Alphabet Q2 2026: Google Cloud +82%, capex guidance raised to up to $205B, Gemini at 22B API tokens/minute
Alphabet's Q2 2026 results (22 July) showed revenue of $119.8B (+24%), Google Cloud revenue of $24.8B (+82%) with a reported $514B backlog, quarterly capex of $44.9B and full-year 2026 capex guidance raised to as much as $205B. Pichai said Gemini models process 22B API tokens per minute and the Gemini app had 950M MAU.
Key facts
- Revenue $119.8B (+24% YoY); operating income $40.8B; diluted EPS $9.11
- Google Cloud revenue $24.8B, +82% YoY; cloud backlog reported at $514B
- Q2 capex $44.9B; 2026 capex guidance up to $205B (from $180–190B)
- Gemini: 22 billion API tokens per minute; Gemini app 950M monthly active users; ~90% of Fortune 100 use Gemini Enterprise
What happened
Alphabet reported second-quarter 2026 results with Cloud growth accelerating to 82% on AI infrastructure demand and a higher capital-spending plan for the year.
Why it matters
A ~$200B annual capex plan from a single company shows the scale of the AI compute build-out in 2026; cloud growth and backlog suggest the spending is being matched by paying demand (including from other AI labs renting TPUs).
Changelog
- 2026-09-29: created
Related events
- Gemini app surpasses 1 billion monthly active users ★★★
- Google unveils eighth-generation TPUs, split into TPU 8t (training) and TPU 8i (inference) ★★★
Sources (3)
- officialAlphabet Q2 2026 earnings release (SEC 8-K exhibit 99.1)
- pressCNBC: Alphabet earnings takeaways, stock sinks on capex hike
- pressFuturum: Alphabet Q2 FY2026 — Google Cloud leads growth
id: 2026-07-22-alphabet-q2-2026-earnings · updated 2026-09-29 · open in the interactive timeline