알파벳, 2026년 2분기 실적 발표

Alphabet Announces Second Quarter 2026 Results
MOUNTAIN VIEW, Calif. – July 22, 2026 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial
results for the quarter ended June 30, 2026.
• Consolidated Alphabet revenues increased 24%, or 23% in constant currency, to $119.8 billion, reflecting
strong performance across the business and our 12th consecutive quarter of double-digit revenue growth.
• Google Services revenues increased 15% to $94.5 billion, led by 17% growth in Google Search & other,
15% in Google subscriptions, platforms, and devices, and 13% in YouTube ads.
• Google Cloud saw a meaningful acceleration in growth as revenues increased 82% to $24.8 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 34%.
• Other income reflected a net gain of $98.0 billion, primarily the result of net unrealized gains on our equity
securities.
• Net income available to common stockholders increased 298% and EPS increased 294% to $9.11.
Sundar Pichai, CEO of Google and Alphabet, said: “Our AI investments are redefining what’s possible across every
part of our business.
Q2 was an amazing quarter, with Alphabet revenues growing 24% year-over-year and Google Cloud revenues
accelerating to 82% growth, driven by demand for AI infrastructure and AI solutions. It’s great to see wide adoption
of Gemini Enterprise, with nearly 90% of the Fortune 100 using it.
We have exciting momentum across the board. Our popular AI features are driving Search query growth. Gemini
models now process 22 billion API tokens per minute and the Gemini App has 950 million monthly active users. We
are seeing strong demand for our security solutions, and our new Gemini 3.5 Flash Cyber delivers highly cost-
efficient performance at the frontier. And month over month, people turn to YouTube for major world events, with
over 1.7 billion unique viewers watching World Cup-related videos during the FIFA World Cup 2026TM.
These outstanding results show that our differentiated, full stack approach to AI is delivering real, measurable value
for consumers, customers, and our partners globally.”
Q2 2026 Financial Highlights (unaudited)
The following table summarizes our consolidated financial results for the quarters ended June 30, 2025 and 2026
(in millions, except for per share information and percentages).
Quarter Ended June 30,
2025 2026
Revenues $ 96,428 $ 119,796
Change in revenues year over year 14 % 24 %
Change in constant currency revenues year over year(1) 13 % 23 %
Operating income $ 31,271 $ 40,770
Operating margin 32 % 34 %
Other income (expense), net $ 2,662 $ 97,983
Net income available to common stockholders $ 28,196 $ 112,107
Diluted net income per common share $ 2.31 $ 9.11
(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.
Q2 2026 Supplemental Information (in millions, except for number of employees; unaudited)
Revenues, Traffic Acquisition Costs (TAC), and Number of Employees
Quarter Ended June 30,
2025 2026
Google Search & other $ 54,190 $ 63,271
YouTube ads 9,796 11,055
Google Network 7,354 7,303
Google advertising 71,340 81,629
Google subscriptions, platforms, and devices 11,203 12,911
Google Services total 82,543 94,540
Google Cloud 13,624 24,768
Other Bets 373 382
Hedging gains (losses) (112) 106
Total revenues $ 96,428 $ 119,796
Total TAC $ 14,705 $ 16,179
Number of employees 187,103 198,933
Segment Operating Results
Quarter Ended June 30,
2025 2026
Operating income (loss):
Google Services $ 33,063 $ 39,544
Google Cloud 2,826 8,814
Other Bets (1,246) (1,799)
Alphabet-level activities(1) (3,372) (5,789)
Total income from operations $ 31,271 $ 40,770
(1) Alphabet-level activities primarily reflect expenses related to our shared AI research and development.
Additional Information Relating to the Quarter Ended June 30, 2026 (unaudited)
Equity Capital Raise
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 At-the-Market Program (ATM Program). The proceeds of the ATM Program 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.
Issuance of Senior Unsecured Notes
In the second quarter of 2026, we issued senior unsecured notes for net proceeds of $20.3 billion, to be used for
general corporate purposes.
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Preferred and Common Dividend Programs
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.
Webcast and Conference Call Information
A live audio webcast of our second quarter 2026 earnings release call will be available on YouTube at https://
www.youtube.com/watch?v=LzExSq9DU9w. 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.
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 and our most recent Quarterly Report on Form 10-Q for the quarter ended March 31,
2026, 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 June 30, 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 July 22, 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.
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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 per share amounts)
As of
December 31, 2025
As of
June 30, 2026
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 30,708 $ 55,911
Marketable securities 96,135 186,563
Total cash, cash equivalents, and marketable securities 126,843 242,474
Accounts receivable, net 62,886 69,175
Inventory 2,439 9,991
Other current assets 13,870 21,884
Total current assets 206,038 343,524
Non-marketable securities 68,687 131,461
Deferred income taxes 9,113 1,448
Property and equipment, net 246,597 321,212
Operating lease assets 15,221 17,694
Goodwill 33,380 57,828
Intangible assets, net 1,283 9,105
Other non-current assets 14,962 39,711
Total assets $ 595,281 $ 921,983
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 12,200 $ 20,258
Accrued compensation and benefits 17,546 15,086
Accrued expenses and other current liabilities 55,557 73,014
Accrued revenue share 10,864 10,599
Deferred revenue 6,578 7,154
Total current liabilities 102,745 126,111
Long-term debt 46,547 98,165
Income taxes payable, non-current 9,531 11,306
Deferred income taxes 919 22,819
Operating lease liabilities 12,744 14,591
Other long-term liabilities 7,530 8,511
Total liabilities 180,016 281,503
Commitments and contingencies
Stockholders’ equity:
Series A and Series B preferred stock and additional paid-in capital,
$0.001 par value per share, 100 shares authorized; 6.25% mandatory
convertible preferred stock, 0 and 19 shares issued and outstanding
allocated equally between each series with a liquidation preference of
$1,000 per share 0 18,023
Class A, Class B, and Class C stock and additional paid-in capital,
$0.001 par value per share: 300,000 shares authorized (Class A
180,000, Class B 60,000, Class C 60,000); 12,088 (Class A 5,822,
Class B 837, Class C 5,429) and 12,230 (Class A 5,868, Class B 835,
Class C 5,527) shares issued and outstanding 93,126 131,371
Accumulated other comprehensive income (loss) (1,916) (2,285)
Retained earnings 324,055 493,371
Total stockholders’ equity 415,265 640,480
Total liabilities and stockholders’ equity $ 595,281 $ 921,983
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts, unaudited)
Quarter Ended June 30, Year To Date June 30,
2025 2026 2025 2026
Revenues $ 96,428 $ 119,796 $ 186,662 $ 229,692
Costs and expenses:
Cost of revenues 39,039 45,943 75,400 87,214
Research and development 13,808 18,219 27,364 35,251
Sales and marketing 7,101 8,403 13,273 16,009
General and administrative 5,209 6,461 8,748 10,752
Total costs and expenses 65,157 79,026 124,785 149,226
Income from operations 31,271 40,770 61,877 80,466
Other income (expense), net 2,662 97,983 13,845 135,699
Income before income taxes 33,933 138,753 75,722 216,165
Provision for income taxes 5,737 26,560 12,986 41,394
Net income 28,196 112,193 62,736 174,771
Preferred stock dividends 0 86 0 86
Net income available to common stockholders $ 28,196 $ 112,107 $ 62,736 $ 174,685
Basic net income per common share $ 2.33 $ 9.23 $ 5.16 $ 14.41
Diluted net income per common share $ 2.31 $ 9.11 $ 5.12 $ 14.24
Number of shares used in basic net income per common
share calculation 12,122 12,151 12,153 12,125
Number of shares used in diluted net income per common
share calculation 12,198 12,309 12,245 12,274
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Quarter Ended June 30, Year To Date June 30,
2025 2026 2025 2026
Operating activities
Net income $ 28,196 $ 112,193 $ 62,736 $ 174,771
Adjustments:
Depreciation of property and equipment 4,998 7,104 9,485 13,586
Stock-based compensation expense 5,998 7,957 11,514 14,708
Deferred income taxes (444) 20,618 (1,596) 27,538
Loss (gain) on debt and equity securities, net (1,451) (98,999) (11,411) (135,803)
Other 560 1,896 1,041 3,161
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (2,839) (6,541) (1,201) (6,904)
Inventory (198) (6,696) (628) (7,739)
Income taxes, net (9,631) 203 (2,434) 8,304
Other assets (1,281) (7,590) (2,139) (9,950)
Accounts payable 553 2,330 (327) 2,090
Accrued expenses and other liabilities 3,150 6,310 (1,779) 308
Deferred revenue 136 284 636 789
Net cash provided by operating activities 27,747 39,069 63,897 84,859
Investing activities
Purchases of property and equipment (22,446) (44,924) (39,643) (80,598)
Purchases of marketable securities (21,417) (45,439) (39,870) (76,480)
Maturities and sales of marketable securities 20,585 28,695 40,930 66,696
Purchases of non-marketable securities (1,354) (21,145) (2,312) (22,051)
Maturities and sales of non-marketable securities 614 819 873 1,667
Acquisitions, net of cash acquired, and purchases of intangible
assets (13) (76) (353) (33,697)
Other investing activities (513) (363) (363) (1,359)
Net cash used in investing activities (24,544) (82,433) (40,738) (145,822)
Financing activities
Net payments related to stock-based award activities (2,621) (6,573) (5,731) (12,056)
Repurchases of stock (13,238) 0 (28,306) 0
Dividend payments (2,543) (2,689) (4,977) (5,231)
Proceeds from issuance of common stock, net of costs 0 30,499 0 30,499
Proceeds from issuance of mandatory convertible preferred
stock, net of costs 0 19,063 0 19,063
Proceeds from issuance of debt, net of costs 26,846 24,847 31,378 56,226
Repayments of debt (13,876) (3,776) (18,397) (5,253)
Proceeds from sale of interest in consolidated entities, net 0 558 400 3,758
Other financing activities (400) (686) (400) (686)
Net cash provided by (used in) financing activities (5,832) 61,243 (26,033) 86,320
Effect of exchange rate changes on cash and cash equivalents 401 (31) 444 (154)
Net increase (decrease) in cash and cash equivalents (2,228) 17,848 (2,430) 25,203
Cash and cash equivalents at beginning of period 23,264 38,063 23,466 30,708
Cash and cash equivalents at end of period $ 21,036 $ 55,911 $ 21,036 $ 55,911
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Segment Results
The following table presents our segment revenues and operating income (loss) (in millions; unaudited):
Quarter Ended June 30,
2025 2026
Revenues:
Google Services $ 82,543 $ 94,540
Google Cloud 13,624 24,768
Other Bets 373 382
Hedging gains (losses) (112) 106
Total revenues $ 96,428 $ 119,796
Operating income (loss):
Google Services $ 33,063 $ 39,544
Google Cloud 2,826 8,814
Other Bets (1,246) (1,799)
Alphabet-level activities (3,372) (5,789)
Total income from operations $ 31,271 $ 40,770
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 products and services
for enterprise customers. Google Cloud generates services revenues primarily from consumption-based
fees and subscriptions received for Google Cloud Platform services, Google Workspace communication
and collaboration tools, and other enterprise services. Google Cloud generates product revenues primarily
from the sale of TPU systems.
• 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 June 30,
2025 2026
Interest income $ 1,050 $ 1,430
Interest expense (261) (1,278)
Foreign currency exchange gain (loss), net (69) (160)
Gain (loss) on debt securities, net 165 (32)
Gain (loss) on equity securities, net(1) 1,286 99,031
Income (loss) and impairment from equity method investments, net 419 (35)
Other 72 (973)
Other income (expense), net $ 2,662 $ 97,983
(1) Includes all gains and losses, unrealized and realized, on equity securities. For Q2 2026, the net effect of the gain on equity
securities of $99.0 billion increased the provision for income tax, net income, and diluted net income per common share by
$21.9 billion, $77.1 billion, and $6.26, 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
Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2026
Net cash provided by operating activities $ 48,414 $ 52,402 $ 45,790 $ 39,069 $ 185,675
Less: purchases of property and equipment (23,953) (27,851) (35,674) (44,924) (132,402)
Free cash flow $ 24,461 $ 24,551 $ 10,116 $ (5,855) $ 53,273
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 June 30, 2025 to the Quarter Ended June 30, 2026
Quarter Ended June 30, 2026
% Change from Prior Period
Quarter Ended June 30, Less FX
Effect
Constant
Currency
Revenues
As
Reported
Less
Hedging
Effect
Less FX
Effect
Constant
Currency
Revenues2025 2026
United States $ 46,063 $ 60,846 $ 0 $ 60,846 32 % 0 % 32 %
EMEA 28,262 32,501 794 31,707 15 % 3 % 12 %
APAC 16,480 19,317 (351) 19,668 17 % (2) % 19 %
Other Americas 5,735 7,026 297 6,729 23 % 6 % 17 %
Revenues, excluding hedging
effect(1) 96,540 119,690 740 118,950 24 % 1 % 23 %
Hedging gains (losses) (112) 106
Total revenues $ 96,428 $ 119,796 $ 118,950 24 % 0 % 1 % 23 %
(1) Total constant currency revenues of $119.0 billion for the quarter ended June 30, 2026 increased $22.4 billion compared to $96.5 billion in
revenues, excluding hedging effect, for the quarter ended June 30, 2025.
Comparison from the Quarter Ended March 31, 2026 to the Quarter Ended June 30, 2026
Quarter Ended June 30, 2026
% Change from Prior Period
Quarter Ended
Less FX
Effect
Constant
Currency
Revenues
As
Reported
Less
Hedging
Effect
Less FX
Effect
Constant
Currency
Revenues
March 31,
2026
June 30,
2026
United States $ 53,975 $ 60,846 $ 0 $ 60,846 13 % 0 % 13 %
EMEA 31,468 32,501 (453) 32,954 3 % (2) % 5 %
APAC 18,288 19,317 (211) 19,528 6 % (1) % 7 %
Other Americas 6,345 7,026 29 6,997 11 % 1 % 10 %
Revenues, excluding hedging
effect(1) 110,076 119,690 (635) 120,325 9 % 0 % 9 %
Hedging gains (losses) (180) 106
Total revenues $ 109,896 $ 119,796 $ 120,325 9 % 0 % 0 % 9 %
(1) Total constant currency revenues of $120.3 billion for the quarter ended June 30, 2026 increased $10.2 billion compared to $110.1 billion in
revenues, excluding hedging effect, for the quarter ended March 31, 2026.
Total Revenues — Prior Year Comparative Periods
Comparison from the Quarter Ended June 30, 2024 to the Quarter Ended June 30, 2025
Quarter Ended June 30, 2025
Quarter Ended June 30,
% 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 $ 84,640 $ 96,540 $ 543 $ 95,997 14 % 1 % 13 %
Hedging gains (losses) $ 102 $ (112)
Total revenues $ 84,742 $ 96,428 $ 95,997 14 % 0 % 1 % 13 %
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