GOOG 8-K — Smart Summary

Alphabet Inc. reported Q1 2026 financial results for the quarter ended March 31, 2026, with consolidated revenues of $109.9 billion, up 22% year over year, marking the company's 11th consecutive quarter of double-digit growth. Net income rose 81% to $62.6 billion, driven in part by a $36.9 billion net gain on equity securities. The filing also notes issuance of senior unsecured notes for net proceeds of $31.1 billion and a 5% increase to the quarterly cash dividend.

• Total revenues: $109,896 million in Q1 2026 vs. $90,234 million in Q1 2025, +22% YoY (19% in constant currency)
• Operating income: $39,696 million vs. $30,606 million, +30% YoY
• Operating margin: 36% in Q1 2026 vs. 34% in Q1 2025, expanded by 2 percentage points
• Other income (expense), net: $37,716 million vs. $11,183 million; primarily driven by $36.9 billion net gain on equity securities
• Net income: $62,578 million vs. $34,540 million, +81% YoY
• Diluted EPS: $5.11 vs. $2.81, +82% YoY
• Net cash provided by operating activities: $45,790 million in Q1 2026 vs. $36,150 million in Q1 2025
• Free cash flow (Q1 2026): $10,116 million; TTM free cash flow: $64,429 million
• Capital expenditures (purchases of property and equipment): $35,674 million in Q1 2026 vs. $17,197 million in Q1 2025

• Google Services revenues: $89,637 million vs. $77,264 million, +16% YoY; operating income $40,589 million vs. $32,682 million
• Google Search & other: $60,399 million vs. $50,702 million, +19% YoY
• YouTube ads: $9,883 million vs. $8,927 million, +11% YoY
• Google subscriptions, platforms, and devices: $12,384 million vs. $10,379 million, +19% YoY
• Google Network: $6,971 million vs. $7,256 million, -4% YoY
• Google Cloud revenues: $20,028 million vs. $12,260 million, +63% YoY; operating income $6,598 million vs. $2,177 million
• Other Bets revenues: $411 million vs. $450 million; operating loss $(2,100) million vs. $(1,226) million
• Alphabet-level activities operating loss: $(5,391) million vs. $(3,027) million

• Quarterly cash dividend declared: $0.22 per share, a 5% increase from the prior quarterly dividend of $0.21 per share; payable June 15, 2026 to stockholders of record as of June 8, 2026
• No share repurchases in Q1 2026 (vs. $15,068 million in Q1 2025)
• Dividend payments in Q1 2026: $2,542 million vs. $2,434 million in Q1 2025
• Senior unsecured notes issued in Q1 2026 for net proceeds of $31.1 billion, to be used for general corporate purposes
• Long-term debt: $77,501 million as of March 31, 2026 vs. $46,547 million as of December 31, 2025
• Cash and cash equivalents: $38,063 million as of March 31, 2026 vs. $30,708 million as of December 31, 2025
• Total cash, cash equivalents, and marketable securities: $126,840 million as of March 31, 2026 vs. $126,843 million as of December 31, 2025

• Sundar Pichai, CEO of Alphabet and Google
  • "2026 is off to a terrific start. Our AI investments and full stack approach are lighting up every part of the business. Search had a strong quarter with AI experiences driving usage, queries at an all time high, and 19% revenue growth. Google Cloud revenues grew 63% with backlog nearly doubling quarter on quarter to over $460 billion."
  • "It's really exciting to see how our AI investments are delivering value for our users, customers and business."

• No forward guidance for next quarter or full year was provided in the press release.