Google Cloud, Azure and AWS in Q3 2026: growth rates are not directly comparable
The numbers
| AWS | Azure | Google Cloud | |
|---|---|---|---|
| Revenue | $46.0 billion | $33.2 billion | $30.7 billion |
| Growth year over year | 39.3% | 48% | 103% |
| Dollars added | $13.0 billion | $10.8 billion | $15.6 billion |
| Operating income | $17.8 billion | Not reported | $11.1 billion |
| Operating margin | 38.7% | Not reported | 36.2% |
Alphabet reported Google Cloud's results on October 28, 2026. Microsoft reported that Azure grew 48%, and Amazon reported AWS results the next day.
Why the figures are not like for like
- Scope: AWS is Amazon's whole cloud segment. Google Cloud also includes Google Workspace subscriptions and sales of TPU AI chip systems. Azure excludes Microsoft 365.
- Acquisitions: a source reports that Google Cloud's figures include Wiz, which Google bought for $29.5 billion in March 2026.
- Base effects: Google's 103% growth comes from a smaller starting point. In dollars added, Google was ahead, then AWS, then Azure.
- Profit: Microsoft does not report operating income for Azure, and Alphabet books some shared AI research costs at company level.
- Backlog: Google Cloud reported $560.8 billion at September 30. Microsoft reported $677 billion for all commercial business, up 73%, which includes more than Azure. AWS's last reported backlog was from June 30.
Spending
Whole-company capital spending in the quarter was $77.3 billion at Amazon, $51.4 billion at Alphabet and $45.2 billion at Microsoft (including finance leases). These figures cover warehouses, offices and other assets, not only cloud data centers.
How to read it
One analysis estimates that if TPU system sales exceeded about $2.6 billion, Google Cloud would trail AWS in dollars added without them. Alphabet does not say how much of the gain came from those sales, so the real growth in cloud services is uncertain. Some other outlets reported Google Cloud's growth at different rates, so check each company's results release.
What to watch
- Whether Microsoft starts reporting Azure profit.
- How much AI demand turns into long-term contracts.
- Whether capital spending keeps rising faster than revenue.
See our report on AWS's Q3 results for more detail on Amazon.
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