A figure long kept secret has finally come to light: $29.4 billion. That is what Azure reported for Microsoft’s latest fiscal quarter, which ended on June 30.
And for the first time, it is the company itself that confirms it in plain terms, rather than sticking to a vague growth percentage as it had done for years.
Amazon details AWS revenues going back to 2015. Alphabet does the same for Google Cloud. Microsoft, by contrast, had always refused to lift Azure out of its statistical haze, preferring to state growth rates without ever specifying the base from which they were calculated.
That peculiarity ends with a regulatory filing published on August 2, in which the company reconstructs, quarter by quarter, two full years of Azure sales. For the full fiscal year ended in June, the division totalled $101.9 billion, up from $75 billion the year before.
Placed against its rivals, this figure positions Azure in an intermediate spot. It is far ahead of Google Cloud, whose quarterly sales amount to $24.8 billion, but well behind AWS, which billed $42.2 billion over the same period.
The gap widens still further on an annual basis: AWS surpassed $128 billion in calendar year 2025, while Azure topped out at $85.8 billion over four comparable quarters. Google, for its part, has yet to publish a publicly consolidated annual figure for its cloud division.
Three Segments Split into Two
Azure’s revenue disclosure is only the visible portion of a far larger undertaking: Microsoft is overhauling its entire accounting nomenclature. Not seen since 2015.
The three segments that had up to now structured the group’s accounts (Intelligent Cloud, Productivity and Business Processes, and More Personal Computing) disappear outright, replaced by only two groupings.
The first, “Agents and Infra,” absorbs not only Azure but also the Microsoft 365 suite and the revenues tied to enterprise AI software, thereby erasing the boundary that had until now separated cloud infrastructure from productivity tools. The second, “Devices and Consumer,” aggregates what remains oriented toward the general public: Windows, Xbox, and the advertising generated by both Bing and LinkedIn.
The new breakdown will take effect with the results of the first quarter of fiscal 2027, in the autumn. It comes with a technical adjustment rather than a strategic one.
Microsoft has slightly lowered its Azure revenue outlook, explaining that the decline reflects no real slowdown but a simple reclassification. GitHub revenues, previously counted as part of Azure, are now being moved to the cloud pillar of Microsoft 365.
The company’s overall revenue forecast, however, remains unchanged.
And the lingering question is why.
In the note that accompanied these changes, Satya Nadella points to AI as the direct driver of this overhaul.
According to him, AI now blurs the boundaries between the group’s products, making the old segmentation too rigid to reflect the reality of the business.
