AWS Vs. Microsoft Vs. Google Cloud Earnings Q4 2024 Face-Off

Here’s the head-to-head comparison of AWS, Google Cloud and Microsoft’s most recent financial earnings results for Q4 2024 including total sales, operating income, cloud market share and revenue growth.

GCP Vs. AWS Vs. Azure

AWS, Google Cloud and Microsoft financial cloud earnings results for Q4 2024 are primarily based off revenue generated from each of their flagship platforms including Microsoft Azure, AWS Cloud and the Google Cloud Platform (GCP).

Microsoft does not make public its Azure revenue figures. Instead, Azure sales are included inside Microsoft’s Intelligent Cloud group that 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 second-quarter 2025 results are in the same three-month span as calendar year fourth-quarter 2024, which ended Dec. 31.

Google Cloud revenue consists of infrastructure, GCP products, Google Workspace and platform services, while AWS revenue includes compute, storage, database and other cloud services sales.

CRN provides a head-to-head comparison of Microsoft, AWS and Google Cloud’s fourth quarter earnings results around total revenue, cloud sales growth, operating income and global cloud market share.

Q4 Revenue/Annual Run Rate

AWS: $28.8 billion/$115.2 billion

Microsoft: $25.5 billion/$102 billion

Google Cloud: $12 billion/$48 billion

AWS generated $28.8 billion in the fourth quarter of 2024. The longtime cloud market share leader now has a annual run rate of over $115 billion.

Microsoft’s Intelligent Cloud business captured total sales of $25.5 billion during the fourth quarter. The cloud group—which includes Azure, server products and other cloud services revenue—is now generating $102 billion annually.

Google Cloud reported total revenue of $12 billion during the fourth quarter. This means Alphabets cloud business is currently running at a $48 billion annual run rate.

Sales Growth Year Over Year

Google Cloud: 30 percent

AWS: 19 percent

Microsoft: 19 percent

Google Cloud grew sales at a faster rate than its larger competitors AWS and Microsoft by reporting a sales spike of 30 percent year over year. Google Cloud’s sales increased from $9.2 billion in Q4 2023 to now $12 billion.

Both AWS and Microsoft Intelligent Cloud business grew at approximately 19 percent year over year.

Microsoft generated $25.5 billion in sales during Q4 2024, up 19 percent year over year compared to $21.5 billion. For Q4 2024, Microsoft reported that server products and cloud services revenue increased 21 percent, driven by Azure, while its other cloud services revenue grew 31 percent year over year.

AWS generated $28.8 billion in Q4 2024, representing a 19 percent sales increase compared to $24.2 billion in Q3 2023.

Cloud Market Share For Q4 2024

AWS: 30 percent

Microsoft: 21 percent

Google Cloud: 12 percent

Enterprise spending on cloud infrastructure services reached $90.6 billion worldwide, up 22 percent or $17 billion year over year, according to new data from Synergy Research Group.

Ranking in at No. 1 for global market share by winning 30 percent share was AWS during the fourth quarter. In Q4 2023, AWS won 31 percent share.

Microsoft ranked No. 2 with 21 percent share captured during the fourth quarter. In Q4 2023, Microsoft won 24 percent share.

Google Cloud ranked No. 3 with 12 percent share of the global market in the fourth quarter. In Q4 2023, Google won 11 percent share.

All three companies have ranked as the top three global cloud providers in the world since 2018, with AWS keeping its leadership position throughout, followed by Microsoft at No. 2 and Google Cloud in third place.

Operating Income

Microsoft: $10.8 billion

AWS: $10.6 billion

Google Cloud: $2.1 billion

Microsoft Intelligent Cloud group generated $10.85 billion in operating income during the fourth quarter. This represents an operating income growth increase of 14 percent compared to $9.55 billion in fourth quarter 2023.

AWS operating income increased 48 percent year over year during Q4 2024 with AWS reporting $10.6 billion in operating income compared to $7.2 billion in Q4 2023.

Google Cloud operating income increased a record-breaking 142 percent in the fourth quarter. Google Cloud reported operating income of $2.1 billion in Q4 2024, up significantly from $864 million year over year.

Amazon Revenue: $188 billion

Amazon Operating Income: $21.2 billion

AWS parent company Amazon generated total sales of $188 billion during the quarter, up from $170 billion year over year.

Amazon’s operating income increased to $21.2 billion in the fourth quarter, compared to $13.2 billion year over year.

Alphabet Revenue: $96.5 billion

Alphabet Operating Income: $31 billion

Google Cloud’s parent company Alphabet generated total sales of $96.5 billion during the fourth quarter, up 12 percent year over year from $86.3 billion.

Total operating income for Alphabet was nearly $31 billion, an increase of 32 percent compared to $23.7 billion in Q4 2023.

Microsoft Revenue: $69.6 billion

Microsoft Operating Income: $31.6 billion

Microsoft generated $69.6 billion in total sales during the fourth quarter of 2024, representing an increase of 12 percent compared to $62 billion in Q2 2023.

Operating income at Microsoft was $31.6 billion in Q4 2024, an 17 precent increase compared to $27 billion year over year.

Read more: https://www.crn.com/news/cloud/2025/aws-vs-microsoft-vs-google-cloud-earnings-q4-2024-face-off