Alphabet's second quarter revenue of $119.8B beat estimates, driven by an 82% surge in Cloud revenue.

Alphabet reported second quarter 2026 revenue of $119.8 billion, up 24% year-over-year, with a diluted EPS of $9.11. These results beat consensus estimates, though headline earnings were significantly inflated by large unrealized gains on equity securities.

Key Highlights

• Google Cloud revenue growth accelerated meaningfully to 82% year-over-year, reaching $24.8 billion, well ahead of the $22.8 billion consensus estimate.
• A $99.0 billion pre-tax gain on equity securities was the primary driver of the large EPS beat, contributing approximately $6.26 to the reported diluted EPS of $9.11.
• The core Google Search & other segment maintained strong performance, with revenue growing 17% year-over-year, while consolidated operating margin expanded 2 percentage points to 34%.