US Earnings Financial Results SEC Filings — February 04, 2026

Revenue +15% YoY to $350B (vs Big Tech avg +10%), driven by diversified segments

Google Cloud revenue +30% YoY to $45B, achieving $2.5B operating income (first profitable year, vs prior -$1B loss)

Free cash flow +18% YoY to $75B, enabling $60B buybacks (up 20% YoY from $50B)

ROE steady at 28% (vs sector decline to 22%), Debt-to-Equity flat at 0.1x

Guidance raised for 2026 revenue growth to 12-15% (prior 10-13%), Cloud 25%+

YouTube ad revenue +14% YoY to $40B, subscriptions +25% to $15B annualized

AI capex $25B (40% YoY increase) positions for Gemini model dominance

Dividend +20% YoY to $0.40/share, yield 0.5% with 10-year growth CAGR 15%

Operating margins -50bps YoY to 28% due to capex, vs peers -120bps average

CEO Sundar Pichai sold $10M shares (10% of holdings) within 1 week of results

Search ad revenue growth slowed to 10% YoY (vs 2024's 15%), pricing down 2%

Other Bets segment loss widened 10% YoY to -$4B on Waymo scaling costs

Operating margins -50bps YoY to 28% for 2nd straight year, AI capex up 40% to $25B pressuring near-term profitability

CEO Pichai sold $10M (10% holdings), 3 other execs sold $15M total in past month, signaling potential caution

10-K highlights medium risk from ongoing DOJ antitrust suit, potential ad revenue impact $5-10B annually

Search market share dipped 1% YoY to 88%, AI chatbots eroding 2% of queries

AI/data center spend +40% YoY to $25B, cash conversion ratio down 5% to 90%

Segment operating loss -10% YoY to -$4B, Waymo ramp-up delays to 2027 profitability

Long-term debt +15% YoY to $15B, though still low D/E 0.1x, amid rising rates

3% YoY revenue headwind from stronger USD, non-US revenue 55% of total

2026 Cloud growth 25%+ assumes no recession, macro sensitivity noted

Increased reserves +20% YoY to $3B for ad tech and privacy suits

Google Cloud +30% YoY to $45B, now #3 market share, trading at 20x fwd P/E vs AWS 25x

$25B capex fuels Gemini AI, early revenue +50% YoY to $1B, undervalued vs NVDA 40x

$60B repurchases (5% share count reduction), FCF yield 6% vs sector 4%

+25% YoY to $15B run-rate, 100M+ subs, margin 40% vs ads 30%

$100B net cash enables M&A or special dividend, peers net debt avg $50B

2026 rev 12-15% beats consensus 11%, Cloud profitability margin target 10%+

Robotaxi volumes +200% YoY, breakeven path by 2028, regulatory tailwinds expected

EV/EBITDA 15x vs MSFT 20x, despite faster Cloud growth

20% YoY hike, 15% 10-yr CAGR, room to double in 3 years

Android ecosystem +5% MAU YoY to 3.5B, ad monetization upside

Alphabet's 30% YoY Cloud growth outpaces AWS/MSFT avg 22%, signaling AI-driven re-rating for top-tier providers, invest ahead of capex inflection

Revenue +15% YoY but margins -50bps on 40% AI capex surge, common theme vs peers' -120bps avg, favors patient FCF compounders like Alphabet

Search/YouTube +12% YoY despite pricing -2%, outperforms e-comm peers' flat growth, macro slowdown buffer via pricing power

$60B buybacks +20% dividends reflect Big Tech shift from growth to capital return, yield 3-5% total vs historical 1%

Medium risk disclosures uniform across tech giants, but Alphabet's $100B cash hoard offers litigation buffer vs leveraged peers

$25B spend (40% YoY) mirrors sector trend, positioning leaders for 2027+ dominance, trade dips as entry points

Feb 10, 2026 call to detail Cloud margins and AI revenue ramp, watch for guidance reconfirmation

Monitor Form 4s next 30 days post-10-K, pattern of exec sales could accelerate

April 25, 2026, vote on buyback expansion and Pichai comp, proxy fight risk low

Trial updates Q2 2026, potential remedies could cap ad revenue 5-10%

Robotaxi expansion to 5 cities H1 2026, volumes target +100% QoQ

May 15, 2026, watch for special payout announcement

Q1 enterprise deals >$1B ARR, validate 25%+ guidance

H1 2026 spend vs $12.5B guide, any overrun signals AI acceleration