Google Cloud Grew 82% Last Quarter. Azure Grew 43% and AWS Grew 37%.

GOOG reported Q2 2026 Google Cloud revenue of $24.8 billion, up 82% year-over-year, more than doubling the growth rates of MSFT Azure at 43% and AMZN Web Services at 37%. Despite holding the smallest market share among the three hyperscalers, Google Cloud is now adding absolute revenue dollars at a pace similar to AWS, according to The Motley Fool.

The acceleration is fueled by AI workload demand and a $514 billion contracted backlog, signaling sustained revenue visibility. MSFT and AMZN continue to grow their cloud divisions at robust rates, but GOOG's pace suggests market share gains are underway. All three companies are benefiting from enterprise AI adoption, though GOOG appears to be capturing disproportionate incremental demand.

The backlog figure provides revenue predictability often underappreciated in near-term estimates, and the growth differential narrows the revenue gap faster than linear projections would suggest.