What is the company's revenue growth rate for Q2 compared to Q1
transactional velocity deals as we look internationally versus domestically?
Jay Kreps -- Co-Founder and Chief Executive Officer
Yes. Yes. So international has continued to outpace U.S. growth.
Kind of in just observing and talking with customers, I would say they're probably a little bit behind the curve on overall cloud adoption and a little bit behind on streaming, but catching up quickly. I think that in all regions, I've met with customers who are kind of going big at very senior levels, I think that's an exciting thing to say. So for us, the regional differences at this layer of the stack, they're not huge, right? There's many other products that have much bigger differences. By and large, I feel like this type of technology is kind of very international.
But it is true that I would say the European companies were a little slower on cloud, so just the total dollar spend in cloud is not at the same level yet as the counterparts -- similar sized company in the same industry would be at in the U.S. And then maybe a little bit, maybe a year behind the curve across the board on the world of streaming. But by and large, doing exactly the same projects in exactly the same way, so we see that as a super healthy thing as that business is kind of catching up to what we see in the U.S. You may have bits to add to that, Steffan, but those are my observations.
Shane Xie
All right. We'll take our next question from Brad Sills of Bank of America.
Adam Bergere -- Bank of America Merrill Lynch -- Analyst
This is Adam on for Brad. So just as you guys see deals get bigger, can you just remind us how we should be thinking about seasonality again? For example, like should we expect to see a more pronounced Q4 this year than maybe last year or the year prior?
Jay Kreps -- Co-Founder and Chief Executive Officer
Yes. Do you want to speak to that, Steffan?
Steffan Tomlinson -- Chief Financial Officer
Sure. When we think about seasonality, it's really from a bookings basis primarily. That's where we start. And given the way that business is done in the enterprise, typically near the end of the calendar year, larger deals have more momentum, and we -- in deals in Q4, and it's also aligned with sales compensation plans.
But we're looking at doing very substantial deals throughout the whole year, but it just so happens the way that the enterprise business works. It tends to be -- Q4 tends to be higher from a booking standpoint. When you look at revenue, there's going to be a little bit of variability in our revenue on a quarter-to-quarter basis in terms of growth rates, and that's because we have a hybrid revenue model. Part of our model has Confluent platform, which you have part of it upfront and then the balance recognized ratably.
We are seeing an increased impact -- positive impact around our consumption business. And we talked about that there are some either seasonality or cyclicality type of dynamics to a consumption-based model. And so you could have Q4 to Q1 having less sequential consumption growth. But that's normal, and there are lots of different companies that are out there with a hybrid revenue model that sees that on a consumption basis.
But we're talking about this in the context of us continuing to raise numbers. We're leaning into a $50 billion-plus market. We're also leaning into improved visibility around how we're managing growth and profitability. And so I devoted a little bit of my comments to this in the script, but we remain committed to delivering high revenue growth and annual operating margins, operating margin improvement in FY '22.
We plan on accelerating that in FY '23 from an operating margin standpoint, and we plan on exiting Q4 '24 with positive non-GAAP operating margin, and we're doing this all in a high-growth format. And the last point I want to make on that is, if you think about the importance of managing growth and profitability and the timing of when we are achieving positive non-GAAP operating margin, we're a 2014 vintage company, and we have laid out basically like a 10-year dynamic from 2014 to Q4
transactional velocity deals as we look internationally versus domestically?
Jay Kreps -- Co-Founder and Chief Executive Officer
Yes. Yes. So international has continued to outpace U.S. growth.
Kind of in just observing and talking with customers, I would say they're probably a little bit behind the curve on overall cloud adoption and a little bit behind on streaming, but catching up quickly. I think that in all regions, I've met with customers who are kind of going big at very senior levels, I think that's an exciting thing to say. So for us, the regional differences at this layer of the stack, they're not huge, right? There's many other products that have much bigger differences. By and large, I feel like this type of technology is kind of very international.
But it is true that I would say the European companies were a little slower on cloud, so just the total dollar spend in cloud is not at the same level yet as the counterparts -- similar sized company in the same industry would be at in the U.S. And then maybe a little bit, maybe a year behind the curve across the board on the world of streaming. But by and large, doing exactly the same projects in exactly the same way, so we see that as a super healthy thing as that business is kind of catching up to what we see in the U.S. You may have bits to add to that, Steffan, but those are my observations.
Shane Xie
All right. We'll take our next question from Brad Sills of Bank of America.
Adam Bergere -- Bank of America Merrill Lynch -- Analyst
This is Adam on for Brad. So just as you guys see deals get bigger, can you just remind us how we should be thinking about seasonality again? For example, like should we expect to see a more pronounced Q4 this year than maybe last year or the year prior?
Jay Kreps -- Co-Founder and Chief Executive Officer
Yes. Do you want to speak to that, Steffan?
Steffan Tomlinson -- Chief Financial Officer
Sure. When we think about seasonality, it's really from a bookings basis primarily. That's where we start. And given the way that business is done in the enterprise, typically near the end of the calendar year, larger deals have more momentum, and we -- in deals in Q4, and it's also aligned with sales compensation plans.
 But we're looking at doing very substantial deals throughout the whole year, but it just so happens the way that the enterprise business works. It tends to be -- Q4 tends to be higher from a booking standpoint. When you look at revenue, there's going to be a little bit of variability in our revenue on a quarter-to-quarter basis in terms of growth rates, and that's because we have a hybrid revenue model. Part of our model has Confluent platform, which you have part of it upfront and then the balance recognized ratably.
We are seeing an increased impact -- positive impact around our consumption business. And we talked about that there are some either seasonality or cyclicality type of dynamics to a consumption-based model. And so you could have Q4 to Q1 having less sequential consumption growth. But that's normal, and there are lots of different companies that are out there with a hybrid revenue model that sees that on a consumption basis.
But we're talking about this in the context of us continuing to raise numbers. We're leaning into a $50 billion-plus market. We're also leaning into improved visibility around how we're managing growth and profitability. And so I devoted a little bit of my comments to this in the script, but we remain committed to delivering high revenue growth and annual operating margins, operating margin improvement in FY '22.
We plan on accelerating that in FY '23 from an operating margin standpoint, and we plan on exiting Q4 '24 with positive non-GAAP operating margin, and we're doing this all in a high-growth format. And the last point I want to make on that is, if you think about the importance of managing growth and profitability and the timing of when we are achieving positive non-GAAP operating margin, we're a 2014 vintage company, and we have laid out basically like a 10-year dynamic from 2014 to Q4