Microsoft just shared Azure’s actual revenue in dollars: $33.2 billion

Microsoft has spent years talking about Azure mostly in percentages and careful phrasing. On Wednesday, that changed. The company said Azure brought in $33.2 billion in revenue in the July–September quarter, a number it had never disclosed before.

That figure matters because it gives investors something concrete to line up against Amazon Web Services and Google Cloud, both of which already report cloud revenue in dollars. Azure was up 48% from a year earlier, and Microsoft said it was its biggest and fastest-growing product line. It also accounted for roughly 36% of Microsoft’s $92.3 billion in quarterly revenue.

Google Cloud, which Alphabet also reported on Wednesday, posted $30.7 billion in the same quarter. Azure came out slightly ahead on revenue, although TechCrunch’s calculations put Google Cloud’s growth at about twice Azure’s pace because Google Cloud also includes Workspace subscriptions. Microsoft’s Azure number was also about $850 million above analyst expectations, which had been $32.3 billion.

The company had already signaled strong cloud growth. On its July earnings call, CFO Amy Hood forecast Azure growth of 44% to 45%, so the reported 48% topped that guidance. Azure now sits inside a new segment Microsoft calls Agents and Infra, which also includes Microsoft 365’s cloud business and brought in $76.8 billion, up 25% from a year earlier. Amazon reports on Thursday, and no one is expecting Microsoft to knock AWS off its perch overnight. But the comparison is a lot more direct now that everyone is putting actual dollars on the table.