알파벳, 2026년 1분기 실적 발표

Alphabet Announces First Quarter 2026 Results
MOUNTAIN VIEW, Calif. – April 29, 2026 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) t oday announced financial
results for the quarter ended March 31, 2026.
• Consolidated Alphabet revenues increased 22%, or 19% in constant currency, to $109.9 billion, reflecting
strong performance across the business and our 11th consecutive quarter of double-digit growth.
• Google Services revenues increased 16% to $89.6 billion, led by 19% growth in Google Search & other,
19% in Google subscriptions, platforms, and devices, and 11% in YouTube ads.
• Google Cloud saw a meaningful acceleration in growth as revenues increased 63% to $20.0 billion, led by
an increase in Google Cloud Platform (GCP) across enterprise AI Solutions and enterprise AI Infrastructure,
as well as core GCP services.
• Consolidated Alphabet operating income increased 30% and operating margin expanded by 2 percentage
points to 36.1%.
• Other income reflected a net gain of $37.7 billion, primarily the result of net unrealized gains on our non-
marketable equity securities.
• Net income increased 81% and EPS increased 82% to $5.11.
• The company announced a 5% increase to the dividend, resulting in a quarterly cash dividend of $0.22.
Sundar Pichai, CEO of Alphabet and Google, said: “2026 is off to a terrific start. Our AI investments and full stack
approach are lighting up every part of the business. Search had a strong quarter with AI experiences driving usage,
queries at an all time high, and 19% revenue growth. Google Cloud revenues grew 63% with backlog nearly
doubling quarter on quarter to over $460 billion. This was our strongest quarter ever for our consumer AI plans,
driven by the Gemini App. Overall the number of paid subscriptions has now reached 350 million, with YouTube and
Google One being the key drivers. Gemini Enterprise has great momentum with 40% quarter on quarter growth in
paid monthly active users. And, finally, I’m pleased to see Waymo surpass 500,000 fully autonomous rides a week.
These outstanding results are built on our differentiated, full stack approach. Our first-party models, like Gemini, are
now processing more than 16 billion tokens per minute via direct API use by our customers, up 60% from last
quarter.
It’s really exciting to see how our AI investments are delivering value for our users, customers and business.”
Q1 2026 Financial Highlights (unaudited)
The following table summarizes our consolidated financial results for the quarter ended March 31, 2025 and 2026
(in millions, except for per share information and percentages).
Quarter Ended March 31,
2025 2026
Revenues $ 90,234 $ 109,896
Change in revenues year over year 12 % 22 %
Change in constant currency revenues year over year(1) 14 % 19 %
Operating income $ 30,606 $ 39,696
Operating margin 34 % 36 %
Other income (expense), net $ 11,183 $ 37,716
Net income $ 34,540 $ 62,578
Diluted net income per share $ 2.81 $ 5.11
(1) Non-GAAP measure. See the section captioned “ Reconciliation from GAAP Revenues to Non-GAAP Constant Currency
Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency
Revenues” for more details.
Q1 2026 Supplemental Information (in millions, except for number of employees; unaudited)
Revenues, Traffic Acquisition Costs (TAC), and Number of Employees
Quarter Ended March 31,
2025 2026
Google Search & other $ 50,702 $ 60,399
YouTube ads 8,927 9,883
Google Network 7,256 6,971
Google advertising 66,885 77,253
Google subscriptions, platforms, and devices 10,379 12,384
Google Services total 77,264 89,637
Google Cloud 12,260 20,028
Other Bets 450 411
Hedging gains (losses) 260 (180)
Total revenues $ 90,234 $ 109,896
Total TAC $ 13,748 $ 15,228
Number of employees 185,719 194,668
Segment Operating Results
Quarter Ended March 31,
2025 2026
Operating income (loss):
Google Services $ 32,682 $ 40,589
Google Cloud 2,177 6,598
Other Bets (1,226) (2,100)
Alphabet-level activities(1) (3,027) (5,391)
Total income from operations $ 30,606 $ 39,696
(1) Alphabet-level activities primarily reflect expenses related to our shared AI research and development.
Additional Information Relating to the Quarter Ended March 31, 2026 (unaudited)
Issuance of Senior Unsecured Notes
In the first quarter of 2026, we issued senior unsecured notes for net proceeds of $31.1 billion , to be used for
general corporate purposes.
Dividend Program
On April 27, 2026, Alphabet’s Board of Directors declared a quarterly cash dividend of $0.22 per share, representing
a 5% increase from the previous quarterly dividend of $0.21 per share. The dividend is payable on June 15, 2026 to
stockholders of record for each of the Company’s Class A, Class B, and Class C shares as of June 8, 2026.
Webcast and Conference Call Information
A live audio webcast of our first quarter 2026 earnings release call will be available on YouTube at h ttps://
www.youtube.com/watch?v=LPJoiDiVkTI. The call begins today at 1:30 PM (PT) / 4:30 PM (ET) . This press
release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is
also available at http://abc.xyz/investor.
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We also provide announcements regarding our financial performance, including SEC filings, investor events, press and
earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor).
We also share Google news and product updates on Google's Keyword blog at https://www.blog.google/ and News
From Google page on X at x.com/NewsFromGoogle, and our executive officers may also use certain social media
channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which
may be of interest or material to our investors.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may
differ materially from the results predicted, and reported results should not be considered as an indication of future
performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted
include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the
year ended December 31, 2025 , which are on file with the SEC and are available on our investor relations website at
http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and may be set forth in other reports and filings
we make with the SEC. All information provided in this release and in the attachments is as of April 29, 2026. Undue
reliance should not be placed on the forward-looking statements in this press release, which are based on information
available to us on the date hereof. We undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we
use the following non-GAAP financial measures: free cash flow; constant currency revenues; and percentage change
in constant currency revenues. The presentation of this financial information is not intended to be considered in
isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with
GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate
period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental
information regarding our performance and liquidity by excluding certain items that may not be indicative of our
recurring core business operating results, such as our revenues excluding the effect of foreign exchange rate
movements and hedging activities, which are recognized at the consolidated level. We believe that both management
and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when
planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s
internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating
results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its financial and operational decision-making and (2)
they are used by our institutional investors and the analyst community to help them analyze the health of our business.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these
limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial
measures and evaluating these non-GAAP financial measures together with their relevant financial measures in
accordance with GAAP.
For more information on these non-GAAP financial measures, please see the sections captioned “ Reconciliation from
GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow ” and “ Reconciliation from GAAP
Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP
Percentage Change in Constant Currency Revenues” included at the end of this release.
Contact
Investor relations Media
investor-relations@abc.xyz press@abc.xyz
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Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except par value per share amounts)
As of
December 31, 2025
As of
March 31, 2026
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 30,708 $ 38,063
Marketable securities 96,135 88,777
Total cash, cash equivalents, and marketable securities 126,843 126,840
Accounts receivable, net 62,886 62,999
Other current assets 16,309 23,914
Total current assets 206,038 213,753
Non-marketable securities 68,687 106,946
Deferred income taxes 9,113 1,995
Property and equipment, net 246,597 281,020
Operating lease assets 15,221 15,509
Goodwill 33,380 57,774
Intangible assets, net 1,283 9,444
Other non-current assets 14,962 17,478
Total assets $ 595,281 $ 703,919
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 12,200 $ 16,852
Accrued compensation and benefits 17,546 13,947
Accrued expenses and other current liabilities 55,557 63,019
Accrued revenue share 10,864 10,208
Deferred revenue 6,578 7,162
Total current liabilities 102,745 111,188
Long-term debt 46,547 77,501
Income taxes payable, non-current 9,531 12,457
Operating lease liabilities 12,744 12,983
Other long-term liabilities 8,449 11,044
Total liabilities 180,016 225,173
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized;
no shares issued and outstanding 0 0
Class A, Class B, and Class C stock and additional paid-in capital,
$0.001 par value per share: 300,000 shares authorized (Class A
180,000, Class B 60,000, Class C 60,000); 12,088 (Class A 5,822,
Class B 837, Class C 5,429) and 12,116 (Class A 5,824, Class B 836,
Class C 5,456) shares issued and outstanding 93,126 96,902
Accumulated other comprehensive income (loss) (1,916) (2,180)
Retained earnings 324,055 384,024
Total stockholders’ equity 415,265 478,746
Total liabilities and stockholders’ equity $ 595,281 $ 703,919
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts, unaudited)
Quarter Ended March 31,
2025 2026
Revenues $ 90,234 $ 109,896
Costs and expenses:
Cost of revenues 36,361 41,271
Research and development 13,556 17,032
Sales and marketing 6,172 7,606
General and administrative 3,539 4,291
Total costs and expenses 59,628 70,200
Income from operations 30,606 39,696
Other income (expense), net 11,183 37,716
Income before income taxes 41,789 77,412
Provision for income taxes 7,249 14,834
Net income $ 34,540 $ 62,578
Basic net income per share $ 2.84 $ 5.17
Diluted net income per share $ 2.81 $ 5.11
Number of shares used in basic net income per share calculation 12,183 12,099
Number of shares used in diluted net income per share calculation 12,291 12,238
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Quarter Ended March 31,
2025 2026
Operating activities
Net income $ 34,540 $ 62,578
Adjustments:
Depreciation of property and equipment 4,487 6,482
Stock-based compensation expense 5,516 6,751
Deferred income taxes (1,152) 6,920
Loss (gain) on debt and equity securities, net (9,960) (36,804)
Other 481 1,265
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net 1,638 (363)
Income taxes, net 7,197 8,101
Other assets (1,288) (3,403)
Accounts payable (880) (240)
Accrued expenses and other liabilities (4,929) (6,002)
Deferred revenue 500 505
Net cash provided by operating activities 36,150 45,790
Investing activities
Purchases of property and equipment (17,197) (35,674)
Purchases of marketable securities (18,453) (31,041)
Maturities and sales of marketable securities 20,345 38,001
Purchases of non-marketable securities (958) (906)
Maturities and sales of non-marketable securities 259 848
Acquisitions, net of cash acquired, and purchases of intangible assets (340) (33,621)
Other investing activities 150 (996)
Net cash used in investing activities (16,194) (63,389)
Financing activities
Net payments related to stock-based award activities (3,110) (5,483)
Repurchases of stock (15,068) 0
Dividend payments (2,434) (2,542)
Proceeds from issuance of debt, net of costs 4,532 31,379
Repayments of debt (4,521) (1,477)
Proceeds from sale of interest in consolidated entities, net 400 3,200
Net cash provided by (used in) financing activities (20,201) 25,077
Effect of exchange rate changes on cash and cash equivalents 43 (123)
Net increase (decrease) in cash and cash equivalents (202) 7,355
Cash and cash equivalents at beginning of period 23,466 30,708
Cash and cash equivalents at end of period $ 23,264 $ 38,063
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Segment Results
The following table presents our segment revenues and operating income (loss) (in millions; unaudited):
Quarter Ended March 31,
2025 2026
Revenues:
Google Services $ 77,264 $ 89,637
Google Cloud 12,260 20,028
Other Bets 450 411
Hedging gains (losses) 260 (180)
Total revenues $ 90,234 $ 109,896
Operating income (loss):
Google Services $ 32,682 $ 40,589
Google Cloud 2,177 6,598
Other Bets (1,226) (2,100)
Alphabet-level activities (3,027) (5,391)
Total income from operations $ 30,606 $ 39,696
We report our segment results as Google Services, Google Cloud, and Other Bets:
• Google Services includes products and services such as ads, Android, Chrome, devices, Google Maps,
Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising; fees
received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium,
and NFL Sunday Ticket, as well as Google One; the sale of apps and in-app purchases; and devices.
• Google Cloud includes infrastructure and platform services, applications, and other services for enterprise
customers. Google Cloud generates revenues primarily from consumption-based fees and subscriptions
received for Google Cloud Platform services, Google Workspace communication and collaboration tools,
and other enterprise services.
• Other Bets is a combination of multiple operating segments that are not individually material. Revenues
from Other Bets are generated primarily from the sale of autonomous transportation services and internet
services.
Certain costs are not allocated to our segments because they represent Alphabet-level activities. These costs
primarily include:
• certain AI-focused shared research and development activities, including employee compensation expenses
and technical infrastructure usage costs associated with the development of our general AI models;
• corporate initiatives such as our philanthropic activities; and
• corporate shared costs such as certain finance, human resource, and legal costs, including certain fines and
settlements.
Charges associated with employee severance and office space reductions are also not allocated to our segments.
Additionally, hedging gains (losses) related to revenue are not allocated to our segments.
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Other Income (Expense), Net
The following table presents our other income (expense), net (in millions; unaudited):
Quarter Ended March 31,
2025 2026
Interest income $ 1,001 $ 1,381
Interest expense (34) (533)
Foreign currency exchange gain (loss), net (106) 146
Gain (loss) on debt securities, net 202 (111)
Gain (loss) on equity securities, net(1) 9,758 36,915
Income (loss) and impairment from equity method investments, net (22) 60
Other 384 (142)
Other income (expense), net $ 11,183 $ 37,716
(1) Includes all gains and losses, unrealized and realized, on equity securities. For Q1 2026, the net effect of the gain on equity
securities of $36.9 billion increased the provision for income tax, net income, and diluted net income per share by
$8.2 billion, $28.7 billion, and $2.35, respectively. Fluctuations in the value of our investments may be affected by market
dynamics and other factors and could significantly contribute to the volatility of OI&E in future periods.
Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (in
millions; unaudited):
We provide non-GAAP free cash flow for the current quarter and trailing twelve months (“TTM”) because it is a
liquidity measure that provides useful information to management and investors about the amount of cash
generated by the business that can be used for strategic opportunities, including investing in our business and
acquisitions, and to strengthen our balance sheet.
Quarter Ended TTM
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026
Net cash provided by operating activities $ 27,747 $ 48,414 $ 52,402 $ 45,790 $ 174,353
Less: purchases of property and equipment (22,446) (23,953) (27,851) (35,674) (109,924)
Free cash flow $ 5,301 $ 24,461 $ 24,551 $ 10,116 $ 64,429
Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures.
TTM free cash flow: We define trailing twelve months free cash flow as net cash provided by operating activities less capital
expenditures for the most recent twelve consecutive months.
Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage
Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues (in millions, except
percentages; unaudited):
We provide non-GAAP constant currency revenues (“constant currency revenues”) and non-GAAP percentage
change in constant currency revenues (“percentage change in constant currency revenues”), because they facilitate
the comparison of current results to historic performance by excluding the effect of foreign exchange rate
movements (“FX Effect”) as well as hedging activities, which are recognized at the consolidated level, as they are
not indicative of our core operating results.
Non-GAAP constant currency revenues is defined as revenues excluding the effect of foreign exchange rate
movements and hedging activities and is calculated by translating current period revenues using prior period
exchange rates and excluding any hedging effect recognized in the current period. We calculate the percentage
change in constant currency revenues by comparing constant currency revenues to the prior year comparable
period revenues, excluding any hedging effect recognized in the prior period.
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Revenues by Geography
Comparison from the Quarter Ended March 31, 2025 to the Quarter Ended March 31, 2026
Quarter Ended March 31, 2026
% Change from Prior Period
Quarter Ended March 31, Less FX
Effect
Constant
Currency
Revenues
As
Reported
Less
Hedging
Effect
Less FX
Effect
Constant
Currency
Revenues2025 2026
United States $ 43,964 $ 53,975 $ 0 $ 53,975 23 % 0 % 23 %
EMEA 25,923 31,468 2,515 28,953 21 % 9 % 12 %
APAC 14,854 18,288 134 18,154 23 % 1 % 22 %
Other Americas 5,233 6,345 356 5,989 21 % 7 % 14 %
Revenues, excluding hedging
effect(1) 89,974 110,076 3,005 107,071 22 % 3 % 19 %
Hedging gains (losses) 260 (180)
Total revenues $ 90,234 $ 109,896 $ 107,071 22 % 0 % 3 % 19 %
(1) Total constant currency revenues of $107.1 billion for the quarter ended March 31, 2026 increased $17.1 billion compared to $90.0 billion
in revenues, excluding hedging effect, for the quarter ended March 31, 2025.
Comparison from the Quarter Ended December 31, 2025 to the Quarter Ended March 31, 2026
Quarter Ended March 31, 2026
% Change from Prior Period
Quarter Ended
Less FX
Effect
Constant
Currency
Revenues
As
Reported
Less
Hedging
Effect
Less FX
Effect
Constant
Currency
Revenues
December 31,
2025
March 31,
2026
United States $ 55,444 $ 53,975 $ 0 $ 53,975 (3) % 0 % (3) %
EMEA 33,056 31,468 491 30,977 (5) % 1 % (6) %
APAC 18,527 18,288 41 18,247 (1) % 1 % (2) %
Other Americas 6,869 6,345 118 6,227 (8) % 1 % (9) %
Revenues, excluding hedging
effect(1) 113,896 110,076 650 109,426 (3) % 1 % (4) %
Hedging gains (losses) (68) (180)
Total revenues $ 113,828 $ 109,896 $ 109,426 (3) % 0 % 1 % (4) %
(1) Total constant currency revenues of $109.4 billion for the quarter ended March 31, 2026 decreased $4.5 billion compared to $113.9 billion
in revenues, excluding hedging effect, for the quarter ended December 31, 2025.
Total Revenues — Prior Year Comparative Periods
Comparison from the Quarter Ended March 31, 2024 to the Quarter Ended March 31, 2025
Quarter Ended March 31, 2025
Quarter Ended March 31,
% Change from Prior Period

Less FX
Effect
Constant
Currency
Revenues
As
Reported
Less
Hedging
Effect
Less FX
Effect
Constant
Currency
Revenues2024 2025
Revenues excluding hedging
effect $ 80,467 $ 89,974 $ (1,605) $ 91,579 12 % (2) % 14 %
Hedging gains (losses) $ 72 $ 260
Total revenues $ 80,539 $ 90,234 $ 91,579 12 % 0 % (2) % 14 %
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