NASDAQ · GOOGL

Alphabet

Search and digital advertising · cloud and AI platforms

Earnings release date: 2026.07.29
Market data date: 2026.10.13
Last checked: 2026.10.13

PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.

View Matched Facts

Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$119.796B

YoY+$23.368B · +24.2%

QoQ+$9.900B · +9.0%

Google Search & other$63.271B

YoY+$9.081B · +16.8%

QoQ+$2.872B · +4.8%

Google Cloud$24.768B

YoY+$11.144B · +81.8%

QoQ+$4.740B · +23.7%

GAAP Operating Income$40.770B

YoY+$9.499B · +30.4%

QoQ+$1.074B · +2.7%

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Growth Broadened Across the Core Business

Alphabet’s growth remained broad rather than concentrated in a single business. Search and Cloud both contributed, giving the company a more balanced growth profile.

Google Search & other

Search Growth Remained Strong Through the AI Transition

Search continued to grow strongly as Alphabet expanded AI features across the search experience. The result shows that the core search business has remained resilient through this stage of the product transition.

Google Cloud

Cloud Became a Larger Growth Engine

Enterprise demand for AI infrastructure and AI solutions strengthened Cloud’s role in Alphabet’s growth mix. Improving profitability also shows that increasing scale is translating into greater operating leverage.

GAAP Operating Income

Operating Leverage Improved Year Over Year

Operating profit grew faster than revenue year over year, showing improved leverage in the core business. At the same time, large investments in AI infrastructure and R&D remain an important part of Alphabet’s current earnings profile.

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$4.33T

$353.78 × 12.23B

TTM revenue$445.866B

See calculation

FY2025 Q3 Revenue $102.346B
+ FY2025 Q4 Revenue $113.828B
+ FY2026 Q1 Revenue $109.896B
+ FY2026 Q2 Revenue $119.796B
= TTM $445.866B

Current P/S9.7x

Current market cap: $4.33T
TTM revenue: $445.866B

$4.33T ÷ $445.866B = 9.7x

Current P/E17.7x

Current market cap: $4.33T
GAAP TTM net income: $244.205B

$4.33T ÷ $244.205B = 17.7x

GAAP TTM net margin 54.8% · includes investment valuation gains

Non-operating investment valuation gains materially increased net income, which can make the current P/E appear lower.

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$445.866B

FY2026 Q2Annualized latest-quarter revenue$479.184BQuarter revenue $119.796B ×4

Company guidanceNo guidance provided

The latest-quarter annualization is a simple quarter-revenue ×4 comparison, not a forecast for the next 12 months.

View high-point comparison

HIGH-POINT COMPARISON

All-Time Closing High

2026-05-13

Sources and calculations checked

Peak close$402.62

Market cap at peak$4.88T

P/S at peak11.5x

P/E at peak30.4x

Trailing twelve months at the peakTTM revenue at the peak$422.498B

Q1 2026Annualized latest quarter at the peak$439.584B

Quarter revenue $109.896B ×4

Public guidance at the peakNo guidance provided

At peakCurrentChange

TTM revenue$422.498B$445.866B+5.5%

Latest quarter$109.896B$119.796B+9.0%

Only information available at the peak is used. Q2 2026 results released after May 13, 2026 are not applied retroactively. The calculation uses GAAP TTM results available through Q1 2026 at the time.

Key Variables at the Peak

The key variables were Search's AI transition and ad monetization, Google Cloud and AI infrastructure growth, and the extent of profitability expansion after large investments.

Growth and Profitability Conditions Implied by the Peak Multiple

The multiple required sustained growth in Search and Google Cloud and continued operating-income expansion after large AI investments.

Close $402.62 × 12.12B shares outstanding = approximately $4.88T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis

Implied 2030 Revenue CAGR12.4% annuallyTTM revenue growth +20.1% YoY

Current market cap$4.33T

Assumed 2030 P/S6.1x25.0% assumed net margin × 24.4x assumed P/E

Required 2030 revenue$710.6B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic

GOOGL assumptions

Current TTM$445.866B

Latest-quarter annualized$479.184B

Conservative

Assumed 2030 revenue$721.0BRevenue CAGR from TTM 12.8%

CAGR from annualized latest-quarter revenue 10.8%

Assumed 2030 net margin: 26.0%Current 54.8%*
Assumed 2030 P/E: 25.0xCurrent 17.7x*
Converted P/S: 6.5x

Conditional Shareholder Return Bridge

Conditional Market Cap$4.69TVs. current +8.3%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares12.23BVs. current +0.0%Reflects company-specific share-count assumptions.

Conditional Implied Share Value$383.08Current $353.78 · +8.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+9.3%Implied Share Value Change +8.3% · Dividend Contribution +1.0 ppAnnualized +2.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.33T$4.69T
Shares: 12.23B12.23B
Implied Share Value Change: +8.3%

Shareholder Return Components

Implied Share Value Change: +8.3%
Dividend Contribution: +1.0 pp
Conditional Total Shareholder Return: +9.3%

Search growth moderates and AI infrastructure investment remains elevated, while Google Cloud growth and core operating profitability hold.

Base

Assumed 2030 revenue$782.0BRevenue CAGR from TTM 15.1%

CAGR from annualized latest-quarter revenue 13.0%

Assumed 2030 net margin: 27.0%Current 54.8%*
Assumed 2030 P/E: 27.0xCurrent 17.7x*
Converted P/S: 7.3x

Conditional Shareholder Return Bridge

Conditional Market Cap$5.70TVs. current +31.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares12.27BVs. current +0.3%Reflects company-specific share-count assumptions.

Conditional Implied Share Value$464.55Current $353.78 · +31.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+32.3%Implied Share Value Change +31.3% · Dividend Contribution +1.0 ppAnnualized +7.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.33T$5.70T
Shares: 12.23B12.27B
Implied Share Value Change: +31.3%

Shareholder Return Components

Implied Share Value Change: +31.3%
Dividend Contribution: +1.0 pp
Conditional Total Shareholder Return: +32.3%

Search and Google Cloud continue to grow, while revenue growth and operating leverage gradually absorb high AI infrastructure investment.

Optimistic

Assumed 2030 revenue$853.0BRevenue CAGR from TTM 17.6%

CAGR from annualized latest-quarter revenue 15.5%

Assumed 2030 net margin: 28.0%Current 54.8%*
Assumed 2030 P/E: 28.0xCurrent 17.7x*
Converted P/S: 7.8x

Conditional Shareholder Return Bridge

Conditional Market Cap$6.69TVs. current +54.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares12.33BVs. current +0.8%Reflects company-specific share-count assumptions.

Conditional Implied Share Value$542.22Current $353.78 · +53.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+54.3%Implied Share Value Change +53.3% · Dividend Contribution +1.0 ppAnnualized +11.4%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.33T$6.69T
Shares: 12.23B12.33B
Implied Share Value Change: +53.3%

Shareholder Return Components

Implied Share Value Change: +53.3%
Dividend Contribution: +1.0 pp
Conditional Total Shareholder Return: +54.3%

AI-led Search monetization and Google Cloud backlog conversion remain strong, while core operating profitability expands despite high infrastructure investment.

* Recent GAAP net income includes substantial unrealized gains on investments such as SpaceX, making it difficult to compare directly with the core profitability assumptions in the future scenarios.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Assumed 2030 revenue782B

660B924B

Assumed 2030 net margin27.0%

25%29%

Assumed 2030 P/E27.0x

24.0x30.0x

Conditional Shareholder Return Bridge

Conditional Market Cap$5.70TVs. current +31.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares12.27BVs. current +0.3%Reflects company-specific share-count assumptions.

Conditional Implied Share Value$464.55Current $353.78 · +31.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+32.3%Implied Share Value Change +31.3% · Dividend Contribution +1.0 ppAnnualized +7.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $4.33T$5.70T
Shares: 12.23B12.27B
Implied Share Value Change: +31.3%

Shareholder Return Components

Implied Share Value Change: +31.3%
Dividend Contribution: +1.0 pp
Conditional Total Shareholder Return: +32.3%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Alphabet Q2 2026 earnings release ↗

Official Alphabet IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

VALUFOUR Operating Principles

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Valuation and shareholder-return results are conditional calculations based on input assumptions.
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Official filings and each user’s own judgment should take precedence over VALUFOUR’s analysis.

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Current GAAP P/E

The official P/E uses reported GAAP TTM net income without adjustment. Recent net income, however, includes substantial unrealized valuation gains on investments such as SpaceX, making it difficult to compare directly with sustainable core earning power. VALUFOUR does not treat those gains as recurring operating earnings in its future scenarios.

Revenue backlog

An estimate of future revenue under customer contracts that has not yet been recognized. It is not current revenue and remains subject to contract changes, cancellations and recognition timing. Alphabet expected more than half of Q2 2026 Cloud backlog to be recognized over roughly 24 months.