DemandFilings through October 30, 2026; segments since 2023-01-01
Where the AI revenue is
In the quarter ended Sep 2026, AWS earned $46.0 billion of revenue and $17.8 billion of operating income, +39.3% on a year earlier, while Amazon spent $77.3 billion company-wide on capital equipment. Google Cloud earned $30.7 billion with $11.1 billion of operating income. Nvidia’s data-center revenue was $89.0 billion, +116.6% on a year earlier. Segments are each company’s own and are not added across companies.
Sources, method and freshnessFilings through October 30, 2026; segments since 2023-01-01
inline XBRL instances of each 10-Q and 10-K from EDGAR; dimensional facts selected by axis and member; latest-filed value per period; Q4 = FY less nine months; quarters that fail to sum to the year are withheld.
Cite as The Capex Report, Where the AI revenue is, filings through October 30, 2026.
The cloud businesses that buy the build
Millions of dollars, each segment’s latest quarter| Company | Segment | Quarter | Revenue | Year on year | Operating income | Margin | Company capex | Capex over segment revenue | Quarters |
|---|---|---|---|---|---|---|---|---|---|
| Microsoft | Agents and Infrastructure segment (from FY2027) 1 | Sep 2026 | 76,795 | +24.5% | 40,558 | 52.8% | 39,367 | 51.3% | 2 |
| Microsoft | Intelligent Cloud segment | Mar 2026 | 34,681 | +29.6% | 13,753 | 39.7% | 30,876 | 89.0% | 13 |
| Microsoft | Azure 2 | Sep 2026 | 33,165 | +48.2% | — | — | 39,367 | 118.7% | 2 |
| Alphabet | Google Cloud segment | Sep 2026 | 30,709 | +102.6% | 11,121 | 36.2% | 51,355 | 167.2% | 15 |
| Amazon | Amazon Web Services segment | Sep 2026 | 45,984 | +39.3% | 17,773 | 38.7% | 77,259 | 168.0% | 15 |
| Oracle | Cloud and software business segment | Aug 2026 | 17,157 | +32.9% | 9,358 | 54.5% | 28,499 | 166.1% | 7 |
| Oracle | Cloud infrastructure (OCI) revenue 3 | Aug 2026 | 7,388 | +120.7% | — | — | 28,499 | 385.7% | 7 |
1 Microsoft re-segmented in fiscal 2027; Intelligent Cloud is the predecessor series. 2 Revenue only; Microsoft began tagging Azure in fiscal 2027. 3 Revenue only.
Company capex is the whole company’s cash capital spending in the same quarter, from the cash flow statement; no company reports capex by segment.
Microsoft: Intelligent Cloud segment
Microsoft’s pageMembers read: StatementBusinessSegmentsAxis=IntelligentCloudMember. 13 quarters on file.
Alphabet: Google Cloud segment
Alphabet’s pageMembers read: StatementBusinessSegmentsAxis=GoogleCloudMember. 15 quarters on file.
Amazon: Amazon Web Services segment
Amazon’s pageMembers read: StatementBusinessSegmentsAxis=AmazonWebServicesSegmentMember. 15 quarters on file.
The data-center businesses that sell into it
Millions of dollars, each segment’s latest quarter| Company | Segment | Quarter | Revenue | Year on year | Operating income | Margin | Quarters |
|---|---|---|---|---|---|---|---|
| Nvidia | Compute & Networking segment | Jul 2026 | 88,299 | +113.6% | 62,696 | 71.0% | 14 |
| Nvidia | Data Center market platform 1 | Jul 2026 | 89,023 | +116.6% | — | — | 14 |
| AMD | Data Center segment | Jun 2026 | 6,718 | +107.3% | 2,103 | 31.3% | 14 |
| Intel | Data Center and AI segment | Sep 2026 | 7,318 | +77.8% | 3,039 | 41.5% | 15 |
| Intel | Intel Foundry segment | Sep 2026 | 6,697 | +58.1% | (1,853) | -27.7% | 12 |
| Micron | Cloud Memory Business Unit | May 2026 | 13,769 | +306.6% | 10,793 | 78.4% | 6 |
| Dell | Infrastructure Solutions Group segment | Jul 2026 | 31,782 | +89.2% | 4,781 | 15.0% | 14 |
| Dell | AI-optimized servers and networking 2 | Jul 2026 | 16,401 | +99.8% | — | — | 4 |
| Coherent | Datacenter & Communications segment | Mar 2026 | 1,362 | +40.6% | — | — | 6 |
| Ciena | Networking Platforms segment | Aug 2026 | 1,356 | +44.0% | — | — | 15 |
| GE Vernova | Electrification segment 3 | Sep 2026 | 3,862 | +50.6% | — | — | 12 |
| GE Vernova | Power segment 4 | Sep 2026 | 6,067 | +24.8% | — | — | 12 |
1 Revenue only. 2 Revenue only. 3 Revenue only; GE Vernova reports segment EBITDA, not operating income. 4 Revenue only.
Each company’s own segment, as it defines it. Nvidia’s compute and networking segment and its data-center revenue line overlap; both are shown as filed.
Questions this page answers
- Why are segments not added up?
- segment definitions are the filer's own and change over time; members lists the exact axis=member pairs read; a segment's capex or depreciation is present only where the filer tags it by segment Microsoft’s Intelligent Cloud, Amazon’s AWS and Alphabet’s Google Cloud draw their boundaries differently, so a sum would mean nothing.
- Why is operating income missing for some lines?
- Companies report operating income only for their reportable segments. Product lines such as Azure, Nvidia’s data-center revenue and Dell’s AI servers are disclosed as revenue only.
- What does capex over segment revenue show?
- Company-wide capital spending in the quarter against the cloud segment’s revenue in the same quarter. It is a rough gauge of how much of a quarter’s cloud sales the build-out costs, not an allocation: the companies do not report capex by segment.