FULLTEXT DEL 1 AV 2
10-Q – 2026-07-23 – goog-20260630.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________
FORM 10-Q
_______________________________________________________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-37580
________________________________________________________________________________________
Alphabet Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________
Delaware 61-1767919
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
1600 Amphitheatre Parkway
Mountain View , CA 94043
(Address of principal executive offices, including zip code)
( 650 ) 253-0000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.001 par value GOOGL Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par value GOOG Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series A Mandatory Convertible Preferred Stock, par value $0.001 GOOGM Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Depositary Shares, each representing a 1/20th interest in a share of 6.25% of Series B Mandatory Convertible Preferred Stock, par value $0.001 GOOGN Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
2.375% Senior Notes due 2028 — Nasdaq Stock Market LLC
2.500% Senior Notes due 2029
— Nasdaq Stock Market LLC
4.125% Senior Notes due 2029 — Nasdaq Stock Market LLC
3.200% Senior Notes due 2030 — Nasdaq Stock Market LLC
2.875% Senior Notes due 2031
— Nasdaq Stock Market LLC
3.450% Senior Notes due 2032 — Nasdaq Stock Market LLC
4.625% Senior Notes due 2032 — Nasdaq Stock Market LLC
3.000% Senior Notes due 2033
— Nasdaq Stock Market LLC
3.125% Senior Notes due 2034
— Nasdaq Stock Market LLC
3.625% Senior Notes due 2034 — Nasdaq Stock Market LLC
3.375% Senior Notes due 2037
— Nasdaq Stock Market LLC
3.500% Senior Notes due 2038
— Nasdaq Stock Market LLC
4.100% Senior Notes due 2039 — Nasdaq Stock Market LLC
5.500% Senior Notes due 2041 — Nasdaq Stock Market LLC
4.000% Senior Notes due 2044
— Nasdaq Stock Market LLC
3.875% Senior Notes due 2045
— Nasdaq Stock Market LLC
4.500% Senior Notes due 2045 — Nasdaq Stock Market LLC
4.000% Senior Notes due 2054
— Nasdaq Stock Market LLC
5.875% Senior Notes due 2058 — Nasdaq Stock Market LLC
4.800% Senior Notes due 2063 — Nasdaq Stock Market LLC
4.375% Senior Notes due 2064
— Nasdaq Stock Market LLC
6.125% Senior Notes due 2126 — Nasdaq Stock Market LLC
________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether t he registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 15, 2026, there were 5,868 million shares of Alphabet’s Class A stock outstanding, 835 million shares of Alphabet's Class B stock outstanding, and 5,527 million shares of Alphabet's Class C stock outstanding.
1
Table of Contents
Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended June 30, 2026
TABLE OF CONTENTS
Page No.
Note About Forward-Looking Statements
3
PART I. FINANCIAL INFORMATION
Item 1 Financial Statements
4
Consolidated Balance Sheets - December 31, 2025 and June 30, 2026
4
Consolidated Statements of Income - Three and Six Months Ended June 30 , 2025 and 2026
5
Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30 , 2025 and 2026
6
Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30 , 2025 and 2026
7
Consolidated Statements of Cash Flows - Six Months Ended June 30 , 2025 and 2026
9
Notes to Consolidated Financial Statements
10
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
42
Item 3 Quantitative and Qualitative Disclosures About Market Risk
56
Item 4 Controls and Procedures
56
PART II. OTHER INFORMATION
Item 1 Legal Proceedings
57
Item 1A Risk Factors
57
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
60
Item 5 Other Information
60
Item 6 Exhibits
61
Signatures
64
2
Table of Contents
Alphabet Inc.
Note About Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as, but not limited to, "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These include, among other things, expectations regarding the growth of our business and revenues, including factors that may impact such growth, and fluctuations in our revenues and margins; statements relating to plans, expectations, and trends about our core business metrics, costs and expenses, capital expenditures, future financing needs and sources of funding, products and services, strategic business transactions, and other aspects of our business operations and strategies; statements regarding the global macroeconomic and regulatory environment; as well as other statements regarding our future operations, financial condition and prospects, and actual or potential risk and liability exposures. Forward-looking statements may appear throughout this report and other documents we file with the Securities and Exchange Commission (SEC), including without limitation, the following sections: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated in our subsequent Quarterly Reports on Form 10-Q, including in this Quarterly Report on Form 10-Q. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q; the risks discussed in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated in our subsequent Quarterly Reports on Form 10-Q, including in this Quarterly Report on Form 10-Q; and the trends discussed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025; and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Alphabet," "the company," "we," "us," "our," and similar terms include Alphabet Inc. and its subsidiaries, unless the context indicates otherwise.
"Alphabet," "Google," and other trademarks of ours appearing in this report are our property. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.
3
Table of Contents
Alphabet Inc.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
As of
December 31, 2025 As of
June 30, 2026
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 30,708 $ 55,911
Marketable securities 96,135 186,563
Total cash, cash equivalents, and marketable securities 126,843 242,474
Accounts receivable, net 62,886 69,175
Inventory 2,439 9,991
Other current assets 13,870 21,884
Total current assets 206,038 343,524
Non-marketable securities 68,687 131,461
Deferred income taxes 9,113 1,448
Property and equipment, net 246,597 321,212
Operating lease assets 15,221 17,694
Goodwill 33,380 57,828
Intangible assets, net 1,283 9,105
Other non-current assets 14,962 39,711
Total assets $ 595,281 $ 921,983
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 12,200 $ 20,258
Accrued compensation and benefits 17,546 15,086
Accrued expenses and other current liabilities 55,557 73,014
Accrued revenue share 10,864 10,599
Deferred revenue 6,578 7,154
Total current liabilities 102,745 126,111
Long-term debt 46,547 98,165
Income taxes payable, non-current 9,531 11,306
Deferred income taxes 919 22,819
Operating lease liabilities 12,744 14,591
Other long-term liabilities 7,530 8,511
Total liabilities 180,016 281,503
Commitments and Contingencies (Note 10)
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 12,230 (Class A 5,868 , Class B 835 , Class C 5,527 ) shares issued and outstanding
93,126 131,371
Accumulated other comprehensive income (loss) ( 1,916 ) ( 2,285 )
Retained earnings 324,055 493,371
Total stockholders’ equity 415,265 640,480
Total liabilities and stockholders’ equity $ 595,281 $ 921,983
See accompanying notes.
4
Table of Contents
Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Revenues $ 96,428 $ 119,796 $ 186,662 $ 229,692
Costs and expenses:
Cost of revenues 39,039 45,943 75,400 87,214
Research and development 13,808 18,219 27,364 35,251
Sales and marketing 7,101 8,403 13,273 16,009
General and administrative 5,209 6,461 8,748 10,752
Total costs and expenses 65,157 79,026 124,785 149,226
Income from operations 31,271 40,770 61,877 80,466
Other income (expense), net 2,662 97,983 13,845 135,699
Income before income taxes 33,933 138,753 75,722 216,165
Provision for income taxes 5,737 26,560 12,986 41,394
Net income 28,196 112,193 62,736 174,771
Preferred stock dividends 0 86 0 86
Net income available to common stockholders $ 28,196 $ 112,107 $ 62,736 $ 174,685
Basic net income per common share (Note 12)
$ 2.33 $ 9.23 $ 5.16 $ 14.41
Diluted net income per common share (Note 12)
$ 2.31 $ 9.11 $ 5.12 $ 14.24
See accompanying notes.
5
Table of Contents
Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Net income $ 28,196 $ 112,193 $ 62,736 $ 174,771
Other comprehensive income (loss):
Change in foreign currency translation adjustment, net of income tax benefit (expense) of $ 190 , $( 36 ), $ 235 , and $( 90 )
2,610 ( 9 ) 3,273 ( 335 )
Available-for-sale investments:
Change in net unrealized gains (losses) 191 ( 273 ) 836 ( 629 )
Less: reclassification adjustment for net (gains) losses included in net income ( 29 ) 34 ( 113 ) 15
Net change, net of income tax benefit (expense) of $( 46 ), $ 68 , $( 205 ), and $ 174
162 ( 239 ) 723 ( 614 )
Cash flow hedges:
Change in net unrealized gains (losses) ( 920 ) 228 ( 1,233 ) 507
Less: reclassification adjustment for net (gains) losses included in net income 107 ( 85 ) ( 90 ) 73
Net change, net of income tax benefit (expense) of $ 208 , $( 41 ), $ 339 , and $( 158 )
( 813 ) 143 ( 1,323 ) 580
Other comprehensive income (loss) 1,959 ( 105 ) 2,673 ( 369 )
Comprehensive income $ 30,155 $ 112,088 $ 65,409 $ 174,402
See accompanying notes.
6
Table of Contents
Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions; unaudited)
Three Months Ended June 30, 2025
Series A and Series B Preferred Stock and Additional Paid-In Capital
Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss) Retained
Earnings Total
Stockholders’
Equity
Shares Amount Shares Amount
Balance as of March 31, 2025 0 $ 0 12,155 $ 86,725 $ ( 4,086 ) $ 262,628 $ 345,267
Common stock issued 0 0 30 0 0 0 0
Stock-based compensation 0 0 0 6,045 0 0 6,045
Tax withholding related to vesting of restricted stock units, and other 0 0 0 ( 2,709 ) 0 0 ( 2,709 )
Repurchases of stock 0 0 ( 81 ) ( 811 ) 0 ( 12,452 ) ( 13,263 )
Dividends and dividend equivalents declared on common stock ($ 0.21 per share)
0 0 0 33 0 ( 2,612 ) ( 2,579 )
Sale of interest in consolidated entities 0 0 0 0 0 0 0
Net income 0 0 0 0 0 28,196 28,196
Other comprehensive income (loss) 0 0 0 0 1,959 0 1,959
Balance as of June 30, 2025 0 $ 0 12,104 $ 89,283 $ ( 2,127 ) $ 275,760 $ 362,916
Six Months Ended June 30, 2025
Series A and Series B Preferred Stock and Additional Paid-In Capital
Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss) Retained
Earnings Total
Stockholders’
Equity
Shares Amount Shares Amount
Balance as of December 31, 2024 0 $ 0 12,211 $ 84,800 $ ( 4,800 ) $ 245,084 $ 325,084
Common stock issued 0 0 57 0 0 0 0
Stock-based compensation 0 0 0 11,598 0 0 11,598
Tax withholding related to vesting of restricted stock units, and other 0 0 0 ( 5,949 ) 0 0 ( 5,949 )
Repurchases of stock 0 0 ( 164 ) ( 1,626 ) 0 ( 26,938 ) ( 28,564 )
Dividends and dividend equivalents declared on common stock ($ 0.41 per share)
0 0 0 60 0 ( 5,122 ) ( 5,062 )
Sale of interest in consolidated entities 0 0 0 400 0 0 400
Net income 0 0 0 0 0 62,736 62,736
Other comprehensive income (loss) 0 0 0 0 2,673 0 2,673
Balance as of June 30, 2025 0 $ 0 12,104 $ 89,283 $ ( 2,127 ) $ 275,760 $ 362,916
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Three Months Ended June 30, 2026
Series A and Series B Preferred Stock and Additional Paid-In Capital Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss) Retained
Earnings Total
Stockholders’
Equity
Shares Amount Shares Amount
Balance as of March 31, 2026 0 $ 0 12,116 $ 96,902 $ ( 2,180 ) $ 384,024 $ 478,746
Common stock issued 0 0 114 30,417 0 0 30,417
Mandatory convertible preferred stock issued 19 19,034 0 0 0 0 19,034
Purchase of capped call options 0 ( 1,011 ) 0 0 0 0 ( 1,011 )
Stock-based compensation 0 0 0 7,995 0 0 7,995
Tax withholding related to vesting of restricted stock units, and other 0 0 0 ( 4,552 ) 0 ( 16 ) ( 4,568 )
Dividends and dividend equivalents declared on common stock ($ 0.22 per share)
0 0 0 51 0 ( 2,744 ) ( 2,693 )
Dividends on preferred stock 0 0 0 0 0 ( 86 ) ( 86 )
Sale of interest in consolidated entities 0 0 0 558 0 0 558
Net income 0 0 0 0 0 112,193 112,193
Other comprehensive income (loss) 0 0 0 0 ( 105 ) 0 ( 105 )
Balance as of June 30, 2026 19 18,023 12,230 $ 131,371 $ ( 2,285 ) $ 493,371 $ 640,480
Six Months Ended June 30, 2026
Series A and Series B Preferred Stock and Additional Paid-In Capital Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss) Retained
Earnings Total
Stockholders’
Equity
Shares Amount Shares Amount
Balance as of December 31, 2025 0 $ 0 12,088 $ 93,126 $ ( 1,916 ) $ 324,055 $ 415,265
Common stock issued 0 0 142 30,417 0 0 30,417
Mandatory convertible preferred stock issued 19 19,034 0 0 0 0 19,034
Purchase of capped call options 0 ( 1,011 ) 0 0 0 0 ( 1,011 )
Stock-based compensation 0 0 0 14,788 0 0 14,788
Tax withholding related to vesting of restricted stock units, and other 0 0 0 ( 10,819 ) 0 ( 16 ) ( 10,835 )
Dividends and dividend equivalents declared on common stock ($ 0.43 per share)
0 0 0 101 0 ( 5,353 ) ( 5,252 )
Dividends on preferred stock 0 0 0 0 0 ( 86 ) ( 86 )
Sale of interest in consolidated entities 0 0 0 3,758 0 0 3,758
Net income 0 0 0 0 0 174,771 174,771
Other comprehensive income (loss) 0 0 0 0 ( 369 ) 0 ( 369 )
Balance as of June 30, 2026 19 $ 18,023 12,230 $ 131,371 $ ( 2,285 ) $ 493,371 $ 640,480
See accompanying notes.
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2025 2026
Operating activities
Net income $ 62,736 $ 174,771
Adjustments:
Depreciation of property and equipment 9,485 13,586
Stock-based compensation expense 11,514 14,708
Deferred income taxes ( 1,596 ) 27,538
Loss (gain) on debt and equity securities, net ( 11,411 ) ( 135,803 )
Other 1,041 3,161
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net ( 1,201 ) ( 6,904 )
Inventory ( 628 ) ( 7,739 )
Income taxes, net ( 2,434 ) 8,304
Other assets ( 2,139 ) ( 9,950 )
Accounts payable ( 327 ) 2,090
Accrued expenses and other liabilities ( 1,779 ) 308
Deferred revenue 636 789
Net cash provided by operating activities 63,897 84,859
Investing activities
Purchases of property and equipment ( 39,643 ) ( 80,598 )
Purchases of marketable securities ( 39,870 ) ( 76,480 )
Maturities and sales of marketable securities 40,930 66,696
Purchases of non-marketable securities ( 2,312 ) ( 22,051 )
Maturities and sales of non-marketable securities 873 1,667
Acquisitions, net of cash acquired, and purchases of intangible assets ( 353 ) ( 33,697 )
Other investing activities ( 363 ) ( 1,359 )
Net cash used in investing activities ( 40,738 ) ( 145,822 )
Financing activities
Net payments related to stock-based award activities ( 5,731 ) ( 12,056 )
Repurchases of stock ( 28,306 ) 0
Dividend payments ( 4,977 ) ( 5,231 )
Proceeds from issuance of common stock, net of costs 0 30,499
Proceeds from issuance of mandatory convertible preferred stock, net of costs 0 19,063
Proceeds from issuance of debt, net of costs 31,378 56,226
Repayments of debt ( 18,397 ) ( 5,253 )
Proceeds from sale of interest in consolidated entities, net 400 3,758
Other financing activities ( 400 ) ( 686 )
Net cash provided by (used in) financing activities ( 26,033 ) 86,320
Effect of exchange rate changes on cash and cash equivalents 444 ( 154 )
Net increase (decrease) in cash and cash equivalents ( 2,430 ) 25,203
Cash and cash equivalents at beginning of period 23,466 30,708
Cash and cash equivalents at end of period $ 21,036 $ 55,911
Supplemental disclosures of non-cash investing activities:
Property and equipment included in accrued liabilities and accounts payable $ 10,635 $ 29,113
See accompanying notes.
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Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Nature of Operations
Google was incorporated in California in September 1998 and re-incorporated in the State of Delaware in August 2003. In 2015, we implemented a holding company reorganization, and as a result, Alphabet Inc. ("Alphabet") became the successor issuer to Google.
We generate revenues by delivering relevant, cost-effective online advertising; cloud-based solutions that provide enterprise customers of all sizes with infrastructure, platform services, and applications; and sales of products and services, such as fees received for subscription-based products, apps and in-app purchases, devices, and Tensor Processing Unit (TPU) systems.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. Intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information
These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in our opinion, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2026. We have made estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.
These consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC. There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the year ended December 31, 2025, except for as described below.
Use of Estimates
Preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates due to uncertainties. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses; contingent liabilities; fair values of financial instruments, intangible assets and goodwill; income taxes; inventory; and useful lives of intangible assets and property and equipment, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, and the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers, and the collectibility of an amount that we expect in exchange for those goods or services is probable. Sales and other similar taxes are excluded from revenues.
Google Advertising
Google advertising revenues consist of revenues from:
• Google Search and other properties, including revenues from traffic generated by search distribution partners who use Google.com as their default search in browsers, toolbars, etc. and other Google owned and operated properties like Gmail, Google Maps, and Google Play;
• YouTube properties; and
• Google Network properties, including revenues from Google Network properties participating in AdMob, AdSense, and Google Ad Manager.
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Our customers generally purchase advertising inventory through Google Ads, Google Ad Manager, Google Display & Video 360, and Google Marketing Platform, among others.
We offer advertising by delivering both performance and brand advertising. We recognize revenues for performance advertising when a user engages with the advertisement. For brand advertising, we recognize revenues when the ad is displayed, or a user views the ad.
For ads placed on Google Network properties, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis). Generally, we report advertising revenues for ads placed on Google Network properties on a gross basis; that is, the amounts billed to our customers are recorded as revenues, and amounts paid to Google Network partners are recorded as cost of revenues. Where we are the principal, we control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to monetize the advertising inventory before it is transferred to our customers and is further supported by us being primarily responsible to our customers and having a level of discretion in establishing pricing.
Google Subscriptions, Platforms, and Devices
Google subscriptions, platforms, and devices revenues consist of revenues from:
• consumer subscriptions, which primarily include revenues from YouTube services, such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One, which offers access to our most capable Gemini models;
• platforms, which primarily include revenues from Google Play sales of apps and in-app purchases;
• devices, which primarily include sales of the Pixel family of devices; and
• other products and services.
Subscription revenues are recognized ratably over the period of the subscription, primarily monthly. We report revenues from Google Play sales of apps and in-app purchases on a net basis because our performance obligation is to facilitate a transaction between app developers and end users for which we earn a service fee.
Google Cloud
Google Cloud revenues consist of revenues from:
• Google Cloud Platform primarily generates consumption-based fees and subscriptions for infrastructure, platform, and other services. These services provide access to solutions such as artificial intelligence (AI) offerings including our enterprise AI infrastructure, Vertex AI platform, and Gemini Enterprise; cybersecurity offerings; and data and analytics solutions.
• Google Workspace includes subscriptions for cloud-based communication and collaboration tools for enterprises, such as Gmail, Docs, Calendar, Drive, and Meet, with integrated features like Gemini for Google Workspace.
• Product sales, primarily the sale of TPU systems.
• Other enterprise services.
Our cloud services are generally provided on either a consumption or subscription basis and may have contract terms longer than a year. Revenues related to cloud services provided on a consumption basis are recognized when the customer utilizes the services, based on the quantity of services consumed using the relative standalone selling price allocation. Revenues related to cloud services provided on a subscription basis are recognized over the contract term as the customer receives and consumes the benefits of the cloud services.
Our Google Cloud product sales generally consist of the sale of TPU systems comprising hardware, software, installation, support, and extended warranty services. Customer arrangements may also include options which are accounted for as rights of return. Product sales revenue from hardware, net of estimated allowances for returns, and software is recognized generally when control of the hardware is transferred to the customer. Installation, support, and extended warranty services revenue are recognized ratably over the service period or as services are performed.
Arrangements with Multiple Performance Obligations
At contract inception, we assess whether concurrent agreements with a customer should be accounted for as a single agreement. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price.
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We generally determine standalone selling prices based on observable prices of our products and services sold or priced separately in comparable circumstances to similar customers.
Customer Incentives and Credits
Certain customers receive cash-based incentives or credits, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and reduce revenues. We believe that there will not be significant changes to our estimates of variable consideration related to customer incentives and credits.
Sales Commissions
We expense sales commissions when incurred when the period of the expected benefit is one year or less. We recognize an asset for certain sales commissions and amortize if the expected benefit period is greater than one year. These costs are recorded within sales and marketing expenses.
Cost of Revenues
Cost of revenues consists of traffic acquisition costs (TAC) and other costs of revenues.
• TAC includes:
◦ amounts paid to our distribution partners who make available our search access points and other ad-supported services. Our distribution partners include browser providers, mobile carriers, original equipment manufacturers, and software developers; and
◦ amounts paid to Google Network partners primarily for ads displayed on their properties.
• Other cost of revenues includes:
◦ content acquisition costs, which are payments to content providers from whom we license video and other content for distribution, primarily related to YouTube (we pay fees to these content providers based on revenues generated, subscriber counts, or a flat fee);
◦ depreciation expense, primarily related to our technical infrastructure;
◦ employee compensation expenses related to our technical infrastructure and other operations such as content review and customer and product support;
◦ inventory and other costs related to the devices and TPU system hardware we sell; and
◦ other technical infrastructure operations costs, including energy, equipment, and network capacity costs.
Inventory
Inventory consists primarily of hardware related to TPU systems for sale to enterprise customers and devices, which primarily include the Pixel family of products. We utilize third-party contract manufacturers to manufacture our inventory. Our inventory includes raw material components purchased directly from our suppliers; work-in-process inventory undergoing conversion into finished products; and fully assembled finished goods. Inventories are stated at the lower of cost or net realizable value.
Acquired Intangible Assets
Intangible assets with definite lives are amortized over their estimated useful lives on a straight-line basis generally over periods ranging from one to 10 years, and are subsequently removed from the presentation of gross intangible assets and accumulated amortization once they are fully amortized.
Assets Held for Sale
We consider assets to be held for sale in the period when all of the criteria for a qualifying plan of sale are met. Upon designation as held for sale, we record the assets at the lower of their carrying value or their estimated fair value, reduced for the cost to sell the assets, and cease depreciation. Long-lived assets classified as held for sale are measured at fair value on a nonrecurring basis.
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Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03 "Income Statement: Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)" to improve the disclosures about an entity’s expenses. Upon adoption, we will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the relevant expense captions on the consolidated statements of income. The standard is effective for our 2027 annual period, and our interim periods beginning in 2028, with early adoption permitted. The standard can be applied either prospectively or retrospectively. We are currently assessing adoption timing, the method of adoption, and the effect that the updated standard will have on our financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06 "Intangibles: Goodwill and Other‒Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" to modernize the accounting for software costs under Subtopic 350-40, Intangibles‒Goodwill and Other‒Internal-Use Software (referred to as “internal-use software”). Upon adoption, we will be required to account for internal-use software under the updated capitalization criteria. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard can be applied either prospectively, retrospectively, or under a modified transition approach. We are currently assessing adoption timing, the method of adoption, and the effect that the updated standard will have on our consolidated financial statements.
In May 2026, the FASB issued ASU 2026-02 "Environmental Credits and Environmental Credit Obligations (Topic 818)” to provide recognition, measurement, presentation, and disclosure guidance for environmental credits and environmental credit obligations. Upon adoption, we will be required to account for environmental credits and environmental credit obligations under the new guidance. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard should be adopted on a retrospective basis. We are currently assessing adoption timing and the effect that the updated standard will have on our consolidated financial statements.
Prior Period Reclassifications
Certain amounts in prior periods have been reclassified to conform with current period presentation.
Note 2. Revenues
Disaggregated Revenues
The following table presents revenues disaggregated by type (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Google Search & other $ 54,190 $ 63,271 $ 104,892 $ 123,670
YouTube ads 9,796 11,055 18,723 20,938
Google Network 7,354 7,303 14,610 14,274
Google advertising 71,340 81,629 138,225 158,882
Google subscriptions, platforms, and devices
11,203 12,911 21,582 25,295
Google Services total 82,543 94,540 159,807 184,177
Google Cloud 13,624 24,768 25,884 44,796
Other Bets 373 382 823 793
Hedging gains (losses) ( 112 ) 106 148 ( 74 )
Total revenues $ 96,428 $ 119,796 $ 186,662 $ 229,692
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The following table presents revenues disaggregated by geography, based on the addresses of our customers (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
United States $ 46,063 48 % $ 60,846 51 % $ 90,027 48 % $ 114,821 50 %
EMEA (1)
28,262 29 32,501 27 54,185 29 63,969 28
APAC (1)
16,480 17 19,317 16 31,334 17 37,605 16
Other Americas (1)
5,735 6 7,026 6 10,968 6 13,371 6
Hedging gains (losses) ( 112 ) 0 106 0 148 0 ( 74 ) 0
Total revenues $ 96,428 100 % $ 119,796 100 % $ 186,662 100 % $ 229,692 100 %
(1) Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other Americas").
Revenue Backlog
As of June 30, 2026, we had $ 519.5 billion of remaining performance obligations (“revenue backlog”), of which $ 513.9 billion related to Google Cloud. Revenue backlog represents commitments in customer contracts that have not yet been recognized as revenue. We expect to recognize just over 50 % of the revenue backlog as revenues over the next 24 months with the remainder to be recognized thereafter. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by contract duration, our ability to deliver in accordance with relevant contract terms, and when our customers utilize services. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods and excludes cancellable contracts and payments we make to our customers not expected to be in exchange for distinct goods and services. In the first quarter of 2026, we elected to change our reporting of revenue backlog to also include contracts with an original expected term of one year or less.
Deferred Revenues
We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Deferred revenues primarily relate to Google Cloud and Google subscriptions, platforms, and devices. Total deferred revenue as of December 31, 2025 was $ 8.6 billion, of which $ 4.9 billion was recognized as revenues for the six months ended June 30, 2026. Total deferred revenue as of June 30, 2026 was $ 10.1 billion.
Note 3. Financial Instruments
Fair Value Measurements
Investments Measured at Fair Value on a Recurring Basis
Cash equivalents and marketable equity securities are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets.
Debt securities are measured at fair value and classified within Level 2 in the fair value hierarchy, because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value. The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):
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As of December 31, 2025
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total
Cash
$ 15,305
Cash equivalents:
Money market funds
$ 11,349 $ 0 $ 11,349
Time deposits
0 3,353 3,353
Government bonds 0 602 602
Corporate debt securities 0 99 99
Total cash and cash equivalents
11,349 4,054 30,708
Marketable securities:
Marketable equity securities
4,402 1,911 6,313
Government bonds 0 50,549 50,549
Corporate debt securities 0 21,565 21,565
Mortgage-backed and asset-backed securities 0 17,708 17,708
Total marketable securities
4,402 91,733 96,135
Total $ 15,751 $ 95,787 $ 126,843
As of June 30, 2026
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Total
Cash $ 12,823
Cash equivalents:
Money market funds
$ 14,520 $ 0 $ 14,520
Time deposits
0 3,789 3,789
Government bonds 0 24,770 24,770
Corporate debt securities 0 9 9
Total cash and cash equivalents
14,520 28,568 55,911
Marketable securities:
Marketable equity securities (1)
86,049 1,014 87,063
Government bonds 0 51,822 51,822
Corporate debt securities 0 26,157 26,157
Mortgage-backed and asset-backed securities 0 21,521 21,521
Total marketable securities
86,049 100,514 186,563
Other non-current assets:
Marketable equity securities (2)
14,126 0 14,126
Total $ 114,695 $ 129,082 $ 256,600
(1) Includes $ 80.0 billion of Space Exploration Technologies Corp. (SpaceX) shares subject to short-term restrictions on the ability to sell.
(2) Includes $ 14.1 billion of SpaceX shares subject to long-term restrictions on the ability to sell through the third quarter of 2027.
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Investments Measured at Fair Value on a Nonrecurring Basis
Non-marketable equity securities accounted for under the measurement alternative are investments in privately held companies without readily determinable market values. The carrying value of these non-marketable equity securities is adjusted upward or downward to fair value upon observable transactions for identical or similar investments of the same issuer or impairment. Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy, and remeasurements due to impairment are classified within Level 3. Our valuation methods include option pricing models, market comparable approach, and common stock equivalent method, which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, expected time to exit, risk-free rate, and the rights, and obligations of the securities we hold. These inputs vary significantly based on investment type.
As of June 30, 2026, the carrying value of our non-marketable equity securities accounted for under the measurement alternative was $ 124.3 billion, of which $ 87.9 billion was remeasured at fair value during the three months ended June 30, 2026 and was primarily classified within Level 2 o f the fair value hierarchy at the time of measurement.
Debt and Equity Securities
Debt Securities
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):
As of
June 30, 2026
Due in 1 year or less $ 16,699
Due in 1 year through 5 years 50,932
Due in 5 years through 10 years 15,288
Due after 10 years 16,581
Total $ 99,500
The following tables present fair values and gross unrealized gains and losses recorded to accumulated other comprehensive income (AOCI), less any expected credit losses, aggregated by investment category (in millions):
As of December 31, 2025
Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Time deposits $ 3,353 $ 0 $ 0 $ 3,353
Government bonds 49,087 443 ( 26 ) 49,504
Corporate debt securities 18,346 242 ( 32 ) 18,556
Mortgage-backed and asset-backed securities 14,337 174 ( 128 ) 14,383
Total investments with fair value change reflected in other comprehensive income
$ 85,123 $ 859 $ ( 186 ) $ 85,796
As of June 30, 2026
Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Time deposits $ 3,789 $ 0 $ 0 $ 3,789
Government bonds 74,882 140 ( 184 ) 74,838
Corporate debt securities 22,933 84 ( 81 ) 22,936
Mortgage-backed and asset-backed securities 18,639 93 ( 197 ) 18,535
Total investments with fair value change reflected in other comprehensive income
$ 120,243 $ 317 $ ( 462 ) $ 120,098
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The following tables present fair values and gross unrealized losses recorded to AOCI, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
As of December 31, 2025
Less than 12 Months 12 Months or Greater Total
Fair Value Unrealized
Loss Fair Value Unrealized
Loss Fair Value Unrealized
Loss
Government bonds $ 4,230 $ ( 9 ) $ 1,174 $ ( 17 ) $ 5,404 $ ( 26 )
Corporate debt securities 915 0 2,429 ( 24 ) 3,344 ( 24 )
Mortgage-backed and asset-backed securities 1,377 ( 4 ) 3,035 ( 124 ) 4,412 ( 128 )
Total $ 6,522 $ ( 13 ) $ 6,638 $ ( 165 ) $ 13,160 $ ( 178 )
As of June 30, 2026
Less than 12 Months 12 Months or Greater Total
Fair Value Unrealized
Loss Fair Value Unrealized
Loss Fair Value Unrealized
Loss
Government bonds $ 29,785 $ ( 163 ) $ 818 $ ( 21 ) $ 30,603 $ ( 184 )
Corporate debt securities 10,546 ( 25 ) 1,432 ( 10 ) 11,978 ( 35 )
Mortgage-backed and asset-backed securities 9,020 ( 78 ) 1,638 ( 119 ) 10,658 ( 197 )
Total $ 49,351 $ ( 266 ) $ 3,888 $ ( 150 ) $ 53,239 $ ( 416 )
We determine realized gains or losses on the sale or extinguishment of debt securities on a specific identification method. For certain marketable debt securities, we have elected the fair value option for which changes in fair value are recorded in other income (expense), net (OI&E). The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts.
The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Unrealized gain (loss) on fair value option debt securities $ 130 $ 28 $ 227 $ ( 114 )
Gross realized gain on debt securities 84 65 350 148
Gross realized loss on debt securities ( 63 ) ( 105 ) ( 238 ) ( 138 )
(Increase) decrease in allowance for credit losses 14 ( 20 ) 28 ( 39 )
Total gain (loss) on debt securities recognized in other income (expense), net $ 165 $ ( 32 ) $ 367 $ ( 143 )
Non-Marketable Securities
Our non-marketable securities primarily consist of non-marketable equity securities accounted for under the measurement alternative. The carrying value is measured at the total initial cost plus the cumulative net upward and downward adjustments (including impairments). We account for non-marketable equity securities through which we exercise significant influence, but do not have control over the investee under the equity method. Certain of our non-marketable securities include our investments in variable interest entities (VIEs) where we are not the primary beneficiary. See Note 5 for further details on VIEs.
Realized net gain (loss) on equity securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later.
All gains and losses, including impairments, are included as components of OI&E.
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The carrying values for non-marketable securities are summarized below (in millions):
As of
December 31, 2025 As of
June 30, 2026
Non-marketable securities:
Total initial cost of non-marketable equity securities accounted for under the measurement alternative
$ 28,429 $ 47,642
Cumulative upward adjustments
44,485 85,732
Cumulative downward adjustments (including impairments)
( 8,820 ) ( 9,115 )
Carrying value of non-marketable equity securities accounted for under the measurement alternative (1)
64,094 124,259
Equity method investments and other
4,593 7,202
Total non-marketable securities
$ 68,687 $ 131,461
(1) As of June 30, 2026, our investments in non-marketable securities accounted for under the measurement alternative primarily consist of our investment in a private company.
Gains and Losses on Equity Securities
Gains and losses (including impairments), net, for equity securities included in OI&E are summarized below (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Gross unrealized gain on non-marketable equity securities accounted for under the measurement alternative
$ 670 $ 77,544 $ 10,374 $ 114,161
Gross unrealized loss (including impairments) on non-marketable equity securities accounted for under the measurement alternative
( 454 ) ( 190 ) ( 853 ) ( 582 )
Unrealized net gain (loss) on non-marketable equity securities accounted for under the measurement alternative
216 77,354 9,521 113,579
Unrealized net gain (loss) on marketable and other equity securities
853 21,399 1,088 21,531
Realized net gain (loss) on marketable and non-marketable equity securities sold during the period
217 278 435 836
Total gain (loss) on equity securities in other income (expense), net (1)
$ 1,286 $ 99,031 $ 11,044 $ 135,946
(1) Excludes income (loss) and impairment from equity method investments. Refer to Note 7 for further details.
Cumulative net gains (losses), calculated as the difference between the sales price and purchase price, represent the total net gains (losses) recognized after the initial purchase date. This represents the total economic impact of the investment, regardless of when the gains or losses were previously recognized. Cumulative net gains on equity securities sold were $ 43 million and $ 490 million during the three months ended June 30, 2025 and 2026, respectively, and $ 204 million and $ 992 million during the six months ended June 30, 2025 and 2026, respectively.
Derivative Financial Instruments
We utilize derivative instruments to manage risks relating to our ongoing business operations, including foreign currencies, interest rates, commodity prices, credit risk, and market prices of certain marketable equity securities. These derivatives are primarily classified within Level 2 of the fair value hierarchy.
We also enter into derivatives as a result of agreements with certain third parties to backstop certain payment obligations related to data centers, which we account for as credit derivatives. Additionally, a certain strategic investment includes forward funding commitments that are accounted for as equity derivatives, as they include rights to participate in future capital funding, the exercise of which is contingent upon the achievement of specified operational and financial milestones. These credit and equity derivatives are classified within Level 3 of the fair value hierarchy. Our valuation methods include probability-weighted expected return models, which may include a combination of observable and unobservable inputs, including counterparty risk, credit default rates, risk-free rates, and our contractual rights and obligations under the agreements.
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We recognize derivative instruments in the Consolidated Balance Sheets at fair value. We present our foreign currency collars (an option strategy comprised of a combination of purchased and written options) at net fair values and present all other derivatives at gross fair values. The accounting treatment for derivatives is based on the intended use and hedge designation.
Cash Flow Hedges
We designate foreign currency forwards and options (including collars) as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than the US dollar. These contracts have maturitie s of 24 months or less.
Cash flow hedge amounts included in the assessment of hedge effectiveness are deferred in AOCI and reclassified to revenue when the hedged item is recognized in earnings. Hedge components excluded from our assessment of hedge effectiveness are amortized on a straight-line basis over the life of the hedging instrument in revenues. The difference between fair value changes of the excluded component and the amount amortized to revenues is recorded in AOCI.
As of June 30, 2026, the net accumulated gain on our foreign currency cash flow hedges b efore tax effect wa s $ 614 million, which is expected to be reclassified from AOCI into revenues within the next 12 months.
Additionally, we may designate interest rate derivatives as cash flow hedges to manage our exposure to certain interest rate risks. Changes in the fair value of these derivatives are deferred in AOCI and reclassified to OI&E when the hedged item is recognized in earnings.
Net Investment Hedges
We designate foreign currency forwards, options (including collars), cross-currency swaps, and foreign currency-denominated debt as net investment hedges to hedge the foreign currency risks related to our investments in foreign subsidiaries. Net investment hedge amounts included in the assessment of hedge effectiveness are recognized in AOCI.
Changes in the fair value of hedge components of forward and option contracts that are excluded from the assessment of hedge effectiveness are recognized in OI&E. Hedge components of cross-currency swaps that are excluded from the assessment of hedge effectiveness are amortized over the life of the hedging instrument and recognized in OI&E. The difference between fair value changes of the excluded component and the amount amortized to OI&E is recorded in AOCI.
Foreign currency-denominated debt designated as net investment hedges had a carrying value of $ 15.4 billion and $ 23.8 billion as of December 31, 2025 and June 30, 2026, respectively.
Derivatives Not Designated as Hedging Instruments
We primarily enter into derivatives not designated as hedging instruments to manage risks related to our ongoing business operations. The primary risk managed is foreign exchange risk related to the remeasurement of monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these foreign exchange derivatives are recorded within the "foreign currency exchange gain (loss), net" component of OI&E. We also enter into derivatives to manage other risks, including interest rates, commodity prices, credit risk, and market prices of certain marketable equity securities, the gains and losses from which are recorded within the "other" component of OI&E.
We have entered into agreements with certain third parties to backstop certain payment obligations relating to data centers, which we account for as credit derivatives. The notional amounts for these credit derivatives represent the maximum potential exposure regarding future payments in the event of specified default scenarios by underlying parties. These agreements carry remaining terms of up to 15 years and the total potential exposure reduces over time as the underlying parties fulfill their payment obligations. Upon a default under these backstops, we retain the right to assume the underlying leases for internal use or to sublease to third parties. Under specific conditions or following a predetermined period, we may elect to extinguish the backstop obligation by making a termination payment. If we elect such payment, our obligations may be partially offset by equity or cash receipts from counterparties. These potential inflows are not reflected in the notional amounts for credit derivatives.
The notional amounts for equity derivatives represent an agreement for future capital funding in the form of notes receivable or equity to be funded in multiple tranches contingent upon the achievement of specified operational and financial milestones through 2030.
Gains and losses arising from these credit and equity derivatives are recorded within the “other” component of OI&E. See Note 7 for further details.
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The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of
December 31, 2025 As of
June 30, 2026
Derivatives designated as hedging instruments:
Foreign exchange and other derivatives
Cash flow hedges $ 23,852 $ 27,493
Net investment hedges $ 14,203 $ 11,520
Derivatives not designated as hedging instruments:
Foreign exchange derivatives
$ 56,085 $ 54,387
Equity derivatives
$ 0 $ 20,000
Credit derivatives
$ 16,940 $ 43,785
Other derivatives $ 15,900 $ 14,925
See Note 5 for further details on variable interest entity considerations relating to our equity and credit derivatives.
The fair values of outstanding derivative instruments were as follows (in millions):
As of December 31, 2025 As of June 30, 2026
Assets (1)
Liabilities (2)
Assets (1)
Liabilities (2)
Derivatives designated as hedging instruments:
Foreign exchange derivatives
$ 316 $ 197 $ 1,150 $ 18
Derivatives not designated as hedging instruments:
Foreign exchange derivatives
92 15 168 646
Equity derivatives 0 0 0 457
Credit derivatives
0 69 0 815
Other derivatives
324 98 384 22
Total derivatives not designated as hedging instruments 416 182 552 1,940
Total $ 732 $ 379 $ 1,702 $ 1,958
(1) Derivative assets are recorded as other current and non-current assets.
(2) Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current.
The gains (losses) on derivatives and non-derivative financial instruments in cash flow hedging and net investment hedging relationships recognized in other comprehensiv e income are summarized below (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Cash flow hedging relationship:
Foreign exchange and other derivatives
Amount included in the assessment of effectiveness $ ( 1,050 ) $ 297 $ ( 1,389 ) $ 556
Amount excluded from the assessment of effectiveness ( 108 ) ( 15 ) ( 169 ) 68
Net investment hedging relationship:
Amount included in the assessment of effectiveness
Foreign exchange derivatives ( 643 ) 187 ( 849 ) 507
Foreign currency-denominated debt ( 219 ) 364 ( 219 ) 804
Amounts excluded from the assessment of effectiveness
Foreign exchange derivatives 0 ( 16 ) 0 ( 15 )
Total $ ( 2,020 ) $ 817 $ ( 2,626 ) $ 1,920
The table below presents the gains (losses) of derivatives included in the Consolidated Statements of Income: (in millions):
20
Three Months Ended June 30,
2025 2026
Revenues Other income (expense), net Revenues Other income (expense), net
Total amounts included in the Consolidated Statements of Income $ 96,428 $ 2,662 $ 119,796 $ 97,983
Effect of cash flow hedges:
Foreign exchange derivatives
Amount included in the assessment of effectiveness
$ ( 138 ) $ 0 $ 97 $ 0
Amount excluded from the assessment of effectiveness
26 0 9 0
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness 0 29 0 63
Effect of non-designated hedges:
Foreign exchange derivatives 0 180 0 ( 602 )
Equity derivatives 0 0 0 ( 457 )
Credit derivatives 0 0 0 70
Other derivatives 0 ( 24 ) 0 48
Total gains (losses) $ ( 112 ) $ 185 $ 106 $ ( 878 )
Six Months Ended June 30,
2025 2026
Revenues Other income (expense), net Revenues Other income (expense), net
Total amounts included in the Consolidated Statements of Income $ 186,662 $ 13,845 $ 229,692 $ 135,699
Effect of cash flow hedges:
Foreign exchange derivatives
Amount included in the assessment of effectiveness $ 104 $ 0 $ ( 114 ) $ 0
Amount excluded from the assessment of effectiveness (amortized) 44 0 40 0
Effect of fair value hedges:
Foreign exchange derivatives
Hedged items 0 ( 9 ) 0 0
Amount included in the assessment of effectiveness 0 9 0 0
Amount excluded from the assessment of effectiveness 0 1 0 0
Effect of net investment hedges:
Foreign exchange derivatives
Amount excluded from the assessment of effectiveness 0 60 0 125
Effect of non-designated hedges:
Foreign exchange derivatives 0 245 0 ( 781 )
Equity derivatives 0 0 0 ( 457 )
Credit derivatives 0 0 0 ( 77 )
Other derivatives 0 ( 95 ) 0 62
Total gains (losses) $ 148 $ 211 $ ( 74 ) $ ( 1,128 )
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Offsetting of Derivatives
We enter into master netting arrangements and collateral security arrangements to reduce credit risk. Cash collateral received related to derivative instruments under our collateral security arrangements are included in other current assets with a corresponding liability . Cash and non-cash collateral pledged related to derivative instruments under our collateral security arrangements are primarily included in other current assets.
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2025
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Financial Instruments (1)
Cash and Non-Cash Collateral Received or Pledged Net Amounts
Derivatives assets $ 842 $ ( 110 ) $ 732 $ ( 140 ) $ ( 231 ) $ 361
Derivatives liabilities $ 489 $ ( 110 ) $ 379 $ ( 140 ) $ ( 15 ) $ 224
As of June 30, 2026
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts Recognized Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets Financial Instruments (1)
Cash and Non-Cash Collateral Received or Pledged Net Amounts
Derivatives assets (1)
$ 1,781 $ ( 79 ) $ 1,702 $ ( 635 ) $ ( 595 ) $ 472
Derivatives liabilities $ 2,037 $ ( 79 ) $ 1,958 $ ( 635 ) $ ( 14 ) $ 1,309
(1) The balances as of December 31, 2025 and June 30, 2026 were related to derivatives allowed to be net settled in accordance with our master netting agreements.
Note 4. Leases
We have entered into operating and finance lease agreements primarily for data centers, land, and offices throughout the world with varying lease terms.
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Components of lease costs were as follows (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Operating lease cost $ 818 $ 942 $ 1,608 $ 1,834
Finance lease cost:
Amortization of lease assets 112 259 208 485
Interest on lease liabilities 16 18 31 35
Finance lease cost 128 277 239 520
Variable lease cost 372 460 732 863
Total lease cost $ 1,318 $ 1,679 $ 2,579 $ 3,217
Supplemental information related to leases was as follows (in millions):
As of
December 31, 2025 As of
June 30, 2026
Weighted-average remaining lease term:
Operating leases 7.6 years 8.4 years
Finance leases 8.3 years 8.6 years
Weighted-average discount rate:
Operating leases 3.6 % 3.8 %
Finance leases 3.1 % 3.3 %
As of
December 31, 2025 As of
June 30, 2026
Operating leases:
Operating lease assets $ 15,221 $ 17,694
Accrued expenses and other liabilities $ 3,209 $ 3,446
Operating lease liabilities 12,744 14,591
Total operating lease liabilities $ 15,954 $ 18,037
Finance leases:
Property and equipment, at cost $ 6,822 $ 7,915
Accumulated depreciation ( 2,025 ) ( 2,441 )
Property and equipment, net $ 4,797 $ 5,474
Accrued expenses and other liabilities $ 441 $ 449
Other long-term liabilities 2,059 2,141
Total finance lease liabilities $ 2,500 $ 2,590
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Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Cash payments for lease liabilities:
Operating cash flows used for operating leases
$ 783 $ 899 $ 1,661 $ 1,817
Operating cash flows used for finance leases
$ 16 $ 18 $ 31 $ 35
Financing cash flows used for finance leases (1)
$ 110 $ 318 $ 302 $ 840
Assets obtained in exchange for lease liabilities:
Operating leases $ 831 $ 2,664 $ 1,528 $ 3,739
Finance leases $ 83 $ 691 $ 606 $ 902
(1) Additionally, during the three and six months ended June 30, 2026, we made $ 201 million and $ 835 million of lease prepayments for leases not yet commenced, respectively, which are expected to be accounted for as finance leases.
Future lease payments as of June 30, 2026 were as follows (in millions):
Operating Leases Finance
Leases
Remainder of 2026 $ 1,836 $ 206
2027 3,498 387
2028 2,979 377
2029 2,576 356
2030 2,046 285
Thereafter 8,398 1,309
Total undiscounted lease payments
21,333 2,920
Less: imputed interest
( 3,296 ) ( 330 )
Total lease liability balance $ 18,037 $ 2,590
As of June 30, 2026, we have entered into leases, primarily related to data centers, that have not yet commenced with future lease payments of $ 85.2 billion that are not yet recorded. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years.
Additionally, in June 2026, we entered into a short-term lease agreement with a non-cancelable commitment of approximately $ 5.8 billion, which will commence in the third quarter of 2026.
Note 5. Variable Interest Entities
Consolidated VIEs
We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. The results of operations and financial position of these VIEs are included in our consolidated financial statements.
Unconsolidated VIEs
We hold various forms of interests in VIEs, including certain of our investments in private companies and renewable energy entities, certain leases and credit backstops with data center entities, and certain backstops with energy infrastructure entities. Because we have determined that we do not direct the activities that most significantly impact the economic performance of these entities, we are not the primary beneficiary. Therefore, these VIEs are not consolidated within our financial statements.
Our investments in private companies and renewable energy VIEs are primarily accounted for as non-marketable securities under the measurement alternative or the equity method. The carrying value of these investments are included within non-marketable securities on our Consolidated Balance Sheets. See Note 3 for further details on investments. The maximum exposure to these VIEs is generally limited to the current carrying value plus future funding commitments. As of December 31, 2025 and June 30, 2026, future funding commitments were $ 1.1 billion and $ 21.9 billion, respectively. As of June 30, 2026, this amount includes $ 20.0 billion of future capital funding commitments with a private company contingent upon the achievement of specified operational and
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financial milestones through 2030, which is accounted for as an equity derivative. See Note 3 for further details on derivatives.
Leases with data center leasing VIEs are accounted for as finance leases and are included within total lease obligations disclosed in Note 4. The maximum exposure arising from leases with VIEs is limited to the net carrying value of commenced finance lease assets, plus the undiscounted future obligations for leases that have not yet commenced. See Note 4 for further details on leases.
Credit backstops we have provided to data center VIEs are accounted for as credit derivatives. The maximum exposure arising from credit backstops with VIEs is limited to the financial risk over the remaining period of the arrangements, as reflected by the credit derivative notional value. See Note 3 for further details on credit derivatives.
Backstop agreements we have provided to certain energy infrastructure VIEs are accounted for as financial guarantees. The maximum exposure to these VIEs is limited to the potential amount of future payments under these arrangements. See Note 10 for further details on financial guarantees.
Note 6. Debt
Short-Term Debt
We have a commercial paper program of up to $ 25.0 billion, which is used for general corporate purposes. We had no commercial paper outstanding as of December 31, 2025 and June 30, 2026 .
Our short-term debt balance also includes the current portion of certain long-term debt.
Long-Term Debt
During 2026, we issued $ 20.0 billion of US dollar-denominated fixed-rate senior unsecured notes and $ 31.8 billion of foreign currency-denominated fixed-rate senior unsecured notes for general corporate purposes.
In the first quarter of 2026, we issued fixed-rate senior unsecured notes consisting of: $ 20.0 billion US dollar-denominated notes with a weighted-average coupon rate of 4.80 % and a weighted-average maturity of 15 years; £ 5.5 billion Sterling-denominated notes with a weighted-average coupon rate of 5.31 % and a weighted-average maturity of 31 years; and CHF 3.1 billion Swiss Franc-denominated notes with a weighted-average coupon rate of 1.06 % and a weighted-average maturity of 10 years.
In the second quarter of 2026, we issued fixed-rate senior unsecured notes consisting of: € 9.0 billion Euro-denominated notes with a weighted-average coupon rate of 3.90 % and a weighted-average maturity of 13 years; C$ 8.5 billion Canadian dollar-denominated notes with a weighted-average coupon rate of 4.35 % and a weighted-average maturity of 15 years; and ¥ 576.5 billion Japanese yen-denominated notes with a weighted-average coupon rate of 2.65 % and a weighted-average maturity of 8 years.
25
Total outstanding long-term debt is summarized below (in millions, except percentages):
Maturity Coupon Rate Effective Interest Rate As of
December 31, 2025 As of
June 30, 2026
Debt
2016 US dollar notes 2026 2.00 % 2.23 % $ 2,000 $ 2,000
2020 US dollar notes 2027 - 2060 0.80 % - 2.25 %
0.93 % - 2.33 %
9,000 9,000
2025 US dollar notes (1)
2028 - 2075 3.88 % - 5.70 %
4.00 % - 5.79 %
22,500 22,500
2025 Euro notes (2)
2028 - 2064 2.38 % - 4.38 %
2.57 % - 4.51 %
15,585 15,074
2026 US dollar notes
2029 - 2066 3.70 % - 5.75 %
3.93 % - 5.84 %
0 20,000
2026 Sterling notes (2)
2029 - 2126 4.13 % - 6.13 %
4.23 % - 6.19 %
0 7,263
2026 Swiss franc notes (2)
2029 - 2051 0.43 % - 1.87 %
0.52 % - 1.90 %
0 3,772
2026 Euro notes (2)
2030 - 2063 3.20 % - 4.80 %
3.29 % - 4.88 %
0 10,239
2026 Canadian dollar notes (2)
2031 - 2056 3.65 % - 5.00 %
3.83 % - 5.10 %
0 5,985
2026 Japanese yen notes (2)
2029 - 2066 1.97 % - 4.60 %
2.04 % - 4.64 %
0 3,566
Other long-term debt
0 1,686
Total face value of long-term debt 49,085 101,085
Unamortized discount and debt issuance costs (2)
( 542 ) ( 921 )
Less: current portion of long-term notes (3)
( 1,996 ) ( 1,999 )
Total long-term debt $ 46,547 $ 98,165
(1) Includes $ 500 million of floating-rate notes due in 2028. Interest is calculated using the compounded Secured Overnight Financing Rate (SOFR) plus 0.52 %, reset quarterly.
(2) Principal, unamortized discount, and debt issuance costs for the foreign currency-denominated notes include the effect of foreign exchange rates.
(3) Total current portion of long-term debt is included within accrued expenses and other current liabilities. See Note 7 for further details.
The notes in the table above are senior unsecured obligations and rank equally with each other. We may redeem the fixed-rate notes, other than the Japanese yen-denominated notes, at any time in whole or in part at specified redemption prices. The floating-rate notes and Japanese yen-denominated notes are not redeemable prior to maturity. Interest is payable quarterly for the floating-rate notes, semi-annually for the US dollar, Canadian dollar, and Japanese yen-denominated fixed-rate notes, and annually for the Euro, Sterling, and Swiss franc-denominated fixed-rate notes. The effective interest rates are based on proceeds received and contractual interest payments.
The total estimated fair value of the outstanding notes was approximately $ 45.6 billion and $ 94.9 billion as of December 31, 2025 and June 30, 2026, respectively. The fair value was determined based on observable market prices of identical instruments in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.
Credit Facility
As of June 30, 2026, we had $ 11.7 billion of credit facilities, expiring at various dates through April 2030, of which $ 1.3 billion was outstanding. The outstanding debt under the credit facilities bears an interest rate of SOFR plus 1.5 % to 2.25 % that is paid quarterly.
Note 7. Supplemental Financial Statement Information
Accounts Receivable
The allowance for credit losses on accounts receivable was $ 924 million an d $ 995 million as of December 31, 2025 and June 30, 2026, respectively
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Property and Equipment, Net
Property and equipment, net, co nsisted of the following (in millions):
As of
December 31, 2025 As of
June 30, 2026
Technical infrastructure (1)
$ 203,679 $ 247,177
Office space 48,348 50,635
Corporate and other assets 14,463 6,498
Property and equipment, in service 266,490 304,310
Less: accumulated depreciation ( 98,485 ) ( 105,912 )
Add: assets not yet in service 78,592 122,814
Property and equipment, net $ 246,597 $ 321,212
(1) As of December 31, 2025 and June 30, 2026, approximately 60 % of technical infrastructure assets were comprised of servers and network equipment. The remaining balance was comprised of data center land and buildings and related assets.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of
December 31, 2025 As of
June 30, 2026
Accrued fines and settlements (1)
$ 15,594 $ 17,356
Accrued purchases of property and equipment 8,877 16,196
Accrued customer liabilities 5,029 5,238
Payables to brokers for unsettled investment trades 950 822
Income taxes payable, net 523 5,233
Other accrued expenses and current liabilities
24,584 28,169
Accrued expenses and other current liabilities $ 55,557 $ 73,014
(1) See Legal Matters in Note 10 for further details.
Noncontrolling Interests
Total noncontrolling interests (NCI) in our consolidated subsidiaries were $ 3.4 billion and $ 7.1 billion as of December 31, 2025 and June 30, 2026, respectively, of which $ 841 million and $ 824 million were redeemable noncontrolling interests (RNCI) as of December 31, 2025 and June 30, 2026, respectively. NCI and RNCI are included within common stock and additional paid-in capital (APIC). Net loss attributable to noncontrolling interests was not material for any period presented and is included within the "other" component of OI&E.
Accumulated Other Comprehensive Income (Loss)
Components of AOCI, net of income tax, were as follows (in millions):
Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Investments Unrealized Gains (Losses) on Cash Flow Hedges Total
Balance as of December 31, 2024 $ ( 5,080 ) $ ( 299 ) $ 579 $ ( 4,800 )
Other comprehensive income (loss) before reclassifications 3,273 836 ( 1,064 ) 3,045
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI 0 0 ( 169 ) ( 169 )
Amounts reclassified from AOCI 0 ( 113 ) ( 90 ) ( 203 )
Other comprehensive income (loss) 3,273 723 ( 1,323 ) 2,673
Balance as of June 30, 2025 $ ( 1,807 ) $ 424 $ ( 744 ) $ ( 2,127 )
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Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Investments Unrealized Gains (Losses) on Cash Flow Hedges Total
Balance as of December 31, 2025 $ ( 2,558 ) $ 678 $ ( 36 ) $ ( 1,916 )
Other comprehensive income (loss) before reclassifications ( 331 ) ( 629 ) 439 ( 521 )
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI ( 4 ) 0 68 64
Amounts reclassified from AOCI 0 15 73 88
Other comprehensive income (loss) ( 335 ) ( 614 ) 580 ( 369 )
Balance as of June 30, 2026 $ ( 2,893 ) $ 64 $ 544 $ ( 2,285 )
The effects on net income of amounts reclassified from AOCI were as follows (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
AOCI Components Location 2025 2026 2025 2026
Unrealized gains (losses) on available-for-sale investments
Other income (expense), net $ 37 $ ( 44 ) $ 141 $ ( 20 )
Benefit (provision) for income taxes ( 8 ) 10 ( 28 ) 5
Net of income tax 29 ( 34 ) 113 ( 15 )
Unrealized gains (losses) on cash flow hedges
Foreign exchange derivatives Revenue ( 138 ) 97 104 ( 114 )
Interest rate derivatives Other income (expense), net 0 1 0 2
Benefit (provision) for income taxes 31 ( 13 ) ( 14 ) 39
Net of income tax ( 107 ) 85 90 ( 73 )
Total amount reclassified, net of income tax $ ( 78 ) $ 51 $ 203 $ ( 88 )
Other Income (Expense), Net
Components of OI&E were as follows (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Interest income $ 1,050 $ 1,430 $ 2,051 $ 2,811
Interest expense (1)
( 261 ) ( 1,278 ) ( 295 ) ( 1,811 )
Foreign currency exchange gain (loss), net ( 69 ) ( 160 ) ( 175 ) ( 14 )
Gain (loss) on debt securities, net 165 ( 32 ) 367 ( 143 )
Gain (loss) on equity securities, net 1,286 99,031 11,044 135,946
Income (loss) and impairment from equity method investments, net 419 ( 35 ) 397 25
Other 72 ( 973 ) 456 ( 1,115 )
Other income (expense), net $ 2,662 $ 97,983 $ 13,845 $ 135,699
(1) Interest expense is net of interest capitalized of $ 92 million and $ 363 million for the three months ended June 30, 2025 and 2026, respectively, and $ 171 million and $ 628 million for the six months ended June 30, 2025 and 2026, respectively.
Note 8. Acquisitions and Divestitures
Wiz Acquisition
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On March 11, 2026, we completed our acquisition of Wiz for $ 29.5 billion, after purchase price adjustments and excluding post combination compensation arrangements. This acquisition represents an investment by Google Cloud to accelerate our capabilities in multicloud and AI-driven security. Following the close of the acquisition, the financial results are included in our consolidated financial statements within the Google Cloud segment.
The preliminary purchase price was allocated as follows (in millions):
Intangible assets
$ 8,300
Goodwill (1)
22,705
Net liabilities assumed (2)
( 1,538 )
Total purchase price $ 29,467
(1) Goodwill has been recorded in the Google Cloud segment and primarily attributable to synergies expected to arise after the acquisition. G oodwill is not deductible for tax purposes.
(2) Includes $ 660 million of acquired cash.
Intangible assets acquired as of the acquisition date were as follows:
Amount
(in millions)
Weighted-Average Useful Life
(in years)
Patents and developed technology $ 3,600 7
Customer relationships 4,500 10
Trade names and other 200 7
Total intangible assets $ 8,300
Intersect Acquisition
On March 10, 2026, we completed our acquisition of Intersect, a developer of renewable energy, for $ 5.9 billion, after purchase price adjustments. This acquisition enables acceleration of data center capacity and energy development. Intersect is a VIE and we have determined we are the primary beneficiary. Following the close of the acquisition, the financial results are included in our consolidated financial statements and are allocated to our segments.
The final purchase price was allocated as follows (in millions):
Goodwill (1)
$ 2,174
Property and equipment
5,129
Debt
( 1,214 )
Net liabilities assumed (2)
( 221 )
Total purchase price $ 5,868
(1) Goodwill has been allocated to Google Services and Google Cloud segments and primarily attributable to synergies expected to arise after the acquisition. G oodwill is not deductible for tax purposes.
`(2) Includes $ 410 million of acquired cash.
Pending Divestiture
In March 2026, we entered into a definitive agreement to contribute our ownership interest in GFiber, a wholly owned subsidiary, into a newly formed entity. Upon closing, we expect to receive $ 1.5 billion in cash, a $ 2.0 billion note receivable, and a 49.99 % equity interest. The remaining interest is expected to be accounted for as an unconsolidated VIE under the equity method of accounting, as we will no longer be the primary beneficiary. The transaction is expected to close in late 2026.
GFiber meets the criteria for held for sale classification. No impairment loss was recognized upon initial classification as held for sale and we ceased depreciation of the related long-lived assets. Held for sale assets primarily consist of property and equipment of $ 7.1 billion, which is included in other current assets in our Consolidated Balance Sheet as of June 30, 2026. The operating results of GFiber remain included within the Other Bets segment through the close of the transaction.
Note 9. Goodwill and Intangible Assets
Goodwill
29
Changes in the carrying amount of goodwill for the six months ended June 30, 2026 were as follows (in millions):
Google Services Google Cloud Other Bets Total
Balance as of December 31, 2025 $ 24,870 $ 7,660 $ 850 $ 33,380
Additions
1,181 23,863 0 25,044
Foreign currency translation and other adjustments ( 33 ) ( 3 ) ( 560 ) ( 596 )
Balance as of June 30, 2026 $ 26,018 $ 31,520 $ 290 $ 57,828
Intangible Assets
Information regarding intangible assets was as follows (in millions):
As of December 31, 2025 As of June 30, 2026
Gross
Carrying
Amount Accumulated
Amortization Net
Carrying
Amount Gross
Carrying
Amount Accumulated
Amortization Net
Carrying
Value
Patents and developed technology $ 1,332 $ ( 754 ) $ 578 $ 4,823 $ ( 936 ) $ 3,887
Customer relationships 582 ( 318 ) 264 5,090 ( 491 ) 4,599
Trade names and other 553 ( 307 ) 246 672 ( 264 ) 408
Total definite-lived intangible assets 2,467 ( 1,379 ) 1,088 10,585 ( 1,691 ) 8,894
Indefinite-lived intangible assets 195 0 195 211 0 211
Total intangible assets $ 2,662 $ ( 1,379 ) $ 1,283 $ 10,796 $ ( 1,691 ) $ 9,105
Amortization expense relating to intangible assets was $ 124 million and $ 367 million for the three months ended June 30, 2025 and 2026, respectively, and $ 246 million and $ 545 million for the six months ended June 30, 2025 and 2026, respectively.
Expected amortization expense of definite-lived intangible assets held as of June 30, 2026 was as follows (in millions):
Remainder of 2026 $ 747
2027 1,304
2028 1,142
2029 1,096
2030 1,055
Thereafter 3,550
Total definite-lived intangible assets
$ 8,894
Note 10. Commitments and Contingencies
Commitments
We have contractual obligations from contracts with remaining terms greater than one year primarily consisting of certain long-term supply agreements to secure future production capacity for technical infrastructure and inventory components. In addition, we have commitments for certain energy service agreements to secure energy for data center usage, and certain content licensing agreements. As of June 30, 2026, expected future fixed or guaranteed commitments under these agreements were $ 707.0 billion, the significant majority of which related to long-term supply agreements.
We expect contractual commitments under the long-term supply agreements and content licenses to generally be fulfilled through 2030. The energy service agreements include terms ranging from two to 26 years, with obligations through 2054, and generally include take-or-pay provisions for minimum quantities of energy supply and substantive termination fees.
Financial Guarantees
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We provide financial guarantees to certain counterparties, primarily in the form of backstop agreements with varying terms through September 2026. These backstop agreements support counterparty procurement of long-lead time equipment for our future power purchase and energy agreements. As of June 30, 2026, our maximum potential amount of future payments under these guarantees was $ 7.6 billion, upon which we may receive certain assets. The fair value of these obligations was not material.
Indemnifications
In the normal course of business, including to facilitate transactions in our services and products and corporate activities, we indemnify certain parties, including advertisers, Google Network partners, distribution partners, customers of Google Cloud offerings, lessors, and service providers with respect to certain matters. We have agreed to defend and/or indemnify certain parties against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. Several of these agreements limit the time within which an indemnification claim can be made and the amount of the claim. In addition, we have entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents.
It is not possible to make a reasonable estimate of the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Additionally, the payments we have made under such agreements have not had a material adverse effect on our results of operations, cash flows, or financial position. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period.
As of June 30, 2026, we did not have any material indemnification claims that were probable or reasonably possible.
Legal Matters
We record a liability when we believe that it is probable that a loss has been incurred, and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the reasonably possible loss. We evaluate developments in our legal matters that could affect the amount of liability that has been previously accrued, and the matters and related reasonably possible losses disclosed, and make adjustments as appropriate.
Certain outstanding matters seek speculative, substantial, or indeterminate monetary amounts, substantial changes to our business practices and products, or structural remedies. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of a loss related to such matters, and we may be unable to estimate the reasonably possible loss or range of losses. The outcomes of outstanding legal matters are inherently unpredictable and subject to significant uncertainties, and could, either individually or in aggregate, have a material adverse effect.
We expense legal fees in the period in which they are incurred.
Antitrust Matters
We are subject to formal and informal inquiries and investigations as well as litigation on various competition matters by regulatory authorities and private parties in the US, Europe, and other jurisdictions globally, including the following:
• Android: In July 2018, the European Commission (EC) announced its decision that certain provisions in Google's Android-related distribution agreements infringed European antitrust laws, imposed a € 4.3 billion fine, and directed the termination of the conduct at issue. We appealed the EC decision and implemented changes to certain of our Android distribution practices. In September 2022, the General Court affirmed the EC decision but reduced the fine from € 4.3 billion to € 4.1 billion. We subsequently appealed the General Court's affirmation of the EC decision, which was denied by the European Court of Justice in July 2026. The EC decision is now final. In July 2026, we made a cash payment of $ 5.2 billion for the fine plus accrued interest.
• AdSense for Search: In March 2019, the EC announced its decision that certain provisions in Google's agreements with AdSense for Search partners infringed European antitrust laws, imposed a € 1.5 billion fine, and directed actions related to AdSense for Search partners' agreements, which we implemented prior to the decision. In 2019, we recognized a charge of $ 1.7 billion for the fine and appealed the EC decision. In September 2024, the General Court overturned the EC decision and annulled the € 1.5 billion fine. The EC has appealed the General Court's decision with the European Court of Justice, which remains pending.
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• Search: In October 2020, the US Department of Justice (DOJ) and a number of state Attorneys General filed a lawsuit in the US District Court for the District of Columbia concerning Google's Search and Search advertising practices and its compliance with US antitrust laws. In August 2024, the US District Court for the District of Columbia ruled against Google. A final judgment was entered in December 2025, which, among other things, imposes restrictions on how Google distributes its services and requires Google to share certain search data with and offer syndication services to certain competitors. In January 2026, we appealed the final judgment and moved to pause implementation of certain remedies. The court denied the motion to stay as premature, allowing Google to seek a stay until the scope of certain remedies are more defined. In February 2026, the DOJ and state Attorneys General also appealed.
• Advertising Technology: In December 2020, a number of state Attorneys General filed a lawsuit in the US District Court for the Eastern District of Texas concerning Google's advertising technology and its compliance with US antitrust laws and state deceptive trade laws. In January 2023, the DOJ, along with a number of state Attorneys General, filed a lawsuit in the US District Court for the Eastern District of Virginia concerning Google's advertising technology and its compliance with US antitrust laws, and a number of additional state Attorneys General subsequently joined the lawsuit. In April 2025, the US District Court for the Eastern District of Virginia issued a mixed decision in the DOJ case against Google, ruling that neither Google's advertiser tools nor the DoubleClick and AdMeld acquisitions were anticompetitive, but that Google's publisher tools unfairly excluded rivals. A separate proceeding to determine remedies, the range of which vary widely, took place in September 2025, with the parties presenting differing remedy proposals. The DOJ's remedy proposal includes structural remedies that could have a material adverse effect on our business. Closing arguments were held in November 2025, and we are awaiting a final judgment. After that judgment, we plan to appeal the adverse portion of the April 2025 decision and potentially aspects of the remedies decision. A trial in the state Attorneys General case in the Eastern District of Texas will take place after a decision on remedies is issued in the DOJ case. Given the nature of these matters, we cannot estimate a possible loss.
Further, in September 2025, the EC announced its decision that Google had infringed European competition laws through "self-preferencing" practices on the buy-side and the sell-side relating to Google's advertising technology business. The EC decision imposed a € 3.0 billion fine and directed Google to cease and desist the alleged "self-preferencing" practices. We appealed the ruling in November 2025, which remains pending. We recognized a charge of $ 3.5 billion in the third quarter of 2025, and we placed bank guarantees in the fourth quarter of 2025 in lieu of cash payment.
In September 2024, the United Kingdom (UK) also issued a Statement of Objections concerning Google's advertising technology and its compliance with UK antitrust laws, to which we responded.
• Google Play: In July 2021, a number of state Attorneys General filed a lawsuit in the US District Court for the Northern District of California concerning Google's operation of Android and Google Play and its compliance with US antitrust laws and state antitrust and consumer protection laws. In September 2023, we reached a settlement in principle with 50 state Attorneys General and three territories and recognized a charge. The court preliminarily approved the settlement in November 2025, and final approval remains pending before the court. In May 2024, we funded the settlement amount to an escrow agent.
In December 2023, a California jury delivered a verdict against Google in Epic Games v. Google related to Google Play's business. Epic did not seek monetary damages. The presiding judge issued a remedies decision in October 2024, ordering a variety of alterations to our business models and operations and contractual agreements for Android and Google Play. We appealed the judgment, including the jury verdict and aspects of the remedies ordered. In July 2025, the Court of Appeals denied our appeal, and we subsequently petitioned the US Supreme Court for review. While that appeal was pending, we implemented the effective ordered remedies in October 2025. In March 2026, we reached a settlement with Epic to seek modification of the remedies, implement certain changes regarding the operation of Google Play, and resolve certain other lawsuits Epic has filed regarding Google Play's business. Following the settlement, we withdrew our petition to the US Supreme Court in March 2026, and Epic and Google filed a joint motion to modify the injunction in April 2026. In July 2026, Epic and Google jointly withdrew the motion to modify the injunction, and Google is complying with the October 2024 remedies decision.
• European Digital Markets Act: In March 2024, the EC opened two investigations regarding Google's compliance with certain provisions of the European Union's (EU) Digital Markets Act relating to Google Play and Search. In March 2025, the EC issued preliminary findings of non-compliance in both investigations, to which we responded. Given the nature of this matter, we cannot reasonably estimate a probable loss.
In addition to these antitrust proceedings, private individual and collective actions that overlap with claims pursued by regulatory authorities are pending in the US and in several other jurisdictions, including across Europe.
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This includes private claims stemming from regulatory proceedings in which Google's liability has been fully determined and the remaining dispute concerns potential damages.
For example, in July 2026, the Stockholm Patent and Market Court issued a decision against Google in a private action brought by PriceRunner (a subsidiary of Klarna) relating to Google's display and ranking of shopping search results. The Court awarded the plaintiff approximately $ 2.1 billion (awarded in multiple currencies) in principal damages plus accrued interest and costs, which we recognized in the second quarter of 2026. We appealed the decision.
For other such matters, given their nature, we cannot estimate a possible loss.
We believe we have strong arguments against open claims and will defend ourselves vigorously. We continue to cooperate with federal and state regulators in the US, the EC, and other regulators around the world.
Privacy Matters
We are subject to a number of privacy-related laws and regulations, and we currently are party to a number of privacy investigations and lawsuits ongoing in multiple jurisdictions. For example, there are ongoing investigations and litigation in the US and the EU, including those relating to our collection and use of location information, the choices we offer users, and advertising practices, which could result in significant fines, judgments, and product changes.
Patent and Intellectual Property Claims
We have had patent, copyright, trade secret, and trademark infringement lawsuits filed against us claiming that certain of our products, services, and technologies infringe others' intellectual property rights. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices and develop non-infringing products or technologies, which could result in a loss of revenues for us and otherwise harm our business. In addition, the US International Trade Commission (ITC) has increasingly become an important forum to litigate intellectual property disputes because an ultimate loss in an ITC action can result in a prohibition on importing infringing products into the US. Because the US is an important market, a prohibition on importation could have an adverse effect on us, including preventing us from importing many important products into the US or necessitating workarounds that may limit certain features of our products.
Further, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenues and adversely affect our business.
Other
We are subject to claims, lawsuits, regulatory and government inquiries and investigations, other proceedings, and consent orders involving competition, intellectual property, data privacy and security, tax and related compliance, labor and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using our platforms, design of our products and services, personal injury and other tort and nuisance theories, consumer protection, including how we moderate content on our platforms, AI, and other matters. For example, we periodically have data incidents that we report to relevant regulators as required by law. Such claims, consent orders, lawsuits, regulatory and government investigations, and other proceedings could result in substantial fines and penalties, injunctive relief, ongoing monitoring and auditing obligations, changes to our products and services, alterations to our business models and operations, and collateral related civil litigation or other adverse consequences, all of which could harm our business, reputation, financial condition, and operating results.
We have ongoing legal matters relating to Russia. For example, some matters concern civil judgments that include compounding penalties imposed upon us in connection with disputes regarding the termination of accounts, including those of sanctioned parties. We do not expect these ongoing legal matters will have a material adverse effect.
Non-Income Taxes
We are under audit by various domestic and foreign tax authorities with regards to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to the sale of our products and services in these jurisdictions and the tax treatment of certain employee benefits. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the reasonably possible loss. Due to the inherent complexity
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and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from our expectations.
See Note 14 for further details regarding income tax contingencies.
Note 11. Stockholders' Equity
Common Stock Issuance
On June 4, 2026, the company completed an underwritten public offering of 29 million Class A shares at a price of $ 355.1982 per share and 29 million Class C shares at a price of $ 351.8018 per share. All shares have a par value of $ 0.001 per share.
Concurrently with the public offering, on June 4, 2026, the company completed a private placement of 14 million Class A and 14 million Class C shares to an affiliate of Berkshire Hathaway Inc. (the “private placement”). The shares were issued in a private placement pursuant to an exemption from registration under section 4(a)(2) of the Securities Act of 1933, as amended.
The net proceeds received by the company were $ 20.5 billion from the public offering and $ 10.0 billion from the private placement, after deducting underwriting discounts, commissions, and direct offering expenses which were recorded as a reduction to common stock and APIC. These proceeds will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute.
Mandatory Convertible Preferred Stock
On June 5, 2026, the company issued an aggregate amount of 385 million Series A and Series B depositary shares, representing 19 million shares of 6.25 % Mandatory Convertible Preferred Stock, split evenly into Series A (indexed to Class A stock) and Series B (indexed to Class C stock). Each depositary share represents a 1/20th fractional interest in a share of preferred stock.
The mandatory convertible preferred stock has a par value of $ 0.001 per share and liquidation preference of $ 1,000 per share ($ 50 per depositary share). Aggregate net proceeds were $ 19.0 billion which will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute. Gross proceeds were reduced by underwriting discounts and offering expenses, which were recorded as a reduction to preferred stock and APIC.
Dividends are cumulative at an annual rate of 6.25 % on the liquidation preference of $ 1,000 per share of mandatory convertible preferred stock and may be paid in cash, shares of common stock, or a combination of cash and shares of common stock, at the company’s election. Dividends that are declared will be payable quarterly on February 15, May 15, August 15, and November 15 of each year, commencing on August 15, 2026 and ending on, and including May 15, 2029 with the record date being the first of the respective month.
Unless earlier converted, each outstanding share will automatically convert on the mandatory conversion date, which is on or about May 15, 2029. The conversion rate for each share of our Series A mandatory convertible preferred stock will be between 2.2520 and 2.8160 shares of Class A stock, and Series B mandatory convertible preferred stock will convert into between 2.2740 and 2.8420 shares of Class C stock, depending on the applicable market value of our Class A and Class C stock upon conversion and subject to certain anti-dilution adjustments. The applicable market value will be determined based on the average volume-weighted average price per share over the 20 consecutive trading day final averaging period ending immediately prior to the mandatory conversion date.
If a fundamental change occurs on or prior to May 15, 2029, holders of mandatory convertible preferred stock will automatically convert into Class A or Class C shares, as applicable, at a special fundamental change conversion rate and, under certain circumstances, receive a fundamental change dividend make-whole amount. Other than during a fundamental change conversion period, at any time prior to May 15, 2029, holders may elect to convert at the minimum conversion rate, subject to certain anti-dilution and other adjustments.
The mandatory convertible preferred stock is not redeemable at the company’s election before the mandatory conversion date. Holders of the mandatory convertible preferred stock will not have any voting rights, with limited exceptions.
Capped Call Transactions
In connection with the issuance of the 385 million Series A and Series B depositary shares, representing 19 million shares of mandatory convertible preferred stock, the company entered into privately negotiated capped call transactions with certain financial institutions.
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The company paid an aggregate premium of $ 1.0 billion for these capped call transactions, which was recorded as a reduction to preferred stock and APIC. The capped call transactions provide the company with the option to receive shares of Class A and Class C stock upon conversion of the mandatory convertible preferred stock. The transactions have an initial cap price of $ 532.6704 per share for the Class A and $ 527.7974 per share for Class C, each representing a premium of 50.0 % over their respective public offering prices.
These transactions are intended to reduce the potential dilution to the company’s common stock upon conversion of the mandatory convertible preferred stock. As the transactions are indexed to the company’s own stock and meet certain accounting criteria, the capped call options are recorded as a reduction of stockholders’ equity and are not accounted for as derivatives.
At-the-Market Program
On June 1, 2026, the company entered into an equity distribution agreement with certain sales agents party thereto, pursuant to which we may sell both our Class A and Class C stock having aggregate sales proceeds of up to $ 40.0 billion from time to time through an at-the-market offering program (the "ATM Program").
Subject to the terms and conditions of the agreement, the company may sell shares of Class A and Class C stock through the sales agents listed in the agreement in amounts and at times to be determined by the company. In addition, we may elect to sell, through the sales agents or through others (whether acting as agent or principal), shares of our stock for forward settlement. We are not obligated to sell any of our shares under the ATM Program.
The proceeds from offerings under the ATM Program, if any, are primarily intended to be used to meet tax obligations associated with employee equity grants. As of June 30, 2026, we have not sold any shares under the ATM Program, and the full $ 40.0 billion remains available for future issuance.
Preferred and Common Dividends
In the three and six months ended June 30, 2026, total cash dividends on common stock were $ 1.3 billion and $ 2.5 billion for Class A, $ 184 million and $ 359 million for Class B, and $ 1.2 billion and $ 2.4 billion for Class C shares, respectively.
In April 2026, the company's Board of Directors declared a quarterly cash dividend on common stock of $ 0.22 per share, representing a 5 % increase from the previous quarterly dividend of $ 0.21 per share.
In July 2026, the company's Board of Directors declared a quarterly cash dividend of $ 12.15 per share on each of our Series A and Series B mandatory convertible preferred stock (equivalent to approximately $ 0.60 per 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 August 15, 2026 to stockholders of record for each of the company's Series A and Series B shares as of August 1, 2026, and the common stock dividend is payable on September 14, 2026 to stockholders of record for each of the company's Class A, Class B, and Class C shares as of September 7, 2026.
The company has declared a quarterly cash dividend in the current quarter, and intends to pay quarterly cash dividends in the future, subject to review and approval by the company’s Board of Directors in its sole discretion.
Share Repurchases
In the three and six months ended June 30, 2026, there were no repurchases of the company's Class A or Class C shares.
In April 2025, the company's Board of Directors authorized a $ 70.0 billion share repurchase program for its Class A and Class C shares. As of June 30, 2026, $ 69.5 billion remained available for Class A and Class C share repurchases.
Repurchases may be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. The repurchase programs do not have an expiration date.
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Note 12. Net Income Per Common Share
We compute net income per common share of Class A, Class B, and Class C stock using the two-class method. Basic net income per common share is computed using the weighted-average number of shares outstanding during the period. Diluted net income per common share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of restricted stock units (RSUs), other contingently issuable shares, and mandatory convertible preferred stock. The dilutive effect of outstanding RSUs and other contingently issuable shares is reflected in diluted earnings per common share pursuant to the treasury stock method. The dilutive effect of mandatory convertible preferred shares is reflected in diluted earnings per common share pursuant to the if-converted method. The computation of the diluted net income per common share of Class A stock assumes the conversion of Class B stock, while the diluted net income per common share of Class B stock does not assume the conversion of those shares.
Net income available to common stockholders is calculated by adjusting net income to deduct accumulated and declared dividends on the mandatory convertible preferred stock.
In accordance with our certificate of incorporation, the rights, including the liquidation and dividend rights, of the holders of our Class A, Class B, and Class C stock are identical, except with respect to voting. Furthermore, there are a number of safeguards built into our certificate of incorporation, as well as Delaware law, which preclude our Board of Directors from declaring or paying unequal per share dividends on our Class A, Class B, and Class C stock. Specifically, Delaware law provides that amendments to our certificate of incorporation which would have the effect of adversely altering the rights, powers, or preferences of a given class of stock must be approved by the class of stock adversely affected by the proposed amendment. In addition, our certificate of incorporation provides that before any such amendment may be put to a stockholder vote, it must be approved by the unanimous consent of our Board of Directors.
Immaterial differences in net income per common share across our Class A, Class B, and Class C shares may arise due to the allocation of distributed earnings, which is based on the holders as of the record date, compared with the allocation of undistributed earnings and number of shares, which is based on the weighted-average shares outstanding over the periods.
The following tables set forth the computation of basic and diluted net income per common share of Class A, Class B, and Class C stock (in millions, except per share amounts):
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Three Months Ended June 30,
2025 2026
Class A Class B Class C Consolidated Class A Class B Class C Consolidated
Basic net income per common share:
Numerator
Allocation of distributed earnings (cash dividends paid to common stockholders) $ 1,222 $ 178 $ 1,143 $ 2,543 $ 1,291 $ 184 $ 1,214 $ 2,689
Allocation of undistributed earnings 12,314 1,803 11,536 25,653 52,552 7,519 49,347 109,418
Net income available to common stockholders $ 13,536 $ 1,981 $ 12,679 $ 28,196 $ 53,843 $ 7,703 $ 50,561 $ 112,107
Denominator
Number of shares used in per share computation 5,819 852 5,451 12,122 5,836 835 5,480 12,151
Basic net income per common share $ 2.33 $ 2.33 $ 2.33 $ 2.33 $ 9.23 $ 9.23 $ 9.23 $ 9.23
Diluted net income per common share:
Numerator
Allocation of total earnings for basic computation $ 13,536 $ 1,981 $ 12,679 $ 28,196 $ 53,843 $ 7,703 $ 50,561 $ 112,107
Reallocation of total earnings as a result of conversion of Class B to Class A shares 1,981 0 0 _ (1)
7,703 0 0 _ (1)
Preferred stock dividends declared and accumulated (2)
0 0 0 0 47 0 39 86
Reallocation of undistributed earnings ( 88 ) ( 11 ) 88 _ (1)
( 700 ) ( 91 ) 700 _ (1)
Net income $ 15,429 $ 1,970 $ 12,767 $ 28,196 $ 60,893 $ 7,612 $ 51,300 112,193
Denominator
Number of shares used in basic computation 5,819 852 5,451 12,122 5,836 835 5,480 12,151
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding 852 0 0 _ (1)
835 0 0 _ (1)
Restricted stock units and other contingently issuable shares 0 0 76 76 0 0 142 142
Conversion of preferred stock (2)
0 0 0 0 8 0 8 16
Number of shares used in per share computation 6,671 852 5,527 12,198 6,679 835 5,630 12,309
Diluted net income per common share $ 2.31 $ 2.31 $ 2.31 $ 2.31 $ 9.12 $ 9.12 $ 9.11 $ 9.11
(1) Not applicable for consolidated net income per common share.
(2) Preferred dividends are added back and preferred shares are assumed to have converted to common pursuant to the if-converted method.
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Six Months Ended June 30,
2025 2026
Class A Class B Class C Consolidated Class A Class B Class C Consolidated
Basic net income per common share:
Numerator
Allocation of distributed earnings (cash dividends paid to common stockholders) $ 2,388 $ 350 $ 2,239 $ 4,977 $ 2,514 $ 359 $ 2,358 $ 5,231
Allocation of undistributed earnings 27,689 4,064 26,006 57,759 81,463 11,684 76,307 169,454
Net income available to common stockholders $ 30,077 $ 4,414 $ 28,245 $ 62,736 $ 83,977 $ 12,043 $ 78,665 $ 174,685
Denominator
Number of shares used in per share computation 5,826 855 5,472 12,153 5,829 836 5,460 12,125
Basic net income per common share $ 5.16 $ 5.16 $ 5.16 $ 5.16 $ 14.41 $ 14.41 $ 14.41 $ 14.41
Diluted net income per common share:
Numerator
Allocation of total earnings for basic computation $ 30,077 $ 4,414 $ 28,245 $ 62,736 $ 83,977 $ 12,043 $ 78,665 $ 174,685
Reallocation of total earnings as a result of conversion of Class B to Class A shares 4,414 0 0 _ (1)
12,043 0 0 _ (1)
Preferred stock dividends declared and accumulated (2)
0 0 0 0 47 0 39 86
Reallocation of undistributed earnings ( 239 ) ( 31 ) 239 _ (1)
( 1,075 ) ( 136 ) 1,075 _ (1)
Net income $ 34,252 $ 4,383 $ 28,484 $ 62,736 $ 94,992 $ 11,907 $ 79,779 $ 174,771
Denominator
Number of shares used in basic computation 5,826 855 5,472 12,153 5,829 836 5,460 12,125
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding 855 0 0 _ (1)
836 0 0 _ (1)
Restricted stock units and other contingently issuable shares 0 0 92 92 0 0 141 141
Conversion of preferred stock (2)
0 0 0 0 4 0 4 8
Number of shares used in per share computation 6,681 855 5,564 12,245 6,669 836 5,605 12,274
Diluted net income per common share $ 5.13 $ 5.13 $ 5.12 $ 5.12 $ 14.24 $ 14.24 $ 14.23 $ 14.24
(1) Not applicable for consolidated net income per common share.
(2) Preferred dividends are added back and preferred shares are assumed to have converted to common pursuant to the if-converted method.
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Note 13. Compensation Plans
Stock-B ased Compensation
For the three months ended June 30, 2025 and 2026, total stock-based compensation (SBC) expense was $ 6.0 billion and $ 8.0 billion, including amounts associated with awards we expect to settle in Alphabet stock of $ 5.8 billion and $ 7.6 billion, respectively. For the six months ended June 30, 2025 and 2026, total SBC expense was $ 11.5 billion and $ 15.2 billion, including amounts associated with awards we expect to settle in Alphabet stock of $ 11.1 billion and $ 14.1 billion, resp ectively.
Stock-Based Award Activities
The following table summarizes the activities for unvested Alphabet RSUs and performance stock units (PSUs), both of which include dividend equivalents awarded to holders of unvested stock, for the six months ended June 30, 2026 (in millions, except per share amounts):
Number of
Shares Weighted-
Average
Grant-Date
Fair Value
Unvested as of December 31, 2025 282 $ 159.75
Granted 114 $ 292.21
Vested ( 86 ) $ 165.35
Forfeited/canceled ( 16 ) $ 180.00
Unvested as of June 30, 2026 294 $ 208.46
As of June 30, 2026, there was $ 59.1 billion of unrecognized compensation cost related to unvested RSUs and PSUs. This amount is expected to be recognized over a weighted-average period of 2.7 years .
Note 14. Income Taxes
The following table presents provision for income taxes (in millions, except for effective tax rate):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Income before provision for income taxes $ 33,933 $ 138,753 $ 75,722 $ 216,165
Provision for income taxes $ 5,737 $ 26,560 $ 12,986 $ 41,394
Effective tax rate 16.9 % 19.1 % 17.1 % 19.1 %
We are subject to income taxes in the US and foreign jurisdictions. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for income taxes. The total amount of gross unrecognized tax benefits was $ 11.5 billion and $ 12.1 billion, of which $ 9.7 billion and $ 10.3 billion, if recognized, would affect our effective tax rate, as of December 31, 2025 and June 30, 2026, respectively.
Note 15. Information about Segments and Geographic Areas
We report our segment results as Google Services, Google Cloud, and Other Bets:
• Google Services includes products and services such as ads, Android, Chrome, 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 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.
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Revenues, certain costs, such as costs associated with content and traffic acquisition, certain engineering activities, and inventory, as well as certain operating expenses are directly attributable to our segments. Due to the integrated nature of Alphabet, other costs and expenses, such as technical infrastructure and office facilities, are managed centrally at a consolidated level. These costs, including the associated depreciation, are allocated to operating segments as a service cost generally based on usage, headcount, or revenue.
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.
Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer, Sundar Pichai. Our CODM uses segment operating income (loss) to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information.
The following table presents revenue, profitability, and expense information about our segments (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2026 2025 2026
Revenues:
Google Services $ 82,543 $ 94,540 $ 159,807 $ 184,177
Google Cloud 13,624 24,768 25,884 44,796
Other Bets 373 382 823 793
Hedging gains (losses) ( 112 ) 106 148 ( 74 )
Total revenues $ 96,428 $ 119,796 $ 186,662 $ 229,692
Operating income (loss):
Google Services
$ 33,063 $ 39,544 $ 65,745 $ 80,133
Google Cloud 2,826 8,814 5,003 15,412
Other Bets ( 1,246 ) ( 1,799 ) ( 2,472 ) ( 3,899 )
Alphabet-level activities
( 3,372 ) ( 5,789 ) ( 6,399 ) ( 11,180 )
Total income from operations $ 31,271 $ 40,770 $ 61,877 $ 80,466
Supplemental information about segment expenses:
Google Services:
Employee compensation expenses
$ 11,306 $ 12,275 $ 22,643 $ 24,481
Other costs and expenses
38,174 42,721 71,419 79,563
Total Google Services costs and expenses
$ 49,480 $ 54,996 $ 94,062 $ 104,044
Google Cloud:
Employee compensation expenses
$ 5,517 $ 6,933 $ 10,929 $ 13,376
Other costs and expenses
5,281 9,021 9,952 16,008
Total Google Cloud costs and expenses
$ 10,798 $ 15,954 $ 20,881 $ 29,384
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Google Services and Google Cloud employee compensation expenses include the costs associated with direct and allocated employees. Google Services and Google Cloud other costs and expenses primarily include direct costs, such as advertising and promotional activities, inventory costs, legal and other matters, and third-party services fees as well as allocated costs, such as technical infrastructure and office facilities usage costs. Additionally, Google Services other costs and expenses include content acquisition costs and TAC.
See Note 2 for further details relating to revenues by geography.
The following table presents long-lived assets by geographic area, which includes property and equipment, net and operating lease assets (in millions):
As of
December 31, 2025 As of
June 30, 2026
Long-lived assets:
United States $ 195,337 $ 259,952
International 66,481 78,954
Total long-lived assets $ 261,818 $ 338,906
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Please read the following discussion and analysis of our financial condition and results of operations together with "Note about Forward-Looking Statements" and our consolidated financial statements and related notes included under Item 1 of this Quarterly Report on Form 10-Q as well as our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including Part I, Item 1A "Risk Factors," as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and in Part II, Item 1A of this Quarterly Report on Form 10-Q.
Understanding Alphabet’s Financial Results
Alphabet is a collection of businesses — the largest of which is Google. We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets. Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities. For further details on our segments, see Note 15 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.
Revenues and Monetization Metrics
We generate revenues by delivering relevant, cost-effective online advertising; cloud-based solutions that provide enterprise customers of all sizes with infrastructure, platform services, and applications; and sales of products and services, such as fees received for subscription-based products, apps and in-app purchases, devices, and TPU systems. For additional information on how we recognize revenue, see Note 1 of the Notes to Consolidated Financial Statements included in Part II, Item 8 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
In addition to the long-term trends and their financial effect on our business discussed in "Trends in Our Business and Financial Effect" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, fluctuations in our revenues have been and may continue to be affected by a combination of factors, including:
• changes in foreign currency exchange rates;
• changes in pricing, such as those resulting from changes in fee structures, discounts, and customer incentives;
• general economic conditions and various external dynamics, including geopolitical events, regulations, and other measures and their effect on advertiser, consumer, and enterprise spending;
• new product, service, and market launches; and
• seasonality.
Additionally, fluctuations in our revenues generated from advertising ("Google advertising"), other sources ("Google subscriptions, platforms, and devices"), Google Cloud, and Other Bets have been, and may continue to be, affected by other factors unique to each set of revenues, as described below.
Google Services
Google Services revenues consist of Google advertising as well as Google subscriptions, platforms, and devices revenues.
Google Advertising
Google advertising revenues are comprised of the following:
• Google Search & other, which includes revenues generated on Google search properties (including revenues from traffic generated by search distribution partners who use Google.com as their default search in browsers, toolbars, etc.), and other Google owned and operated properties like Gmail, Google Maps, and Google Play;
• YouTube ads, which includes revenues generated on YouTube properties; and
• Google Network, which includes revenues generated on Google Network properties participating in AdMob, AdSense, and Google Ad Manager.
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We use certain metrics to track how well traffic across various properties is monetized as it relates to our advertising revenues: paid clicks and cost-per-click pertain to traffic on Google Search & other properties, while impressions and cost-per-impression pertain to traffic on our Google Network properties.
Paid clicks represent engagement by users and include clicks on advertisements by end-users on Google search properties and other Google owned and operated properties including Gmail, Google Maps, and Google Play. Cost-per-click is defined as click-driven revenues divided by our total number of paid clicks and represents the average amount we charge advertisers for each engagement by users.
Impressions include impressions displayed to users on Google Network properties participating primarily in AdMob, AdSense, and Google Ad Manager. Cost-per-impression is defined as impression-based and click-based revenues divided by our total number of impressions, and represents the average amount we charge advertisers for each impression displayed to users.
As our business evolves, we periodically review, refine, and update our methodologies for monitoring, gathering, and counting the number of paid clicks and the number of impressions, and for identifying the revenues generated by the corresponding click and impression activity.
Fluctuations in our advertising revenues, as well as the change in paid clicks and cost-per-click on Google Search & other properties and the change in impressions and cost-per-impression on Google Network properties and the correlation between these items have been, and may continue to be, affected by factors in addition to the general factors described above, such as:
• advertiser competition for keywords;
• changes in advertising quality, formats, delivery, or policy;
• changes in device mix;
• seasonal fluctuations in internet usage, advertising expenditures, and underlying business trends, such as traditional retail seasonality; and
• traffic growth in emerging markets compared to more mature markets and across various verticals and channels.
Google Subscriptions, Platforms, and Devices
Google subscriptions, platforms, and devices revenues are comprised of the following:
• consumer subscriptions, which primarily include revenues from YouTube services, such as YouTube TV, YouTube Music and Premium, and NFL Sunday Ticket, as well as Google One, which offers access to our most capable Gemini models;
• platforms, which primarily include revenues from Google Play sales of apps and in-app purchases;
• devices, which primarily include sales of the Pixel family of devices; and
• other products and services.
Fluctuations in our Google subscriptions, platforms, and devices revenues have been, and may continue to be, affected by factors in addition to the general factors described above, such as changes in customer usage and demand, number of subscribers, and the timing of product launches.
Google Cloud
Google Cloud revenues are comprised of the following:
• Google Cloud Platform primarily generates consumption-based fees and subscriptions for infrastructure, platform, and other services. These services provide access to solutions such as AI offerings including our enterprise AI infrastructure, Vertex AI platform, and Gemini Enterprise; cybersecurity offerings; and data and analytics solutions.
• Google Workspace includes subscriptions for cloud-based communication and collaboration tools for enterprises, such as Gmail, Docs, Calendar, Drive, and Meet, with integrated features like Gemini for Google Workspace.
• Product sales, primarily the sale of TPU systems.
• Other enterprise services.
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