NASDAQ$GOOG
Alphabet · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Alphabet reported Q1 2026 revenue of $109.9B (+22% YoY) and diluted EPS of $5.11, with Google Cloud up 63% and operating margin expanding to 36.1%.
For the quarter ended March 31, 2026, Alphabet generated consolidated revenue of $109.9 billion, up 22% year over year (19% in constant currency). Operating income rose 30% to $39.7 billion and operating margin expanded 2 points to 36.1%. Diluted EPS was $5.11 on net income of $62.6 billion; results were significantly boosted by $36.9 billion in net unrealized gains on non-marketable equity securities. Google Services revenue grew 16% to $89.6 billion while Google Cloud accelerated to $20.0 billion (+63%). The board increased the quarterly dividend 5% to $0.22 per share, payable June 15, 2026.
- Consolidated revenue of $109.9B (+22% YoY) with operating income of $39.7B (+30%) and operating margin of 36.1%.
- Google Cloud revenue reached $20.0B (+63%), with backlog nearly doubling quarter over quarter to over $460B.
- Google Services revenue of $89.6B (+16%) led by Search & other (+19%) and subscriptions, platforms & devices (+19%).
- Diluted EPS of $5.11 (+82% YoY) reflected $37.7B in other income, primarily unrealized equity gains.
- Quarterly dividend raised 5% to $0.22; the company issued $31.1B of senior unsecured notes for general corporate purposes.
Headline financials
Revenue & EPS history
Alphabet · Revenue · Quarterly
$110B
Revenue by segment
Alphabet · $110B total across 3 segments · Q1 2026
- Google Services$89.6B—81.4%
- Google Cloud$20B—18.2%
- Other Bets$411M—0.4%
Forward guidance
The earnings release did not provide quantitative revenue or EPS targets for upcoming quarters. Management highlighted AI-driven momentum across Search, Cloud (backlog over $460B), and consumer subscriptions (350M paid subs), and declared a $0.22 quarterly dividend (+5%), payable June 15, 2026 to holders of record June 8, 2026.
Tailwinds
- Google Cloud backlog nearly doubled QoQ to over $460B with 63% revenue growth.
- 11th consecutive quarter of double-digit consolidated revenue growth; Search queries at an all-time high.
- Gemini API token processing exceeded 16B per minute, up 60% from the prior quarter.
- Quarterly dividend increased 5% to $0.22 per share.
Headwinds
- Other Bets operating loss widened to $2.1B from $1.2B a year ago.
- Hedging losses of $180M versus gains of $260M in the prior-year quarter.
- Heavy AI and infrastructure investment continues to lift Alphabet-level R&D spend ($5.4B segment loss).
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2026
+1.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+1.8%
Avg return
30 days after
62%
40 / 65 earnings
Positive
+20.1%
Q2 2015
Best reaction
-8.4%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | +10.6% | +8.4% | |
| Q4 2025 | -4.2% | -4.4% | -10.5% | |
| Q3 2025 | -1.6% | +5.8% | +19.3% | |
| Q2 2025 | +0.9% | +2.6% | +7.9% | |
| Q1 2025 | +1.5% | -0.4% | +5.0% | |
| Q4 2024 | -6.9% | -9.4% | -15.4% | |
| Q3 2024 | +4.6% | -0.3% | -0.4% | |
| Q2 2024 | -4.9% | -6.8% | -8.8% | |
| Q1 2024 | +7.8% | +4.8% | +11.6% | |
| Q4 2023 | -8.4% | -5.3% | -9.8% | |
| Q3 2023 | -8.1% | -10.5% | +1.5% | |
| Q2 2023 | +6.4% | +9.1% | +7.0% | |
| Q1 2023 | -2.2% | +1.3% | +16.5% | |
| Q4 2022 | +3.7% | +6.5% | -7.3% | |
| Q3 2022 | -7.9% | -6.2% | -4.0% | |
| Q2 2022 | +5.0% | +7.8% | +8.8% | |
| Q1 2022 | -6.7% | -6.7% | -12.1% | |
| Q4 2021 | +9.1% | +5.4% | -1.0% | |
| Q3 2021 | +5.5% | +6.8% | +5.7% | |
| Q2 2021 | -2.3% | -3.2% | +1.8% | |
| Q1 2021 | +2.3% | +3.6% | +3.3% | |
| Q4 2020 | +8.9% | +10.3% | +7.8% | |
| Q3 2020 | +6.9% | +8.8% | +18.2% | |
| Q2 2020 | -2.6% | -3.7% | +8.0% | |
| Q1 2020 | +5.1% | +3.5% | +11.0% | |
| Q4 2019 | +0.9% | +3.1% | -3.3% | |
| Q3 2019 | -0.2% | +0.7% | +3.8% | |
| Q2 2019 | +9.9% | +7.7% | +1.2% | |
| Q1 2019 | -6.6% | -6.8% | -12.2% | |
| Q4 2018 | +3.2% | -1.4% | +4.2% | |
| Q3 2018 | +2.0% | -1.4% | -2.6% | |
| Q2 2018 | +5.3% | +4.5% | +1.9% | |
| Q1 2018 | -4.9% | -4.0% | +0.6% | |
| Q4 2017 | -5.0% | -7.6% | -7.8% | |
| Q3 2017 | +4.7% | +4.4% | +6.9% | |
| Q2 2017 | -2.3% | -3.2% | -4.7% | |
| Q1 2017 | +3.9% | +5.1% | +11.4% | |
| Q4 2016 | -1.5% | -4.7% | -0.8% | |
| Q3 2016 | -0.5% | -1.9% | -4.7% | |
| Q2 2016 | +3.6% | +4.0% | +3.7% | |
| Q1 2016 | -4.5% | — | — | |
| Q4 2015 | +2.9% | — | — | |
| Q3 2015 | +9.2% | — | — | |
| Q2 2015 | +20.1% | — | — | |
| Q1 2015 | +4.8% | — | — | |
| Q4 2014 | +4.8% | — | — | |
| Q3 2014 | -3.6% | — | — | |
| Q2 2014 | +2.1% | — | — | |
| Q1 2014 | -0.1% | — | — | |
| Q4 2013 | +6.7% | — | — | |
| Q3 2013 | +1.2% | — | — | |
| Q2 2013 | -2.4% | — | — | |
| Q1 2013 | +2.2% | — | — | |
| Q4 2012 | +5.2% | — | — | |
| Q3 2012 | +1.0% | — | — | |
| Q2 2012 | +0.1% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2011 | +3.0% | — | — | |
| Q3 2011 | -6.1% | — | — | |
| Q2 2011 | +4.8% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2010 | +0.9% | — | — | |
| Q3 2010 | -0.4% | — | — | |
| Q2 2010 | -3.2% | — | — | |
| Q1 2010 | +0.4% | — | — |
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