尽管资本支出大幅攀升，Google的营收表现依然强劲。第二季度总收入达到1,200亿美元，同比增长约24%，超出分析师平均预期的1,170亿美元。其中云端业务收入同比增长82%至248亿美元，核心搜索广告业务同比增长17%至633亿美元。净利润受惠于包括SpaceX股权在内的投资收益，飙升四倍至1,120亿美元；营业利润则增长30%至408亿美元，营业利润率扩大至34%。
在AI竞赛方面，Google正加速推进「全栈」策略，涵盖自研晶片、数据中心、前沿模型和消费产品。执行长Sundar Pichai表示公司正集中资源训练下一代旗舰模型Gemini 4，并预计模型发布节奏将加快。为支撑不断增长的云端合约积压（季末达5,140亿美元），Alphabet已承担近1,000亿美元债务，并于6月启动逾二十年来首次股票发售以筹集约850亿美元资金，这与其多年来回购股票的做法形成鲜明对比。
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.