Microsoft discloses Azure revenue in dollars for the first time

Microsoft has never broken out Azure’s quarterly revenue in dollars, usually sharing only a growth percentage or vague dollar milestones. That changed Wednesday: alongside another record quarter, Microsoft said Azure brought in $33.2 billion for the July-to-September quarter, up 48% from a year earlier.

The new figure lets investors measure Azure directly against Amazon Web Services and Google Cloud, whose parents already report cloud revenue in dollars each quarter. Alphabet, which also posted results Wednesday, said Google Cloud brought in $30.7 billion for the same period — putting Azure slightly ahead in absolute terms, even though Google Cloud, which also bundles Workspace subscriptions, roughly doubled its revenue year over year, growing about twice as fast as Azure by TechCrunch’s math.

Azure — the cloud platform businesses rent to run software, SaaS tools, and AI models — is now Microsoft’s largest and fastest-growing product line by its own numbers, accounting for roughly 36% of the company’s $92.3 billion in quarterly revenue. The total beat Wall Street by about $850 million against the $32.3 billion analysts expected, and the 48% growth rate ran well ahead of the 44%-to-45% range Microsoft CFO Amy Hood had forecast on the July earnings call.

Azure is now grouped under a new segment called Agents and Infra — one of two replacing Microsoft’s previous three-segment structure, Productivity and Business Processes, as well as Intelligent Cloud and More Personal Computing. That segment, which also includes Microsoft 365’s cloud operations, generated $76.8 billion, a 25% increase from the prior year.

Amazon reports earnings Thursday, and analysts expect further growth at Amazon Web Services, still the largest cloud provider by a wide margin — nobody expects Microsoft to overtake it yet. But now that all three companies disclose actual dollar figures, comparing them head-to-head just got easier.

Why it matters

The disclosure gives investors their first apples-to-apples comparison of the three hyperscalers’ cloud businesses in dollar terms, right as AI workloads reshape how fast — and how profitably — each of them grows.