Hi Shawn Ye,
Microsoft hasn’t published specific throughput numbers for HMAC-SHA256 operations in Azure Key Vault HSM or Managed HSM. The exact performance can vary depending on message size, key usage, and request load.
You can refer to the Azure Managed HSM scaling guidance, which outlines approximate throughput for symmetric and asymmetric operations such as AES and RSA. While HMAC isn’t listed separately, it can be considered comparable to other symmetric operations (for example, AES) that achieve several thousand operations per second per HSM instance under optimal conditions.
For accurate planning, it’s recommended to test using your expected workload and message size.
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