MSFT · 10-K · 2025A · Full report
Microsoft Cloud Demand Trends
MICROSOFT CORP · 2025-07-30 · Importance 70 · Surprise 56
Microsoft Cloud showed broad-based, above-trend demand with Microsoft Cloud revenue up 23% to $168.9 billion, driven by strong consumption of Azure and Microsoft 365 Commercial cloud. Azure and other cloud services revenue grew 34%, driving a 23% increase in server products and cloud services. Microsoft 365 Commercial cloud revenue grew 15% with seat growth in small and medium businesses and frontline offerings, and Dynamics 365 grew 19% across workloads, indicating enterprise uptake of cloud and AI-enabled workloads. The combined strength across Microsoft Cloud, Dynamics, and Microsoft 365 suggests sustained enterprise demand for subscription and consumption-based cloud services.
Key facts
- Azure and other cloud services revenue grew 34% year over year in fiscal year 2025.
- Intelligent Cloud revenue increased $18,801 million or 21% year over year to $106,265 million in fiscal year 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +6.7% | Intelligent Cloud revenue increased $18,801 million or 21% year over year to $106,265 million in fiscal year 2025. |
| revenue | positive | realized | — | Azure and other cloud services revenue grew 34% year over year in fiscal year 2025. |