Google Cloud’s two-year reign as the world’s #1 fastest-growing major cloud vendor is under threat from “legacy” icons Oracle and SAP as both are thriving as cloud-first innovators with large and growing AI portfolios.
Here’s the latest Cloud Wars Growth Chart ranked by cloud-revenue growth, with the number in parentheses next to each company’s name representing where it currently stands on the Cloud Wars Top 10:
CLOUD WARS GROWTH CHART — JULY 1, 2025
| Company | Growth Rate | Cloud Rev. | Qrtr End |
| 1. Google Cloud (#2) | 28% | $12.3B | 3/31/25 |
| 2. (TIE) SAP (#5) | 27% | $5.3B | 3/31/25 |
| 2. (TIE) Oracle (#3) | 27% | $6.7B | 5/31/25 |
| 4. Microsoft (#1) | 20% | $42.4B | 3/31/25 |
| 5. ServiceNow (#6) | 19% | $3.0B | 3/31/25 |
| 6. Amazon (#4) | 17% | $29.3B | 3/31/25 |
| 7. Workday (#7) | 13.4% | $2.1B | 4/30/25 |
| 8. Salesforce (#8) | 8% | $9.8B | 4/30/25 |
| 9. Snowflake (#10) | 26% | $997M | 4/30/25 |
| 10. IBM (#9) **does not disclose cloud rev. or growth rate** | – | – | – |
**I have isolated Snowflake from the regular flow on the Cloud Wars Growth Chart until its quarterly revenue exceeds $1 billion, which will happen in this current quarter.
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Some thoughts on this latest edition of the Cloud Wars Growth Chart:
- Oracle is on a cloud-growth tear and could very well become #1 on this list when it releases its fiscal-Q1 numbers in early September. On its most-recent earnings call three weeks ago, CEO Safra Catz said that for Oracle’s fiscal year spanning June 1 to May 31, cloud revenue will soar to 40%.
- SAP has been outperforming its enterprise-apps competitors by a wide margin for several quarters in a row, and while some try to chalk that up as some sort of hiccup “because all their on-prem customers are being forced to go to the cloud,” I find that argument to be silly. After all, those 20,000+ on-prem customers are free to shift to Oracle or Workday or Microsoft, right?
- Google Cloud has seen its cloud-revenue growth rate slip over the past three quarters from 35% to 30% to 28%, and the big question is how much of that moderation is due to customer demand overwhelming available supply for cloud infrastructure and AI services? When Alphabet releases Google Cloud’s Q2 results at the end of this month, I expect it will maintain that 28% pace or possibly raise it to 29%.
- While Microsoft comes in at #4 on this list, it is nevertheless astonishing to see a business with $42.4 billion growing at 20%. If Microsoft maintains that pace, then when it releases its fiscal-Q4 numbers at the end of this month, it is very likely that the revenue for Microsoft’s cloud business — not for the whole company, but just its cloud unit — will reach $500 million per day. Half a billion dollars every 24 hours!
- Snowflake will move into the regular flow of the Cloud Wars Growth Chart in a few months with a growth rate that I expect to be at least 25%. In the past 15 months since replacing iconic CEO Frank Slootman, Sridhar Ramaswamy has completely overcome the big drop in market cap caused by Slootman’s surprise departure and has pushed that figure up to almost $75 billion, which is very close to its all-time high.
- I wish IBM would release overall cloud revenue instead of just the Red Hat slice of it. And I promise that when CEO Arvind Krishna asks me to tell him how to run the company, that request will be on my list of recommendations!
Final Thought
Well, not much more to add except to reiterate that in the Cloud Wars — the greatest growth market the world has ever known — the biggest winners are always — always! — the customers.
Happy summer to all!
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