Infrastructure Software: Consumption Junction: Growth catalyzed higher in 1Q26

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Infrastructure Software: Consumption Junction: Growth catalyzed higher in 1Q26

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Infrastructure Software

Consumption Junction: Growth catalyzed

higher in 1Q26

Industry Overview

Consumption revenue accelerated (again) in 1Q26 13 July 2026

We update our quarterly Consumption Junction series for 1Q26 results. In this note, we Equity

add the hyperscalers and BofA forecasts to the analysis. We compare consumption Americas

revenue streams from Amplitude, Amazon (AWS), Datadog, Elastic, JFrog, Google (GCP Infrastructure Software

IaaS/PaaS), MongoDB, Microsoft (Azure), Oracle (Cloud Infrastructure), and Snowflake. Koji Ikeda, CFA

We take a step further and analyze and compare days-adjusted revenue, net-new Research Analyst

revenue, self-managed revenue, and performance against Street expectations. In 1Q26, BofAS+1 415 913 2106

total consumption revenue grew 41% y/y, accelerating from +35% in 4Q25, driven by koji.ikeda@bofa.com

broad based demand and in many cases AI too. Key takeaway: We think there is good George McGreehan

Research Analyst

potential for the strong consumption demand to continue, and growth could accelerate BofAS

further as AI becomes a more meaningful growth driver. +1 415 913 4315 george.mcgreehan@bofa.com

Hyperscalers consumption growth robust in 1Q at 41% y/y TalResearchLiani Analyst

In total, hyperscaler consumption revenue (Amazon AWS, Google GCP IaaS/PaaS, BofAS

+1 646 855 5107

Microsoft Azure, Oracle OCI) grew +41.4% y/y in 1Q26, accelerating 6 points from tal.liani@bofa.com

+34.9% last quarter. The strength is driven by broad based platform usage and Justin Post

increasing AI. In our view, the strong results signal healthy and increasing enterprise Research Analyst BofAS