How big are the Cloud Kings' cloud businesses?
We read the latest annual report of all 17 eligible companies. Here is what each one discloses about its cloud business, and where the disclosures fall short.
By CloudKings Editorial · 7 min read
The Cloud Kings 10 ranks companies by market capitalization, but market value says little about how large each company's cloud business actually is. To find out, we read the latest annual report of every company in our eligible universe. The figures below are as each company reports them: fiscal years end in different months, some figures are in renminbi or euros, and each company defines its cloud measure differently, so the numbers are not directly comparable.
Three companies report cloud as a full segment, with profits
Amazon, Alphabet and Alibaba each report their cloud business as a separate segment, including a profit measure. That makes them the clearest windows into the economics of large-scale cloud infrastructure.
| Company | Segment | Revenue | Profit measure | Period |
|---|---|---|---|---|
| Amazon | Amazon Web Services | $128.7bn | Operating income $45.6bn | FY2025 |
| Alphabet | Google Cloud | $58.7bn | Operating income $13.9bn | FY2025 |
| Alibaba | Cloud Intelligence Group | RMB158.1bn (US$22.9bn) | Adjusted EBITA RMB14.27bn | FY to Mar 2026 |
AWS is about 18% of Amazon's $716.9bn of net sales, Google Cloud about 15% of Alphabet's $402.8bn of revenues, and Cloud Intelligence Group about 15% of Alibaba's revenue. In each case the cloud business is large in absolute terms but a minority of the group.
Microsoft, Oracle and SAP disclose large cloud totals
- Microsoft reported Microsoft Cloud revenue of $214.4bn for the year to June 2026, up 27%. This is a broad measure covering Azure and its commercial cloud software. Azure itself is reported only as a growth rate (41%) inside the Intelligent Cloud segment, which had revenue of $137.8bn.
- Oracle reported total cloud revenues of $34.0bn for the year to May 2026: $18.1bn from cloud infrastructure and $15.9bn from cloud applications. That is about half of its $67.4bn total revenue. It also reported remaining performance obligations of $638bn.
- SAP reported cloud revenue of EUR21.02bn for 2025, up 23% and about 57% of total revenue of EUR36.80bn, with a current cloud backlog of EUR21.05bn.
For software companies, subscriptions are the business
Most cloud software companies do not use the word cloud in their segment reporting at all. Their cloud business is their subscription revenue.
| Company | Measure | Latest annual figure | Share of revenue | Period |
|---|---|---|---|---|
| Salesforce | Subscription and support | $39.4bn | 95% | FY to Jan 2026 |
| ServiceNow | Subscription | $12.88bn | 97% | FY2025 |
| Adobe | Subscription | $22.9bn | 96% | FY to Nov 2025 |
| Workday | Subscription services | $8.83bn | 92% | FY to Jan 2026 |
| Snowflake | Product revenue | $4.47bn | 96% | FY to Jan 2026 |
| Intuit | Online Ecosystem | $9.92bn | 46% | FY to Jul 2026 |
| Shopify | Subscription Solutions | $2.75bn | 24% | FY2025 |
| Datadog | Total revenue (software as a service) | $3.43bn | 100% | FY2025 |
| Cloudflare | Total revenue | $2.17bn | 100% | FY2025 |
Shopify is the outlier. Its Merchant Solutions revenue, largely linked to payment processing, was $8.80bn, about three-quarters of the total. Its platform is delivered from the cloud, but most of its revenue comes from the payments that run through it.
Where the disclosures fall short
- Tencent does not report cloud revenue. Tencent Cloud sits inside FinTech and Business Services, which reported RMB229.4bn in 2025, about 31% of group revenue, alongside payments. The annual report says Tencent Cloud achieved profit at scale, but gives no cloud figure.
- IBM reports Hybrid Cloud (Red Hat) revenue of $7.33bn, about 11% of its $67.5bn total. Its IBM Cloud infrastructure services sit inside the Infrastructure segment and are not quantified.
- Microsoft gives Azure's growth rate but not its revenue.
- Palantir sells through its own hosted cloud and on-premises but does not disclose the split. That is one reason it is tracked as a related company rather than ranked.
Why this matters for the ranking
Our eligibility rule requires a substantial, identifiable cloud business, but not that cloud is the majority of revenue. Disclosures like these are how we check that test. Where a company does not quantify its cloud business, we rely on what it does say in its filings and record that limitation openly on its company profile and in our methodology.