Microsoft expanded revenue from $245.1B in FY2024 [MSFT:Q2] to $281.7B in FY2025 [MSFT:Q3], a year-over-year increase of approximately 15%. Zooming out to FY2022, the starting base was $198.3B [MSFT:Q0], yielding cumulative three-year growth of roughly 42%. It is worth noting, however, that the FY2022-to-FY2023 step was more modest (approximately 6.9%), with the stronger double-digit gains concentrated in FY2023→FY2024 (~15.7%) and FY2024→FY2025 (~14.9%)—driven in large part by Azure cloud services and early AI monetization.
Apple's trajectory over the same period has been considerably flatter. Revenue dipped from $394.3B in FY2022 [AAPL:Q0] to $383.3B in FY2023 [AAPL:Q1], recovered modestly to $391.0B in FY2024 [AAPL:Q2], and rose to $416.2B in FY2025 [AAPL:Q3]. The FY2024-to-FY2025 increase of roughly 6.4% represents a meaningful improvement relative to the near-flat FY2023→FY2024 recovery (~2%), though the specific drivers of this uptick are not fully detailed in available filings. Cumulatively, Apple's three-year growth of approximately 6% stands in stark contrast to Microsoft's ~42% over the same span.
AAPL: Apple's revenue growth has been sluggish in aggregate, declining from $394.3B in FY2022 [AAPL:Q0] to a trough of $383.3B in FY2023 [AAPL:Q1] before recovering to $416.2B in FY2025 [AAPL:Q3]. The FY2025 result (~6.4% year-over-year from $391.0B in FY2024 [AAPL:Q2]) marks a notable improvement over the prior year's near-stagnation, but three-year cumulative growth of roughly 6% reflects limited secular tailwinds relative to cloud- and AI-exposed peers.
MSFT: Microsoft delivered strong revenue growth in its two most recent fiscal years—approximately 15.7% in FY2024 and ~15% in FY2025 [MSFT:Q3]—reaching $281.7B, up from a FY2022 base of $198.3B [MSFT:Q0]. The cumulative three-year gain of roughly 42% is underpinned by durable demand for Azure and the company's early monetization of AI offerings, though the FY2022→FY2023 growth rate (~6.9%) was more subdued, tempering any characterization of the entire period as uniformly high-velocity.