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Alphabet (GOOGL) Stock Analysis

TechnologyServices-Computer Programming, Data Processing, Etc.

Q2 2026 · +24.2% revenue · +9.0% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▼−25.5 ppvs trend
Net income▲+249.9 ppvs trend
Diluted EPS▲+244.7 ppvs trend
Free cash flow▼−59.9 ppvs trend

Outperformed in 2 of 4 metrics

How the cash was deployedQ2 2026
Operating cash flow$84.86B
$80.60B (95.0 %)
Returned to shareholders this quarter$0.00▼ −100%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+24.2% +9.0%
88.27B
Q3 24
96.47B
Q4 24*
90.23B
Q1 25
96.43B
Q2 25
102.35B
Q3 25
204.06B
Q4 25*
109.90B
Q1 26
119.80B
Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal
$119.80B
▲+24.2% ▲+9.0%
80.54B
84.74B
88.27B
96.47B
90.23B
96.43B
102.35B
204.06B
109.90B
119.80B
Direction flipped this quarter — watch for a one-off or a new trend.
Net incomeAccelerating
$112.19B
▲+298% ▲+79.3%
23.66B
23.62B
26.30B
26.54B
34.54B
28.20B
34.98B
34.45B
62.58B
112.19B
Moving faster than the prior quarter — the trend is picking up speed.
Free cash flowReversal
$4.26B
▼−82.4% ▼−57.9%
16.84B
30.29B
47.93B
−68.16B
18.95B
24.25B
48.72B
−76.63B
10.12B
4.26B
Direction flipped this quarter — watch for a one-off or a new trend.
Diluted Accelerating
$9.11
▲+294% ▲+78.3%
1.89
1.89
2.12
2.14
2.81
2.31
2.87
2.82
5.11
9.11
Moving faster than the prior quarter — the trend is picking up speed.

Margins

Gross marginSlowing
61.6 %
▲+2.1 pp ▼−0.8 pp
58.14
58.10
58.68
57.90
59.70
59.51
59.58
77.57
62.45
61.65
Still moving the same direction, but at a smaller pace than the prior quarter.
Operating marginReversal
34.0 %
▲+1.6 pp ▼−2.1 pp
31.63
32.36
32.31
32.11
33.92
32.43
30.51
17.61
36.12
34.03
Direction flipped this quarter — watch for a one-off or a new trend.
Net marginSteady
93.7 %
▲+64.4 pp ▲+36.7 pp
29.38
27.87
29.80
27.51
38.28
29.24
34.18
16.88
56.94
93.65
Holding the same pace as the prior quarter.
Metric
Q2 2025Same quarter, prior year
Q1 2026Previous quarter
Q2 2026Latest quarter
YoYQoQ
Revenue$96.43B$109.90B$119.80B+24.2%+9.0%
Cost of revenue$39.04B$41.27B$45.94B+17.7%+11.3%
Gross profit$57.39B$68.63B$73.85B+28.7%+7.6%
Operating expenses$65.16B$70.20B$79.03B+21.3%+12.6%
Operating income$31.27B$39.70B$40.77B+30.4%+2.7%
Net income$28.20B$62.58B$112.19B+298%+79.3%
Diluted $2.31$5.11$9.11+294%+78.3%
Operating cash flow$63.90B$45.79B$84.86B+32.8%+85.3%
$39.64B$35.67B$80.60B+103%+126%
Free cash flow$24.25B$10.12B$4.26B−82.4%−57.9%
Gross margin59.5 %62.4 %61.6 %+2.1 pp−0.8 pp
Operating margin32.4 %36.1 %34.0 %+1.6 pp−2.1 pp
Net margin29.2 %56.9 %93.7 %+64.4 pp+36.7 pp