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Alphabet Inc. Q2 FY2026 results: revenue $119.8 billion, up 24.2% on the year

Alphabet Inc. (GOOGL) reported revenue of $119.8 billion for Q2 FY2026, the quarter ended 30 June 2026, up 24.2% on the same quarter a year earlier. Net income was $112.2 billion, up 297.9% on the year, and diluted earnings per share $9.11. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue$119.8 billionup 24.2%
Net income$112.2 billionup 297.9%
Diluted EPS$9.11
QuarterQ2 FY2026ended 30 June 2026

The quarter, against the one before and a year earlier

LineQ2 FY2026Q1 FY2026Q2 FY2025Change on the year
Revenue119,796109,89696,428+24.2%
Cost of revenue45,94341,27139,039+17.7%
Gross profit73,85368,62557,389+28.7%
Gross margin61.6%62.4%59.5%
Research and development18,21917,03213,808+31.9%
Operating income40,77039,69631,271+30.4%
Operating margin34.0%36.1%32.4%
Interest expense1,278533261+389.7%
Pre-tax income138,75377,41233,933+308.9%
Income tax26,56014,8345,737+363.0%
Effective tax rate19.1%19.2%16.9%
Net income112,19362,57828,196+297.9%
Net margin93.7%56.9%29.2%
Diluted EPS$9.11$5.11$2.31+294.4%

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2026Q1 FY2026Q2 FY2025Change on the year
Operating cash flow39,06945,79027,747+40.8%
Capital expenditure44,92435,67422,446+100.1%
Free cash flow-5,85510,1165,301n/a
Free cash flow margin-4.9%9.2%5.5%
Depreciation and amortisation7,4716,6605,122+45.9%
Share-based compensation8,0006,7516,000+33.3%
Buybacks0.00.013,638n/a
Dividends paidn/a2,5422,543n/a
Dividend per share$0.22$0.21$0.21+4.8%
Diluted shares, weighted12,309m12,238m12,198m+0.9%
Shares outstanding at period end12,230m12,116m12,104m+1.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2026Q1 FY2026Q2 FY2025Change on the year
Total assets921,983703,919502,053+83.6%
Cash and equivalents55,91138,06321,036+165.8%
Receivables69,17562,99955,048+25.7%
Inventory9,991n/an/an/a
Goodwill57,82857,77432,335+78.8%
Long-term debt98,16577,50123,607+315.8%
Borrowings, as the company tags them101,08580,30524,903+305.9%
Operating lease liabilities14,59112,98311,952+22.1%
Finance lease liabilities2,1412,0372,002+6.9%
Shareholders' equity640,480478,746362,916+76.5%

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue76,69386,31080,53984,74288,26896,46990,23496,428102,346113,828109,896119,796
Cost of revenue33,22937,57533,71235,50736,47440,61336,36139,03941,36945,76641,27145,943
Gross profit43,46448,73546,82749,23551,79455,85653,87357,38960,97768,06268,62573,853
Gross margin57%56%58%58%59%58%60%60%60%60%62%62%
R&D11,25812,11311,90311,86012,44713,11613,55613,80815,15118,57217,03218,219
Operating income21,34323,69725,47227,42528,52130,97230,60631,27131,22835,93439,69640,770
Operating margin28%27%32%32%32%32%34%32%31%32%36%34%
Interest expense11669.094.067.054.053.034.02611432985331,278
Pre-tax income21,19724,41228,31527,55131,70632,24341,78933,93343,98739,11777,412138,753
Tax rate7%15%16%14%17%18%17%17%20%12%19%19%
Net income19,68920,68723,66223,61926,30126,53634,54028,19634,97934,45562,578112,193
Net margin26%24%29%28%30%28%38%29%34%30%57%94%
Diluted EPS$1.55$1.64$1.89$1.89$2.12$2.14$2.81$2.31$2.87$2.82$5.11$9.11
Operating cash flow30,65618,91528,84826,64030,69839,11336,15027,74748,41452,40245,79039,069
Capital expenditure8,05511,01912,01213,18613,06114,27617,19722,44623,95327,85135,67444,924
Free cash flow22,6017,89616,83613,45417,63724,83718,9535,30124,46124,55110,116-5,855
Buybacks15,78716,19115,69615,68415,29115,55115,06813,63811,5045,4990.00.0
Dividends paid0.0n/a0.02,4662,4552,4422,4342,5432,5362,5362,542n/a
Shares outstanding12,541m12,460m12,381m12,322m12,264m12,211m12,155m12,104m12,077m12,088m12,116m12,230m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2026, filed 23 July 2026, accession 0001652044-26-000071: the filing on EDGAR. All of Alphabet Inc.'s filings: EDGAR company page.

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