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  • Pricerunner Damages Award (new) — In July 2026, the Stockholm Patent and Market Court issued a decision against Google in a private action brought by PriceRunner (a subsidiary of Klarna) relating to Google's display and ranking of shopping search results. The Court awarded the plaintiff approximately $2.1 billion (awarded in multiple currencies) in principal damages plus accrued interest and costs, which we recognized in the second quarter of 2026.
NASDAQ: GOOGL Alphabet Inc. 10-Q

Revenue increased 24.2% to $119.80B, with Google Cloud revenue up 81.8% to $24.77B and Google Services revenue up 14.5% to $94.54B.

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~1 min read

Key Financials

SEC XBRL
Metric PriorJun 30, 2025 CurrentJun 30, 2026 Δ
Revenue $96.4B $119.8B ▲ +24.2%
Net income $28.2B $112.2B ▲ +297.9%
Diluted EPS $2.31 $9.11 ▲ +294.4%
Operating income $31.3B $40.8B ▲ +30.4%
Cash & equivalents $21.0B $55.9B ▲ +165.8%
Long-term debt (noncurrent) $23.6B $98.2B ▲ +315.8%
Total assets $502.1B $922.0B ▲ +83.6%

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 →

4 key changes 2 high relevance 1 red flag 4 sections

Key Changes

  • medium

    The company recognized $2.1 billion in legal charges related to a Stockholm Patent and Market Court decision in the quarter, which is included in general and administrative expenses and other income (expense), net.

    view on EDGAR →
  • high

    Capital expenditures for the six months reached $80.60B, up 103.3% from $39.64B.

    view on EDGAR →
  • low

    The company declared a quarterly dividend of $0.22 per share on common stock, up from $0.21 per share a year earlier.

    view on EDGAR →
  • high

    For the six months, operating cash flow was $84.86B, against net income of $174.77B.

    view on EDGAR →

Summary

Alphabet reported second-quarter revenue of $119.80B, a 24.2% increase from $96.43B a year earlier. Google Services revenue grew 14.5% to $94.54B, while Google Cloud revenue surged 81.8% to $24.77B.

The effective tax rate increased to 19.1% from 16.9%.

Cash and cash equivalents stood at $55.91B as of June 30, 2026, up from $30.71B at year-end. Capital expenditures for the first half totaled $80.60B, up 103.3% from $39.64B.

Section-by-Section Diff

MD&A

~10,800 words (-1% vs prior)

Alphabet's MD&A now discloses a significant equity raise, a debt issuance, a legal charge, and the completion of the Wiz acquisition.

8 Added
Added Equity capital raise and ATM program high

Added in current filing · verify on EDGAR →

In June 2026, we issued a combination of Class A stock and Class C stock and mandatory convertible preferred stock for aggregate net proceeds of $49.6 billion, to be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute. Additionally, we entered into an equity distribution agreement with certain sales agents to sell up to $40.0 billion of our Class A stock and Class C stock from time to time through an ATM Program.

The current filing discloses a significant equity raise and a new at-the-market program, which were not present in the prior period.

Added Legal charge related to PriceRunner decision high

Added in current filing · verify on EDGAR →

In the second quarter of 2026, we accrued $2.1 billion in legal charges related to a Stockholm Patent and Market Court decision regarding a private action brought against Google by PriceRunner (a subsidiary of Klarna).

A new $2.1 billion legal charge was accrued in the current quarter, which was not disclosed in the prior period. This charge impacts operating expenses and net income.

Added Acquisition of Wiz high

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 acquisition of Wiz was completed in the current period, whereas the prior filing only disclosed a pending agreement. The completion adds significant goodwill and intangible assets to the balance sheet.

Added Issuance of senior unsecured notes high

Added in current filing · verify on EDGAR →

In the second quarter of 2026, we issued senior unsecured notes for net proceeds of $20.3 billion, to be used for general corporate purposes.

The company issued $20.3 billion in senior unsecured notes in the current quarter, which was not disclosed in the prior period. This increases long-term debt and interest expense.

Added TPU system revenue recognition high

Added in current filing · verify on EDGAR →

We have signed a limited number of agreements to supply TPU systems to customers who require or provide on-premises infrastructure for specialized, high-scale workloads. In the second quarter of 2026, we began recognizing revenues from these agreements, with the significant majority to be recognized in 2027.

The current filing discloses a new revenue stream from TPU system sales, which was not mentioned in the prior period. This could significantly impact future Google Cloud revenues.

Added Future backstops for data center and energy infrastructure high

Added in current filing · verify on EDGAR →

We have also entered into an agreement to provide an estimated $24.1 billion of future backstops to support the build-out of data center and energy supply infrastructure, subject to finalization of terms with data center providers.

A new $24.1 billion future backstop commitment was disclosed, which was not present in the prior period. This represents a significant contingent obligation.

Added Future capital funding commitments with a private company high

Added in current filing · verify on EDGAR →

Additionally, as of June 30, 2026, we have $20.0 billion of future capital funding commitments with a private company contingent upon the achievement of specified operational and financial milestones through 2030, which is accounted for as an equity derivative.

The current filing discloses a new $20.0 billion future capital commitment, which was not present in the prior period. This is a significant off-balance sheet arrangement.

Added Acquisition of Intersect medium

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.

The company completed the acquisition of Intersect for $5.9 billion, which was not disclosed in the prior period. This adds to goodwill and intangible assets.

Risk Factors

~3,300 words (+2730% vs prior)

Alphabet added new risk factors related to its ATM Program, Mandatory Convertible Preferred Stock, and AI infrastructure investments.

2 Added
Added ATM Program and Mandatory Convertible Preferred Stock dilution high

Added in current filing · verify on EDGAR →

In June 2026, we established an ATM Program, pursuant to which we may offer and sell up to $40 billion of shares of our Class A stock and Class C stock to or through sales agents under established limits.

The current filing adds a new risk factor describing the potential dilutive effects of the ATM Program and conversions of Mandatory Convertible Preferred Stock on existing stockholders.

Added AI infrastructure investments and TPU supply high

Added in current filing · verify on EDGAR →

To meet the AI compute capacity demands of our customers, we are engaging in the supply of TPU systems which may increase our costs and operational complexity.

The current filing adds a new risk factor about supplying TPU systems and large commercial agreements, including financial guarantees, which could increase liabilities and obligations.

Notes

~22,200 words (+37% vs prior)

Alphabet issued mandatory convertible preferred stock and common stock, and its revenue backlog surged.

3 Added 4 Modified
Added Mandatory convertible preferred stock issuance high

Added in current filing · verify on EDGAR →

On June 5, 2026, the company issued an aggregate amount of 385 million Series A and Series B depositary shares, representing 19 million shares of 6.25% Mandatory Convertible Preferred Stock, split evenly into Series A (indexed to Class A stock) and Series B (indexed to Class C stock).

The company issued mandatory convertible preferred stock, a new capital structure element not present in the prior year. The preferred stock pays a 6.25% cumulative dividend and automatically converts into common stock by May 2029, potentially diluting common shareholders.

Added Common stock issuance high

Added in current filing · verify on EDGAR →

On June 4, 2026, the company completed an underwritten public offering of 29 million Class A shares at a price of $355.1982 per share and 29 million Class C shares at a price of $351.8018 per share.

Alphabet raised proceeds through a public offering and private placement of Class A and Class C shares, a significant financing event absent in the prior period. Proceeds are earmarked for AI infrastructure and global compute.

Substantive Edit Revenue backlog high

Previous filing · verify on EDGAR →

As of June 30, 2025, we had $108.2 billion of remaining performance obligations (“revenue backlog”), primarily related to Google Cloud.

Current filing · verify on EDGAR →

As of June 30, 2026, we had $519.5 billion of remaining performance obligations (“revenue backlog”), of which $513.9 billion related to Google Cloud.

Revenue backlog increased nearly fivefold, driven by Google Cloud contracts. The company also changed its reporting to include contracts with original terms of one year or less, which contributed to the increase.

Substantive Edit Epic Games litigation settlement high

Previous filing · verify on EDGAR →

We are appealing the verdict and the trial court judge temporarily paused the implementation of the remedies while the Court of Appeals considers our request to pause implementation of the remedies pending the duration of the appeal.

Current filing · verify on EDGAR →

In March 2026, we reached a settlement with Epic to seek modification of the remedies, implement certain changes regarding the operation of Google Play, and resolve certain other lawsuits Epic has filed regarding Google Play's business.

The company settled its litigation with Epic Games, agreeing to modify remedies and resolve related lawsuits. This resolves a significant legal uncertainty that had been pending appeal.

Added PriceRunner damages award high

Added in current filing · verify on EDGAR →

In July 2026, the Stockholm Patent and Market Court issued a decision against Google in a private action brought by PriceRunner (a subsidiary of Klarna) relating to Google's display and ranking of shopping search results. The Court awarded the plaintiff approximately $2.1 billion (awarded in multiple currencies) in principal damages plus accrued interest and costs, which we recognized in the second quarter of 2026.

A Swedish court awarded damages against Google in a private antitrust action, which the company recognized as a charge in Q2 2026. Google has appealed the decision.

Substantive Edit At-the-market offering program medium

Added in current filing · verify on EDGAR →

On June 1, 2026, the company entered into an equity distribution agreement with certain sales agents party thereto, pursuant to which we may sell both our Class A and Class C stock having aggregate sales proceeds of up to $40.0 billion from time to time through an at-the-market offering program (the "ATM Program").

Alphabet established an at-the-market offering program, providing flexibility to sell shares over time. No shares have been sold under the program as of June 30, 2026.

Substantive Edit Share repurchase activity medium

Previous filing · verify on EDGAR →

During the three and six months ended June 30, 2025, we repurchased $13.3 billion and $28.6 billion of Alphabet's Class A and Class C shares, respectively.

Current filing · verify on EDGAR →

In the three and six months ended June 30, 2026, there were no repurchases of the company's Class A or Class C shares.

The company suspended share repurchases in the first half of 2026, compared to repurchases in the prior year period.

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.

As filed

Consolidated Statements of Income (Unaudited)

(in millions, except per share amounts; unaudited)

Description Three months ended June 30, 2025 Three months ended June 30, 2026 Six months ended June 30, 2025 Six months ended June 30, 2026
Revenues 96,428 119,796 186,662 229,692
Costs and expenses:
Cost of revenues 39,039 45,943 75,400 87,214
Research and development 13,808 18,219 27,364 35,251
Sales and marketing 7,101 8,403 13,273 16,009
General and administrative 5,209 6,461 8,748 10,752
Total costs and expenses 65,157 79,026 124,785 149,226
Income from operations 31,271 40,770 61,877 80,466
Other income (expense), net 2,662 97,983 13,845 135,699
Income before income taxes 33,933 138,753 75,722 216,165
Provision for income taxes 5,737 26,560 12,986 41,394
Net income 28,196 112,193 62,736 174,771
Preferred stock dividends 0 86 0 86
Net income available to common stockholders 28,196 112,107 62,736 174,685
Basic net income per common share (Note 12) 2.33 9.23 5.16 14.41
Diluted net income per common share (Note 12) 2.31 9.11 5.12 14.24

Consolidated Balance Sheets

(in millions, except per share amounts)

Description As of December 31, 2025 As of June 30, 2026 (unaudited)
Assets
Current assets:
Cash and cash equivalents 30,708 55,911
Marketable securities 96,135 186,563
Total cash, cash equivalents, and marketable securities 126,843 242,474
Accounts receivable, net 62,886 69,175
Inventory 2,439 9,991
Other current assets 13,870 21,884
Total current assets 206,038 343,524
Non-marketable securities 68,687 131,461
Deferred income taxes 9,113 1,448
Property and equipment, net 246,597 321,212
Operating lease assets 15,221 17,694
Goodwill 33,380 57,828
Intangible assets, net 1,283 9,105
Other non-current assets 14,962 39,711
Total assets 595,281 921,983
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable 12,200 20,258
Accrued compensation and benefits 17,546 15,086
Accrued expenses and other current liabilities 55,557 73,014
Accrued revenue share 10,864 10,599
Deferred revenue 6,578 7,154
Total current liabilities 102,745 126,111
Long-term debt 46,547 98,165
Income taxes payable, non-current 9,531 11,306
Deferred income taxes 919 22,819
Operating lease liabilities 12,744 14,591
Other long-term liabilities 7,530 8,511
Total liabilities 180,016 281,503
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Series A and Series B preferred stock and additional paid-in capital, $0.001 par value per share, 100 shares authorized; 6.25% mandatory convertible preferred stock, 0 and 19 shares issued and outstanding allocated equally between each series with a liquidation preference of $1,000 per share 0 18,023
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 12,230 (Class A 5,868, Class B 835, Class C 5,527) shares issued and outstanding 93,126 131,371
Accumulated other comprehensive income (loss) (1,916) (2,285)
Retained earnings 324,055 493,371
Total stockholders’ equity 415,265 640,480
Total liabilities and stockholders’ equity 595,281 921,983

Consolidated Statements of Cash Flows (Unaudited)

(in millions; unaudited)

Description Six months ended June 30, 2025 Six months ended June 30, 2026
Operating activities
Net income 62,736 174,771
Adjustments:
Depreciation of property and equipment 9,485 13,586
Stock-based compensation expense 11,514 14,708
Deferred income taxes (1,596) 27,538
Loss (gain) on debt and equity securities, net (11,411) (135,803)
Other 1,041 3,161
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (1,201) (6,904)
Inventory (628) (7,739)
Income taxes, net (2,434) 8,304
Other assets (2,139) (9,950)
Accounts payable (327) 2,090
Accrued expenses and other liabilities (1,779) 308
Deferred revenue 636 789
Net cash provided by operating activities 63,897 84,859
Investing activities
Purchases of property and equipment (39,643) (80,598)
Purchases of marketable securities (39,870) (76,480)
Maturities and sales of marketable securities 40,930 66,696
Purchases of non-marketable securities (2,312) (22,051)
Maturities and sales of non-marketable securities 873 1,667
Acquisitions, net of cash acquired, and purchases of intangible assets (353) (33,697)
Other investing activities (363) (1,359)
Net cash used in investing activities (40,738) (145,822)
Financing activities
Net payments related to stock-based award activities (5,731) (12,056)
Repurchases of stock (28,306) 0
Dividend payments (4,977) (5,231)
Proceeds from issuance of common stock, net of costs 0 30,499
Proceeds from issuance of mandatory convertible preferred stock, net of costs 0 19,063
Proceeds from issuance of debt, net of costs 31,378 56,226
Repayments of debt (18,397) (5,253)
Proceeds from sale of interest in consolidated entities, net 400 3,758
Other financing activities (400) (686)
Net cash provided by (used in) financing activities (26,033) 86,320
Effect of exchange rate changes on cash and cash equivalents 444 (154)
Net increase (decrease) in cash and cash equivalents (2,430) 25,203
Cash and cash equivalents at beginning of period 23,466 30,708
Cash and cash equivalents at end of period 21,036 55,911
Supplemental disclosures of non-cash investing activities:
Property and equipment included in accrued liabilities and accounts payable 10,635 29,113

Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share amounts; unaudited); (in millions, except 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 · Aug 14, 2026 · How we verify