GOOGL
Alphabet Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Alphabet Inc..
Coverage
The Non-Linear Rise of AI Tokens: Why Cheaper Intelligence Creates More Demand
Token prices are collapsing while usage is exploding. The reason is a sequence of demand regimes—from chat to coding agents to persistent multi-agent systems—enabled by waves of new inference capacity.
Waymo's Custom Silicon Is a Real Step Down in Cost. At $125,000 a Car Against a Cybercab We Put at $20,000-$30,000, It Is No Threat Yet to Tesla's Scale.
Waymo cut $75,000 out of its robotaxi in one generation and its new 5nm ASIC is a genuine piece of engineering. It is also a front-end sensor processor whose 1,000-plus TOPS run before the driving stack, and it sits on the small half of a vehicle Morgan Stanley puts at $125,000 — four to six times what we estimate a Cybercab costs to build.
Google's $12.2 Billion Marvell Warrant Is What Google Would Pay, Not What It Gets. Ninety-Eight Percent of It Vests Against $120 Billion of Revenue.
Marvell issued Google a warrant over 58,970,907 shares at $206.58. The $12.18B in every headline is the aggregate exercise price. Only 1,360,867 shares vest on time; the rest vest in 240 tranches, one for each $500M of custom product revenue — $120 billion in all, against a $12.7B full-year guide.
Alphabet's Rule of 40 Moved Six Hundredths of a Point in a Year. Both Halves Moved More Than Ten.
Alphabet scored 19.29 on the Rule of 40 for the June quarter of 2025 and 19.35 for the June quarter of 2026. Underneath that stillness revenue growth gained 10.44 points and free-cash-flow margin lost 10.38, almost exactly cancelling. The company traded cash for growth close to one for one and the composite recorded nothing — which is a blind spot our own explainer does not list, because a sum cannot show you a trade.
The AI Capex Bet, Six Months In: What the Mag 7 Actually Spent (and What the Market Learned)
Our February call was a $700B AI capex arms race. Six months and a full Q2 earnings season later, actual guidance has blown past that number, free cash flow is cratering at multiple hyperscalers, and the market has started rewarding capex very differently depending on who's spending it. Here's what changed.
Alphabet Q2 2026: Cloud Grew 82% and Margins Expanded — Stock Fell 7% Anyway
Alphabet beat every headline number — revenue, Cloud growth, margins — and still fell from $374 to $320 in two days on a record capex bill, a $1B EU fine, and an EPS number inflated by one-time gains. We separate the real signal from the noise.
Latest: $119.80B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $46.17B |
| 2020Q4 | $56.90B |
| 2021Q1 | $55.31B |
| 2021Q2 | $61.88B |
| 2021Q3 | $65.12B |
| 2021Q4 | $75.33B |
| 2022Q1 | $68.01B |
| 2022Q2 | $69.69B |
| 2022Q3 | $69.09B |
| 2022Q4 | $76.05B |
| 2023Q1 | $69.79B |
| 2023Q2 | $74.60B |
| 2023Q3 | $76.69B |
| 2023Q4 | $86.31B |
| 2024Q1 | $80.54B |
| 2024Q2 | $84.74B |
| 2024Q3 | $88.27B |
| 2024Q4 | $96.47B |
| 2025Q1 | $90.23B |
| 2025Q2 | $96.43B |
| 2025Q3 | $102.35B |
| 2025Q4 | $113.83B |
| 2026Q1 | $109.90B |
| 2026Q2 | $119.80B |
Latest: $9.11 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $0.82 |
| 2020Q4 | $1.11 |
| 2021Q1 | $1.32 |
| 2021Q2 | $1.36 |
| 2021Q3 | $1.40 |
| 2021Q4 | $1.54 |
| 2022Q1 | $1.23 |
| 2022Q2 | $1.13 |
| 2022Q3 | $1.06 |
| 2022Q4 | $1.14 |
| 2023Q1 | $1.17 |
| 2023Q2 | $1.44 |
| 2023Q3 | $1.55 |
| 2023Q4 | $1.64 |
| 2024Q1 | $1.89 |
| 2024Q2 | $1.89 |
| 2024Q3 | $2.12 |
| 2024Q4 | $2.14 |
| 2025Q1 | $2.81 |
| 2025Q2 | $2.31 |
| 2025Q3 | $2.87 |
| 2025Q4 | $2.82 |
| 2026Q1 | $5.11 |
| 2026Q2 | $9.11 |
Latest: 17.9 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | 28.2 |
| 2020Q4 | 29.6 |
| 2021Q1 | 27.3 |
| 2021Q2 | 27.0 |
| 2021Q3 | 25.5 |
| 2021Q4 | 25.6 |
| 2022Q1 | 25.1 |
| 2022Q2 | 20.2 |
| 2022Q3 | 18.9 |
| 2022Q4 | 19.4 |
| 2023Q1 | 23.0 |
| 2023Q2 | 25.4 |
| 2023Q3 | 25.1 |
| 2023Q4 | 24.1 |
| 2024Q1 | 23.2 |
| 2024Q2 | 26.1 |
| 2024Q3 | 22.1 |
| 2024Q4 | 23.6 |
| 2025Q1 | 17.4 |
| 2025Q2 | 18.9 |
| 2025Q3 | 24.0 |
| 2025Q4 | 29.0 |
| 2026Q1 | 21.9 |
| 2026Q2 | 17.9 |
Latest: -$5.86B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $11.60B |
| 2020Q4 | $17.20B |
| 2021Q1 | $13.35B |
| 2021Q2 | $16.39B |
| 2021Q3 | $18.72B |
| 2021Q4 | $18.55B |
| 2022Q1 | $15.32B |
| 2022Q2 | $12.59B |
| 2022Q3 | $16.08B |
| 2022Q4 | $16.02B |
| 2023Q1 | $17.22B |
| 2023Q2 | $21.78B |
| 2023Q3 | $22.60B |
| 2023Q4 | $7.90B |
| 2024Q1 | $16.84B |
| 2024Q2 | $13.45B |
| 2024Q3 | $17.64B |
| 2024Q4 | $24.84B |
| 2025Q1 | $18.95B |
| 2025Q2 | $5.30B |
| 2025Q3 | $24.46B |
| 2025Q4 | $24.60B |
| 2026Q1 | $10.12B |
| 2026Q2 | -$5.86B |
Latest: $12,203,000,000.00 (2025Q3)
| Period | Value |
|---|---|
| 2017Q1 | $692,108,000.00 |
| 2017Q2 | $692,876,000.00 |
| 2017Q3 | $694,790,000.00 |
| 2018Q1 | $694,945,000.00 |
| 2018Q2 | $695,946,000.00 |
| 2018Q3 | $695,957,000.00 |
| 2019Q1 | $694,782,000.00 |
| 2019Q2 | $694,050,000.00 |
| 2019Q3 | $690,906,000.00 |
| 2020Q1 | $683,972,000.00 |
| 2020Q2 | $681,215,000.00 |
| 2020Q3 | $677,724,000.00 |
| 2021Q1 | $671,094,000.00 |
| 2021Q2 | $667,637,000.00 |
| 2021Q3 | $664,682,000.00 |
| 2022Q1 | $658,763,000.00 |
| 2022Q2 | $13,078,000,000.00 |
| 2022Q3 | $12,971,000,000.00 |
| 2023Q1 | $12,722,000,000.00 |
| 2024Q2 | $12,764,000,000.00 |
| 2024Q3 | $12,696,000,000.00 |
| 2025Q1 | $12,291,000,000.00 |
| 2025Q2 | $12,198,000,000.00 |
| 2025Q3 | $12,203,000,000.00 |
Latest: $557.97B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $193.92B |
| 2020Q4 | $211.11B |
| 2021Q1 | $224.46B |
| 2021Q2 | $240.85B |
| 2021Q3 | $259.57B |
| 2021Q4 | $278.13B |
| 2022Q1 | $293.45B |
| 2022Q2 | $306.04B |
| 2022Q3 | $322.12B |
| 2022Q4 | $338.14B |
| 2023Q1 | $355.36B |
| 2023Q2 | $377.13B |
| 2023Q3 | $399.74B |
| 2023Q4 | $407.63B |
| 2024Q1 | $424.47B |
| 2024Q2 | $437.92B |
| 2024Q3 | $455.56B |
| 2024Q4 | $480.39B |
| 2025Q1 | $499.35B |
| 2025Q2 | $504.65B |
| 2025Q3 | $529.11B |
| 2025Q4 | $553.71B |
| 2026Q1 | $563.83B |
| 2026Q2 | $557.97B |
Latest results
Company History
Larry Page and Sergey Brin founded Google in a Menlo Park garage while PhD students at Stanford.
Went public at $85 per share via Dutch auction, raising $1.67 billion with market cap of $23 billion.
Acquired YouTube for $1.65 billion in stock, becoming the dominant video platform.
Google restructured into Alphabet as a new holding company, inspired by Berkshire Hathaway
Larry Page and Sergey Brin resigned from executive roles; Sundar Pichai became CEO of both Google and Alphabet. Page and Brin stayed as board members and controlling shareholders.
Announced layoffs of about 12,000 jobs (6% of global workforce) to align with post-growth economic reality, with many employees learning of termination upon losing account access.
U.S. district court found Alphabet guilty of violating antitrust law in DOJ case initiated in 2020, first such ruling against a U.S. company in 24 years; Alphabet appealed.
Unveiled Willow quantum computing chip, which solved a complex problem in five minutes (impossible for classical computers) and reduces error rates in real time, leading to 5% share rise.
Became fourth company to reach $3 trillion in market cap, trailing Nvidia, Microsoft, and Apple, amid AI optimism and favorable antitrust ruling not requiring Chrome divestiture.
Became fourth Big Tech company to reach $4 trillion valuation, surpassing Apple for No. 2 spot behind Nvidia.
Key Players
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