Alphabet Inc. 8-K

Summary

Q2 2026 results. Revenue grew 24% Y/Y (23% in constant currency), while Google Cloud revenue accelerated 82%. Net income included a $99.0B net gain on equity securities, primarily unrealized, which materially lifted reported earnings.

Key Figures

• The $99.0B equity-securities gain increased Q2 net income by $77.1B and diluted EPS by $6.26. Operating margin expanded to 34% from 32%.
• Google Services revenue was $94.5B (+15%); Search grew 17%, subscriptions, platforms and devices 15%, and YouTube ads 13%. Google Cloud revenue was $24.8B (+82%), with operating income of $8.81B vs $2.83B.
• Property and equipment purchases were $44.9B vs $22.4B, contributing to negative free cash flow. Cash, cash equivalents and marketable securities totaled $242.5B at 6/30/2026; long-term debt was $98.2B. Alphabet raised $49.6B in net proceeds from common and mandatory convertible preferred stock and received $20.3B in net proceeds from senior unsecured notes. Its ATM program allows up to $40.0B in stock sales; none had occurred by quarter-end. The board declared quarterly dividends of $0.22 per common share and $12.15 per preferred share (≈$0.60 per depositary share).

Guidance

No guidance in this filing.

Investor Takeaways

• Google Cloud growth and operating income in the next quarter will indicate whether demand for AI infrastructure and solutions continues to accelerate.
• Operating cash flow relative to capital spending will show whether Alphabet’s AI infrastructure investment is translating into stronger cash generation.