Google Cloud revenue increased 82% year over year to $24.8 billion in Q2 2026, with operating income of $8.8 billion. The company began recognizing revenue from agreements to supply TPU systems for specialized, high-scale workloads; the significant majority of those revenues is expected in 2027.
Alphabet continued scaling AI and data-center capacity: Q2 capital expenditures were $44.9 billion, primarily for technical infrastructure, while six-month capital expenditures reached $80.6 billion. As of June 30, the company had $707.0 billion of fixed or guaranteed commitments, primarily long-term infrastructure supply agreements, and $85.2 billion of future payments for data-center leases not yet commenced.
Alphabet completed its $29.5 billion acquisition of Wiz to expand Google Cloud’s multicloud and AI-driven security capabilities and its $5.9 billion acquisition of Intersect to accelerate data-center capacity and energy development; both acquisitions closed in March 2026 and are now reflected in operations.
Alphabet plans to separate GFiber by contributing it to a newly formed entity, receiving $1.5 billion in cash, a $2.0 billion note receivable, and a 49.99% equity interest. The transaction is expected to close in late 2026; GFiber is classified as held for sale, although its results remain in Other Bets until closing.
(Filed on April 30, 2026)
+21.8%
62.4%
$38.1B
Google Cloud revenue increased 63% year over year to $20.0 billion, and Google Cloud operating income rose to $6.6 billion; backlog was $467.6 billion at March 31, 2026, including $462.3 billion for Google Cloud. Alphabet expects to begin recognizing revenue later in 2026 from limited agreements to supply multiple gigawatts of TPU hardware, with most revenue expected in 2027.
Alphabet completed the $29.5 billion acquisition of Wiz on March 11, adding multicloud and AI-driven security capabilities to Google Cloud, and completed the $5.9 billion acquisition of renewable-energy developer Intersect on March 10 to accelerate data-center capacity and energy development.
Alphabet increased technical-infrastructure investment materially: first-quarter capital expenditures were $35.7 billion, property and equipment not yet in service reached $108.6 billion, and the company expects to significantly increase technical-infrastructure investment in 2026. It also had $75.6 billion of uncommenced data-center lease commitments and $28.4 billion of credit-derivative backstops at quarter-end.
Alphabet entered into a March 2026 agreement to contribute GFiber to a newly formed entity; the transaction is expected to close in late 2026, with Alphabet expecting $1.5 billion in cash, a $2.0 billion note, and a 49.99% equity interest while losing primary-beneficiary status. Separately, Waymo received $16.0 billion of funding in February, the significant majority from Alphabet; Other Bets' first-quarter operating loss increased to $2.1 billion.
Alphabet implemented court-ordered Google Play remedies in October 2025 and reached a March 2026 settlement with Epic to seek modifications and make additional operational changes; a joint motion to modify the injunction was pending as of the filing. The company also appealed the U.S. Search antitrust judgment, which requires restrictions on distribution and data-sharing and remains subject to implementation and litigation risk.
(Filed on February 5, 2026)
+18.0%
59.8%
$30.7B
Annual context: Alphabet reported that all 15 of its half-billion-user products, including seven with more than two billion users, use Gemini models; Gemini 3 was integrated into Search and the Gemini app, while AI Overviews, AI Mode, Gemini Enterprise, and Gemini for Google Workspace expanded the company’s generative-AI offerings. The filing does not provide Q4-only adoption metrics.
Annual context: Google Cloud revenue increased 36% to $58.7 billion and operating income reached $13.9 billion in 2025; remaining performance obligations were $242.8 billion at year-end, primarily related to Google Cloud, with just over 50% expected to be recognized over the next 24 months.
Alphabet entered agreements expected to close in 2026 to acquire Wiz for $32.0 billion, adding a cloud-security platform to Google Cloud, and Intersect for $4.8 billion in cash plus assumed debt, adding data-center and energy-infrastructure capabilities. Both transactions remain subject to customary closing conditions and regulatory approvals.
Q4-specific: Alphabet recognized a $2.1 billion employee-compensation charge for Waymo, primarily in research and development, based on estimated stock valuation; separately, the December 2025 final judgment in the U.S. Search antitrust case imposed distribution restrictions and data-sharing and syndication requirements, while Alphabet placed bank guarantees in Q4 instead of cash payment for the European Commission’s $3.5 billion advertising-technology fine.
(Filed on October 30, 2025)
+15.9%
59.6%
$23.1B
Google Services revenue was $87.1 billion in Q3 2025, up 14% year over year, while Google Cloud revenue rose 34% to $15.2 billion, driven primarily by Google Cloud Platform infrastructure services. Search paid clicks increased 7% and cost-per-click increased 7%; Google Network impressions declined 5% while cost-per-impression increased 6%.
Alphabet invested $24.0 billion in Q3 capital expenditures, primarily in technical infrastructure, and had $69.9 billion of property and equipment not yet in service at September 30. Management expects 2026 technical-infrastructure investment to increase significantly relative to 2025 to support business growth and AI products and services; it also had $42.6 billion of future payments under data-center-related leases not yet commenced.
As of September 30, Google Cloud accounted for most of Alphabet’s $157.7 billion revenue backlog, with just over 55% expected to be recognized over the next 24 months. Alphabet also continued developing its cloud-security roadmap through a pending $32.0 billion all-cash acquisition of Wiz, which is expected to close in 2026 subject to regulatory approvals and other customary conditions.
Regulatory matters resulted in operational changes and costs during the quarter: the European Commission imposed a €3.0 billion fine and directed Google to cease alleged advertising-technology self-preferencing practices; Alphabet accrued approximately $3.5 billion and plans to appeal. A U.S. Search antitrust remedies decision requires restrictions on distribution, search-data sharing, and syndication services, with final judgment expected later in 2025; Alphabet also agreed to an Australian settlement requiring changes to Android agreements, pending court approval.
