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Get filing alertsAlphabet's first-quarter revenue rose 21.8% to $109.90B, and net income jumped 81.2% to $62.58B, driven by Google Cloud growth and net gains on equity securities of $36.9 billion.
Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 25, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorMar 31, 2025 | CurrentMar 31, 2026 | Δ |
|---|---|---|---|
| Revenue | $90.2B | $109.9B | ▲ +21.8% |
| Net income | $34.5B | $62.6B | ▲ +81.2% |
| Diluted EPS | $2.81 | $5.11 | ▲ +81.9% |
| Operating income | $30.6B | $39.7B | ▲ +29.7% |
| Cash & equivalents | $23.3B | $38.1B | ▲ +63.6% |
| Long-term debt (noncurrent) | $10.9B | $77.5B | ▲ +611.9% |
| Total assets | $475.4B | $703.9B | ▲ +48.1% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · verify on EDGAR →
During the three months ended March 31, 2024 and 2025, we spent $12.0 billion and $17.2 billion on capital expenditures, respectively.
Current filing · verify on EDGAR →
During the three months ended March 31, 2025 and 2026, we spent $17.2 billion and $35.7 billion on capital expenditures, respectively.
Prior filing · verify on EDGAR →
As of March 31, 2025, we had senior unsecured notes outstanding with a total carrying value of $11.9 billion.
Current filing · verify on EDGAR →
In the first quarter of 2026, we issued senior unsecured notes for net proceeds of $31.1 billion, to be used for general corporate purposes.
Key Changes
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high
Google Cloud revenue surged 63.4% to $20.03B, and its operating income more than tripled to $6.60B.
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high
Operating cash flow increased 26.7% to $45.79B, while capital expenditures more than doubled to $35.67B.
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medium
Alphabet completed the acquisition of Wiz for $29.5 billion and acquisition of Intersect for $5.9 billion in March 2026.
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The board declared a quarterly dividend of $0.22 per share, a 5% increase from the prior quarter.
Summary
Revenue rose 21.8% to $109.90B in the first quarter, with Google Services up 16.0% to $89.64B and Google Cloud up 63.4% to $20.03B. Operating income increased 29.7% to $39.70B. Net income climbed 81.2% to $62.58B, or $5.11 per diluted share, helped by net gains on equity securities of $36.9 billion in other income.
Financing activities provided $25.08B, primarily due to an increase in proceeds from issuance of debt and a decrease in repurchases of stock; the company made no share repurchases during the quarter.
Alphabet ended the quarter with $38.06B in cash and $77.50B in long-term debt. The company completed the acquisitions of Wiz and Intersect, and it expects to begin recognizing revenue from new TPU supply agreements later in 2026.
Section-by-Section Diff
MD&A
Alphabet completed the Wiz and Intersect acquisitions, entered into a significant private investment commitment, and increased capital expenditures and debt issuance.
Previous filing · verify on EDGAR →
In March 2025, we entered into a definitive agreement to acquire Wiz, a leading cloud security platform, for $32.0 billion, subject to closing adjustments, in an all-cash transaction.
Current filing · verify on EDGAR →
On March 11, 2026, we completed our acquisition of Wiz for $29.5 billion, after purchase price adjustments and excluding post combination compensation arrangements.
The pending Wiz acquisition was completed in March 2026, with results now consolidated in Google Cloud.
Added in current filing · verify on EDGAR →
On March 10, 2026, we completed our acquisition of Intersect for $5.9 billion, after purchase price adjustments.
Alphabet completed a new acquisition of Intersect, expanding its portfolio.
Added in current filing · verify on EDGAR →
In March 2026, we committed to a $40.0 billion investment in a private company consisting of a $10.0 billion capital commitment and $30.0 billion of future capital funding contingent upon the achievement of specified operational and financial milestones.
Alphabet made a significant new investment commitment, with a portion to be funded in the second quarter of 2026.
Added in current filing · verify on EDGAR →
Google Cloud has entered into a limited number of agreements to supply multiple gigawatts of TPU hardware to customers who require or provide on-premises infrastructure for specialized, high-scale workloads.
Google Cloud signed new agreements to supply TPU hardware, with revenues expected to begin later in 2026 and the majority in 2027.
Added in current filing · verify on EDGAR →
In March 2026, we entered into a definitive agreement to contribute our ownership interest in GFiber into a newly formed entity.
Alphabet agreed to divest GFiber, expecting to receive cash, a note, and an equity interest upon closing in late 2026.
Added in current filing · verify on EDGAR →
In February 2026, Waymo received $16.0 billion in funding, the significant majority of which was funded by Alphabet.
Waymo raised significant funding, mostly from Alphabet.
Previous filing · verify on EDGAR →
During the three months ended March 31, 2024 and 2025, we spent $12.0 billion and $17.2 billion on capital expenditures, respectively.
Current filing · verify on EDGAR →
During the three months ended March 31, 2025 and 2026, we spent $17.2 billion and $35.7 billion on capital expenditures, respectively.
Capital expenditures more than doubled year-over-year, driven by technical infrastructure investments.
Previous filing · verify on EDGAR →
As of March 31, 2025, we had senior unsecured notes outstanding with a total carrying value of $11.9 billion.
Current filing · verify on EDGAR →
In the first quarter of 2026, we issued senior unsecured notes for net proceeds of $31.1 billion, to be used for general corporate purposes.
Alphabet issued a significant amount of senior notes in the first quarter of 2026, increasing its debt.
Risk Factors
Alphabet added new risk disclosures about AI infrastructure investments, custom hardware supply, and long-duration commercial agreements with financial guarantees.
Added in current filing · verify on EDGAR →
building AI-optimized infrastructure, including our custom TPUs, and integrating AI capabilities into new and existing products and services
The risk factor now explicitly highlights investments in AI-optimized infrastructure and custom TPUs, reflecting increased focus on AI capabilities.
Added in current filing · verify on EDGAR →
To meet the AI compute capacity demands of our customers, we are engaging in the supply of our custom hardware which may increase our costs and operational complexity. We also have a number of large, long-duration commercial agreements, which could increase our liabilities and obligations in the event of nonperformance by us, our counterparties, or vendors. These include certain financial guarantees, such as backstops to support the build-out of third-party data centers and power infrastructure.
New disclosure about supplying custom hardware and entering long-duration agreements with financial guarantees, including backstops for third-party data centers and power infrastructure, which could increase liabilities and operational complexity.
Added in current filing · verify on EDGAR →
Evolving laws and regulations may require us to make new capital investments, build new products, and seek partners to deliver localized services in other countries, and we may not be able to meet sovereign operating requirements.
Added mention of evolving laws and regulations requiring new capital investments, products, and partners for localized services, and the risk of not meeting sovereign operating requirements.
Show 1 minor / wording change
Removed from previous filing · verify on EDGAR →
For additional information about the ongoing material legal proceedings to which we are subject, see Legal Proceedings in Part II, Item 1 of this Quarterly Report on Form 10-Q.
The sentence directing readers to Legal Proceedings in Part II, Item 1 has been removed from the risk factors section.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Consolidated Statements of Income (Unaudited)
(in millions, except per share amounts; unaudited)
| Description | Three months ended March 31, 2025 | Three months ended March 31, 2026 |
|---|---|---|
| Revenues | 90,234 | 109,896 |
| Costs and expenses: | ||
| Cost of revenues | 36,361 | 41,271 |
| Research and development | 13,556 | 17,032 |
| Sales and marketing | 6,172 | 7,606 |
| General and administrative | 3,539 | 4,291 |
| Total costs and expenses | 59,628 | 70,200 |
| Income from operations | 30,606 | 39,696 |
| Other income (expense), net | 11,183 | 37,716 |
| Income before income taxes | 41,789 | 77,412 |
| Provision for income taxes | 7,249 | 14,834 |
| Net income | 34,540 | 62,578 |
| Basic net income per share (Note 12) | 2.84 | 5.17 |
| Diluted net income per share (Note 12) | 2.81 | 5.11 |
Consolidated Balance Sheets
(in millions, except par value per share amounts)
| Description | As of December 31, 2025 | As of March 31, 2026 (unaudited) |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 30,708 | 38,063 |
| Marketable securities | 96,135 | 88,777 |
| Total cash, cash equivalents, and marketable securities | 126,843 | 126,840 |
| Accounts receivable, net | 62,886 | 62,999 |
| Other current assets | 16,309 | 23,914 |
| Total current assets | 206,038 | 213,753 |
| Non-marketable securities | 68,687 | 106,946 |
| Deferred income taxes | 9,113 | 1,995 |
| Property and equipment, net | 246,597 | 281,020 |
| Operating lease assets | 15,221 | 15,509 |
| Goodwill | 33,380 | 57,774 |
| Intangible assets, net | 1,283 | 9,444 |
| Other non-current assets | 14,962 | 17,478 |
| Total assets | 595,281 | 703,919 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | 12,200 | 16,852 |
| Accrued compensation and benefits | 17,546 | 13,947 |
| Accrued expenses and other current liabilities | 55,557 | 63,019 |
| Accrued revenue share | 10,864 | 10,208 |
| Deferred revenue | 6,578 | 7,162 |
| Total current liabilities | 102,745 | 111,188 |
| Long-term debt | 46,547 | 77,501 |
| Income taxes payable, non-current | 9,531 | 12,457 |
| Operating lease liabilities | 12,744 | 12,983 |
| Other long-term liabilities | 8,449 | 11,044 |
| Total liabilities | 180,016 | 225,173 |
| Commitments and Contingencies (Note 10) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding | 0 | 0 |
| Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,088 (Class A 5,822, Class B 837, Class C 5,429) and 12,116 (Class A 5,824, Class B 836, Class C 5,456) shares issued and outstanding | 93,126 | 96,902 |
| Accumulated other comprehensive income (loss) | (1,916) | (2,180) |
| Retained earnings | 324,055 | 384,024 |
| Total stockholders’ equity | 415,265 | 478,746 |
| Total liabilities and stockholders’ equity | 595,281 | 703,919 |
Consolidated Statements of Cash Flows (Unaudited)
(in millions; unaudited)
| Description | Three months ended March 31, 2025 | Three months ended March 31, 2026 |
|---|---|---|
| Operating activities | ||
| Net income | 34,540 | 62,578 |
| Adjustments: | ||
| Depreciation of property and equipment | 4,487 | 6,482 |
| Stock-based compensation expense | 5,516 | 6,751 |
| Deferred income taxes | (1,152) | 6,920 |
| Loss (gain) on debt and equity securities, net | (9,960) | (36,804) |
| Other | 481 | 1,265 |
| Changes in assets and liabilities, net of effects of acquisitions: | ||
| Accounts receivable, net | 1,638 | (363) |
| Income taxes, net | 7,197 | 8,101 |
| Other assets | (1,288) | (3,403) |
| Accounts payable | (880) | (240) |
| Accrued expenses and other liabilities | (4,929) | (6,002) |
| Deferred revenue | 500 | 505 |
| Net cash provided by operating activities | 36,150 | 45,790 |
| Investing activities | ||
| Purchases of property and equipment | (17,197) | (35,674) |
| Purchases of marketable securities | (18,453) | (31,041) |
| Maturities and sales of marketable securities | 20,345 | 38,001 |
| Purchases of non-marketable securities | (958) | (906) |
| Maturities and sales of non-marketable securities | 259 | 848 |
| Acquisitions, net of cash acquired, and purchases of intangible assets | (340) | (33,621) |
| Other investing activities | 150 | (996) |
| Net cash used in investing activities | (16,194) | (63,389) |
| Financing activities | ||
| Net payments related to stock-based award activities | (3,110) | (5,483) |
| Repurchases of stock | (15,068) | 0 |
| Dividend payments | (2,434) | (2,542) |
| Proceeds from issuance of debt, net of costs | 4,532 | 31,379 |
| Repayments of debt | (4,521) | (1,477) |
| Proceeds from sale of interest in consolidated entities, net | 400 | 3,200 |
| Net cash provided by (used in) financing activities | (20,201) | 25,077 |
| Effect of exchange rate changes on cash and cash equivalents | 43 | (123) |
| Net increase (decrease) in cash and cash equivalents | (202) | 7,355 |
| Cash and cash equivalents at beginning of period | 23,466 | 30,708 |
| Cash and cash equivalents at end of period | 23,264 | 38,063 |
| Supplemental disclosures of non-cash investing activities: | ||
| Property and equipment included in accrued liabilities and accounts payable | 11,388 | 24,131 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share amounts; unaudited); (in millions, except par value per share amounts); (in millions; unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 15, 2026 · How we verify