Alphabet Inc. (GOOGL): Q2‘26 Earnings First Take

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Alphabet Inc. (GOOGL): Q2‘26 Earnings First Take

Equity Research

22 July 2026 | 4:33PM EDT

Alphabet Inc. (GOOGL): Q2’26 Earnings First Take

We expect the market to have a modestly positive reaction to Alphabet’s Q2’26 Eric Sheridan

+1(917)343-8683 |

earnings report based upon our first read/analysis of the results. Some highlights: a) eric.sheridan@gs.com

Goldman Sachs & Co. LLC

both Search and Other and YouTube Ads revenues exceeded our forecasts, with

Alex Vegliante, CFA

+17% YoY growth in Search quite notable given the relative maturity of that business +1(212)934-1878 |

when measured against consistent long-duration debates about the potential impact alex.vegliante@gs.comGoldman Sachs & Co. LLC

of AI; b) Google Cloud revenue growth of +82% YoY far exceeded our est. of +72% Aarshiya Sachdeva

YoY growth (which was already above VisibleAlpha Street estimates) which, when +1(212)855-6184aarshiya.sachdeva@gs.com|

coupled with the ~mid-30s % segment GAAP EBIT margin, should act as another Goldman Sachs & Co. LLC

Huangproof point on how AI spending in prior periods is delivering solid return on capital Emma | +1(212)902-7229

(against heightened investor concerns); & c) no update to 2026 capex forecasts nor emma.huang@gs.com Goldman Sachs & Co. LLC

framing of 2027 & beyond capex in the release – a continued area of focus for

investors.

In terms of the upcoming earnings call, we would expect the focus areas to include:

1) the broader AI theme through the lens of forward capital spend trends, potential

needs for outside capital (debt or equity) to support such spend and any visibility

into scaling return profile of capex in the years ahead; 2) addressing recent news flow

around Gemini competitive positioning and AI-focused personnel departures; 3)