oracle to May), up 81% on the prior 12 months. In Q2 2026 alone it was $182B, up 87%.
Is cloud computing in high demand?
Contract backlogs say yes. Remaining performance obligations at Amazon, Microsoft, Alphabet and Oracle totaled $2.36 trillion at their latest quarter, up 109% in a year. These are company-wide figures, not cloud-only.
Is cloud computing oversaturated?
Not on these numbers. Growth accelerated at all four providers in 2025 and 2026, and AWS and Google Cloud margins rose: AWS earned a 39.4% operating margin in Q2 2026 and Google Cloud 35.6%, up from losses until Q1 2023.
Sources. SEC EDGAR, retrieved October 13, 2026: the XBRL instance documents of every 10-Q and 10-K filed since mid-2017 by Amazon (CIK 1018724), Microsoft (789019), Alphabet (1652044) and Oracle (1341439); their earnings releases (8-K Item 2.02, Exhibit 99.1); and the XBRL company facts API for capex and remaining performance obligations of those four plus Meta (1326801). Latest filings used: Amazon and Alphabet 10-Q for the quarter ended June 30, 2026; Microsoft 10-K for fiscal 2026 (ended June 30, 2026); Oracle 10-Q for the quarter ended August 31, 2026; Meta 10-Q for June 30, 2026.
Definitions. AWS: Amazon Web Services segment net sales and operating income. Microsoft: Intelligent Cloud segment revenue and operating income, plus Azure growth rates and Microsoft Cloud revenue as stated in earnings releases (the growth metric is “Azure” until fiscal 2021 and “Azure and other cloud services” after). Google Cloud: Alphabet’s Google Cloud segment, which includes Google Cloud Platform and Workspace. Oracle: “cloud services” revenue (IaaS plus SaaS) and, from fiscal 2025, cloud infrastructure revenue as tagged in XBRL; Oracle’s cloud figure excludes license support. Capex: cash paid for property and equipment.
Calculations. Quarterly values come from three-month facts; fourth quarters are the annual 10-K figure minus the first three quarters. Growth rates are computed inside each filing against the prior-year comparative in that same filing, which keeps restatements consistent. Levels are as first reported. Quarterly capex is derived by differencing year-to-date cash flow figures. Spot checks against earnings releases match: AWS Q2 2026 $42.2 billion, up 37%; Google Cloud Q2 2026 $24.8 billion, up 82%; Microsoft Intelligent Cloud Q4 fiscal 2024 $28,515 million.
Breaks and limits. Microsoft resegmented Intelligent Cloud from fiscal 2025 and made a smaller restatement in fiscal 2023; we never join the old and new definitions in one growth rate. Alphabet changed its cost allocation in 2023 and restated Google Cloud operating income for 2021 and 2022; our margin chart uses the restated 2022 quarters and original figures before that. Alphabet did not disclose quarterly Google Cloud revenue before Q4 2018 or quarterly segment profit before Q4 2019. The four cloud businesses are defined differently (Microsoft’s segment includes server licenses, Google’s includes Workspace), so dollar comparisons are approximate; growth and margin comparisons are more like-for-like. Capex and RPO are company-wide.
Not advice. This is an analysis of public company filings, not investment advice.
Cite as:The Uptime Report. "Cloud Computing Statistics 2026: Growth Speeds Up to 43%, and Capex Rises Twice as Fast." October 2026. https://theuptimereport.com/cloud-computing-statistics/
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