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Continuous earnings archive

Alphabet (GOOGL) Earnings Releases and Call Analysis

A quarter-by-quarter record focused on Google Search, Google Cloud, Gemini adoption, AI infrastructure spending and free-cash-flow conversion. Release facts, call availability and transcript status are kept separate so missing evidence is never presented as analysis.

2quarters tracked
4primary records
Q2 2026latest period

01

Latest Quarter

The newest verified release and call status

Q2 2026 · Reported 2026-07-22

Alphabet (GOOGL) Q2 2026 Earnings: Cloud Growth, Gemini Scale and AI Infrastructure Spending

Latest quarter
ReleaseAvailable CallAvailable TranscriptWebcast Only
Revenue$119.8B+24% YoY
Google Search$63.3B+17% YoY
Google Cloud$24.8B+82% YoY
Cloud Operating Income$8.8BMore than 3x YoY
Operating Margin34.0%+2 pts YoY; -2.1 pts QoQ
Capital Expenditure$44.9BAbove operating cash flow
Primary driver
Cloud growth accelerated to 82%
Main risk
AI capital intensity and dilution
Next checkpoint
Can accelerating Cloud and Gemini demand generate enough operating cash flow to justify rapidly rising AI infrastructure spending?

02

Historical Earnings

One record per fiscal quarter

Q1 2026 · Reported 2026-04-29

Alphabet (GOOGL) Q1 2026 Earnings: Search Growth, Cloud Acceleration and $460B+ Backlog

ReleaseAvailable CallAvailable TranscriptWebcast Only
Revenue$109.9B+22% YoY
Google Search$60.4B+19% YoY
Google Cloud$20.0B+63% YoY
Cloud Operating Income$6.6BMore than 3x YoY
Operating Margin36.1%+2 pts YoY
Capital Expenditure$35.7BAI infrastructure expansion
Primary driver
Search and Cloud strengthened together
Main risk
Infrastructure spending
Next checkpoint
Could Alphabet convert unprecedented Cloud demand into revenue while funding rapidly expanding AI infrastructure?

03

Quarterly Trends

Comparable disclosed metrics only
MetricQ1 2026Q2 2026
Revenue$109.9B$119.8B
Google Search$60.4B$63.3B
Google Cloud$20.0B$24.8B
Cloud Operating Income$6.6B$8.8B
Operating Margin36.1%34.0%
Capital Expenditure$35.7B$44.9B
Free Cash Flow$10.1B-$5.9B
Gemini API Tokens16B/min22B/min

04

Investment Thesis Tracker

Current evidence as of 2026-07-22
Confirmed

Is Search still growing despite AI disruption?

Search revenue increased 17%.

Confirmed

Is Cloud growth accelerating?

Cloud revenue increased 82%.

Confirmed

Is Gemini adoption scaling?

950M MAU and 22B API tokens per minute.

Unproven

Is AI monetization keeping pace with usage?

Usage is strong; direct monetization remains less clear.

Not Confirmed

Is capex producing attractive cash returns?

Quarterly free cash flow was negative $5.9B.

Watch

Is financing creating dilution risk?

Alphabet raised $49.6B of equity capital.

05

Sources and Methodology

Evidence boundaries for this archive

Primary-source first

Reported figures are linked to company releases, investor-relations materials or official webcasts. Third-party transcripts are labeled separately.

No fabricated transcript

If no verified transcript or Q&A is stored, the archive shows webcast-only or pending instead of reconstructing management language.

Comparable trend rules

A trend row appears only when the same disclosed metric is available in at least two quarters.

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