GOOGL: Q2 Print – First Take

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GOOGL: Q2 Print – First Take

Global Internet

FLASH

FLASH: ALPHABET INC. (GOOGL) July 22, 2026

GOOGL: Q2 Print – First Take Rating:

OutperformGoogle printed a beat across the board - on Revenue and EPS (driven in part by Price:

a $99B gain on equity securities lifting EPS by $6.26, we think from Anthropic $347.15

investment). Price Target:

$460

●Search revenue growth of 16.8% Y/Y was about in-line with the Street but % Upside:

modestly below investor expectations. 32.5%

●Google Cloud revenue accelerated to 82% Y/Y, largely in-line with our Source: FactSet, Wolfe Research

estimate, coming in well above Street with backlog increasing to $514B, up Priced as of 07/21/26

from $463B in Q1.

●YouTube revenue growth of 12.9% Y/Y came in above Street and in-line with

investor expectations.

Key topics for the call: a) commentary on macro + ad demand trends into Q3 and

2026 amidst the World Cup and elections; b) commentary on core Cloud and AI Shweta Khajuria

Cloud demand; c) commentary on 2026 cost efficiency; d) update on Gemini 3.5 Pro; skhajuria@wolferesearch.com

415-878-6425

e) CapEx commentary for the remainder of 2026 and 2027; f) legal expenses and View Shweta’s Research

impact of ongoing lawsuits; g) color on Search query and CTR trends amidst AI search View GOOGL Model

adoption. View Comp Table

1. Gross Revenue of $120B vs. the Street at $117B implying 24% Y/Y growth on Kenneth Wu Kenneth.Wu@wolferesearch.com

a 1.8-point tougher comp. 415-878-6428

2. Net Revenue of $104B vs. the Street at $101B implying 27% Y/Y growth on Andrew Northcutt

a 1.4-point tougher comp. anorthcutt@wolferesearch.com

3. Advertising Revenue:

a. Google Search at $63.3B vs. the Street at $63.3B implying 16.8% Y/Y

growth on a 1.9-point tougher comp.

b. YouTube at $11.1B vs.