Alphabet Inc. is expected to release its Q3 2026 10-Q filing in the upcoming earnings season. Last quarter: Alphabet's Q2 FY2026 revenue grew 24% YoY to $119.8B driven by Google Cloud (+82%) and Google Search (+17% within advertising), while net income surged 298% to $112.2B largely due to a $99.0B unrealized gain on equity securities (SpaceX and a private company), masking underlying operating performance which grew a more modest 30% to $40.8B.
Drawn from management commentary in the Q2 2026 10-Q:
Google Cloud revenues increased $11.1 billion, or 82%, to $24.8 billion in Q2 FY2026, driven by growth in Google Cloud Platform infrastructure and platform services. Segment operating income more than tripled to $8.8 billion from $2.8 billion a year ago, and the company began recognizing revenue from TPU system sales this quarter, with the significant majority to be recognized in 2027.
Other income (expense), net was $98.0 billion in Q2 FY2026 versus $2.7 billion a year ago, primarily due to $99.0 billion in net gains on equity securities, largely unrealized gains from the company's stakes in SpaceX and a private company.
In June 2026 Alphabet raised $49.6 billion in net proceeds via a combination of Class A/C stock and mandatory convertible preferred stock, established a $40.0 billion ATM equity program, and issued $20.3 billion in senior unsecured notes, all primarily to fund capital expenditures for AI infrastructure and global compute.
Revenue
$119.8B
++24.23% YoY
EPS (Basic)
$9.23
++296.14% YoY
Operating Income
$40.77B
++30.38% YoY
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