Alphabet Inc. · Class A · Mountain View, California

Search still pays, Cloud is the rocket.

Alphabet grew revenue 24% to $119.8B last quarter, its twelfth straight double-digit quarter, as Google Cloud jumped 82%. The cost is capex: guided to $195–205B this year and higher again in 2027, which turned free cash flow negative in Q2 for the first time in about two decades.

Last close · Oct 9, 2026

$351.66

Market cap

$4.26T

at current price

52-week range

$236–409

closing low / high

P/E

~29×

Q3 consensus EPS $3.04 × 4 · trailing GAAP ~18× incl. investment gains

Revenue TTM

Analyst target

$432

consensus · range $350–485

Next earnings

Oct 28

Q3 2026 · expected, after close

Price, last 12 months

Daily closes with the 50-day average. The stock traded between about $236 and $409 over the past year.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.21

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with gross margin on the right axis. Q2 2026 GAAP EPS of $9.11 includes about $99B of gains on stakes such as SpaceX and Anthropic. Alphabet gives no revenue guidance, so the last bar is analyst consensus for Q3 2026.

RevenueGross margin (right axis)Guidance

Q2 2026

$119.8B

+24% YoY · 12th double-digit quarter

Google Cloud

$24.8B

+82% · $8.8B operating income

Search & other

$63.3B

+17% YoY

YouTube ads

$11.1B

+13% YoY

Cloud backlog

$514B

up from $490B in Q1

Op. margin

34.0%

32.4% a year ago

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Cloud acceleration

Cloud growth sped up from 48% at the end of 2025 to 63% in Q1 and 82% in Q2, and its operating income tripled. Existing customers are exceeding their commitments by more than 50%.

Tailwind

Search holds up in the AI era

Search revenue grew 17% as AI Overviews and AI Mode drew more queries. The Gemini app reached 950M monthly users.

Watch

Capex and funding

The 2026 capex guide was raised twice, to $195–205B, and 2027 will be "significantly" higher. Alphabet stopped buybacks and raised about $106B in the first half through bonds, stock and a mandatory convertible.

Watch

Paper gains swing EPS

Q2 net income of $112B included about $99B of unrealized gains, mostly on the SpaceX stake. GAAP earnings will move with those holdings.

Risk

Supply constraints

Management says Alphabet is still supply-constrained; cloud growth depends on getting chips, power and data centers online.

Risk

Antitrust

US antitrust cases over search and ad tech remain an overhang on how Google distributes search and sells ads.

Calendar

Oct 28, 2026

Q3 2026 earnings (expected)

After US close (Oct 29 morning SGT). Consensus: revenue ~$127.4B, EPS ~$3.04.

Early Feb 2027

Q4 and FY26 results

Expected to include the 2027 capex outlook.

Late Apr 2027

Q1 2027 earnings

Date not yet announced.