NASDAQ: GOOGL Alphabet Inc. 8-K

Alphabet reports $119.8B Q2 revenue (+24%), $98B unrealized equity gains, $49.6B equity raise

Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read

Key Changes

high

Q2 revenue grew 24% to $119.8B with Google Cloud accelerating 82% to $24.8B; operating margin expanded 2 points to 34%. Net income surged 298% to $112.1B and EPS rose 294% to $9.11, driven by $98B unrealized gains on equity securities.

Exhibit 99.1 view on EDGAR →
high

Raised $49.6B in net proceeds via June 2026 equity issuance (Class A/C stock and mandatory convertible preferred) to fund AI infrastructure and global compute scaling; established up to $40B ATM program for employee equity tax obligations (no shares sold yet).

Exhibit 99.1 view on EDGAR →
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year-to-date capex reached $80.6B as the company scales AI capabilities.

Exhibit 99.1 view on EDGAR →
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Issued $20.3B in senior unsecured notes in Q2 for general corporate purposes, bringing total capital raised in the quarter to approximately $70B (equity and debt combined).

Exhibit 99.1 view on EDGAR →
medium

Board declared quarterly dividends: $12.15/share on preferred stock (payable Aug 15) and $0.22/share on common stock (payable Sep 14).

Exhibit 99.1 view on EDGAR →

Summary

Alphabet delivered strong Q2 2026 operating results with 24% revenue growth to $119.8 billion, led by Google Cloud's 82% surge to $24.8 billion and operating margin expansion to 34%.

The headline $112.1 billion net income and $9.11 EPS (up 298% and 294% respectively) reflect a $98 billion unrealized gain on equity securities—a non-operating windfall that masks the underlying earnings power but signals substantial portfolio appreciation.

The company raised $49.6 billion in equity (common and mandatory convertible preferred) in June to fund AI infrastructure buildout, supplemented by $20.3 billion in debt, totaling roughly $70 billion in capital raised during the quarter. The aggressive AI investment is visible in capital expenditures, which doubled year-over-year to $44.9 billion in Q2 and drove quarterly free cash flow negative despite strong operating performance. Year-to-date capex of $80.6 billion underscores the scale of Alphabet's infrastructure commitment. The up to $40 billion ATM program provides future flexibility for employee equity tax obligations without immediate dilution. For holders, the quarter demonstrates robust demand for AI services (Gemini Enterprise adoption across 90% of Fortune 100, 22 billion API tokens/minute) and management's willingness to deploy capital at scale to capture the opportunity, though the capex intensity and equity dilution warrant monitoring as the buildout continues.

Section-by-Section Diff

Event · Exhibit 99.1

~5,000 words View exhibit on EDGAR ↗

3 Added

Added Q2 2026 earnings results high

Added in current filing · view on EDGAR →

Consolidated Alphabet revenues increased 24%, or 23% in constant currency, to $119.8 billion, reflecting strong performance across the business and our 12th consecutive quarter of double-digit revenue growth. ... Google Cloud saw a meaningful acceleration in growth as revenues increased 82% to $24.8 billion, led by an increase in Google Cloud Platform (GCP) across enterprise AI Solutions and enterprise AI Infrastructure, as well as core GCP services. ... Consolidated Alphabet operating income increased 30% and operating margin expanded by 2 percentage points to 34%. ... Other income reflected a net gain of $98.0 billion, primarily the result of net unrealized gains on our equity securities. ... Net income available to common stockholders increased 298% and EPS increased 294% to $9.11.

Alphabet reported strong Q2 2026 results with consolidated revenues of $119.8 billion (up 24% year-over-year), driven by Google Cloud's 82% revenue growth to $24.8 billion and Google Services' 15% growth to $94.5 billion. Operating income rose 23% with margin expansion to 34%. Net income available to common stockholders surged 298% to $112.1 billion and diluted EPS increased 294% to $9.11, primarily due to a $98.0 billion net gain from unrealized gains on equity securities. The company highlighted strong AI adoption, with Gemini Enterprise used by nearly 90% of the Fortune 100, Gemini models processing 22 billion API tokens per minute, and the Gemini App reaching 950 million monthly active users.

Added Dividend declarations medium

Added in current filing · view on EDGAR →

In July 2026, the company's Board of Directors declared a quarterly cash dividend of $12.15 per share on each of our Series A and Series B mandatory convertible preferred stock (equivalent to approximately $0.60 per each of our Series A and Series B Depositary Shares) and a quarterly cash dividend of $0.22 per share on our Class A, Class B, and Class C stock. The mandatory convertible preferred stock dividend is payable on August 15, 2026 to stockholders of record for each of the company's Series A and Series B shares as of August 1, 2026, and the common stock dividend is payable on September 14, 2026 to stockholders of record for each of the company's Class A, Class B, and Class C shares as of September 7, 2026.

Alphabet's Board declared quarterly cash dividends in July 2026: $12.15 per share on Series A and Series B mandatory convertible preferred stock (approximately $0.60 per Depositary Share), payable August 15, 2026 to stockholders of record as of August 1, 2026; and $0.22 per share on Class A, Class B, and Class C common stock, payable September 14, 2026 to stockholders of record as of September 7, 2026. This represents the company's ongoing commitment to returning capital to shareholders through dividends.

Added Capital expenditures and free cash flow high

Added in current filing · view on EDGAR →

Purchases of property and equipment (22,446) (44,924) (39,643) (80,598) ... Free cash flow $ 24,461 $ 24,551 $ 10,116 $ (5,855) $ 53,273

Alphabet's capital expenditures surged to $0.1M in Q2 2026, up from $22.4 billion in Q2 2025, reflecting aggressive investment in AI infrastructure and global compute capacity. Year-to-date capital expenditures reached $80.6 billion. Q2 2026 free cash flow was negative $5.9 billion due to the elevated capex, though trailing twelve-month free cash flow remained positive at $53.3 billion. The company's capital intensity reflects its strategic focus on scaling AI capabilities.

Event · Item 2.02 — Results of Operations and Financial Condition

~100 words

Alphabet disclosed Q2 2026 financial results via press release and conference call on July 22, 2026.

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Added Q2 2026 earnings announcement high

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On July 22, 2026, Alphabet Inc. (“Alphabet” or the “Company”) is issuing a press release and holding a conference call regarding its financial results for the quarter ended June 30, 2026.

Alphabet announced its financial results for the second quarter ended June 30, 2026, through a press release and conference call. The 8-K body itself does not contain specific financial figures; those would be in the attached Exhibit 99.1 press release.

Added Non-GAAP financial measures medium

Added in current filing · verify on EDGAR →

Alphabet is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The company disclosed that it is using non-GAAP financial measures in its earnings materials and provided reconciliations to GAAP measures in the press release. This is standard practice for earnings announcements to provide adjusted metrics alongside GAAP results.