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 →
• high

  Capital expenditures doubled to $44.9B in Q2 (vs. $22.4B in Q2 2025), driving Q2 free cash flow to negative $5.9B; year-to-date capex reached $80.6B as the company scales AI capabilities.

  Exhibit 99.1 view on EDGAR →