AWS Vs. Microsoft Azure Vs. Google Cloud Q3 earnings face-off

CRN breaks down third-quarter 2026 earnings results from Microsoft Azure, AWS and Google Cloud around sales growth, global market share, operating income and more

a person holding a lightbulb with a glowing, futuristic cloud hologram inside, surrounded by digital circuitry and connections, symbolizing innovation and cloud-based technology.

Google Cloud’s historic 103 per cent sales growth increased its global market share during the third quarter of 2026.

Microsoft reported a $133bn annual run rate for Azure, while AWS remained the top cloud sales leader by generating $46bn in third-quarter 2026 revenue.

CRN reviewed the financial earnings data for the third quarter of 2026 to provide a face-off among top cloud leaders AWS, Google Cloud and Microsoft Azure regarding quarterly sales, global cloud market share, operating income, year-over-year revenue growth and more.

$168bn Q3 2026 cloud services market

Before jumping into the cloud earnings numbers, it is key to note that $168bn was spent by enterprises on cloud infrastructure services during the third quarter of 2026, according to new data from Synergy Research Group.

The $168bn represented a 55 per cent year-over-year increase from the third quarter of 2025.

“Amazon maintains a strong lead in the market, while Microsoft and Google continue to achieve substantially higher growth rates,” said John Dinsdale, chief analyst at Synergy Research Group, in an email to CRN.

Third-quarter 2026 cloud sales growth rate year-on-year

Google Cloud increased sales in the third quarter of 2026 by a record-breaking 103 per cent year-on-year to $30.7bn.

Microsoft Azure revenue increased by 48 per cent year-on-year to $33.2bn.

AWS increased sales by 39 per cent year-on-year in the third quarter of 2026 to $46bn.

Click through to find third-quarter 2026 market-share figures, operating income, total revenue, annual run rates and more.

Third-quarter total sales/annual run rate

AWS reported $46bn in total sales, up 39 per cent year-on-year compared with $33bn. The company now has a $184bn annual run rate.

Microsoft Azure revenue reached nearly $33.2bn, up 48 per cent compared with $22.4bn year-on-year. Microsoft’s Azure business now has a $133bn annual run rate.

Google Cloud generated $30.7bn in revenue, up 103 per cent year-on-year, compared with $15.2bn in the third quarter of 2025. Google Cloud now has an annual run rate of $123bn.

Worldwide cloud market share for third-quarter 2026

New data from Synergy Research Group shed light on the global market share for enterprise spending on cloud infrastructure services during the third quarter of 2026.

AWS ranks number one with 26 per cent share of the global market in the third quarter of 2026, down from 29 per cent share year-on-year.

Microsoft ranks number two with 19 per cent market share, down from 20 per cent share year-on-year in the third quarter of 2025.

Google Cloud ranks third at 16 per cent market share, up from 13 per cent share year-on-year.

Operating income for third-quarter 2026

AWS generated $17.8bn in operating income in the third quarter of 2026, up 55 per cent year-on-year from $11.4bn.

Google Cloud captured $11.1bn in operating income, an increase of 209 per cent year-on-year, up from $3.6bn in the third quarter of 2025.

Microsoft did not break out Azure’s operating income. Instead, Azure was included inside Microsoft’s broader Agents and Infrastructure segment, which reported a total of $40.6bn in operating income, up 24 per cent year-on-year from $32.8bn.

Parent companies results; key CEO remarks

Amazon: $202bn

AWS parent company Amazon generated total sales of $202bn, up 12 per cent year-on-year compared with $180bn in the third quarter of 2025.

Amazon’s operating income was $28.1bn, led by AWS generating $17.8bn in operating income.

“We believe AWS can grow north of 40 per cent in both 2027 and in 2028 and be a trillion-dollar business in time,” said AWS CEO Matt Garman on LinkedIn.

“We have a compelling flywheel spinning in AWS. Customers want their AI to run close to their data and applications, and most of that already lives on AWS.

“As AI workloads grow, they pull the rest of the business along with them, and that growth lets us keep reinvesting in what we build for customers.”

Alphabet: $127.6bn

Google Cloud’s parent company generated $127.6bn in total revenue, up 25 per cent year-on-year compared with $102.3bn.

Alphabet’s operating income was $40.6bn, up from $31.2bn year-on-year.

“Google Cloud now has 18 product lines with more than $1bn each in annual revenue. And our growth this quarter was driven by strong growth in Google Cloud Platform (GCP) with strength in both AI and core GCP,” said CEO Thomas Kurian during Alphabet’s third- quarter 2026 earnings report.

“Demand was also strong across our product lines.”

Microsoft: $92.3bn

Microsoft captured $92.3bn in total sales, up 19 per cent year-on-year compared with $77.7bn.

Microsoft’s total operating income was $45.9bn, up from approximately $38bn year-on-year.

“We are delivering greater capability, choice, control and cost efficiency for customers across our entire stack,” said Microsoft Chairman and CEO Satya Nadella in a statement.

“By helping organisations build and own their own intelligence, and earning trust through agent safety and security, we are translating our innovation into growing adoption and real-world impact across every industry.”

This article originally appeared on CRN UK sister websiteCRN US.