儘管資本支出大幅攀升，Google的營收表現依然強勁。第二季度總收入達到1,200億美元，同比增長約24%，超出分析師平均預期的1,170億美元。其中雲端業務收入同比增長82%至248億美元，核心搜索廣告業務同比增長17%至633億美元。淨利潤受惠於包括SpaceX股權在內的投資收益，飆升四倍至1,120億美元；營業利潤則增長30%至408億美元，營業利潤率擴大至34%。
在AI競賽方面，Google正加速推進「全棧」策略，涵蓋自研晶片、數據中心、前沿模型和消費產品。執行長Sundar Pichai表示公司正集中資源訓練下一代旗艦模型Gemini 4，並預計模型發布節奏將加快。為支撐不斷增長的雲端合約積壓（季末達5,140億美元），Alphabet已承擔近1,000億美元債務，並於6月啟動逾二十年來首次股票發售以籌集約850億美元資金，這與其多年來回購股票的做法形成鮮明對比。
Google parent Alphabet reported its first negative free cash flow since going public, posting minus $5.9 billion for Q2 2026, as massive AI infrastructure spending transformed the company into a capital-intensive business. CFO Anat Ashkenazi raised the full-year capex forecast to $195–205 billion, up from the previous $180–190 billion guidance, with quarterly capex reaching $44.9 billion. The stock dropped over 6 percent on Thursday following the earnings release, reflecting investor concern about the scale of AI investment amid the broader hyperscaler arms race, where Google, Meta, Microsoft, and Amazon are collectively on track to spend over $725 billion in 2026.
Despite the cash burn, Google delivered robust top-line and bottom-line results. Total revenue hit $120 billion, up from $96.4 billion a year earlier and beating analyst estimates of $117 billion. The cloud division was a standout performer with 82 percent year-over-year growth to $24.8 billion, while core search advertising grew 17 percent to $63.3 billion. Net income quadrupled to $112 billion, boosted by investment gains including a stake in SpaceX, and operating income rose 30 percent to $40.8 billion with margins expanding to 34 percent.
On the strategic front, CEO Sundar Pichai expressed growing bullishness about AI opportunities, stating the company is in the "very early innings" of a secular shift. Google is now channeling resources into training Gemini 4, its next frontier model, and plans to accelerate the pace of model releases. To fund its ambitions and meet a cloud contract backlog that swelled to $514 billion, Alphabet has taken on nearly $100 billion in debt and launched its first share sale in over two decades to raise approximately $85 billion — a dramatic reversal from years of stock buybacks. CFO Ashkenazi emphasized the company's commitment to maintaining a resilient balance sheet while capitalizing on the AI opportunity.