Alphabet Q3 Revenue Up 25%, Cloud Doubles with TPU Contribution

MOUNTAIN VIEW, Calif. – October 28, 2026 – Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended September 30, 2026. • Consolidated Alphabet revenues increased 25% to $127.6 billion, reflecting strong performance across the business and our 13th consecutive quarter of double-digit revenue growth. • Google Services revenues increased 11% to $96.3 billion, led by 12% growth in Google Search & other with the year-over-year Search query growth rate the highest it has been in the last five years. • Google Cloud delivered record growth as revenues increased 103% to $30.7 billion, led by strong growth in Google Cloud Platform (GCP) across enterprise AI infrastructure and enterprise AI solutions, as well as core GCP services. TPU systems sales were also a meaningful contributor to revenue growth. • Consolidated Alphabet operating income increased 30% and operating margin was 31.8%. • Net income available to common stockholders was $26.2 billion and EPS was $2.12. Sundar Pichai, CEO of Google and Alphabet, said: “We had a strong quarter and are now on a half-trillion dollar revenue run rate. Our deep full stack approach is driving momentum across the business, with Alphabet revenues growing 25% year-over year. Our AI investments are driving overall Search query growth, including commercial queries. In fact, our year-over-year query growth rate is the highest it’s been in the last five years. Google Cloud revenues grew 103%, powered by huge demand for our AI infrastructure and AI solutions. We’re also seeing strong demand for our TPU systems across a wide range of customers. Gemini 4 Argon and Carbon are now leading at the frontier. Overall, our first-party model APIs are now processing nearly 32 billion tokens per minute, more than four times what we processed a year ago. On top of that, the Gemini app has reached one billion users—making it the fastest-growing product in Google’s history—and we surpassed 150 million YouTube Music and Premium subscribers globally, including trials. We’re excited by the range of big opportunities ahead of us.”

Q3 2026 Financial Highlights (unaudited) The following table summarizes our consolidated financial results for the quarters ended September 30, 2025 and 2026 (in millions, except for per share information and percentages).

Quarter Ended September 30, 2025 2026

Revenues $ 102,346 $ 127,577 Change in revenues year over year 16 % 25 % Change in constant currency revenues year over year (1) 15 % 25 % Operating income $ 31,228 $ 40,576 Operating margin 31 % 32 % Other income (expense), net $ 12,759 (8,221) Net income available to common stockholders \ 34,979 $ 26,170 Diluted net income per common share $ 2.87 $ 2.12

(1) Non-GAAP measure. See the section captioned “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” for more details.

Q3 2026 Supplemental Information (in millions, except for number of employees; unaudited)

Revenues, Traffic Acquisition Costs (TAC), and Number of Employees

Quarter Ended September 30, 2025 2026

Google Search & other $ 56,567 $ 63,350 YouTube ads 10,261 11,207 Google Network 7,354 7,455 Google advertising 74,182 82,012 Google subscriptions, platforms, and devices 12,870 14,290 Google Services total 87,052 96,302 Google Cloud 15,157 30,709 Other Bets 344 372 Hedging gains (losses) (207) 194 Total revenues $ 102,346 $ 127,577 Total TAC $ 14,876 $ 16,366 Number of employees 190,167 204,757

Segment Operating Results

Quarter Ended September 30, 2025 2026

Operating income (loss): Google Services $ 33,527 $ 39,157 Google Cloud 3,594 11,121 Other Bets (1,426) (2,047) Alphabet-level activities (1) (4,467) (7,655) Total income from operations $ 31,228 $ 40,576

(1) Alphabet-level activities primarily reflect expenses related to our shared AI research and development.

Additional Information Relating to the Quarter Ended September 30, 2026 (unaudited)

At-the-Market Program

During the three months ended September 30, 2026, we issued 12 million shares of Class A stock for net proceeds of $4.3 billion and 24 million shares of Class C stock for net proceeds of $8.1 billion. As of September 30, 2026, $27.6 billion remained available for future issuance under the ATM Program.

Issuance of Senior Unsecured Notes

In the third quarter of 2026, we issued senior unsecured notes for net proceeds of $28.7 billion, to be used for general corporate purposes.

Preferred and Common Dividend Programs

In October 2026, the company's Board of Directors declared a quarterly cash dividend of $15.63 per share on each of our Series A and Series B mandatory convertible preferred stock (equivalent to approximately $0.78 per share on each of our Series A and Series B Depositary Shares) and a quarterly cash dividend of $0.22 per share on our Class A, Class B, and Class C stock. The mandatory convertible preferred stock dividend is payable on November 15, 2026 to stockholders of record for each of the company's Series A and Series B shares as of November 1, 2026, and the common stock dividend is payable on December 14, 2026 to stockholders of record for each of the company's Class A, Class B, and Class C shares as of December 7, 2026. 2Webcast and Conference Call Information

A live audio webcast of our third quarter 2026 earnings release call will be available on YouTube at https:// www.youtube.com/watch?v=X9mmCagxJTo. The call begins today at 1 PM (PT) / 4 PM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available at http://abc.xyz/investor. We also provide announcements regarding our financial performance, including SEC filings, investor events, press and earnings releases, and blogs, on our investor relations website (http://abc.xyz/investor). We also share Google news and product updates on Google's Keyword blog at https://www.blog.google/ and News From Google page on X at x.com/NewsFromGoogle, and our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest or material to our investors.

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which are on file with the SEC and are available on our investor relations website at http://abc.xyz/investor and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and may be set forth in other reports and filings we make with the SEC. All information provided in this release and in the attachments is as of October 28, 2026. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: free cash flow; constant currency revenues; and percentage change in constant currency revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as our revenues excluding the effect of foreign exchange rate movements and hedging activities, which are recognized at the consolidated level. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. For more information on these non-GAAP financial measures, please see the sections captioned “Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow” and “Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues” included at the end of this release.

Contact

Investor relations Media [email protected] [email protected] 3Alphabet Inc. CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts)

As of December 31, 2025 As of September 30, 2026 (unaudited)

Assets

Current assets: Cash and cash equivalents $ 30,708 $ 56,334 Marketable securities 96,135 208,764 Total cash, cash equivalents, and marketable securities 126,843 265,098 Accounts receivable, net 62,886 72,784 Inventory 2,439 13,308 Other current assets 13,870 23,475 Total current assets 206,038 374,665 Non-marketable securities 68,687 135,230 Deferred income taxes 9,113 1,458 Property and equipment, net 246,597 372,827 Operating lease assets 15,221 20,273 Goodwill 33,380 58,117 Intangible assets, net 1,283 8,817 Other non-current assets 14,962 31,925 Total assets $ 595,281 $ 1,003,312

Liabilities and Stockholders’ Equity

Current liabilities: Accounts payable $ 12,200 $ 21,975 Accrued compensation and benefits 17,546 17,729 Accrued expenses and other current liabilities 55,557 74,317 Accrued revenue share 10,864 11,051 Deferred revenue 6,578 9,429 Total current liabilities 102,745 134,501 Long-term debt 46,547 125,102 Income taxes payable, non-current 9,531 12,219 Deferred income taxes 919 27,833 Operating lease liabilities 12,744 16,815 Other long-term liabilities 7,530 9,293 Total liabilities 180,016 325,763 Commitments and contingencies Stockholders’ equity: Series A and Series B preferred stock and additional paid-in capital, $0.001 par value per share, 100 shares authorized; 6.25% mandatory convertible preferred stock, 0 and 19 shares issued and outstanding allocated equally between each series with a liquidation preference of $1,000 per share 0 18,023 Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 12,088 (Class A 5,822, Class B 837, Class C 5,429) and 12,294 (Class A 5,888, Class B 828, Class C 5,578) shares issued and outstanding 93,126 147,068 Accumulated other comprehensive income (loss) (1,916) (4,326) Retained earnings 324,055 516,784 Total stockholders’ equity 415,265 677,549 Total liabilities and stockholders’ equity $ 595,281 $ 1,003,312 4Alphabet Inc. CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts, unaudited)

Quarter Ended September 30, Year To Date September 30, 2025 2026 2025 2026

Revenues $ 102,346 $ 127,577 $ 289,007 $ 357,269 Costs and expenses: Cost of revenues 41,369 51,419 116,768 138,633 Research and development 15,151 20,640 42,515 55,891 Sales and marketing 7,205 8,804 20,478 24,813 General and administrative 7,393 6,138 16,141 16,890 Total costs and expenses 71,118 87,001 195,902 236,227 Income from operations 31,228 40,576 93,105 121,042 Other income (expense), net 12,759 (8,221) 26,604 127,478 Income before income taxes 43,987 32,355 119,709 248,520 Provision for income taxes 9,008 5,887 21,994 47,281 Net income 34,979 26,468 97,715 201,239 Preferred stock dividends 0 298 0 384 Net income available to common stockholders $ 34,979 $ 26,170 $ 97,715 $ 200,855 Basic net income per common share $ 2.89 $ 2.14 $ 8.06 $ 16.51 Diluted net income per common share $ 2.87 $ 2.12 $ 7.99 $ 16.33 Number of shares used in basic net income per common share calculation 12,086 12,256 12,130 12,169 Number of shares used in diluted net income per common share calculation 12,203 12,368 12,230 12,324 5Alphabet Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, unaudited)

Quarter Ended September 30, Year To Date September 30, 2025 2026 2025 2026 Operating activities

Net income $ 34,979 $ 26,468 $ 97,715 $ 201,239 Adjustments: Depreciation of property and equipment 5,611 8,369 15,096 21,955 Stock-based compensation expense 6,368 8,630 17,882 23,338 Deferred income taxes 8,726 5,539 7,130 33,077 Loss (gain) on debt and equity securities, net (10,855) 9,048 (22,266) (126,755) Other (198) 1,664 843 4,825 Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net (2,381) (3,917) (3,582) (10,821) Inventory (526) (3,220) (1,154) (10,959) Income taxes, net (858) (3,702) (3,292) 4,602 Other assets (767) (7,807) (2,906) (17,757) Accounts payable (444) (165) (771) 1,925 Accrued expenses and other liabilities 8,078 (1,168) 6,299 (860) Deferred revenue 681 2,551 1,317 3,340 Net cash provided by operating activities 48,414 42,290 112,311 127,149

Investing activities

Purchases of property and equipment (23,953) (51,355) (63,596) (131,953) Purchases of marketable securities (20,964) (39,987) (60,834) (116,467) Maturities and sales of marketable securities 20,371 21,820 61,301 88,516 Purchases of non-marketable securities (1,000) (2,109) (3,312) (24,160) Maturities and sales of non-marketable securities 323 208 1,196 1,875 Acquisitions, net of cash acquired, and purchases of intangible assets (1,072) (406) (1,425) (34,103) Other investing activities (1,482) 480 (1,845) (879) Net cash used in investing activities (27,777) (71,349) (68,515) (217,171)

Financing activities

Net payments related to stock-based award activities (3,270) (5,368) (9,001) (17,424) Repurchases of stock (11,504) 0 (39,810) 0Dividend payments on preferred and common stock (2,537) (2,936) (7,513) (8,167) Proceeds from issuance of common stock, net of costs 0 12,371 0 42,870 Proceeds from issuance of mandatory convertible preferred stock, net of costs 0 0 0 19,063 Proceeds from issuance of debt, net of costs 6,624 28,996 38,002 85,222 Repayments of debt (7,696) (3,626) (26,094) (8,879) Proceeds from sale of interest in consolidated entities, net 0 0 400 3,758 Other financing activities 0 0 (400) (686) Net cash provided by (used in) financing activities (18,383) 29,437 (44,416) 115,757 Effect of exchange rate changes on cash and cash equivalents (200) 45 244 (109)

Net increase (decrease) in cash and cash equivalents 2,054 423 (376) 25,626 Cash and cash equivalents at beginning of period 21,036 55,911 23,466 30,708

Cash and cash equivalents at end of period $ 23,090 $ 56,334 $ 23,090 $ 56,334

6Segment Results

The following table presents our segment revenues and operating income (loss) (in millions; unaudited):

Quarter Ended September 30, 2025 2026

Revenues: Google Services $ 87,052 $ 96,302 Google Cloud 15,157 30,709 Other Bets 344 372 Hedging gains (losses) (207) 194 Total revenues $ 102,346 $ 127,577 Operating income (loss): Google Services $ 33,527 $ 39,157 Google Cloud 3,594 11,121 Other Bets (1,426) (2,047) Alphabet-level activities (4,467) (7,655) Total income from operations $ 31,228 $ 40,576 We report our segment results as Google Services, Google Cloud, and Other Bets: • Google Services includes products and services such as ads, Android, Chrome, consumer devices, Google Maps, Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising; fees received for consumer subscription-based products such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One; the sale of apps and in-app purchases; and consumer devices. • Google Cloud includes infrastructure and platform services, applications, and other products and services for enterprise customers. Google Cloud generates services revenues primarily from consumption-based fees and subscriptions received for Google Cloud Platform services, Google Workspace communication and collaboration tools, and other enterprise services. Google Cloud generates product revenues primarily from the sale of TPU systems. • Other Bets is a combination of multiple operating segments that are not individually material. Revenues from Other Bets are generated primarily from the sale of autonomous transportation services and internet services. Certain costs are not allocated to our segments because they represent Alphabet-level activities. These costs primarily include: • certain AI-focused shared research and development activities, including employee compensation expenses and technical infrastructure usage costs associated with the development of our general AI models; • corporate initiatives such as our philanthropic activities; and • corporate shared costs such as certain finance, human resource, and legal costs, including certain fines and settlements. Charges associated with employee severance and office space reductions are also not allocated to our segments. Additionally, hedging gains (losses) related to revenue are not allocated to our segments. 7Other Income (Expense), Net

The following table presents our other income (expense), net (in millions; unaudited):

Quarter Ended September 30, 2025 2026

Interest income $ 1,076 $ 1,768 Interest expense (143) (967) Foreign currency exchange gain (loss), net (143) 22 Gain (loss) on debt securities, net 122 (383) Gain (loss) on equity securities, net (1) 10,734 (8,664) Income (loss) and impairment from equity method investments, net (30) (143) Other 1,143 146 Other income (expense), net $ 12,759 $ (8,221)

(1) Includes all gains and losses, unrealized and realized, on equity securities. For Q3 2026, the net effect of the loss on equity securities of $8.7 billion decreased the provision for income tax, net income, and diluted net income per common share by $1.9 billion, $6.7 billion, and $0.55, respectively. Fluctuations in the value of our investments may be affected by market dynamics and other factors and could significantly contribute to the volatility of OI&E in future periods.

Reconciliation from GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow (in millions; unaudited) :

We provide non-GAAP free cash flow for the current quarter and trailing twelve months (“TTM”) because it is a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and acquisitions, and to strengthen our balance sheet.

Quarter Ended TTM Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2026

Net cash provided by operating activities $ 52,402 $ 45,790 $ 39,069 $ 42,290 $ 179,551 Less: purchases of property and equipment (27,851) (35,674) (44,924) (51,355) (159,804)

Free cash flow $ 24,551 $ 10,116 $(5,855)$ (9,065) $ 19,747

Free cash flow: We define free cash flow as net cash provided by operating activities less capital expenditures. TTM free cash flow: We define trailing twelve months free cash flow as net cash provided by operating activities less capital expenditures for the most recent twelve consecutive months.

Reconciliation from GAAP Revenues to Non-GAAP Constant Currency Revenues and GAAP Percentage Change in Revenues to Non-GAAP Percentage Change in Constant Currency Revenues (in millions, except percentages; unaudited) :

We provide non-GAAP constant currency revenues (“constant currency revenues”) and non-GAAP percentage change in constant currency revenues (“percentage change in constant currency revenues”), because they facilitate the comparison of current results to historic performance by excluding the effect of foreign exchange rate movements (“FX Effect”) as well as hedging activities, which are recognized at the consolidated level, as they are not indicative of our core operating results. Non-GAAP constant currency revenues is defined as revenues excluding the effect of foreign exchange rate movements and hedging activities and is calculated by translating current period revenues using prior period exchange rates and excluding any hedging effect recognized in the current period. We calculate the percentage change in constant currency revenues by comparing constant currency revenues to the prior year comparable period revenues, excluding any hedging effect recognized in the prior period. 8Revenues by Geography

Comparison from the Quarter Ended September 30, 2025 to the Quarter Ended September 30, 2026

Quarter Ended September 30, 2026 % Change from Prior Period Quarter Ended September 30, Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues 2025 2026

United States $ 48,758 $ 67,681 $ 0 $ 67,681 39 % 0 % 39 % EMEA 29,911 32,695 (336) 33,031 9 % (1) % 10 % APAC 17,819 19,906 (517) 20,423 12 % (3) % 15 % Other Americas 6,065 7,101 151 6,950 17 % 2 % 15 % Revenues, excluding hedging effect (1) 102,553 127,383 (702) 128,085 24 % (1) % 25 % Hedging gains (losses) (207) 194 Total revenues $ 102,346 $ 127,577 $ 128,085 25 % 1 % (1) % 25 %

(1)

Total constant currency revenues of $128.1 billion for the quarter ended September 30, 2026 increased $25.5 billion compared to $102.6 billion in revenues, excluding hedging effect, for the quarter ended September 30, 2025.

Comparison from the Quarter Ended June 30, 2026 to the Quarter Ended September 30, 2026

Quarter Ended September 30, 2026 % Change from Prior Period Quarter Ended Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues June 30, 2026 September 30, 2026

United States $ 60,846 $ 67,681 $ 0 $ 67,681 11 % 0 % 11 % EMEA 32,501 32,695 (325) 33,020 1 % (1) % 2 % APAC 19,317 19,906 (66) 19,972 3 % 0 % 3 % Other Americas 7,026 7,101 (42) 7,143 1 % (1) % 2 % Revenues, excluding hedging effect (1) 119,690 127,383 (433) 127,816 6 % (1) % 7 % Hedging gains (losses) 106 194 Total revenues $ 119,796 $ 127,577 $ 127,816 6 % 0 % (1) % 7 %

(1)

Total constant currency revenues of $127.8 billion for the quarter ended September 30, 2026 increased $8.1 billion compared to $119.7 billion in revenues, excluding hedging effect, for the quarter ended June 30, 2026.

Total Revenues — Prior Year Comparative Periods

Comparison from the Quarter Ended September 30, 2024 to the Quarter Ended September 30, 2025

Quarter Ended September 30, 2025 Quarter Ended September 30, % Change from Prior Period

Less FX Effect Constant Currency Revenues As Reported Less Hedging Effect Less FX Effect Constant Currency Revenues 2024 2025

Revenues excluding hedging effect $ 88,251 $ 102,553 $ 1,339 $ 101,214 16 % 1 % 15 % Hedging gains (losses) $ 17 (207) Total revenues \ 88,268 $ 102,346 $ 101,214 16 % 0 % 1 % 15 %