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Full earnings analysis

Research updated: Jul 11, 2026, 12:00 AM UTC

Alphabet (GOOGL) Q1 FY2026

Alphabet reported results for the quarter ended March 31, 2026, led by Search, subscriptions, YouTube advertising, and accelerated Google Cloud growth.

Reported outcomes

Revenue
$109.90 billion
Up 22% year over year
Google Cloud revenue
$20.03 billion
Up 63% year over year
Operating income
$39.70 billion
Up 30% year over year
Diluted EPS
$5.11
Up 82% year over year

Management guidance

  • The release did not provide numerical forward revenue guidance; management said AI investments were already contributing across Search, Cloud, subscriptions, and Gemini products.

Risks that still need monitoring

  • AI infrastructure depreciation

    Heavy AI-compute and data-center investment could raise depreciation faster than revenue or operating profit.

  • Search disruption

    Search and advertising face competition from AI-native discovery products and changing user behavior.

  • Regulatory constraints

    Antitrust, privacy, content, and platform proceedings could constrain distribution, product design, or monetization.

Market reaction

+10.01%

2026-04-28 $349.78 → 2026-04-30 $384.80

Method: previous trading-day close to the first full trading-day close after the announcement.

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Primary sources

Alphabet Announces First Quarter 2026 ResultsAlphabet Inc. · earningsVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 29, 2026, 08:00 PM

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Alphabet Investor RelationsAlphabet Inc. · companyVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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Alphabet Form 10-Q for the quarter ended March 31, 2026U.S. Securities and Exchange Commission · filingVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

Published: Apr 30, 2026, 12:00 AM

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GOOGL editorial research profileAlphaVue Research · editorialVerified

Fetched: Jul 11, 2026, 12:00 AM UTC

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