Hyperscaler Cloud Revenue (AWS + Google Cloud + Microsoft + Oracle) · Trailing 12 Months

## What this measures

The combined cloud revenue of the four companies that rent out computing at scale, over the latest four quarters, in billions of U.S. dollars: Amazon (AWS), Alphabet (Google Cloud), Microsoft (Intelligent Cloud) and Oracle (cloud). Each company's line is the one it reports (cloud_revenue.aws.ttm, cloud_revenue.google_cloud.ttm, cloud_revenue.msft_intelligent_cloud.ttm, cloud_revenue.oracle_cloud.ttm). The series starts with the four quarters to June 2022, the first for which Oracle reports cloud revenue on its own.

## Why it matters

It is the revenue side of the AI infrastructure race: what customers pay for the computing the hyperscalers are spending hundreds of billions of dollars to build. Compared with the same four companies' capex (capex.cloud_providers.ttm) it shows whether monetization is keeping pace with the build-out.

## How to read it

Higher is more revenue. Read the growth rate against capex growth, or read the ratio directly (ai_infra.capex_to_cloud_revenue.ttm).

## What it does not say

The four lines hold different mixes of infrastructure, software and services, and none of them is AI revenue alone. Meta spends heavily on AI infrastructure but sells no cloud services, so it is not here; nor are private AI labs or neoclouds. Microsoft redefined Intelligent Cloud in August 2024, so the total steps down between June and September 2024 by the amount Microsoft moved out of the segment: that step is a change of definition, not a fall in revenue (see cloud_revenue.msft_intelligent_cloud.ttm).

## How it's built

Amazon, Alphabet and Microsoft report calendar quarters (Microsoft's fiscal year ends June 30, but its quarters end in March, June, September and December). Oracle's quarters end in February, May, August and November, and each counts in the calendar quarter it ends in: Oracle's quarter to May 31 is summed with the others' quarter to June 30. A quarter is published only when all four have reported, so the latest point waits for the last of the four. The values are the sum of each company's trailing-twelve-month cloud revenue.

## Source

U.S. Securities and Exchange Commission, EDGAR: the companies' 10-Q and 10-K filings (XBRL). SEC filings are public information and may be copied or redistributed (sec.gov). Refreshed weekly.