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- Cease And Desist (unchanged) — EC issued cease-and-desist order on ad-tech self-preferencing, imposing €3.0B fine ($3.5B charge recognized Q3 2025).
Alphabet raises $100B, doubles capex to $81B as net income surges 298% on $95B non-operating gain
Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read
Key Financials
SEC XBRL| Metric | PriorJun 30, 2025 | CurrentJun 30, 2026 | Δ |
|---|---|---|---|
| Revenue | $96.4B | $119.8B | ▲ +24.2% |
| Net income (to common) | $28.2B | $112.1B | ▲ +297.6% |
| 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 →
Key Number Changes
Prior filing · verify on EDGAR →
Capital expenditures, which primarily reflected investments in technical infrastructure, were $22.4 billion for the three months ended June 30, 2025. ... During the six months ended June 30, 2024 and 2025, we spent $25.2 billion and $39.6 billion on capital expenditures, respectively. We expect to increase, relative to 2024, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services.
Current filing · verify on EDGAR →
Capital expenditures, which primarily reflected investments in technical infrastructure, were $44.9 billion for the three months ended June 30, 2026. ... During the six months ended June 30, 2025 and 2026, we spent $39.6 billion and $80.6 billion on capital expenditures, respectively. In 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers and network equipment and data centers.
Prior filing · verify on EDGAR →
As of June 30, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $23.9 billion. These leases will commence between 2025 and 2031 with non-cancelable lease terms between one and 25 years.
Current filing · verify on EDGAR →
As of June 30, 2026, we have entered into leases, primarily related to data centers, that have not yet commenced with future lease payments of $85.2 billion. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years. Additionally, in June 2026, we entered into a short-term lease agreement with a non-cancelable commitment of approximately $5.8 billion, which will commence in the third quarter of 2026.
Prior filing · verify on EDGAR →
As of June 30, 2025, we had material purchase commitments and other contractual obligations of $72.5 billion, of which $51.0 billion was short-term. These amounts primarily consist of purchase orders for certain technical infrastructure as well as the non-cancelable portion or the minimum cancellation fee in certain agreements related to commitments to purchase licenses, including content licenses, inventory, and network capacity.
Current filing · verify on EDGAR →
As of June 30, 2026, we had material purchase commitments and other contractual obligations totaling $811.0 billion, of which $200.7 billion was short-term. These purchase commitments primarily relate to costs for technical infrastructure and inventory through long-term supply agreements and open purchase orders.
Prior filing · view on EDGAR → · paraphrased
As of June 30, 2025, we had senior unsecured notes outstanding with a total carrying value of $24.6 billion. In May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches ... Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches.
Current filing · view on EDGAR →
As of June 30, 2026, we had long-term debt outstanding with a total carrying value of $98.2 billion. During the six months ended June 30, 2026, we issued $20.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes and $31.8 billion of foreign currency-denominated fixed-rate senior unsecured notes for general corporate purposes, across Sterling, Swiss Franc, Euro, Canadian dollars, and Japanese yen.
Prior filing · verify on EDGAR →
In April 2025, the Board of Directors of Alphabet increased the quarterly cash dividend by 5% to $0.21 per share of outstanding Class A, Class B, and Class C shares.
Current filing · verify on EDGAR →
In April 2026, the company's Board of Directors declared a quarterly cash dividend on common stock of $0.22 per share, representing a 5% increase from the previous quarterly dividend of $0.21 per share.
Prior filing · verify on EDGAR →
As of June 30, 2025, we had 187,103 employees.
Current filing · verify on EDGAR →
As of June 30, 2026, we had 198,933 employees.
Prior 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. Revenue backlog represents commitments in customer contracts for future services that have not yet been recognized as revenue. We expect to recognize approximately 55% of the revenue backlog as revenues over the next 24 months with the remainder to be recognized thereafter. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by our ability to deliver in accordance with relevant contract terms and when our customers utilize services. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods, and excludes contracts with an original expected term of one year or less and cancellable contracts.
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 represents commitments in customer contracts that have not yet been recognized as revenue. We expect to recognize just over 50% of the revenue backlog as revenues over the next 24 months with the remainder to be recognized thereafter. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by contract duration, our ability to deliver in accordance with relevant contract terms, and when our customers utilize services. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods and excludes cancellable contracts and payments we make to our customers not expected to be in exchange for distinct goods and services. In the first quarter of 2026, we elected to change our reporting of revenue backlog to also include contracts with an original expected term of one year or less.
Key Changes
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high
Net income surged 298% to $112.1B (vs operating income +30% to $40.8B) on a $95.3B non-operating/other gain and -$20.8B income tax drag — a $74.5B net below-the-line swing. The gain came from SpaceX investment revaluation, not operations.
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high
Raised $100B in capital: $49.6B equity (common + $19B mandatory convertible preferred at 6.25%) and $51.8B debt, earmarked for AI infrastructure and compute scaling. Suspended all share repurchases ($0 vs $28.6B H1 2025).
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high
Capex doubled to $80.6B (H1 2026 vs $39.6B H1 2025); uncommenced lease commitments tripled to $85.2B; purchase commitments surged 11x to $811B, primarily for technical infrastructure through long-term supply agreements securing AI compute capacity through 2054.
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high
Google Cloud revenue growth accelerated to +82% YoY ($11.1B absolute growth vs $3.3B prior year), driven by infrastructure/platform services plus new TPU system sales. Revenue backlog surged to $519.5B (99% Cloud), up from $108.2B, reflecting expanded contract scope and methodology change.
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high
Paid $5.2B Android EC fine (July 2026, appeal denied); accrued $2.1B PriceRunner damages (Swedish court, appealed); EC imposed $3.5B ad-tech fine (appealed, bank guarantees placed). Search and ad-tech DOJ remedies proceedings advanced; Epic settlement reached, complying with October 2024 remedies.
Summary
Alphabet's Q2 FY26 results surface a stark earnings-quality divergence: net income to common surged 298% to $112.1B while operating income rose a more modest 30% to $40.8B. The $83.9B gap came entirely from below-the-line items — a $95.3B non-operating/other gain (primarily SpaceX investment revaluation) offset by a $20.8B income tax drag. The $74.5B net below-the-line swing, not operational performance, drove the headline EPS increase. Total revenue grew 24.2% to $119.8B, with Google Cloud accelerating to 82% YoY growth ($11.1B absolute increase) on infrastructure/platform services and new TPU system sales. The company raised $100B in capital during the period — $49.6B in equity (including $19B of 6.25% mandatory convertible preferred stock and a $10B private placement to Berkshire Hathaway) and $51.8B in debt — explicitly earmarked for AI infrastructure and compute scaling. Capex doubled to $80.6B in H1 2026 (vs $39.6B prior year), uncommenced lease commitments tripled to $85.2B, and purchase commitments surged 11x to $811B, primarily for technical infrastructure through long-term supply agreements extending to 2054. The company suspended all share repurchases ($0 vs $28.6B in H1 2025), redirecting capital toward AI capacity expansion. Google Cloud's revenue backlog jumped to $519.5B (99% Cloud), up from $108.2B, reflecting both expanded contract scope and a Q1 2026 methodology change to include contracts under one year. Legal and regulatory developments remained active: Google paid the $5.2B Android EC fine in July 2026 after the European Court of Justice denied its appeal, accrued $2.1B for a Swedish court judgment in favor of PriceRunner (appealed), and faces a $3.5B EC ad-tech fine (appealed, bank guarantees placed). DOJ Search and ad-tech remedies proceedings advanced, with final judgments and appeals underway. The Epic Games settlement was reached in March 2026, with Google now complying with the October 2024 remedies. Watch next quarter for: (1) whether operating income growth can sustain the 30% rate as AI infrastructure costs scale, (2) progress on the $40B ATM program and its dilutive impact, and (3) resolution of the DOJ Search remedies decision expected in August 2025 (now overdue as of this filing date).Section-by-Section Diff
Legal Proceedings
Android fine paid ($5.2B), Search remedies entered and appealed, Epic settlement reached, EC ad-tech fine imposed ($3.5B), PriceRunner damages awarded ($2.1B).
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We have contractual obligations from contracts with remaining terms greater than one year primarily consisting of certain long-term supply agreements to secure future production capacity for technical infrastructure and inventory components. In addition, we have commitments for certain energy service agreements to secure energy for data center usage, and certain content licensing agreements. As of June 30, 2026, expected future fixed or guaranteed commitments under these agreements were $707.0 billion, the significant majority of which related to long-term supply agreements.
Current filing discloses $707.0 billion in contractual commitments, primarily for long-term supply agreements to secure technical infrastructure production capacity and energy service agreements for data centers (terms through 2054). Baseline disclosed only $8.2 billion in content licensing commitments. The $707B figure represents a massive expansion in disclosed forward commitments, driven by infrastructure and energy procurement.
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We provide financial guarantees to certain counterparties, primarily in the form of backstop agreements with varying terms through September 2026. These backstop agreements support counterparty procurement of long-lead time equipment for our future power purchase and energy agreements. As of June 30, 2026, our maximum potential amount of future payments under these guarantees was $7.6 billion, upon which we may receive certain assets.
Current filing discloses $7.6 billion in financial guarantees (backstop agreements) supporting counterparty procurement of long-lead equipment for power purchase and energy agreements. This is a new disclosure category not present in the baseline.
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We subsequently appealed the General Court's affirmation of the EC decision with the European Court of Justice, which remains pending. In 2018, we recognized a charge of $5.1 billion for the fine, which we reduced by $217 million in 2022.
Current filing · verify on EDGAR →
We subsequently appealed the General Court's affirmation of the EC decision, which was denied by the European Court of Justice in July 2026. The EC decision is now final. In July 2026, we made a cash payment of $5.2 billion for the fine plus accrued interest.
The European Court of Justice denied Google's appeal in July 2026, finalizing the Android EC decision. Google made a cash payment of $5.2 billion (fine plus accrued interest) in July 2026. The matter is now closed.
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In August 2024, the U.S. District Court for the District of Columbia ruled that Google violated such U.S. antitrust laws. A separate proceeding to determine remedies, the range of which vary widely, concluded in May 2025. The DOJ's remedy proposal included alterations to our products and services and our business models and operations, including structural remedies, and our distribution arrangements, among other changes, some of which could have a material adverse effect on our business. We expect a decision on remedies in August 2025, after which we intend to appeal the August 2024 ruling and, potentially, aspects of the remedies decision following our review of that decision.
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In August 2024, the US District Court for the District of Columbia ruled against Google. A final judgment was entered in December 2025, which, among other things, imposes restrictions on how Google distributes its services and requires Google to share certain search data with and offer syndication services to certain competitors. In January 2026, we appealed the final judgment and moved to pause implementation of certain remedies. The court denied the motion to stay as premature, allowing Google to seek a stay until the scope of certain remedies are more defined. In February 2026, the DOJ and state Attorneys General also appealed.
Final judgment entered December 2025, imposing restrictions on distribution and requiring data-sharing with competitors. Google appealed in January 2026; motion to stay denied. DOJ and state AGs also appealed in February 2026. The matter has moved from anticipated remedies to entered judgment and active appeals.
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In April 2025, the U.S. District Court for the Eastern District of Virginia issued a mixed decision in the DOJ case against Google, ruling that the DOJ failed to show that Google’s advertiser tools or acquisitions of DoubleClick and AdMeld were anticompetitive, but that Google’s publisher tools violated antitrust laws by excluding rivals. A separate proceeding to determine remedies, the range of which vary widely, is scheduled to take place in September 2025. The DOJ's remedy proposal includes structural remedies, which could have a material adverse effect on our business. We also filed a remedy proposal ahead of the September proceedings. After a decision on remedies, we plan to appeal the adverse portion of the April 2025 decision and, potentially, aspects of the remedies decision following our review of that decision.
Current filing · verify on EDGAR →
In April 2025, the US District Court for the Eastern District of Virginia issued a mixed decision in the DOJ case against Google, ruling that neither Google's advertiser tools nor the DoubleClick and AdMeld acquisitions were anticompetitive, but that Google's publisher tools unfairly excluded rivals. A separate proceeding to determine remedies, the range of which vary widely, took place in September 2025, with the parties presenting differing remedy proposals. The DOJ's remedy proposal includes structural remedies that could have a material adverse effect on our business. Closing arguments were held in November 2025, and we are awaiting a final judgment. After that judgment, we plan to appeal the adverse portion of the April 2025 decision and potentially aspects of the remedies decision.
Remedies proceeding took place in September 2025; closing arguments held November 2025. Google is now awaiting final judgment. The matter has progressed from scheduled remedies hearing to completed proceedings awaiting decision.
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Further, in September 2025, the EC announced its decision that Google had infringed European competition laws through "self-preferencing" practices on the buy-side and the sell-side relating to Google's advertising technology business. The EC decision imposed a €3.0 billion fine and directed Google to cease and desist the alleged "self-preferencing" practices. We appealed the ruling in November 2025, which remains pending. We recognized a charge of $3.5 billion in the third quarter of 2025, and we placed bank guarantees in the fourth quarter of 2025 in lieu of cash payment.
EC issued decision in September 2025 finding Google violated European competition laws through ad-tech self-preferencing, imposing €3.0 billion fine ($3.5 billion charge recognized Q3 2025). Google appealed in November 2025 and placed bank guarantees in Q4 2025 instead of cash payment. This is a new material enforcement action.
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In September 2023, we reached a settlement in principle with 50 state Attorneys General and three territories and recognized a charge. Final approval of the settlement remains pending before the court. In May 2024, we funded the settlement amount to an escrow agent.
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In September 2023, we reached a settlement in principle with 50 state Attorneys General and three territories and recognized a charge. The court preliminarily approved the settlement in November 2025, and final approval remains pending before the court. In May 2024, we funded the settlement amount to an escrow agent.
The state AG settlement received preliminary court approval in November 2025. Final approval remains pending. The matter has progressed from awaiting approval to preliminary approval granted.
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The presiding judge issued a remedies decision in October 2024, ordering a variety of alterations to our business models and operations and contractual agreements for Android and Google Play. 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. Given the nature of this matter, we cannot estimate a possible loss.
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In July 2025, the Court of Appeals denied our appeal, and we subsequently petitioned the US Supreme Court for review. While that appeal was pending, we implemented the effective ordered remedies in October 2025. 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. Following the settlement, we withdrew our petition to the US Supreme Court in March 2026, and Epic and Google filed a joint motion to modify the injunction in April 2026. In July 2026, Epic and Google jointly withdrew the motion to modify the injunction, and Google is complying with the October 2024 remedies decision.
Court of Appeals denied Google's appeal in July 2025. Google implemented remedies in October 2025, then reached settlement with Epic in March 2026 to modify remedies and resolve other lawsuits. Google withdrew Supreme Court petition in March 2026. Joint motion to modify injunction was filed in April 2026 but withdrawn in July 2026; Google is now complying with the October 2024 remedies. The matter has moved from active appeal to settlement and compliance.
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This includes private claims stemming from regulatory proceedings in which Google's liability has been fully determined and the remaining dispute concerns potential damages. For example, 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. We appealed the decision.
Stockholm Patent and Market Court awarded PriceRunner (Klarna subsidiary) approximately $2.1 billion in damages in July 2026 related to Google's shopping search results display and ranking. Google recognized the charge in Q2 2026 and appealed. This is a new material damages award.
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For example, there are ongoing investigations and litigation in the U.S. and the EU, including those relating to our collection and use of location information, alleged violations of state biometric statutes, the choices we offer users, and advertising practices, which could result in significant fines, judgments, and product changes.
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For example, there are ongoing investigations and litigation in the US and the EU, including those relating to our collection and use of location information, the choices we offer users, and advertising practices, which could result in significant fines, judgments, and product changes.
The reference to "alleged violations of state biometric statutes" has been removed from the privacy matters description. The current filing no longer mentions biometric statute allegations.
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We are subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders involving competition, intellectual property, data privacy and security, tax and related compliance, labor and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using our platforms, personal injury, consumer protection, AI training, and other matters.
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We are subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders involving competition, intellectual property, data privacy and security, tax and related compliance, labor and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using our platforms, design of our products and services, personal injury and other tort and nuisance theories, consumer protection, including how we moderate content on our platforms, AI, and other matters.
Current filing adds "design of our products and services", "other tort and nuisance theories", and "including how we moderate content on our platforms" to the list of legal matter categories. "AI training" is changed to "AI". The disclosure broadens the scope of potential legal exposure.
Show 4 minor / wording changes
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Shopping: In June 2017, the EC announced its decision that certain actions taken by Google relating to its display and ranking of shopping search results and ads infringed European antitrust laws and imposed a €2.4 billion fine. In 2024, we made a cash payment of $3.0 billion for the fine.
The Shopping EC matter, which resulted in a €2.4 billion fine paid in 2024 ($3.0 billion), is no longer disclosed in the current filing. The payment was completed in the prior period and the matter is no longer active.
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Further, in June 2022, the Australian Competition and Consumer Commission and in October 2023, the Japanese Fair Trade Commission (JFTC) each opened an investigation into Search distribution practices. In April 2025, the JFTC issued a cease-and-desist order requiring us to make changes to our Android agreements to ensure they are consistent with Japanese antitrust law. The JFTC did not impose monetary penalties. We are constructively engaging with JFTC regarding compliance with the order.
The JFTC cease-and-desist order (April 2025, no monetary penalties) and the Australian investigation are no longer disclosed in the current filing. These matters appear to have been resolved or integrated into ongoing compliance.
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Further, in June 2023, the EC issued a Statement of Objections informing Google of its preliminary view that Google violated European antitrust laws relating to its advertising technology, to which we responded.
The June 2023 EC Statement of Objections is no longer disclosed separately. It has been superseded by the September 2025 EC decision imposing the €3.0 billion fine.
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In April 2025, we reached a $1.4 billion agreement in principle to settle certain privacy matters.
The April 2025 $1.4 billion privacy settlement agreement is no longer disclosed in the current filing. The settlement was reached in the prior period and is no longer active news.
MD&A
Q2 FY26 revenues +24% YoY to $119.8B driven by Google Cloud (+82%) and Google Services (+15%); operating income +30% to $40.8B; OI&E $98.0B from SpaceX gains.
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Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities.
The company now discloses a new organizational structure where AI research and development for frontier models is centralized at the Alphabet level rather than allocated to individual segments. This represents a structural change in how AI costs are reported and managed, with Alphabet-level activities now explicitly including shared AI R&D expenses.
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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.
Google Cloud now generates revenue from selling TPU systems (custom AI chips) to customers for on-premises deployment. Revenue recognition began in Q2 2026, with most revenue expected in 2027. This represents a new product line and revenue stream within Google Cloud, expanding beyond cloud services to hardware sales for specialized AI workloads.
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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.
Alphabet raised $49.6 billion through a combination of common stock and mandatory convertible preferred stock in June 2026, explicitly earmarked for AI infrastructure and compute scaling. The company also established a $40 billion at-the-market program primarily for employee equity tax obligations. This represents the largest equity capital raise in the company's history and signals significant planned investment in AI capacity.
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On July 2, 2026, the EC upheld its 2018 decision that certain provisions in Google's Android-related distribution agreements infringed European antitrust laws. The court imposed fine and interest of $5.2 billion, which was previously accrued, was paid in July 2026.
The European Court of Justice upheld the 2018 Android antitrust decision, and Google paid the $5.2 billion fine (including interest) in July 2026. This resolves a long-standing legal matter that had been under appeal since 2018, converting a previously-accrued liability into an actual cash outflow.
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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). The principal damages of $1.5 billion were accrued in general and administrative expenses in our Google Services segment, and accrued interest and costs of $581 million was recognized in other income (expense), net.
Google accrued $2.1 billion for a Swedish court decision in favor of PriceRunner (owned by Klarna) in Q2 2026. This is a new legal matter not present in the prior period, with $1.5 billion in principal damages recorded in G&A and $581 million in interest/costs recorded in OI&E. The accrual reflects an adverse judgment in a private antitrust action.
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On March 11, 2026, we completed our acquisition of Wiz for $29.5 billion, after purchase price adjustments and excluding post combination compensation arrangements. Following the close of the acquisition, the financial results are included in our consolidated financial statements within the Google Cloud segment. ... On March 10, 2026, we completed our acquisition of Intersect for $5.9 billion, after purchase price adjustments.
Google completed two major acquisitions in March 2026: Wiz (cloud security platform) for $29.5 billion, now part of Google Cloud, and Intersect for $5.9 billion. These represent significant M&A activity, with Wiz being one of the largest acquisitions in Google's history and strategically positioned to strengthen Google Cloud's security offerings.
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In March 2026, we entered into a definitive agreement to contribute our ownership interest in GFiber, a wholly owned subsidiary, into a newly formed entity. Upon closing, we expect to receive $1.5 billion in cash, a $2.0 billion note receivable, and a 49.99% equity interest. The remaining interest is expected to be accounted for as an unconsolidated VIE under the equity method of accounting, as we will no longer be the primary beneficiary. The transaction is expected to close in late 2026.
Google agreed to divest its GFiber (Google Fiber) business in March 2026, retaining a 49.99% equity stake while receiving $1.5 billion cash and a $2 billion note. The transaction converts a wholly-owned subsidiary into a minority investment, expected to close in late 2026. This represents a strategic exit from the consumer internet services business.
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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). Aggregate net proceeds were $19.0 billion which will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute.
Alphabet issued 6.25% mandatory convertible preferred stock in June 2026, raising $19 billion. The preferred stock is split between Series A (indexed to Class A common) and Series B (indexed to Class C common), with proceeds earmarked for AI infrastructure. This represents a new capital structure element for Alphabet, introducing preferred equity for the first time.
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Google Cloud revenues increased $3.3 billion and $6.0 billion from the three and six months ended June 30, 2024 to the three and six months ended June 30, 2025 primarily driven by growth in Google Cloud Platform largely from infrastructure services.
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Google Cloud revenues increased $11.1 billion and $18.9 billion from the three and six months ended June 30, 2025 to the three and six months ended June 30, 2026 primarily driven by growth in Google Cloud Platform largely from infrastructure and platform services. In addition, in the second quarter of 2026, we began recognizing revenue from the sale of TPU systems.
Google Cloud revenue growth accelerated dramatically: Q2 growth increased from $3.3B YoY (32% growth) in 2025 to $11.1B YoY (82% growth) in 2026. The acceleration is attributed to infrastructure and platform services growth plus the new TPU system sales. This represents a significant inflection in Google Cloud's growth trajectory, more than doubling the absolute dollar growth rate.
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Capital expenditures, which primarily reflected investments in technical infrastructure, were $22.4 billion for the three months ended June 30, 2025. ... During the six months ended June 30, 2024 and 2025, we spent $25.2 billion and $39.6 billion on capital expenditures, respectively. We expect to increase, relative to 2024, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services.
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Capital expenditures, which primarily reflected investments in technical infrastructure, were $44.9 billion for the three months ended June 30, 2026. ... During the six months ended June 30, 2025 and 2026, we spent $39.6 billion and $80.6 billion on capital expenditures, respectively. In 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers and network equipment and data centers.
Quarterly capex doubled from $22.4B in Q2 2025 to $44.9B in Q2 2026; six-month capex doubled from $39.6B to $80.6B. The company now states it will "significantly increase" investment in 2026 (versus prior "increase" language), reflecting aggressive AI infrastructure scaling. This represents a major acceleration in capital intensity to support AI compute capacity.
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As of June 30, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $23.9 billion. These leases will commence between 2025 and 2031 with non-cancelable lease terms between one and 25 years.
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As of June 30, 2026, we have entered into leases, primarily related to data centers, that have not yet commenced with future lease payments of $85.2 billion. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years. Additionally, in June 2026, we entered into a short-term lease agreement with a non-cancelable commitment of approximately $5.8 billion, which will commence in the third quarter of 2026.
Uncommenced lease commitments increased from $23.9B to $85.2B, more than tripling year-over-year. Additionally, a new $5.8B short-term lease was signed in June 2026 commencing in Q3. These commitments reflect significant expansion of leased data center capacity to support AI infrastructure scaling, representing a major increase in fixed obligations.
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As of June 30, 2025, we had material purchase commitments and other contractual obligations of $72.5 billion, of which $51.0 billion was short-term. These amounts primarily consist of purchase orders for certain technical infrastructure as well as the non-cancelable portion or the minimum cancellation fee in certain agreements related to commitments to purchase licenses, including content licenses, inventory, and network capacity.
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As of June 30, 2026, we had material purchase commitments and other contractual obligations totaling $811.0 billion, of which $200.7 billion was short-term. These purchase commitments primarily relate to costs for technical infrastructure and inventory through long-term supply agreements and open purchase orders.
Total purchase commitments increased more than 11-fold from $72.5B to $811.0B year-over-year, with short-term commitments rising from $51.0B to $200.7B. The commitments primarily relate to technical infrastructure through long-term supply agreements. This represents an unprecedented expansion of supply chain commitments to secure AI compute capacity, reflecting multi-year procurement agreements for servers, chips, and data center equipment.
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As of June 30, 2026, we provided backstops in the form of financial guarantees and credit derivatives with maximum potential amount of future payments of $7.6 billion and $43.8 billion, respectively. Upon a default under these backstops, we retain the right to assume the underlying leases for internal use or to sublease to third parties. Under specific conditions or following a predetermined period, we may elect to extinguish the backstop obligation by making a termination payment. ... 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.
Google disclosed $51.4 billion in existing backstop commitments (financial guarantees and credit derivatives) plus an additional $24.1 billion in future backstops for data center and energy infrastructure. These backstops allow Google to support third-party infrastructure development while retaining the right to assume leases or make termination payments. This represents a new financing mechanism to accelerate data center capacity expansion.
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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.
Google committed up to $20 billion in contingent capital funding to a private company (likely related to the SpaceX investment mentioned in OI&E), with funding tied to operational and financial milestones through 2030. This is accounted for as an equity derivative. This represents a significant off-balance-sheet commitment to support a strategic investment, likely in AI or infrastructure.
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As of June 30, 2025, we had senior unsecured notes outstanding with a total carrying value of $24.6 billion. In May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches ... Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches.
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As of June 30, 2026, we had long-term debt outstanding with a total carrying value of $98.2 billion. During the six months ended June 30, 2026, we issued $20.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes and $31.8 billion of foreign currency-denominated fixed-rate senior unsecured notes for general corporate purposes, across Sterling, Swiss Franc, Euro, Canadian dollars, and Japanese yen.
Long-term debt outstanding quadrupled from $24.6B to $98.2B year-over-year. In the first half of 2026, Google issued $51.8B in new debt (USD, $31.8B foreign currency) versus $12.5B in the prior year. This represents a major increase in leverage to fund AI infrastructure investments, with debt issuance accelerating significantly.
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During the three and six months ended June 30, 2025, we repurchased and subsequently retired 81 million and 164 million shares for $13.3 billion and $28.6 billion, respectively. ... In April 2024, the Board of Directors of Alphabet authorized the company to repurchase up to $70.0 billion of its Class A and Class C shares. In April 2025, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of Class A and Class C shares. As of June 30, 2025, $86.3 billion remained available for Class A and Class C share repurchases.
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In the three and six months ended June 30, 2026, there were no repurchases of the company's Class A or Class C shares. ... In April 2025, the company's Board of Directors authorized a $70.0 billion share repurchase program for its Class A and Class C shares. As of June 30, 2026, $69.5 billion remained available for Class A and Class C share repurchases.
Google suspended share repurchases entirely in the first half of 2026 (zero repurchases versus $28.6B in H1 2025). The company shifted capital allocation from buybacks to equity issuance ($49.6B raised) and debt issuance ($51.8B), redirecting capital toward AI infrastructure investment. This represents a major strategic shift in capital allocation priorities.
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In April 2025, the Board of Directors of Alphabet increased the quarterly cash dividend by 5% to $0.21 per share of outstanding Class A, Class B, and Class C shares.
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In April 2026, the company's Board of Directors declared a quarterly cash dividend on common stock of $0.22 per share, representing a 5% increase from the previous quarterly dividend of $0.21 per share.
The quarterly dividend increased from $0.21 to $0.22 per share in April 2026, a 5% increase matching the prior year's increase rate. Despite suspending buybacks, Google maintained its dividend growth trajectory, signaling commitment to returning cash to shareholders through dividends while prioritizing AI investment over repurchases.
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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.
Google declared its first quarterly dividend on the newly-issued mandatory convertible preferred stock: $12.15 per preferred share ($0.60 per depositary share), reflecting the 6.25% annual rate. This establishes the dividend payment schedule for the new preferred equity class, representing an additional cash distribution obligation.
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As of June 30, 2026, we had short-term accrued legal and regulatory fines and settlements of $17.4 billion. This amount primarily included EC fines, in addition to accruals related to other legal matters and regulatory fines and settlements.
Google disclosed $17.4 billion in short-term accrued legal and regulatory liabilities as of June 30, 2026, primarily EC fines plus other legal matters (including the $2.1B PriceRunner accrual). This was not separately disclosed in the prior period. The $5.2B Android fine was paid in July 2026, but the remaining balance reflects ongoing legal exposure.
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As of June 30, 2025, we had 187,103 employees.
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As of June 30, 2026, we had 198,933 employees.
Headcount increased from 187,103 to 198,933 employees year-over-year, a net addition of 11,830 employees (6.3% growth). This represents a resumption of headcount growth after prior-period cost discipline, likely driven by AI research, engineering, and cloud sales hiring to support the accelerated AI infrastructure buildout.
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consumer subscriptions, which primarily include revenues from YouTube services, such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One;
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consumer subscriptions, which primarily include revenues from YouTube services, such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One, which offers access to our most capable Gemini models;
The description of Google One was updated to explicitly state it "offers access to our most capable Gemini models," positioning Google One as a consumer AI subscription product. This clarifies that Google One now includes premium AI features beyond storage, representing a product evolution toward AI-powered consumer services.
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The Organization for Economic Cooperation and Development is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, ... including the implementation of a minimum global effective tax rate of 15%. Some countries have already implemented the legislation effective January 1, 2024, and we expect others to follow, however this did not have a material effect on our income tax provision for the period ending June 30, 2025.
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The Organization for Economic Cooperation and Development (OECD) published model rules for the implementation of a minimum global effective tax rate of 15%. Many countries have implemented or are in the process of implementing the rules. In January 2026, the OECD introduced new guidance including a "Side-by-Side Safe Harbor" which, if elected, exempts US domestic operations from being taxed by global minimum tax rules. However, it does not exempt foreign subsidiaries from local minimum tax requirements. These rules did not have a material effect on our income tax provision for the six months ended June 30, 2026. As more countries enact these global minimum tax rules, our effective tax rate and cash tax payments could be affected.
The OECD global minimum tax disclosure was updated to reflect January 2026 guidance introducing a "Side-by-Side Safe Harbor" that exempts US domestic operations but not foreign subsidiaries. The update clarifies that the rules had no material effect in H1 2026 but could affect future tax rates as more countries enact them. This provides more specific guidance on the US exemption while maintaining the forward-looking caveat.
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Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions. We recognize intangible assets acquired in business combinations at fair value as of the acquisition date. Critical estimates in valuing the acquired intangible assets require judgment and the use of unobservable inputs, including future expected cash flows, discount rates, estimated customer attrition rates and anticipated growth, and royalty rate, among others. Other estimates associated with the accounting for acquisitions may change as additional information becomes available regarding the assets acquired and liabilities assumed.
Google added a new critical accounting estimate section for business combinations, reflecting the materiality of the Wiz ($29.5B) and Intersect ($5.9B) acquisitions completed in March 2026. The disclosure describes the fair value allocation process, intangible asset valuation, and the use of significant estimates and unobservable inputs. This addition signals that acquisition accounting judgments are now material enough to warrant critical estimate disclosure.
Show 3 minor / wording changes
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Google Cloud Platform, which generates consumption-based fees and subscriptions for infrastructure, platform, and other services. These services provide access to solutions such as AI offerings including our AI infrastructure, Vertex AI platform, and Gemini for Google Cloud: cybersecurity; and data and analytics;
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Google Cloud Platform primarily generates consumption-based fees and subscriptions for infrastructure, platform, and other services. These services provide access to solutions such as AI offerings including our enterprise AI infrastructure, Vertex AI platform, and Gemini Enterprise; cybersecurity offerings; and data and analytics solutions.
The description of Google Cloud Platform AI offerings was updated from "AI infrastructure" to "enterprise AI infrastructure" and from "Gemini for Google Cloud" to "Gemini Enterprise," reflecting product branding evolution and positioning. The changes emphasize enterprise-grade AI capabilities, though the underlying services remain similar.
Prior-period references to the OBBBA legislation (signed July 4, 2025) and its assessment were removed from the current filing. This is a lifecycle removal: the legislation was announced in the prior period, and by Q2 2026, the company has integrated its effects into the tax provision and no longer needs to flag it as a pending assessment. The removal reflects normal disclosure evolution, not a change in tax status.
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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. The acquisition of Wiz is expected to close in 2026, subject to customary closing conditions, including the receipt of regulatory approvals.
The prior-period disclosure of the pending Wiz acquisition was removed because the acquisition closed in March 2026 (as disclosed in the current filing). This is a lifecycle removal: the pending-acquisition disclosure was replaced by completed-acquisition disclosure with final purchase price ($29.5B after adjustments) and integration details. The removal reflects transaction completion, not a change in status.
Notes
Major capital raise ($49B equity + $51B debt), Wiz acquisition ($32B), PriceRunner judgment ($2.1B), revenue backlog surge ($108B → $520B), inventory jump ($2.4B → $10B).
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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). Each depositary share represents a 1/20th fractional interest in a share of preferred stock. The mandatory convertible preferred stock has a par value of $0.001 per share and liquidation preference of $1,000 per share ($50 per depositary share). Aggregate net proceeds were $19.0 billion which will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute.
Alphabet issued $19 billion of 6.25% mandatory convertible preferred stock in June 2026, a new capital structure instrument for the company. The preferred shares convert to common stock by May 2029 at rates tied to the stock price, with dividends payable quarterly. This is part of a broader $49 billion equity raise (including a $30 billion common stock offering and $10 billion private placement to Berkshire Hathaway) to fund AI infrastructure expansion.
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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. All shares have a par value of $0.001 per share. Concurrently with the public offering, on June 4, 2026, the company completed a private placement of 14 million Class A and 14 million Class C shares to an affiliate of Berkshire Hathaway Inc. (the “private placement”). The shares were issued in a private placement pursuant to an exemption from registration under section 4(a) (2) of the Securities Act of 1933, as amended. The net proceeds received by the company were $20.5 billion from the public offering and $10.0 billion from the private placement, after deducting underwriting discounts, commissions, and direct offering expenses which were recorded as a reduction to common stock and APIC. These proceeds will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute.
Alphabet raised $30.5 billion through a combined public offering ($20.5B) and private placement to Berkshire Hathaway ($10B) in June 2026. The proceeds are earmarked for AI infrastructure and global compute expansion, reflecting significant capital deployment plans.
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In connection with the issuance of the 385 million Series A and Series B depositary shares, representing 19 million shares of mandatory convertible preferred stock, the company entered into privately negotiated capped call transactions with certain financial institutions. ... The company paid an aggregate premium of $1.0 billion for these capped call transactions, which was recorded as a reduction to preferred stock and APIC. The capped call transactions provide the company with the option to receive shares of Class A and Class C stock upon conversion of the mandatory convertible preferred stock. The transactions have an initial cap price of $532.6704 per share for the Class A and $527.7974 per share for Class C, each representing a premium of 50.0% over their respective public offering prices. These transactions are intended to reduce the potential dilution to the company’s common stock upon conversion of the mandatory convertible preferred stock.
Alphabet purchased $1 billion of capped call options to mitigate dilution from the mandatory convertible preferred stock. The cap prices are set 50% above the June 2026 offering prices, limiting dilution if the stock appreciates significantly before the 2029 conversion date.
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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"). Subject to the terms and conditions of the agreement, the company may sell shares of Class A and Class C stock through the sales agents listed in the agreement in amounts and at times to be determined by the company. In addition, we may elect to sell, through the sales agents or through others (whether acting as agent or principal), shares of our stock for forward settlement. We are not obligated to sell any of our shares under the ATM Program. The proceeds from offerings under the ATM Program, if any, are primarily intended to be used to meet tax obligations associated with employee equity grants. As of June 30, 2026, we have not sold any shares under the ATM Program, and the full $40.0 billion remains available for future issuance.
Alphabet established a $40 billion at-the-market equity program in June 2026, providing flexibility to issue shares over time to cover employee equity tax obligations. No shares have been sold under the program as of quarter-end.
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Proceeds from issuance of debt, net of costs 31,378 56,226
Alphabet issued $56.2 billion of debt in the first half of 2026, up from $31.4 billion in the prior-year period. Combined with the equity raises, total capital raised in H1 2026 was approximately $100 billion, reflecting aggressive funding of AI infrastructure expansion. Long-term debt on the balance sheet increased from $10.9B (Dec 2024) to $98.2B (Jun 2026).
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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. The acquisition of Wiz is expected to close in 2026, subject to customary closing conditions, including the receipt of regulatory approvals. Upon the close of the acquisition, Wiz will be part of the Google Cloud segment.
The baseline disclosed a pending $32 billion all-cash acquisition of Wiz (cloud security platform) announced in March 2025, expected to close in 2026. The current filing no longer mentions this pending acquisition in Note 8 (Acquisitions), suggesting either the deal closed during the period or the disclosure was moved/removed. The balance sheet shows goodwill increased from $31.9B to $57.8B (+$25.9B) and intangible assets from $1.3B to $9.1B (+$7.8B), and the cash flow statement shows "Acquisitions, net of cash acquired, and purchases of intangible assets" of $33.7B in H1 2026 vs $353M in H1 2025, consistent with a large acquisition closing. The Wiz deal likely closed during Q2 2026.
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As of June 30, 2025, we had $108.2 billion of remaining performance obligations (“revenue backlog”), primarily related to Google Cloud. Revenue backlog represents commitments in customer contracts for future services that have not yet been recognized as revenue. We expect to recognize approximately 55% of the revenue backlog as revenues over the next 24 months with the remainder to be recognized thereafter. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by our ability to deliver in accordance with relevant contract terms and when our customers utilize services. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods, and excludes contracts with an original expected term of one year or less and cancellable contracts.
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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 represents commitments in customer contracts that have not yet been recognized as revenue. We expect to recognize just over 50% of the revenue backlog as revenues over the next 24 months with the remainder to be recognized thereafter. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by contract duration, our ability to deliver in accordance with relevant contract terms, and when our customers utilize services. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods and excludes cancellable contracts and payments we make to our customers not expected to be in exchange for distinct goods and services. In the first quarter of 2026, we elected to change our reporting of revenue backlog to also include contracts with an original expected term of one year or less.
Revenue backlog surged from $108.2 billion (Jun 2025) to $519.5 billion (Jun 2026), a nearly 5x increase. The company changed its reporting methodology in Q1 2026 to include contracts with terms of one year or less, which were previously excluded. Even accounting for this methodological change, the increase reflects substantial growth in Google Cloud commitments. The backlog is now 99% Google Cloud ($513.9B of $519.5B total).
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Inventory 2,439 9,991
Inventory increased from $2.4 billion (Dec 2025) to $10.0 billion (Jun 2026), a 4x increase. The notes explain inventory consists primarily of TPU systems for enterprise customers and Pixel devices. The surge likely reflects scaling of TPU system production to meet AI infrastructure demand, consistent with the company's capital deployment strategy and the expanded Google Cloud backlog.
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For example, 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. We appealed the decision.
A Swedish court awarded PriceRunner (Klarna subsidiary) approximately $2.1 billion in damages in July 2026 related to Google's shopping search practices. Alphabet recognized the charge in Q2 2026 and has appealed. This is a new material litigation outcome not present in the baseline.
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In October 2020, the U.S. Department of Justice (DOJ) and a number of state Attorneys General filed a lawsuit in the U.S. District Court for the District of Columbia alleging that Google violated U.S. antitrust laws relating to Search and Search advertising. In August 2024, the U.S. District Court for the District of Columbia ruled that Google violated such U.S. antitrust laws. A separate proceeding to determine remedies, the range of which vary widely, concluded in May 2025. The DOJ's remedy proposal included alterations to our products and services and our business models and operations, including structural remedies, and our distribution arrangements, among other changes, some of which could have a material adverse effect on our business. We expect a decision on remedies in August 2025, after which we intend to appeal the August 2024 ruling and, potentially, aspects of the remedies decision following our review of that decision.
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In October 2020, the U.S. Department of Justice (DOJ) and a number of state Attorneys General filed a lawsuit in the U.S. District Court for the District of Columbia alleging that Google violated U.S. antitrust laws relating to Search and Search advertising. In August 2024, the U.S. District Court for the District of Columbia ruled that Google violated such U.S. antitrust laws. A separate proceeding to determine remedies, the range of which vary widely, concluded in May 2025. The DOJ's remedy proposal included alterations to our products and services and our business models and operations, including structural remedies, and our distribution arrangements, among other changes, some of which could have a material adverse effect on our business. We expect a decision on remedies in August 2025, after which we intend to appeal the August 2024 ruling and, potentially, aspects of the remedies decision following our review of that decision.
The Search antitrust remedies proceeding concluded in May 2025, with a remedies decision expected in August 2025. The DOJ proposed structural remedies and changes to distribution arrangements that could materially affect the business. The disclosure is substantively unchanged between periods, indicating the remedies decision had not yet been issued as of the June 2026 filing date.
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In December 2020, a number of state Attorneys General filed a lawsuit in the U.S. District Court for the Eastern District of Texas alleging that Google violated U.S. antitrust laws as well as state deceptive trade laws relating to its advertising technology. A trial will take place after a decision on remedies is issued in the following DOJ case against Google relating to its advertising technology. In January 2023, the DOJ, along with a number of state Attorneys General, filed a lawsuit in the U.S. District Court for the Eastern District of Virginia alleging that Google violated U.S. antitrust laws relating to its advertising technology, and a number of additional state Attorneys General subsequently joined the lawsuit.
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In January 2023, the DOJ, along with a number of state Attorneys General, filed a lawsuit in the U.S. District Court for the Eastern District of Virginia alleging that Google violated U.S. antitrust laws relating to its advertising technology, and a number of additional state Attorneys General subsequently joined the lawsuit. In April 2025, the U.S. District Court for the Eastern District of Virginia issued a mixed decision in the DOJ case against Google, ruling that the DOJ failed to show that Google's advertiser tools or acquisitions of DoubleClick and AdMeld were anticompetitive, but that Google's publisher tools violated antitrust laws by excluding rivals. A separate proceeding to determine remedies, the range of which vary widely, is scheduled to take place in September 2025. The DOJ's remedy proposal includes structural remedies, which could have a material adverse effect on our business. We also filed a remedy proposal ahead of the September proceedings. After a decision on remedies, we plan to appeal the adverse portion of the April 2025 decision and, potentially, aspects of the remedies decision following our review of that decision.
The ad-tech antitrust case progressed significantly: in April 2025, the Virginia court issued a mixed ruling finding Google's publisher tools violated antitrust laws (but cleared advertiser tools and prior acquisitions). A remedies proceeding is scheduled for September 2025, with the DOJ proposing structural remedies. This represents a partial adverse finding with material remedy risk.
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In December 2023, a California jury delivered a verdict in Epic Games v. Google finding that Google violated U.S. antitrust laws related to Google Play's business. Epic did not seek monetary damages. The presiding judge issued a remedies decision in October 2024, ordering a variety of alterations to our business models and operations and contractual agreements for Android and Google Play. 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. Given the nature of this matter, we cannot estimate a possible loss.
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In December 2023, a California jury delivered a verdict against Google in Epic Games v. Google related to Google Play's business. Epic did not seek monetary damages. The presiding judge issued a remedies decision in October 2024, ordering a variety of alterations to our business models and operations and contractual agreements for Android and Google Play. We appealed the judgment, including the jury verdict and aspects of the remedies ordered. In July 2025, the Court of Appeals denied our appeal, and we subsequently petitioned the US Supreme Court for review. While that appeal was pending, we implemented the effective ordered remedies in October 2025. 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. Following the settlement, we withdrew our petition to the US Supreme Court in March 2026, and Epic and Google filed a joint motion to modify the injunction in April 2026. In July 2026, Epic and Google jointly withdrew the motion to modify the injunction, and Google is complying with the October 2024 remedies decision.
The Epic Games litigation evolved through multiple stages: the Court of Appeals denied Google's appeal in July 2025; Google petitioned the Supreme Court; the parties reached a settlement in March 2026 and withdrew the Supreme Court petition; a joint motion to modify remedies was filed in April 2026 then withdrawn in July 2026. Google is now complying with the October 2024 remedies decision, which requires alterations to Android and Google Play business practices. The settlement resolved the immediate legal dispute but the operational remedies remain in effect.
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In the three and six months ended June 30, 2025, we continued to repurchase both Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares. 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.
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In the three and six months ended June 30, 2026, there were no repurchases of the company's Class A or Class C shares.
Alphabet suspended share repurchases in H1 2026 after repurchasing $28.6 billion in H1 2025. The company raised $100 billion in capital (equity + debt) during the period to fund AI infrastructure expansion, making share repurchases a lower priority. The April 2025 $70 billion authorization remains largely intact ($69.5B available as of Jun 2026).
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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 declared its first preferred stock dividend ($12.15 per share, or $0.60 per depositary share) in July 2026, reflecting the new mandatory convertible preferred stock issued in June 2026. The 6.25% annual dividend rate on the $1,000 liquidation preference equates to $62.50 per year per share, paid quarterly.
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On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. This legislation includes changes to U.S. federal tax law, which may be subject to further clarification and the issuance of interpretive guidance. We are assessing the legislation and its effect on our consolidated financial statements, which we expect to begin reflecting in the three month period ended September 30, 2025.
The baseline disclosed new U.S. tax legislation (OBBBA) signed July 4, 2025, with effects expected to be reflected starting Q3 2025. The current filing (Q2 2026) no longer mentions this legislation, suggesting the company has completed its assessment and integrated any impacts into its tax accounting. The effective tax rate increased from 17.1% (H1 2025) to 19.1% (H1 2026), which may partially reflect OBBBA provisions.
Show 1 minor / wording change
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In September 2025, the FASB issued ASU 2025-06 "Intangibles: Goodwill and Other‒Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" to modernize the accounting for software costs under Subtopic 350-40, Intangibles‒Goodwill and Other‒Internal-Use Software (referred to as “internal-use software”). Upon adoption, we will be required to account for internal-use software under the updated capitalization criteria. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard can be applied either prospectively, retrospectively, or under a modified transition approach. We are currently assessing adoption timing, the method of adoption, and the effect that the updated standard will have on our consolidated financial statements. In May 2026, the FASB issued ASU 2026-02 "Environmental Credits and Environmental Credit Obligations (Topic 818)” to provide recognition, measurement, presentation, and disclosure guidance for environmental credits and environmental credit obligations. Upon adoption, we will be required to account for environmental credits and environmental credit obligations under the new guidance. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard should be adopted on a retrospective basis. We are currently assessing adoption timing and the effect that the updated standard will have on our consolidated financial statements.
Two new accounting standards were issued after the baseline period: ASU 2025-06 on internal-use software capitalization (Sep 2025) and ASU 2026-02 on environmental credits (May 2026), both effective in 2028. These are routine disclosure updates for newly-issued standards.
Risk Factors
GOOGL added detailed risk disclosures on AI infrastructure investment, capital markets access, data privacy/AI regulation, and equity dilution from new ATM program.
Added in current filing · view on EDGAR →
Our increasing investment in new businesses, products, services, and technologies is inherently risky, and could divert management attention and harm our business, financial condition, and operating results. We have invested and expect to expand our investment in new businesses, products, services, and technologies in a wide range of industries beyond online advertising. The investments that we are making across our businesses — such as building AI-optimized infrastructure, including our custom TPUs, and integrating AI capabilities into new and existing products and services — reflect our ongoing efforts to innovate and provide products and services that are helpful to users, advertisers, publishers, customers, content providers, and distribution partners. Our investments ultimately may not be commercially viable or may not result in an adequate return of capital and, in pursuing new strategies, we may incur unanticipated liabilities, including those arising from the implementation of new regulatory requirements. We have invested and expect to significantly expand our investment in property and equipment, including our technical infrastructure, and we expect these assets to benefit our business over their estimated useful lives. Changes in facts and circumstances such as changes to historical asset performance, expected technology advancements, and future network deployment plans could change the period over which we expect to benefit from the asset and impact our financial condition and operating results.
GOOGL now discloses risks around expanding AI infrastructure investment, including custom TPU development and integration of AI capabilities across products. The company warns that these investments may not be commercially viable, may not return adequate capital, and could incur unanticipated liabilities from new regulatory requirements. Additionally, changes in technology or deployment plans could affect the useful life of these assets and impact financial results.
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. 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. In the event of such nonperformance or industry challenges, we may incur additional liabilities, have excess capacity that we cannot easily redeploy, and not receive payments from our counterparties or customers.
GOOGL discloses new risks from supplying TPU systems to meet customer AI compute demands, including increased costs and operational complexity. The company has entered large, long-duration commercial agreements with financial guarantees (backstops for third-party data center and power infrastructure buildouts). Nonperformance by any party could result in additional liabilities, stranded excess capacity, or unpaid receivables.
Added in current filing · view on EDGAR →
Disruptions in our ability to access the capital markets, obtain future financing, or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition. We may from time to time access capital markets for debt or equity, including through our ATM Program, or any derivative securities thereof, or seek to enter into other forms of financing, such as leases. Any difficulty in accessing capital markets, entering into other forms of financing on favorable terms, or managing our existing indebtedness could increase our costs of financing and restrict our ability to invest in our business. Furthermore, our current and any future indebtedness, including obligations arising under leases, backstops, guarantees, and potential liabilities from large commercial agreements, combined with the dilutive impact of current or future equity issuances, could harm our financial condition, depress our stock price or reduce our financial and business flexibility.
GOOGL added a new risk factor on capital markets access and debt management. The company warns that difficulty accessing capital markets or managing indebtedness (including leases, backstops, guarantees, and liabilities from large commercial agreements) could increase financing costs and restrict business investment. The combination of debt obligations and dilutive equity issuances could harm financial condition and depress stock price.
Added in current filing · view on EDGAR →
Privacy, data protection, data usage, and portability regulations are complex and rapidly evolving areas. Any failure or alleged failure to comply with these laws could harm our business, reputation, financial condition, and operating results. Authorities around the world have adopted and are considering a number of legislative and regulatory proposals concerning data protection, data usage and portability, and encryption of user data. Additionally, the increasing adoption of AI technologies, which rely on the collection of large amounts of data and use of such data for training purposes, has led data protection authorities around the world to consider and adopt new and evolving interpretations of data protection laws, imposing specific obligations with respect to the processing of personal data, including required notices, consents, and opt-outs. Further, the increased risk of inadvertent disclosure of confidential information or personal data in connection with the utilization of AI technologies may result in stronger regulatory scrutiny, leading to legal and regulatory investigations and enforcement actions that could harm our business, even if unfounded.
GOOGL expanded its privacy risk disclosure to address AI-specific regulatory concerns. Data protection authorities are adopting new interpretations of data protection laws for AI technologies, which rely on large data collection for training. The company warns that inadvertent disclosure of confidential information or personal data through AI utilization may trigger stronger regulatory scrutiny, investigations, and enforcement actions, even if claims are unfounded.
Added in current filing · view on EDGAR →
Additional issuances of our Class A stock or Class C stock under our ATM Program, any conversions of our Mandatory Convertible Preferred Stock to Class A stock or Class C stock and any other future sales or other issuances of our Class A stock or Class C stock could dilute our existing stockholders or otherwise depress the market prices of our Class A stock and Class C stock. 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. Any sales under our ATM Program could have dilutive effects for our existing stockholders over time. In addition, the conversion of some or all of our shares of Mandatory Convertible Preferred Stock and our depositary shares, or any election to settle our contractually required dividend payments on our Mandatory Convertible Preferred Stock in the form of Class A stock or Class C stock, could also have dilutive effects for our existing stockholders over time. The market prices of our Class A stock or Class C stock is likely to be influenced by any sales under our ATM Program, the issuance of additional Class A stock or Class C stock in connection with the conversion of or dividend payments on our Mandatory Convertible Preferred Stock and our depositary shares, or any other future sales or other issuances of our Class A stock or Class C stock. Market prices could be depressed as a result of: (1) investors’ anticipation of the potential sale or resale, as applicable, under the ATM Program or received upon conversion of our Mandatory Convertible Preferred Stock or our depositary shares; (2) possible sales of our Class A stock or Class C stock by investors who view the Mandatory Convertible Preferred Stock or our depositary shares as a more attractive means of equity participation in us than owning shares of Class A stock or Class C stock; and (3) any hedging or arbitrage trading activity involving the Mandatory Convertible Preferred Stocks or our depositary shares and our Class A stock or Class C stock. There is no assurance that any depression in the market price from such dilution will only be in the short-term or temporary.
GOOGL disclosed a new $40 billion at-the-market (ATM) equity offering program established in June 2026. The company warns that sales under the ATM program, conversions of Mandatory Convertible Preferred Stock, and stock-settled dividend payments will have dilutive effects on existing stockholders. Market prices could be depressed by investor anticipation of sales, preference for preferred stock over common, and hedging/arbitrage activity, with no assurance that price depression will be temporary.
Added in current filing · view on EDGAR →
We cannot guarantee that we will make repurchases under any share repurchase program, that our common stock dividend program will be continuously active or fully consummated, or that the required dividend payments on our Mandatory Convertible Preferred Stock together with any repurchases or dividends on our common stock will enhance long-term stockholder value. Further, share repurchases or dividends could increase the volatility of our stock prices and could diminish our cash reserves. We have historically engaged in share repurchases of our Class A stock and Class C stock from time to time in accordance with authorizations from the Board of Directors of Alphabet. Our repurchase program does not have an expiration date and does not obligate Alphabet to repurchase any specific dollar amount or to acquire any specific number of shares and we retain discretion as to whether and when to utilize this program. Although we have an authorized share repurchase program, there can be no assurances that we will make repurchases in the near term or at all. Furthermore, if we are utilizing the repurchase program at the time of any future offerings of our equity securities, including offerings of our Class A stock or Class C stock under our ATM Program, we may be required to suspend share repurchases, which could further exacerbate any decrease in the trading prices of our stock from dilution or otherwise. Our cash dividend program pays regular cash dividends to our Class A, Class B and Class C stockholders. Any and all future cash dividends on our common stock are subject to declaration by our Board of Directors in its sole discretion, and in accordance with the requirements of any applicable laws, rules and regulations, including the ... Delaware General Corporation Law. Our common stock cash dividend program does not require, and our Board of Directors may decide not to declare, a cash dividend each quarter, and does not obligate our Board of Directors to declare a dividend at any specific dollar amount per share. Any such decision by our Board of Directors may depend on a variety of factors that it may deem relevant, including but not limited to our earnings, liquidity, financial condition, other capital deployment opportunities, level of indebtedness and general market conditions. Separately, we are contractually required to make regular dividend payments on our Mandatory Convertible Preferred Stock, which will diminish our cash reserves or cause dilution if we elect to settle in shares. Our share repurchases and dividends could affect our share trading prices, increase their volatility, reduce our cash reserves and may be suspended or terminated at any time, which may result in a decrease in the trading prices of our stock.
GOOGL added detailed disclosure on the discretionary nature of its share repurchase and common stock dividend programs, warning that neither is guaranteed to continue or enhance stockholder value. The company may suspend repurchases during ATM program equity offerings, which could worsen stock price declines from dilution. Mandatory Convertible Preferred Stock dividend payments will diminish cash reserves or cause dilution if settled in shares. Repurchases and dividends could increase stock price volatility and may be suspended or terminated at any time.
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Financial Statements
Primary statements from SEC XBRL (companyfacts). Labels and figures as reported — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 119,796 | 96,428 |
| Cost of revenue / cost of sales | 45,943 | 39,039 |
| Operating expenses: | ||
| Sales and marketing | 8,403 | 7,101 |
| Research and development | 18,219 | 13,808 |
| General and administrative | 6,461 | 5,209 |
| Total operating expenses | 79,026 | 65,157 |
| Operating income | 40,770 | 31,271 |
| Interest expense | 1,278 | 261.0 |
| Other income/(expense), net | 97,983 | 2,662 |
| Income before income taxes | 138,753 | 33,933 |
| Income tax expense/(benefit) | 26,560 | 5,737 |
| Net income | 112,193 | 28,196 |
| Basic earnings per share | 9.23 | 2.33 |
| Diluted earnings per share | 9.11 | 2.31 |
Consolidated Balance Sheets (Unaudited)
| Description | Jun 30, 2026 | Jun 30, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 55,911 | 21,036 |
| Short-term investments | 186,563 | 74,112 |
| Accounts receivable, net | 69,175 | 55,048 |
| Inventories | 9,991 | |
| Prepaid expenses and other current assets | 21,884 | 16,020 |
| Total current assets | 343,524 | 166,216 |
| Operating lease right-of-use assets, net | 17,694 | 14,255 |
| Finite-lived intangible assets, net | 8,894 | |
| Identifiable intangible assets, net | 9,105 | |
| Goodwill | 57,828 | 32,335 |
| Deferred income taxes and other assets | 1,448 | 19,289 |
| Other long-term assets | 483,490 | 269,958 |
| TOTAL ASSETS | 921,983 | 502,053 |
| Current liabilities: | ||
| Current portion of long-term debt | 1,999 | 1,000 |
| Accounts payable | 20,258 | 8,347 |
| Current portion of operating lease liabilities | 3,446 | 3,007 |
| Accrued liabilities | 73,014 | 52,039 |
| Income taxes payable | 5,233 | 786.0 |
| Deferred revenue, current | 7,154 | 4,969 |
| Other current liabilities | 15,007 | 17,162 |
| Total current liabilities | 126,111 | 87,310 |
| Long-term debt | 98,165 | 23,607 |
| Operating lease liabilities | 14,591 | 11,952 |
| Deferred income taxes and other liabilities | 22,819 | |
| Other long-term liabilities | 19,817 | 16,268 |
| Total liabilities | 281,503 | 139,137 |
| Shareholders' equity: | ||
| Common stock | 131,371 | 89,283 |
| Accumulated other comprehensive income (loss) | (2,285) | (2,127) |
| Retained earnings (deficit) | 493,371 | 275,760 |
| Total shareholders' equity | 640,480 | 362,916 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 921,983 | 502,053 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended Jun 30, 2026 | Six months ended Jun 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | 84,859 | 63,897 |
| Investing Activities: | ||
| Net cash from investing activities | (145,822) | (40,738) |
| Financing Activities: | ||
| Net cash from financing activities | 86,320 | (26,033) |
| Net increase/(decrease) in cash | 25,203 | (2,430) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
Source-verified from EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify