Q2
GOOG — Q2 2026 Financial Report Analysis
Revenue rose 24% to $119.8 billion and Google Cloud grew 82%, but the 298% jump in net income is almost entirely a $99 billion unrealized mark-up on Alphabet's SpaceX and private-company stakes — meanwhile Q2 capex of $44.9 billion exceeded the $39.1 billion of cash the business generated, funded by roughly $101 billion of new debt and equity and zero share buybacks.