AWS vs. Microsoft vs. Google Cloud earnings Q2 2025 face-off

CRN breaks down cloud sales, operating income, revenue growth and global cloud market share for AWS, Microsoft and Google Cloud for the second quarter of 2025

Cloud sales continue to surge at AWS, Microsoft and Google Cloud as the three largest cloud companies in the world generated roughly $75bn (£56.1bn) in revenue during the second quarter of 2025.

With AWS, Google and Microsoft all recently reporting the financial earnings results for their cloud computing and cloud services sales, CRN breaks down each company’s cloud revenue, sales growth year-on-year, cloud market share, operating income and parent company results for the second quarter of 2025.

“Cloud providers have seen quarterly revenues jump by $36bn since the beginning of 2023, with GenAI clearly being the major driver of this growth,” said John Dinsdale, a chief analyst at Synergy Research Group, in an email to CRN.

“In terms of competitive positioning, Amazon maintains a strong lead in the market though Microsoft and Google continue to achieve higher growth rates.”

Second-quarter 2025 cloud services market hits $99bn

Enterprise spending on cloud infrastructure services increased to $99bn in the second quarter of 2025, according to new data from Synergy Research Group.

The $99bn in cloud services sales in second-quarter 2025 represents a $20bn increase year-on-year compared with second-quarter 2024.

Azure vs. AWS vs. GCP

AWS, Microsoft and Google Cloud earnings results for second-quarter 2025 are mostly based off sales from each of the company’s flagship platforms, including Microsoft Azure, Google Cloud Platform (GCP) and the AWS Cloud.

It is key to note that Microsoft does not make public its Azure revenue figures.

Instead, Azure sales are included inside Microsoft’s Intelligent Cloud group, which also includes server products and other non-Azure cloud services.

It does not include productivity sales, such as from Office 365, or sales from PCs like Windows.

Microsoft’s fiscal fourth-quarter 2025 results are in the same three-month span as calendar year fourth-quarter 2024, which ended 30 June.

CRN breaks down AWS, Google Cloud and Microsoft financial results, sales growth percentages, operating income, parent company revenue and cloud market share in second-quarter 2025.

Second-quarter revenue/Annual run rate

AWS: $30.9bn/$124bn

Microsoft: $29.9bn/$120bn

Google Cloud: $13.6bn/$54bn

AWS net sales reached $30.9bn in the second quarter of 2025.

This means Amazon’s cloud business is currently at a roughly $124bn annual run rate.

Microsoft’s Intelligent Cloud group generated $29.9bn in revenue during the quarter.

Microsoft’s cloud group now has an annual run rate of approximately $120bn.

Google Cloud’s total sales of $13.6bn means Google’s cloud group now has an annual run rate of about $54bn.

Second-quarter sales growth year-on-year

Google Cloud: 32 per cent

Microsoft: 26 per cent

AWS: 17 per cent

In terms of sales growth rate, Google Cloud continues to outpace AWS and Microsoft.

Google Cloud’s $13.6bn in second-quarter 2025 sales represent a 32 per cent increase compared with $10.3bn in revenue it made in second quarter 2024.

Microsoft’s Intelligent Cloud group’s $29.9bn in sales represents a 26 per cent growth compared with $23.8bn year-on-year.

Microsoft said Azure and other cloud services revenue grew by 39 per cent year-on-year.

AWS’ $30.9bn in total sales represents a 17 per cent increase compared with the $26.3bn AWS generated in the second quarter of 2024.

Cloud market share

AWS: 30 per cent

Microsoft: 20 per cent

Google Cloud: 13 per cent

AWS is still the dominant leader in cloud infrastructure services on a global basis, according to new data from Synergy Research Group.

AWS won 30 per cent share of the global enterprise cloud infrastructure services market during the second quarter of 2025.

Microsoft placed second by winning 20 per cent share of the global cloud services market.

Google Cloud won 13 per cent share of the global cloud market in second-quarter 2025.

Second-quarter operating income

Microsoft: $12.1bn

AWS: $10.2bn

Google Cloud: $2.8bn

Microsoft’s Intelligent Cloud group reported operating income of $12.1bn for the quarter, up 23 per cent compared with $9.8bn year-on-year.

AWS’ operating income increased to $10.2bn in second-quarter 2025, up ten per cent compared with $9.3bn year-on-year.

Google Cloud generated a record $2.8bn in operating income for second-quarter 2025, up 133 per cent from $1.2bn year-on-year.

Parent company results

Amazon revenue: $168bn

Amazon operating income: $19.2bn

AWS parent company Amazon generated $168bn in the second quarter, representing a net sales increase of 13 per cent year-on-year.

Amazon reported $19.2bn in operating income, with AWS representing $10.2bn of its parent company’s operating income.

“Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I’m excited for what lies ahead,” said Amazon CEO Andy Jassy during his company’s second-quarter 2025 earnings report.

Alphabet revenue: $96bn

Alphabet operating income: $31bn

Google Cloud parent Alphabet generated $96bn in revenue, up 14 per cent year-on-year.

Operating income for the second quarter was $31bn, an increase from $27bn in second-quarter 2024.

“Cloud had strong growth in revenues, backlog and profitability.

“Its annual revenue run-rate is now more than $50bn,” said Alphabet CEO Sundar Pichai during its earnings report.

“With this strong and growing demand for our cloud products and services, we are increasing our investment in capital expenditures in 2025 to approximately $85bn and are excited by the opportunity ahead.”

Microsoft revenue: $76bn

Microsoft operating income: $34bn

Microsoft generated $76bn in revenue during the quarter, up 18 per cent year-on-year.

The software giant’s operating income was $34bn in second-quarter 2025, representing an increase of 23 per cent year-on-year.

“Cloud and AI is the driving force of business transformation across every industry and sector,” said Microsoft chairman and CEO Satya Nadella during the company’s earnings report.

“We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year Azure surpassed $75bn in revenue, up 34 per cent, driven by growth across all workloads.”

This article originally appeared on CRN UK sister website CRN.