Alphabet Inc. · 2026 Q2

Consensus vs reported

QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.

2026 Q2 preview

Reported this quarter

Each tile opens the full quarterly series. Download the numbers as CSV or JSON.

What we learned

1. The 294% EPS growth was 69% one-time gain. Roughly $6.26 of the $9.11 reported was non-cash mark-to-market, mostly the $94B SpaceX-linked stake.
2. Free cash flow went negative for the first time on record. −$5.9B , as $44.9B of quarterly capex — up 100% — outran $39.1B of operating cash flow. Annualised, that is a run-rate near $180 billion.
3. The capital structure changed, not just the spending. Buybacks went to zero from $13.2B a year ago, and Alphabet raised $49.6B of fresh equity in June including its first-ever mandatory convertible preferred. A company that funded itself from cash flow now does not.
4. Cloud margin is the part of the thesis that is already proving out. Google Cloud revenue +82% to $24.8B with operating margin from 20.7% to 35.6% — the third straight quarter of expansion (17.8% → 32.9% → 36%), on customers Kurian says are growing spend 50% a year.
5. The stock got cheaper than the growth rate on the way down. At $319.88 Alphabet traded at roughly 27x trailing earnings on 24% revenue growth , with 63 analysts still at Buy and an average target near $417. The disagreement is entirely about whether the capex converts.

Read the full analysis: Alphabet Q2 2026: Cloud Grew 82% and Margins Expanded — Stock Fell 7% Anyway →

Coverage around this release

Estimate against reported

Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.

Sources & downloads

2026 Q2 across the sector

Every GOOGL quarter